APC Projects: 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.
APC Projects
Largest movements
- Receivables within one year +€72,185
up €72,185 (+917%), from €7,875 to €80,060
- Deferred charges and accrued income -€34,131
no longer reported in 2025 (was €34,131)
- Cash +€29,466
up €29,466 (+129%), from €22,856 to €52,322
mainly Net result for the year (+€133,904) and Deferred charges and accrued income (+€34,131)
- Stocks and contracts +€20,787
up €20,787 (+9.6%), from €216,023 to €236,811
- Tangible fixed assets +€3,835
up €3,835 (+538%), from €713 to €4,548
of which Furniture and vehicles: +€3,813
- Reserves +€133,904
up €133,904 (+113%), from €118,880 to €252,784
- Short-term financial debts -€25,000
down €25,000 (-55.6%), from €45,000 to €20,000
- Other debts -€17,760
down €17,760 (-26.8%), from €66,270 to €48,511
- Accrued charges and deferred income +€5,100
up €5,100 (+2,446%), from €209 to €5,308
- Trade debts -€4,371
down €4,371 (-72.5%), from €6,028 to €1,657
- Gross operating margin +€106,833
up €106,833 (+120%), from €88,947 to €195,780
- Taxes +€34,669
up €34,669 (+159%), from €21,870 to €56,538
- Depreciation -€2,744
down €2,744 (-83.6%), from €3,281 to €537
- Financial charges -€2,080
down €2,080 (-40.4%), from €5,145 to €3,065
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
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 | €281,599 | €373,740 | +€92,142 | +32.7% |
| Fixed assets | 21/28 | €713 | €4,548 | +€3,835 | +538% |
| Tangible fixed assets | 22/27 | €713 | €4,548 | +€3,835 | +538% |
| Plant, machinery and equipment | 23 | €713 | €735 | +€22 | +3.1% |
| Furniture and vehicles | 24 | - | €3,813 | +€3,813 | |
| Current assets | 29/58 | €280,886 | €369,192 | +€88,307 | +31.4% |
| Stocks and contracts in progress | 3 | €216,023 | €236,811 | +€20,787 | +9.6% |
| Stocks | 30/36 | €216,023 | €236,811 | +€20,787 | +9.6% |
| Amounts receivable within one year | 40/41 | €7,875 | €80,060 | +€72,185 | +917% |
| Trade receivables | 40 | €7,875 | €80,060 | +€72,185 | +917% |
| Cash at bank and in hand | 54/58 | €22,856 | €52,322 | +€29,466 | +129% |
| Deferred charges and accrued income | 490/1 | €34,131 | - | -€34,131 | |
| Total equity and liabilities | 10/49 | €281,599 | €373,740 | +€92,142 | +32.7% |
| Equity | 10/15 | €124,880 | €258,784 | +€133,904 | +107% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €118,880 | €252,784 | +€133,904 | +113% |
| Distributable reserves | 133 | €118,880 | €252,784 | +€133,904 | +113% |
| Amounts payable | 17/49 | €156,718 | €114,956 | -€41,762 | -26.6% |
| Amounts payable within one year | 42/48 | €156,510 | €109,648 | -€46,862 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €1,935 | - | -€1,935 | |
| Financial debts | 43 | €45,000 | €20,000 | -€25,000 | -55.6% |
| Credit institutions | 430/8 | €45,000 | €20,000 | -€25,000 | -55.6% |
| Trade debts | 44 | €6,028 | €1,657 | -€4,371 | -72.5% |
| Suppliers | 440/4 | €6,028 | €1,657 | -€4,371 | -72.5% |
| Taxes, remuneration and social security | 45 | €37,277 | €39,480 | +€2,203 | +5.9% |
| Taxes | 450/3 | €37,277 | €39,480 | +€2,203 | +5.9% |
| Other amounts payable | 47/48 | €66,270 | €48,511 | -€17,760 | -26.8% |
| Accrued charges and deferred income | 492/3 | €209 | €5,308 | +€5,100 | +2,446% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,281 | €537 | -€2,744 | -83.6% |
| Other operating charges | 640/8 | €629 | €1,735 | +€1,106 | +176% |
| Gross operating margin | 9900 | €88,947 | €195,780 | +€106,833 | +120% |
| Operating profit (loss) | 9901 | €85,037 | €193,508 | +€108,471 | +128% |
| Financial charges | 65/66B | €5,145 | €3,065 | -€2,080 | -40.4% |
| Recurring financial charges | 65 | €5,145 | €3,065 | -€2,080 | -40.4% |
| Profit (loss) for the period before taxes | 9903 | €79,892 | €190,442 | +€110,550 | +138% |
| Income taxes | 67/77 | €21,870 | €56,538 | +€34,669 | +159% |
| Profit (loss) for the period | 9904 | €58,023 | €133,904 | +€75,881 | +131% |
| Profit (loss) for the period to be appropriated | 9905 | €58,023 | €133,904 | +€75,881 | +131% |
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 16 October 2026 via checked.be.