AP PROPERTIES: 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 PROPERTIES
Largest movements
- Tangible fixed assets -€242,227
down €242,227 (-5.3%), from €4.6m to €4.3m
of which Land and buildings: -€206,831
- Debts after one year -€360,131
down €360,131 (-17.2%), from €2.1m to €1.7m
of which Financial debts: -€355,515
- Profit (loss) carried forward +€177,936
up €177,936 (+34.7%), from €512,554 to €690,490
- Current portion of long-term debt -€73,376
down €73,376 (-17.1%), from €429,404 to €356,028
- Trade debts +€60,802
up €60,802 (+1040.4%), from €5,844 to €66,646
- Other debts +€59,245
up €59,245 (+9.1%), from €653,488 to €712,733
- Financial charges -€47,416
down €47,416 (-32.9%), from €144,333 to €96,917
- Gross operating margin -€39,086
down €39,086 (-7.0%), from €558,265 to €519,179
- Taxes -€24,697
down €24,697 (-90.9%), from €27,155 to €2,458
- Depreciation -€8,359
down €8,359 (-3.3%), from €250,586 to €242,227
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.
Cash bridge derived
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 | €4,595,633 | €4,343,273 | -€252,360 | -5.5% |
| Fixed assets | 21/28 | €4,573,028 | €4,330,801 | -€242,227 | -5.3% |
| Tangible fixed assets | 22/27 | €4,572,654 | €4,330,427 | -€242,227 | -5.3% |
| Land and buildings | 22 | €4,447,765 | €4,240,934 | -€206,831 | -4.7% |
| Plant, machinery and equipment | 23 | €24,987 | €21,761 | -€3,226 | -12.9% |
| Other tangible fixed assets | 26 | €99,902 | €67,733 | -€32,170 | -32.2% |
| Financial fixed assets | 28 | €374 | €374 | = | 0.0% |
| Current assets | 29/58 | €22,605 | €12,472 | -€10,133 | -44.8% |
| Amounts receivable within one year | 40/41 | €6,048 | €1,530 | -€4,518 | -74.7% |
| Trade receivables | 40 | €5,364 | - | -€5,364 | |
| Other amounts receivable | 41 | €685 | €1,530 | +€845 | +123.5% |
| Cash at bank and in hand | 54/58 | €13,784 | €9,382 | -€4,403 | -31.9% |
| Deferred charges and accrued income | 490/1 | €2,772 | €1,560 | -€1,212 | -43.7% |
| Total equity and liabilities | 10/49 | €4,595,633 | €4,343,273 | -€252,360 | -5.5% |
| Equity | 10/15 | €1,120,475 | €1,248,185 | +€127,710 | +11.4% |
| Contributions | 10/11 | €130,144 | €130,144 | = | 0.0% |
| Capital | 10 | €130,144 | - | -€130,144 | |
| Issued capital | 100 | €130,144 | - | -€130,144 | |
| Contributions outside capital | 11 | - | €130,144 | +€130,144 | |
| Other | 1109/19 | - | €130,144 | +€130,144 | |
| Reserves | 13 | €477,777 | €427,551 | -€50,227 | -10.5% |
| Non-distributable reserves | 130/1 | €13,014 | €13,014 | = | 0.0% |
| Legal reserve | 130 | €13,014 | - | -€13,014 | |
| Reserves not available under the articles | 1311 | - | €13,014 | +€13,014 | |
| Tax-exempt reserves | 132 | €464,763 | €414,536 | -€50,227 | -10.8% |
| Profit (loss) carried forward | 14 | €512,554 | €690,490 | +€177,936 | +34.7% |
| Provisions and deferred taxes | 16 | €239,347 | €213,473 | -€25,874 | -10.8% |
| Deferred taxes | 168 | €239,347 | €213,473 | -€25,874 | -10.8% |
| Amounts payable | 17/49 | €3,235,810 | €2,881,615 | -€354,195 | -10.9% |
| Amounts payable after more than one year | 17 | €2,096,631 | €1,736,500 | -€360,131 | -17.2% |
| Financial debts | 170/4 | €1,878,449 | €1,522,934 | -€355,515 | -18.9% |
| Other amounts payable | 178/9 | €218,182 | €213,566 | -€4,616 | -2.1% |
| Amounts payable within one year | 42/48 | €1,115,814 | €1,135,407 | +€19,593 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €429,404 | €356,028 | -€73,376 | -17.1% |
| Trade debts | 44 | €5,844 | €66,646 | +€60,802 | +1040.4% |
| Suppliers | 440/4 | €5,844 | €66,646 | +€60,802 | +1040.4% |
| Taxes, remuneration and social security | 45 | €27,078 | - | -€27,078 | |
| Taxes | 450/3 | €27,078 | - | -€27,078 | |
| Other amounts payable | 47/48 | €653,488 | €712,733 | +€59,245 | +9.1% |
| Accrued charges and deferred income | 492/3 | €23,365 | €9,708 | -€13,657 | -58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250,586 | €242,227 | -€8,359 | -3.3% |
| Other operating charges | 640/8 | €75,282 | €75,741 | +€460 | +0.6% |
| Gross operating margin | 9900 | €558,265 | €519,179 | -€39,086 | -7.0% |
| Operating profit (loss) | 9901 | €232,397 | €201,211 | -€31,187 | -13.4% |
| Financial charges | 65/66B | €144,333 | €96,917 | -€47,416 | -32.9% |
| Recurring financial charges | 65 | €144,333 | €96,917 | -€47,416 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | €88,064 | €104,293 | +€16,229 | +18.4% |
| Transfer from deferred taxes | 780 | €6,911 | €25,874 | +€18,964 | +274.4% |
| Income taxes | 67/77 | €27,155 | €2,458 | -€24,697 | -90.9% |
| Profit (loss) for the period | 9904 | €67,820 | €127,710 | +€59,890 | +88.3% |
| Transfer from tax-exempt reserves | 789 | €13,415 | €50,227 | +€36,812 | +274.4% |
| Profit (loss) for the period to be appropriated | 9905 | €81,235 | €177,936 | +€96,701 | +119.0% |
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 10 October 2026 via checked.be.