APB DISTRIBUTION: 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.
APB DISTRIBUTION
Largest movements
- Receivables within one year +€96,614
up €96,614 (+92.7%), from €104,195 to €200,809
of which Trade receivables: +€96,910
- Tangible fixed assets -€5,740
down €5,740 (-33.0%), from €17,402 to €11,663
of which Plant, machinery and equipment: -€3,236
- Stocks and contracts +€4,710
up €4,710 (+8.5%), from €55,711 to €60,421
- Deferred charges and accrued income -€3,029
down €3,029 (-70.3%), from €4,307 to €1,279
- Trade debts +€59,630
up €59,630 (+55.8%), from €106,803 to €166,433
- Profit (loss) carried forward +€21,575
up €21,575 (+43.3%), from €49,855 to €71,430
- Tax, wage and social debts +€12,378
up €12,378 (+186.9%), from €6,622 to €19,000
- Gross operating margin +€22,159
up €22,159 (+55.4%), from €40,016 to €62,176
- Taxes +€9,061
up €9,061 (+351.7%), from €2,577 to €11,638
- Financial charges -€4,126
down €4,126 (-20.2%), from €20,469 to €16,342
- Other operating charges -€1,997
down €1,997 (-80.0%), from €2,497 to €500
- Depreciation +€1,700
up €1,700 (+33.1%), from €5,136 to €6,836
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 | €183,942 | €277,525 | +€93,583 | +50.9% |
| Fixed assets | 21/28 | €17,402 | €11,663 | -€5,740 | -33.0% |
| Tangible fixed assets | 22/27 | €17,402 | €11,663 | -€5,740 | -33.0% |
| Plant, machinery and equipment | 23 | €8,683 | €5,447 | -€3,236 | -37.3% |
| Furniture and vehicles | 24 | €8,719 | €6,216 | -€2,504 | -28.7% |
| Current assets | 29/58 | €166,539 | €265,862 | +€99,323 | +59.6% |
| Stocks and contracts in progress | 3 | €55,711 | €60,421 | +€4,710 | +8.5% |
| Stocks | 30/36 | €55,711 | €60,421 | +€4,710 | +8.5% |
| Amounts receivable within one year | 40/41 | €104,195 | €200,809 | +€96,614 | +92.7% |
| Trade receivables | 40 | €68,899 | €165,809 | +€96,910 | +140.7% |
| Other amounts receivable | 41 | €35,296 | €35,000 | -€296 | -0.8% |
| Cash at bank and in hand | 54/58 | €2,326 | €3,354 | +€1,027 | +44.2% |
| Deferred charges and accrued income | 490/1 | €4,307 | €1,279 | -€3,029 | -70.3% |
| Total equity and liabilities | 10/49 | €183,942 | €277,525 | +€93,583 | +50.9% |
| Equity | 10/15 | €70,315 | €91,890 | +€21,575 | +30.7% |
| 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 | €49,855 | €71,430 | +€21,575 | +43.3% |
| Amounts payable | 17/49 | €113,627 | €185,635 | +€72,008 | +63.4% |
| Amounts payable within one year | 42/48 | €113,627 | €185,635 | +€72,008 | +63.4% |
| Trade debts | 44 | €106,803 | €166,433 | +€59,630 | +55.8% |
| Suppliers | 440/4 | €106,803 | €166,433 | +€59,630 | +55.8% |
| Taxes, remuneration and social security | 45 | €6,622 | €19,000 | +€12,378 | +186.9% |
| Taxes | 450/3 | €6,622 | €19,000 | +€12,378 | +186.9% |
| Other amounts payable | 47/48 | €202 | €202 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,136 | €6,836 | +€1,700 | +33.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,367 | €5,285 | -€82 | -1.5% |
| Other operating charges | 640/8 | €2,497 | €500 | -€1,997 | -80.0% |
| Gross operating margin | 9900 | €40,016 | €62,176 | +€22,159 | +55.4% |
| Operating profit (loss) | 9901 | €27,016 | €49,555 | +€22,539 | +83.4% |
| Financial income | 75/76B | €223 | €1 | -€223 | -99.7% |
| Recurring financial income | 75 | €223 | €1 | -€223 | -99.7% |
| Financial charges | 65/66B | €20,469 | €16,342 | -€4,126 | -20.2% |
| Recurring financial charges | 65 | €20,469 | €16,342 | -€4,126 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €6,771 | €33,213 | +€26,442 | +390.5% |
| Income taxes | 67/77 | €2,577 | €11,638 | +€9,061 | +351.7% |
| Profit (loss) for the period | 9904 | €4,194 | €21,575 | +€17,381 | +414.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,194 | €21,575 | +€17,381 | +414.4% |
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 2 October 2026 via checked.be.