APC Invest: what changed
What changed
APC Invest
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€23,788
2024 · €21,048+€2,740
Equity
€394,298
2024 · €411,821-€17,523
Cash
€91,135
2024 · €154,390-€63,255
Balance sheet total
€1.6m
2024 · €2.0m-€341,049
Largest movements
Assets
- Receivables within one year -€226,314
down €226,314 (-45.2%), from €500,784 to €274,470
of which Other amounts receivable: -€223,104
- Cash -€63,255
down €63,255 (-41.0%), from €154,390 to €91,135
mainly Short-term financial debts (-€379,540) and Contributions, distributions and other (-€41,311)
- Stocks and contracts -€49,051
down €49,051 (-3.8%), from €1.3m to €1.2m
Equity and liabilities
- Short-term financial debts -€379,540
down €379,540 (-29.0%), from €1.3m to €927,454
of which Other loans: -€238,399
- Reserves -€41,311
down €41,311 (-20.0%), from €206,049 to €164,738
of which Distributable reserves: -€41,311
- Advances received +€30,250
up €30,250 (+28.7%), from €105,223 to €135,473
- Debts after one year +€28,800
new in 2025: €28,800
- Profit (loss) carried forward +€23,788
up €23,788 (+12.8%), from €185,772 to €209,560
Income statement
- Gross operating margin +€81,013
up €81,013 (+494%), from €16,409 to €97,423
- Other operating charges +€36,271
up €36,271 (+1,299%), from €2,793 to €39,064
- Write-downs +€24,613
no longer reported in 2025 (was -€24,613)
- Financial charges +€16,303
up €16,303 (+223%), from €7,296 to €23,599
of which Non-recurring financial charges: +€10,000
- Taxes +€8,178
up €8,178 (+189%), from €4,331 to €12,509
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€21,048
Gross operating margin
+€81,013
Staff costs
-€143
Depreciation
+€4,777
Write-downs
-€24,613
Other operating charges
-€36,271
Financial income
+€2,459
Financial charges
-€16,303
Taxes
-€8,178
Result 2025
€23,788
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€326,406
Investment
+€2,390
Financing
-€392,052
Cash 2024
€154,390
From operations (derived)
+€326,406
Net result for the year
+€23,788
Depreciation
+€1,020
Stocks and contracts
+€49,051
Receivables within one year
+€226,314
Deferred charges and accrued income
-€982
Trade debts
-€9,952
Tax, wage and social debts
-€20,413
Advances received
+€30,250
Other debts
+€14,896
Accrued charges and deferred income
+€12,433
Investment (derived)
+€2,390
Investment in fixed assets (net)
+€10,750
Current investments
-€8,360
Financing
-€392,052
Debts after one year
+€28,800
Short-term financial debts
-€379,540
Contributions, distributions and other
-€41,311
Cash 2025
€91,135
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,959,775 | €1,618,726 | -€341,049 | -17.4% |
| Fixed assets | 21/28 | €14,829 | €3,059 | -€11,770 | -79.4% |
| Tangible fixed assets | 22/27 | €12,579 | €1,559 | -€11,020 | -87.6% |
| Plant, machinery and equipment | 23 | €2,579 | €1,559 | -€1,020 | -39.5% |
| Furniture and vehicles | 24 | €10,000 | €0 | -€10,000 | -100% |
| Financial fixed assets | 28 | €2,250 | €1,500 | -€750 | -33.3% |
| Current assets | 29/58 | €1,944,945 | €1,615,666 | -€329,279 | -16.9% |
| Stocks and contracts in progress | 3 | €1,279,042 | €1,229,991 | -€49,051 | -3.8% |
| Stocks | 30/36 | €1,279,042 | €1,229,991 | -€49,051 | -3.8% |
| Amounts receivable within one year | 40/41 | €500,784 | €274,470 | -€226,314 | -45.2% |
| Trade receivables | 40 | €183,757 | €180,546 | -€3,210 | -1.7% |
| Other amounts receivable | 41 | €317,028 | €93,924 | -€223,104 | -70.4% |
| Current investments | 50/53 | €10,000 | €18,360 | +€8,360 | +83.6% |
| Cash at bank and in hand | 54/58 | €154,390 | €91,135 | -€63,255 | -41.0% |
| Deferred charges and accrued income | 490/1 | €729 | €1,710 | +€982 | +135% |
| Total equity and liabilities | 10/49 | €1,959,775 | €1,618,726 | -€341,049 | -17.4% |
| Equity | 10/15 | €411,821 | €394,298 | -€17,523 | -4.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €206,049 | €164,738 | -€41,311 | -20.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,248 | €2,248 | = | 0.0% |
| Distributable reserves | 133 | €201,801 | €160,490 | -€41,311 | -20.5% |
| Profit (loss) carried forward | 14 | €185,772 | €209,560 | +€23,788 | +12.8% |
| Amounts payable | 17/49 | €1,547,954 | €1,224,428 | -€323,526 | -20.9% |
| Amounts payable after more than one year | 17 | - | €28,800 | +€28,800 | |
| Financial debts | 170/4 | - | €28,800 | +€28,800 | |
| Amounts payable within one year | 42/48 | €1,541,587 | €1,176,827 | -€364,760 | -23.7% |
| Financial debts | 43 | €1,306,994 | €927,454 | -€379,540 | -29.0% |
| Credit institutions | 430/8 | €1,047,389 | €906,247 | -€141,142 | -13.5% |
| Other loans | 439 | €259,606 | €21,207 | -€238,399 | -91.8% |
| Trade debts | 44 | €12,945 | €2,994 | -€9,952 | -76.9% |
| Suppliers | 440/4 | €12,945 | €2,994 | -€9,952 | -76.9% |
| Advances received on contracts in progress | 46 | €105,223 | €135,473 | +€30,250 | +28.7% |
| Taxes, remuneration and social security | 45 | €66,448 | €46,035 | -€20,413 | -30.7% |
| Taxes | 450/3 | €66,448 | €46,035 | -€20,413 | -30.7% |
| Other amounts payable | 47/48 | €49,976 | €64,871 | +€14,896 | +29.8% |
| Accrued charges and deferred income | 492/3 | €6,368 | €18,801 | +€12,433 | +195% |
| Remuneration, social security and pensions | 62 | €594 | €737 | +€143 | +24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,797 | €1,020 | -€4,777 | -82.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€24,613 | - | +€24,613 | |
| Other operating charges | 640/8 | €2,793 | €39,064 | +€36,271 | +1,299% |
| Gross operating margin | 9900 | €16,409 | €97,423 | +€81,013 | +494% |
| Operating profit (loss) | 9901 | €31,838 | €56,601 | +€24,763 | +77.8% |
| Financial income | 75/76B | €836 | €3,295 | +€2,459 | +294% |
| Recurring financial income | 75 | €836 | €3,295 | +€2,459 | +294% |
| Financial charges | 65/66B | €7,296 | €23,599 | +€16,303 | +223% |
| Recurring financial charges | 65 | €7,296 | €13,599 | +€6,303 | +86.4% |
| Non-recurring financial charges | 66B | - | €10,000 | +€10,000 | |
| Profit (loss) for the period before taxes | 9903 | €25,379 | €36,297 | +€10,919 | +43.0% |
| Income taxes | 67/77 | €4,331 | €12,509 | +€8,178 | +189% |
| Profit (loss) for the period | 9904 | €21,048 | €23,788 | +€2,740 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,048 | €23,788 | +€2,740 | +13.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.