AP Wireless Belgium: 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 Wireless Belgium
Largest movements
- Tangible fixed assets +€951,895
up €951,895 (+10.0%), from €9.5m to €10.4m
of which Land and buildings: +€954,138
- Cash +€138,940
up €138,940 (+33.0%), from €420,434 to €559,374
mainly Contributions, distributions and other (+€2.2m) and Depreciation (+€245,329)
- Contributions +€2.2m
up €2.2m (+26.1%), from €8.4m to €10.6m
- Debts after one year -€652,825
down €652,825 (-24.8%), from €2.6m to €2.0m
of which Financial debts: -€600,000
- Profit (loss) carried forward -€617,982
down €617,982 (-24.6%), from -€2.5m to -€3.1m
- Current portion of long-term debt +€175,455
up €175,455 (+138%), from €126,711 to €302,166
- Gross operating margin +€251,321
up €251,321 (+81.5%), from €308,193 to €559,514
- Staff costs +€223,949
up €223,949 (+35.5%), from €630,486 to €854,436
- Depreciation +€54,451
up €54,451 (+28.5%), from €190,877 to €245,329
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 | €10,038,134 | €11,065,451 | +€1.0m | +10.2% |
| Fixed assets | 21/28 | €9,510,742 | €10,455,931 | +€945,189 | +9.9% |
| Intangible fixed assets | 21 | €6,705 | - | -€6,705 | |
| Tangible fixed assets | 22/27 | €9,494,036 | €10,445,931 | +€951,895 | +10.0% |
| Land and buildings | 22 | €9,483,560 | €10,437,698 | +€954,138 | +10.1% |
| Plant, machinery and equipment | 23 | €1,365 | €439 | -€926 | -67.8% |
| Other tangible fixed assets | 26 | €9,111 | €7,794 | -€1,317 | -14.5% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €527,392 | €609,520 | +€82,128 | +15.6% |
| Amounts receivable within one year | 40/41 | €74,316 | €50,147 | -€24,170 | -32.5% |
| Trade receivables | 40 | €24,793 | - | -€24,793 | |
| Other amounts receivable | 41 | €49,524 | €50,147 | +€623 | +1.3% |
| Cash at bank and in hand | 54/58 | €420,434 | €559,374 | +€138,940 | +33.0% |
| Deferred charges and accrued income | 490/1 | €32,642 | - | -€32,642 | |
| Total equity and liabilities | 10/49 | €10,038,134 | €11,065,451 | +€1.0m | +10.2% |
| Equity | 10/15 | €5,905,258 | €7,487,276 | +€1.6m | +26.8% |
| Contributions | 10/11 | €8,418,600 | €10,618,600 | +€2.2m | +26.1% |
| Profit (loss) carried forward | 14 | -€2,513,342 | -€3,131,324 | -€617,982 | -24.6% |
| Amounts payable | 17/49 | €4,132,876 | €3,578,175 | -€554,701 | -13.4% |
| Amounts payable after more than one year | 17 | €2,634,491 | €1,981,666 | -€652,825 | -24.8% |
| Financial debts | 170/4 | €2,200,000 | €1,600,000 | -€600,000 | -27.3% |
| Trade debts | 175 | €434,491 | €381,666 | -€52,825 | -12.2% |
| Amounts payable within one year | 42/48 | €1,273,266 | €1,362,632 | +€89,366 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €126,711 | €302,166 | +€175,455 | +138% |
| Trade debts | 44 | €39,093 | €48,763 | +€9,670 | +24.7% |
| Suppliers | 440/4 | €39,093 | €48,763 | +€9,670 | +24.7% |
| Taxes, remuneration and social security | 45 | €57,894 | €42,006 | -€15,888 | -27.4% |
| Remuneration and social security | 454/9 | €57,894 | €42,006 | -€15,888 | -27.4% |
| Other amounts payable | 47/48 | €1,049,568 | €969,697 | -€79,870 | -7.6% |
| Accrued charges and deferred income | 492/3 | €225,118 | €233,877 | +€8,759 | +3.9% |
| Remuneration, social security and pensions | 62 | €630,486 | €854,436 | +€223,949 | +35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190,877 | €245,329 | +€54,451 | +28.5% |
| Other operating charges | 640/8 | €3,474 | €4,921 | +€1,446 | +41.6% |
| Non-recurring operating charges | 66A | €15,455 | - | -€15,455 | |
| Gross operating margin | 9900 | €308,193 | €559,514 | +€251,321 | +81.5% |
| Operating profit (loss) | 9901 | -€532,099 | -€545,171 | -€13,072 | -2.5% |
| Financial income | 75/76B | €11 | €83 | +€72 | +638% |
| Recurring financial income | 75 | €11 | €83 | +€72 | +638% |
| Financial charges | 65/66B | €71,727 | €72,894 | +€1,167 | +1.6% |
| Recurring financial charges | 65 | €71,727 | €72,894 | +€1,167 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | -€603,815 | -€617,982 | -€14,166 | -2.3% |
| Profit (loss) for the period | 9904 | -€603,815 | -€617,982 | -€14,166 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€603,815 | -€617,982 | -€14,166 | -2.3% |
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 28 October 2026 via checked.be.