APAI: 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.
APAI
Largest movements
- Receivables within one year -€442,180
down €442,180 (-92.3%), from €478,858 to €36,678
of which Other amounts receivable: -€249,708
- Receivables after one year -€235,000
no longer reported in 2025 (was €235,000)
- Cash +€70,168
up €70,168 (+83.4%), from €84,126 to €154,294
mainly Receivables within one year (+€442,180) and Receivables after one year (+€235,000)
- Tangible fixed assets -€39,914
down €39,914 (-12.0%), from €333,062 to €293,147
- Profit (loss) carried forward -€492,377
down €492,377 (-81.4%), from €605,122 to €112,745
- Trade debts -€214,338
down €214,338 (-98.4%), from €217,918 to €3,580
- Tax, wage and social debts +€51,624
up €51,624 (+98.3%), from €52,502 to €104,126
of which Taxes: +€50,010
- Other debts +€35,880
new in 2025: €35,880
- Debts after one year -€28,091
down €28,091 (-14.5%), from €193,204 to €165,113
- Gross operating margin +€149,590
up €149,590, from -€39,397 to €110,193
- Financial income -€79,204
down €79,204 (-49.7%), from €159,204 to €80,000
of which Financial income: -€73,832
- Taxes +€9,287
up €9,287 (+4587.6%), from €202 to €9,489
- Staff costs +€8,858
up €8,858 (+457.4%), from €1,936 to €10,794
- Depreciation +€6,808
up €6,808 (+17.8%), from €38,334 to €45,142
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 | €1,142,712 | €491,339 | -€651,373 | -57.0% |
| Fixed assets | 21/28 | €339,062 | €299,147 | -€39,914 | -11.8% |
| Tangible fixed assets | 22/27 | €333,062 | €293,147 | -€39,914 | -12.0% |
| Plant, machinery and equipment | 23 | €185,997 | €170,768 | -€15,228 | -8.2% |
| Furniture and vehicles | 24 | €62,424 | €43,040 | -€19,384 | -31.1% |
| Other tangible fixed assets | 26 | €84,641 | €79,339 | -€5,302 | -6.3% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €803,651 | €192,192 | -€611,459 | -76.1% |
| Amounts receivable after more than one year | 29 | €235,000 | - | -€235,000 | |
| Other amounts receivable | 291 | €235,000 | - | -€235,000 | |
| Amounts receivable within one year | 40/41 | €478,858 | €36,678 | -€442,180 | -92.3% |
| Trade receivables | 40 | €227,853 | €35,381 | -€192,472 | -84.5% |
| Other amounts receivable | 41 | €251,005 | €1,296 | -€249,708 | -99.5% |
| Cash at bank and in hand | 54/58 | €84,126 | €154,294 | +€70,168 | +83.4% |
| Deferred charges and accrued income | 490/1 | €5,667 | €1,220 | -€4,447 | -78.5% |
| Total equity and liabilities | 10/49 | €1,142,712 | €491,339 | -€651,373 | -57.0% |
| Equity | 10/15 | €625,582 | €133,205 | -€492,377 | -78.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €605,122 | €112,745 | -€492,377 | -81.4% |
| Amounts payable | 17/49 | €517,130 | €358,134 | -€158,996 | -30.7% |
| Amounts payable after more than one year | 17 | €193,204 | €165,113 | -€28,091 | -14.5% |
| Financial debts | 170/4 | €193,204 | €165,113 | -€28,091 | -14.5% |
| Amounts payable within one year | 42/48 | €297,226 | €173,475 | -€123,751 | -41.6% |
| Current portion of amounts payable after more than one year | 42 | €26,806 | €28,091 | +€1,285 | +4.8% |
| Financial debts | 43 | - | €1,798 | +€1,798 | |
| Other loans | 439 | - | €1,798 | +€1,798 | |
| Trade debts | 44 | €217,918 | €3,580 | -€214,338 | -98.4% |
| Suppliers | 440/4 | €217,918 | €3,580 | -€214,338 | -98.4% |
| Taxes, remuneration and social security | 45 | €52,502 | €104,126 | +€51,624 | +98.3% |
| Taxes | 450/3 | €52,479 | €102,489 | +€50,010 | +95.3% |
| Remuneration and social security | 454/9 | €23 | €1,638 | +€1,614 | +6982.7% |
| Other amounts payable | 47/48 | - | €35,880 | +€35,880 | |
| Accrued charges and deferred income | 492/3 | €26,700 | €19,546 | -€7,154 | -26.8% |
| Remuneration, social security and pensions | 62 | €1,936 | €10,794 | +€8,858 | +457.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,334 | €45,142 | +€6,808 | +17.8% |
| Other operating charges | 640/8 | €960 | €997 | +€37 | +3.9% |
| Gross operating margin | 9900 | -€39,397 | €110,193 | +€149,590 | |
| Operating profit (loss) | 9901 | -€80,628 | €53,260 | +€133,887 | |
| Financial income | 75/76B | €159,204 | €80,000 | -€79,204 | -49.7% |
| Recurring financial income | 75 | €153,832 | €80,000 | -€73,832 | -48.0% |
| Non-recurring financial income | 76B | €5,371 | - | -€5,371 | |
| Financial charges | 65/66B | €9,875 | €11,148 | +€1,272 | +12.9% |
| Recurring financial charges | 65 | €9,875 | €11,148 | +€1,272 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €68,701 | €122,112 | +€53,411 | +77.7% |
| Income taxes | 67/77 | €202 | €9,489 | +€9,287 | +4587.6% |
| Profit (loss) for the period | 9904 | €68,498 | €112,623 | +€44,125 | +64.4% |
| Profit (loss) for the period to be appropriated | 9905 | €68,498 | €112,623 | +€44,125 | +64.4% |
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 5 October 2026 via checked.be.