AP2: 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.
AP2
Largest movements
- Receivables within one year +€25,899
up €25,899 (+20.4%), from €127,130 to €153,029
of which Other amounts receivable: +€16,966
- Profit (loss) carried forward +€37,043
up €37,043 (+274%), from €13,531 to €50,574
- Trade debts -€23,302
down €23,302 (-54.6%), from €42,671 to €19,369
- Tax, wage and social debts +€8,754
up €8,754 (+33.9%), from €25,810 to €34,563
- Short-term financial debts +€4,709
up €4,709 (+89.4%), from €5,268 to €9,976
- Gross operating margin +€10,560
up €10,560 (+26.6%), from €39,740 to €50,300
- Other operating charges -€4,318
down €4,318 (-70.8%), from €6,098 to €1,780
- Taxes +€3,622
up €3,622 (+32.8%), from €11,059 to €14,681
- Financial income +€1,165
up €1,165 (+22.0%), from €5,291 to €6,456
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €131,140 | €157,161 | +€26,022 | +19.8% |
| Fixed assets | 21/28 | €4,009 | €3,988 | -€21 | -0.5% |
| Tangible fixed assets | 22/27 | €1,909 | €1,888 | -€21 | -1.1% |
| Plant, machinery and equipment | 23 | €242 | €43 | -€199 | -82.3% |
| Furniture and vehicles | 24 | €1,667 | €1,845 | +€178 | +10.7% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €127,130 | €153,173 | +€26,043 | +20.5% |
| Amounts receivable within one year | 40/41 | €127,130 | €153,029 | +€25,899 | +20.4% |
| Trade receivables | 40 | €20,463 | €29,396 | +€8,932 | +43.7% |
| Other amounts receivable | 41 | €106,667 | €123,633 | +€16,966 | +15.9% |
| Deferred charges and accrued income | 490/1 | - | €144 | +€144 | |
| Total equity and liabilities | 10/49 | €131,140 | €157,161 | +€26,022 | +19.8% |
| Equity | 10/15 | €21,591 | €58,634 | +€37,043 | +172% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,531 | €50,574 | +€37,043 | +274% |
| Amounts payable | 17/49 | €109,548 | €98,527 | -€11,021 | -10.1% |
| Amounts payable within one year | 42/48 | €73,748 | €63,908 | -€9,840 | -13.3% |
| Financial debts | 43 | €5,268 | €9,976 | +€4,709 | +89.4% |
| Credit institutions | 430/8 | €5,268 | €9,976 | +€4,709 | +89.4% |
| Trade debts | 44 | €42,671 | €19,369 | -€23,302 | -54.6% |
| Suppliers | 440/4 | €42,671 | €19,369 | -€23,302 | -54.6% |
| Taxes, remuneration and social security | 45 | €25,810 | €34,563 | +€8,754 | +33.9% |
| Taxes | 450/3 | €25,810 | €34,563 | +€8,754 | +33.9% |
| Accrued charges and deferred income | 492/3 | €35,800 | €34,619 | -€1,181 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,102 | €1,251 | +€148 | +13.5% |
| Other operating charges | 640/8 | €6,098 | €1,780 | -€4,318 | -70.8% |
| Gross operating margin | 9900 | €39,740 | €50,300 | +€10,560 | +26.6% |
| Operating profit (loss) | 9901 | €32,539 | €47,269 | +€14,730 | +45.3% |
| Financial income | 75/76B | €5,291 | €6,456 | +€1,165 | +22.0% |
| Recurring financial income | 75 | €5,291 | €6,456 | +€1,165 | +22.0% |
| Financial charges | 65/66B | €1,988 | €2,001 | +€12 | +0.6% |
| Recurring financial charges | 65 | €1,988 | €2,001 | +€12 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €35,841 | €51,724 | +€15,883 | +44.3% |
| Income taxes | 67/77 | €11,059 | €14,681 | +€3,622 | +32.8% |
| Profit (loss) for the period | 9904 | €24,783 | €37,043 | +€12,260 | +49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,783 | €37,043 | +€12,260 | +49.5% |
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 14 October 2026 via checked.be.