AP LEX: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
AP LEX
Largest movements
- Tangible fixed assets +€62,730
up €62,730 (+238%), from €26,408 to €89,138
of which Furniture and vehicles: +€64,863
- Receivables within one year +€19,123
up €19,123 (+55.7%), from €34,349 to €53,472
of which Other amounts receivable: +€15,617
- Financial fixed assets +€16,500
new in 2025: €16,500
- Cash +€3,890
up €3,890 (+209%), from €1,862 to €5,752
mainly Net result for the year (+€55,100) and Debts after one year (+€41,679)
- Deferred charges and accrued income +€1,743
up €1,743 (+595%), from €293 to €2,035
- Reserves +€55,100
up €55,100 (+269%), from €20,476 to €75,576
- Debts after one year +€41,679
up €41,679 (+533%), from €7,823 to €49,501
- Short-term financial debts +€4,378
new in 2025: €4,378
- Trade debts +€4,343
up €4,343 (+56.6%), from €7,673 to €12,015
- Gross operating margin +€50,005
up €50,005 (+148%), from €33,789 to €83,794
- Taxes +€7,529
up €7,529 (+90.2%), from €8,351 to €15,880
- Depreciation +€5,603
up €5,603 (+156%), from €3,592 to €9,195
- Other operating charges +€2,100
up €2,100 (+1,353%), from €155 to €2,255
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,912 | €166,896 | +€103,985 | +165% |
| Fixed assets | 21/28 | €26,408 | €105,638 | +€79,230 | +300% |
| Tangible fixed assets | 22/27 | €26,408 | €89,138 | +€62,730 | +238% |
| Plant, machinery and equipment | 23 | €1,000 | €667 | -€333 | -33.3% |
| Furniture and vehicles | 24 | €17,468 | €82,331 | +€64,863 | +371% |
| Other tangible fixed assets | 26 | €7,940 | €6,140 | -€1,800 | -22.7% |
| Financial fixed assets | 28 | - | €16,500 | +€16,500 | |
| Current assets | 29/58 | €36,503 | €61,259 | +€24,755 | +67.8% |
| Amounts receivable within one year | 40/41 | €34,349 | €53,472 | +€19,123 | +55.7% |
| Trade receivables | 40 | €16,577 | €20,083 | +€3,506 | +21.2% |
| Other amounts receivable | 41 | €17,772 | €33,388 | +€15,617 | +87.9% |
| Cash at bank and in hand | 54/58 | €1,862 | €5,752 | +€3,890 | +209% |
| Deferred charges and accrued income | 490/1 | €293 | €2,035 | +€1,743 | +595% |
| Total equity and liabilities | 10/49 | €62,912 | €166,896 | +€103,985 | +165% |
| Equity | 10/15 | €25,476 | €80,576 | +€55,100 | +216% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €20,476 | €75,576 | +€55,100 | +269% |
| Distributable reserves | 133 | €20,476 | €75,576 | +€55,100 | +269% |
| Amounts payable | 17/49 | €37,436 | €86,321 | +€48,885 | +131% |
| Amounts payable after more than one year | 17 | €7,823 | €49,501 | +€41,679 | +533% |
| Financial debts | 170/4 | €7,823 | €49,501 | +€41,679 | +533% |
| Amounts payable within one year | 42/48 | €29,613 | €36,819 | +€7,206 | +24.3% |
| Current portion of amounts payable after more than one year | 42 | €14,994 | €14,046 | -€948 | -6.3% |
| Financial debts | 43 | - | €4,378 | +€4,378 | |
| Credit institutions | 430/8 | - | €4,378 | +€4,378 | |
| Trade debts | 44 | €7,673 | €12,015 | +€4,343 | +56.6% |
| Suppliers | 440/4 | €7,673 | €12,015 | +€4,343 | +56.6% |
| Taxes, remuneration and social security | 45 | €6,947 | €6,380 | -€566 | -8.2% |
| Taxes | 450/3 | €6,947 | €6,380 | -€566 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,592 | €9,195 | +€5,603 | +156% |
| Other operating charges | 640/8 | €155 | €2,255 | +€2,100 | +1,353% |
| Gross operating margin | 9900 | €33,789 | €83,794 | +€50,005 | +148% |
| Operating profit (loss) | 9901 | €30,042 | €72,344 | +€42,301 | +141% |
| Financial income | 75/76B | €254 | €583 | +€329 | +130% |
| Recurring financial income | 75 | €254 | €583 | +€329 | +130% |
| Financial charges | 65/66B | €1,469 | €1,946 | +€477 | +32.5% |
| Recurring financial charges | 65 | €1,469 | €1,946 | +€477 | +32.5% |
| Profit (loss) for the period before taxes | 9903 | €28,827 | €70,980 | +€42,154 | +146% |
| Income taxes | 67/77 | €8,351 | €15,880 | +€7,529 | +90.2% |
| Profit (loss) for the period | 9904 | €20,476 | €55,100 | +€34,624 | +169% |
| Profit (loss) for the period to be appropriated | 9905 | €20,476 | €55,100 | +€34,624 | +169% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.