AP STUDIOS: 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 STUDIOS
Largest movements
- Receivables within one year -€23,767
down €23,767 (-31.0%), from €76,630 to €52,862
of which Trade receivables: -€13,260
- Deferred charges and accrued income +€6,900
up €6,900 (+250.7%), from €2,752 to €9,652
- Cash -€3,134
down €3,134 (-23.8%), from €13,182 to €10,049
mainly Other debts (-€28,879) and Contributions, distributions and other (-€25,000)
- Other debts -€28,879
down €28,879 (-53.6%), from €53,879 to €25,000
- Short-term financial debts +€5,864
new in 2025: €5,864
- Tax, wage and social debts +€3,389
up €3,389 (+33.3%), from €10,187 to €13,576
of which Remuneration and social security: +€2,590
- Gross operating margin -€37,425
down €37,425 (-50.8%), from €73,665 to €36,241
- Taxes -€7,778
down €7,778 (-51.7%), from €15,042 to €7,264
- Financial income +€1,557
up €1,557 (+111.3%), from €1,399 to €2,956
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 | €100,556 | €80,887 | -€19,669 | -19.6% |
| Fixed assets | 21/28 | €7,991 | €8,324 | +€333 | +4.2% |
| Tangible fixed assets | 22/27 | €7,391 | €7,724 | +€333 | +4.5% |
| Plant, machinery and equipment | 23 | €5,461 | €6,469 | +€1,008 | +18.5% |
| Furniture and vehicles | 24 | €1,930 | €1,255 | -€675 | -35.0% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €92,564 | €72,563 | -€20,002 | -21.6% |
| Amounts receivable within one year | 40/41 | €76,630 | €52,862 | -€23,767 | -31.0% |
| Trade receivables | 40 | €22,019 | €8,759 | -€13,260 | -60.2% |
| Other amounts receivable | 41 | €54,610 | €44,103 | -€10,507 | -19.2% |
| Cash at bank and in hand | 54/58 | €13,182 | €10,049 | -€3,134 | -23.8% |
| Deferred charges and accrued income | 490/1 | €2,752 | €9,652 | +€6,900 | +250.7% |
| Total equity and liabilities | 10/49 | €100,556 | €80,887 | -€19,669 | -19.6% |
| Equity | 10/15 | €33,099 | €33,027 | -€72 | -0.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,099 | €28,027 | -€72 | -0.3% |
| Amounts payable | 17/49 | €67,457 | €47,859 | -€19,597 | -29.1% |
| Amounts payable within one year | 42/48 | €67,457 | €47,827 | -€19,630 | -29.1% |
| Financial debts | 43 | - | €5,864 | +€5,864 | |
| Other loans | 439 | - | €5,864 | +€5,864 | |
| Trade debts | 44 | €3,391 | €3,387 | -€4 | -0.1% |
| Suppliers | 440/4 | €3,391 | €3,387 | -€4 | -0.1% |
| Taxes, remuneration and social security | 45 | €10,187 | €13,576 | +€3,389 | +33.3% |
| Taxes | 450/3 | €10,187 | €10,986 | +€799 | +7.8% |
| Remuneration and social security | 454/9 | - | €2,590 | +€2,590 | |
| Other amounts payable | 47/48 | €53,879 | €25,000 | -€28,879 | -53.6% |
| Accrued charges and deferred income | 492/3 | - | €32 | +€32 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,219 | €3,199 | -€19 | -0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €150 | €0 | -€150 | -100.0% |
| Other operating charges | 640/8 | €569 | €688 | +€118 | +20.8% |
| Non-recurring operating charges | 66A | €322 | €1,739 | +€1,416 | +439.3% |
| Gross operating margin | 9900 | €73,665 | €36,241 | -€37,425 | -50.8% |
| Operating profit (loss) | 9901 | €69,405 | €30,615 | -€38,790 | -55.9% |
| Financial income | 75/76B | €1,399 | €2,956 | +€1,557 | +111.3% |
| Recurring financial income | 75 | €1,399 | €2,956 | +€1,557 | +111.3% |
| Financial charges | 65/66B | €1,883 | €1,379 | -€504 | -26.8% |
| Recurring financial charges | 65 | €1,883 | €1,379 | -€504 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €68,921 | €32,193 | -€36,728 | -53.3% |
| Income taxes | 67/77 | €15,042 | €7,264 | -€7,778 | -51.7% |
| Profit (loss) for the period | 9904 | €53,879 | €24,928 | -€28,951 | -53.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,879 | €24,928 | -€28,951 | -53.7% |
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.