APCO Projects: 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.
APCO Projects
Largest movements
- Cash -€3,338
down €3,338 (-27.7%), from €12,059 to €8,721
mainly Investment in fixed assets (net) (-€5,800) and Other debts (-€1,799)
- Tangible fixed assets +€2,900
new in 2025: €2,900
- Other debts -€1,799
down €1,799 (-40.3%), from €4,468 to €2,669
- Tax, wage and social debts +€821
up €821 (+47.1%), from €1,743 to €2,564
- Profit (loss) carried forward +€723
up €723 (+4.9%), from -€14,739 to -€14,016
- Trade debts -€182
no longer reported in 2025 (was €182)
- Gross operating margin +€5,612
up €5,612 (+12200.5%), from €46 to €5,658
- Depreciation +€2,900
new in 2025: €2,900
- Taxes +€721
up €721 (+107.3%), from €672 to €1,393
- Other operating charges +€78
up €78 (+20.3%), from €387 to €465
- Financial charges -€57
down €57 (-24.5%), from €234 to €177
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 | €12,059 | €11,621 | -€438 | -3.6% |
| Fixed assets | 21/28 | - | €2,900 | +€2,900 | |
| Tangible fixed assets | 22/27 | - | €2,900 | +€2,900 | |
| Furniture and vehicles | 24 | - | €2,900 | +€2,900 | |
| Current assets | 29/58 | €12,059 | €8,721 | -€3,338 | -27.7% |
| Cash at bank and in hand | 54/58 | €12,059 | €8,721 | -€3,338 | -27.7% |
| Total equity and liabilities | 10/49 | €12,059 | €11,621 | -€438 | -3.6% |
| Equity | 10/15 | €5,666 | €6,389 | +€723 | +12.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,739 | -€14,016 | +€723 | +4.9% |
| Amounts payable | 17/49 | €6,393 | €5,233 | -€1,160 | -18.1% |
| Amounts payable within one year | 42/48 | €6,393 | €5,233 | -€1,160 | -18.1% |
| Trade debts | 44 | €182 | - | -€182 | |
| Suppliers | 440/4 | €182 | - | -€182 | |
| Taxes, remuneration and social security | 45 | €1,743 | €2,564 | +€821 | +47.1% |
| Taxes | 450/3 | €1,743 | €2,564 | +€821 | +47.1% |
| Other amounts payable | 47/48 | €4,468 | €2,669 | -€1,799 | -40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,900 | +€2,900 | |
| Other operating charges | 640/8 | €387 | €465 | +€78 | +20.3% |
| Gross operating margin | 9900 | €46 | €5,658 | +€5,612 | +12200.5% |
| Operating profit (loss) | 9901 | -€341 | €2,293 | +€2,634 | |
| Financial charges | 65/66B | €234 | €177 | -€57 | -24.5% |
| Recurring financial charges | 65 | €234 | €177 | -€57 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | -€575 | €2,116 | +€2,691 | |
| Income taxes | 67/77 | €672 | €1,393 | +€721 | +107.3% |
| Profit (loss) for the period | 9904 | -€1,247 | €723 | +€1,970 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,247 | €723 | +€1,970 |
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 4 October 2026 via checked.be.