AP4S: what changed
Two fiscal 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.
AP4S
Largest movements
- Cash +€9,945
up €9,945 (+31.5%), from €31,587 to €41,531
mainly Net result for the year (+€26,200) and Receivables within one year (+€9,185)
- Receivables within one year -€9,185
down €9,185 (-16.5%), from €55,500 to €46,315
of which Trade receivables: -€10,600
- Reserves +€26,200
up €26,200 (+42.8%), from €61,174 to €87,374
- Other debts -€21,089
down €21,089 (-38.3%), from €55,035 to €33,947
- Tax, wage and social debts -€3,923
down €3,923 (-25.7%), from €15,285 to €11,362
- Gross operating margin -€6,988
down €6,988 (-11.8%), from €59,165 to €52,177
- Taxes -€3,297
down €3,297 (-19.5%), from €16,881 to €13,585
- Other operating charges +€1,069
up €1,069 (+10.0%), from €10,645 to €11,714
- Depreciation +€598
up €598 (+2470.5%), from €24 to €623
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 | €140,323 | €141,431 | +€1,108 | +0.8% |
| Fixed assets | 21/28 | €50,923 | €51,322 | +€399 | +0.8% |
| Tangible fixed assets | 22/27 | €923 | €1,322 | +€399 | +43.2% |
| Furniture and vehicles | 24 | €923 | €1,322 | +€399 | +43.2% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €89,400 | €90,109 | +€709 | +0.8% |
| Amounts receivable within one year | 40/41 | €55,500 | €46,315 | -€9,185 | -16.5% |
| Trade receivables | 40 | €55,500 | €44,900 | -€10,600 | -19.1% |
| Other amounts receivable | 41 | - | €1,415 | +€1,415 | |
| Cash at bank and in hand | 54/58 | €31,587 | €41,531 | +€9,945 | +31.5% |
| Deferred charges and accrued income | 490/1 | €2,314 | €2,263 | -€50 | -2.2% |
| Total equity and liabilities | 10/49 | €140,323 | €141,431 | +€1,108 | +0.8% |
| Equity | 10/15 | €66,174 | €92,374 | +€26,200 | +39.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €61,174 | €87,374 | +€26,200 | +42.8% |
| Distributable reserves | 133 | €61,174 | €87,374 | +€26,200 | +42.8% |
| Amounts payable | 17/49 | €74,149 | €49,057 | -€25,092 | -33.8% |
| Amounts payable within one year | 42/48 | €74,149 | €49,057 | -€25,092 | -33.8% |
| Trade debts | 44 | €3,829 | €3,748 | -€80 | -2.1% |
| Suppliers | 440/4 | €3,829 | €3,748 | -€80 | -2.1% |
| Taxes, remuneration and social security | 45 | €15,285 | €11,362 | -€3,923 | -25.7% |
| Taxes | 450/3 | €15,285 | €11,362 | -€3,923 | -25.7% |
| Other amounts payable | 47/48 | €55,035 | €33,947 | -€21,089 | -38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24 | €623 | +€598 | +2470.5% |
| Other operating charges | 640/8 | €10,645 | €11,714 | +€1,069 | +10.0% |
| Gross operating margin | 9900 | €59,165 | €52,177 | -€6,988 | -11.8% |
| Operating profit (loss) | 9901 | €48,496 | €39,840 | -€8,656 | -17.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -90.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -90.0% |
| Financial charges | 65/66B | €55 | €55 | +€0 | +0.6% |
| Recurring financial charges | 65 | €55 | €55 | +€0 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €48,441 | €39,785 | -€8,656 | -17.9% |
| Income taxes | 67/77 | €16,881 | €13,585 | -€3,297 | -19.5% |
| Profit (loss) for the period | 9904 | €31,559 | €26,200 | -€5,359 | -17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,559 | €26,200 | -€5,359 | -17.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.