AP Networks: 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 Networks
Largest movements
- Receivables within one year +€33,282
up €33,282 (+40.1%), from €83,070 to €116,352
of which Other amounts receivable: +€36,947
- Cash +€16,768
up €16,768 (+59.1%), from €28,377 to €45,145
mainly Trade debts (+€31,563) and Net result for the year (+€18,687)
- Stocks and contracts -€5,236
down €5,236 (-37.1%), from €14,124 to €8,888
- Trade debts +€31,563
up €31,563 (+138%), from €22,902 to €54,465
- Reserves +€17,887
up €17,887 (+24.6%), from €72,567 to €90,453
- Tax, wage and social debts -€9,419
down €9,419 (-26.9%), from €34,981 to €25,563
of which Taxes: -€12,802
- Short-term financial debts +€6,298
up €6,298 (+33.7%), from €18,702 to €25,000
- Gross operating margin -€47,760
down €47,760 (-53.3%), from €89,624 to €41,865
- Taxes -€20,062
down €20,062 (-64.4%), from €31,131 to €11,069
- Staff costs +€7,453
new in 2025: €7,453
- Financial charges +€2,840
up €2,840 (+97.5%), from €2,912 to €5,752
- Financial income +€2,752
up €2,752 (+330%), from €835 to €3,587
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 | €150,390 | €196,334 | +€45,945 | +30.6% |
| Fixed assets | 21/28 | €5,481 | €7,649 | +€2,168 | +39.6% |
| Intangible fixed assets | 21 | - | €493 | +€493 | |
| Tangible fixed assets | 22/27 | €5,481 | €7,157 | +€1,676 | +30.6% |
| Furniture and vehicles | 24 | €1,569 | €3,679 | +€2,110 | +134% |
| Other tangible fixed assets | 26 | €3,912 | €3,478 | -€434 | -11.1% |
| Current assets | 29/58 | €144,909 | €188,685 | +€43,776 | +30.2% |
| Stocks and contracts in progress | 3 | €14,124 | €8,888 | -€5,236 | -37.1% |
| Stocks | 30/36 | €14,124 | €8,888 | -€5,236 | -37.1% |
| Amounts receivable within one year | 40/41 | €83,070 | €116,352 | +€33,282 | +40.1% |
| Trade receivables | 40 | €62,835 | €59,170 | -€3,665 | -5.8% |
| Other amounts receivable | 41 | €20,235 | €57,182 | +€36,947 | +183% |
| Current investments | 50/53 | €15,500 | €15,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,377 | €45,145 | +€16,768 | +59.1% |
| Deferred charges and accrued income | 490/1 | €3,838 | €2,800 | -€1,038 | -27.0% |
| Total equity and liabilities | 10/49 | €150,390 | €196,334 | +€45,945 | +30.6% |
| Equity | 10/15 | €73,067 | €90,953 | +€17,887 | +24.5% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €72,567 | €90,453 | +€17,887 | +24.6% |
| Distributable reserves | 133 | €72,567 | €90,453 | +€17,887 | +24.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €77,323 | €105,381 | +€28,058 | +36.3% |
| Amounts payable within one year | 42/48 | €76,939 | €105,381 | +€28,443 | +37.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €18,702 | €25,000 | +€6,298 | +33.7% |
| Credit institutions | 430/8 | €18,702 | €25,000 | +€6,298 | +33.7% |
| Trade debts | 44 | €22,902 | €54,465 | +€31,563 | +138% |
| Suppliers | 440/4 | €22,902 | €54,465 | +€31,563 | +138% |
| Taxes, remuneration and social security | 45 | €34,981 | €25,563 | -€9,419 | -26.9% |
| Taxes | 450/3 | €34,981 | €22,179 | -€12,802 | -36.6% |
| Remuneration and social security | 454/9 | - | €3,384 | +€3,384 | |
| Other amounts payable | 47/48 | €354 | €354 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €384 | €0 | -€384 | -100% |
| Remuneration, social security and pensions | 62 | - | €7,453 | +€7,453 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,014 | €2,094 | +€1,081 | +107% |
| Other operating charges | 640/8 | €734 | €137 | -€598 | -81.4% |
| Non-recurring operating charges | 66A | - | €260 | +€260 | |
| Gross operating margin | 9900 | €89,624 | €41,865 | -€47,760 | -53.3% |
| Operating profit (loss) | 9901 | €87,876 | €31,921 | -€55,956 | -63.7% |
| Financial income | 75/76B | €835 | €3,587 | +€2,752 | +330% |
| Recurring financial income | 75 | €835 | €3,587 | +€2,752 | +330% |
| Financial charges | 65/66B | €2,912 | €5,752 | +€2,840 | +97.5% |
| Recurring financial charges | 65 | €2,912 | €5,752 | +€2,840 | +97.5% |
| Profit (loss) for the period before taxes | 9903 | €85,798 | €29,755 | -€56,043 | -65.3% |
| Income taxes | 67/77 | €31,131 | €11,069 | -€20,062 | -64.4% |
| Profit (loss) for the period | 9904 | €54,668 | €18,687 | -€35,981 | -65.8% |
| Profit (loss) for the period to be appropriated | 9905 | €54,668 | €18,687 | -€35,981 | -65.8% |
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 22 October 2026 via checked.be.