Apdegro: what changed
What changed
Apdegro
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€8,823
2025 · -€5,665+€14,488
Equity
€56,512
2025 · €47,689+€8,823
Cash
€576
2025 · €1,242-€665
Balance sheet total
€227,344
2025 · €237,702-€10,358
Largest movements
Assets
- Tangible fixed assets -€18,764
down €18,764 (-9.1%), from €207,309 to €188,545
of which Leasing and similar rights: -€18,593
- Receivables within one year +€6,466
up €6,466 (+24.6%), from €26,249 to €32,715
of which Trade receivables: +€5,646
- Deferred charges and accrued income +€2,605
up €2,605 (+89.7%), from €2,903 to €5,507
Equity and liabilities
- Current portion of long-term debt -€14,280
down €14,280 (-72.0%), from €19,826 to €5,546
- Debts after one year -€5,546
down €5,546 (-3.8%), from €145,704 to €140,157
- Profit (loss) carried forward +€4,923
up €4,923, from -€4,911 to €12
- Reserves +€3,900
up €3,900 (+8.2%), from €47,600 to €51,500
Income statement
- Gross operating margin +€14,847
up €14,847 (+38.7%), from €38,364 to €53,211
- Taxes +€1,971
up €1,971 (+734%), from €268 to €2,239
- Depreciation -€1,715
down €1,715 (-5.2%), from €33,108 to €31,393
Change in the result, 2025 to 2026
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 2025
-€5,665
Gross operating margin
+€14,847
Depreciation
+€1,715
Other operating charges
-€279
Financial income
-€0
Financial charges
+€176
Taxes
-€1,971
Result 2026
€8,823
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€31,790
Investment
-€12,629
Financing
-€19,826
Cash 2025
€1,242
From operations (derived)
+€31,790
Net result for the year
+€8,823
Depreciation
+€31,393
Receivables within one year
-€6,466
Deferred charges and accrued income
-€2,605
Trade debts
-€971
Smaller working-capital items
+€21
Other debts
+€1,596
Investment (derived)
-€12,629
Investment in fixed assets (net)
-€12,629
Financing
-€19,826
Debts after one year
-€5,546
Current portion of long-term debt
-€14,280
Cash 2026
€576
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €237,702 | €227,344 | -€10,358 | -4.4% |
| Fixed assets | 21/28 | €207,309 | €188,545 | -€18,764 | -9.1% |
| Tangible fixed assets | 22/27 | €207,309 | €188,545 | -€18,764 | -9.1% |
| Land and buildings | 22 | €177,114 | €170,712 | -€6,402 | -3.6% |
| Plant, machinery and equipment | 23 | €7,556 | €14,697 | +€7,141 | +94.5% |
| Furniture and vehicles | 24 | €4,026 | €3,116 | -€910 | -22.6% |
| Leasing and similar rights | 25 | €18,613 | €20 | -€18,593 | -99.9% |
| Current assets | 29/58 | €30,393 | €38,799 | +€8,406 | +27.7% |
| Amounts receivable within one year | 40/41 | €26,249 | €32,715 | +€6,466 | +24.6% |
| Trade receivables | 40 | €23,369 | €29,015 | +€5,646 | +24.2% |
| Other amounts receivable | 41 | €2,880 | €3,700 | +€820 | +28.5% |
| Cash at bank and in hand | 54/58 | €1,242 | €576 | -€665 | -53.6% |
| Deferred charges and accrued income | 490/1 | €2,903 | €5,507 | +€2,605 | +89.7% |
| Total equity and liabilities | 10/49 | €237,702 | €227,344 | -€10,358 | -4.4% |
| Equity | 10/15 | €47,689 | €56,512 | +€8,823 | +18.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €47,600 | €51,500 | +€3,900 | +8.2% |
| Distributable reserves | 133 | €47,600 | €51,500 | +€3,900 | +8.2% |
| Profit (loss) carried forward | 14 | -€4,911 | €12 | +€4,923 | |
| Amounts payable | 17/49 | €190,013 | €170,832 | -€19,181 | -10.1% |
| Amounts payable after more than one year | 17 | €145,704 | €140,157 | -€5,546 | -3.8% |
| Financial debts | 170/4 | €145,704 | €140,157 | -€5,546 | -3.8% |
| Amounts payable within one year | 42/48 | €43,487 | €29,810 | -€13,677 | -31.5% |
| Current portion of amounts payable after more than one year | 42 | €19,826 | €5,546 | -€14,280 | -72.0% |
| Trade debts | 44 | €2,867 | €1,895 | -€971 | -33.9% |
| Suppliers | 440/4 | €2,867 | €1,895 | -€971 | -33.9% |
| Taxes, remuneration and social security | 45 | €817 | €796 | -€21 | -2.6% |
| Taxes | 450/3 | €817 | €796 | -€21 | -2.6% |
| Other amounts payable | 47/48 | €19,977 | €21,572 | +€1,596 | +8.0% |
| Accrued charges and deferred income | 492/3 | €822 | €865 | +€42 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,108 | €31,393 | -€1,715 | -5.2% |
| Other operating charges | 640/8 | €1,641 | €1,920 | +€279 | +17.0% |
| Gross operating margin | 9900 | €38,364 | €53,211 | +€14,847 | +38.7% |
| Operating profit (loss) | 9901 | €3,616 | €19,899 | +€16,283 | +450% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €9,012 | €8,836 | -€176 | -2.0% |
| Recurring financial charges | 65 | €9,012 | €8,836 | -€176 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,397 | €11,063 | +€16,459 | |
| Income taxes | 67/77 | €268 | €2,239 | +€1,971 | +734% |
| Profit (loss) for the period | 9904 | -€5,665 | €8,823 | +€14,488 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,665 | €8,823 | +€14,488 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.