APG: 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.
What changed
APG
NACE 43.350, Other building finishing work
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€291,823
2024 · €324,795-€32,972
Equity
€1.5m
2024 · €1.2m+€291,823
Cash
€83,087
2024 · €33,941+€49,147
Balance sheet total
€3.2m
2024 · €2.9m+€243,638
Largest movements
Assets
- Tangible fixed assets +€205,596
up €205,596 (+16.8%), from €1.2m to €1.4m
of which Land and buildings: +€218,954
- Cash +€49,147
up €49,147 (+145%), from €33,941 to €83,087
mainly Net result for the year (+€291,823) and Depreciation (+€144,719)
Equity and liabilities
- Profit (loss) carried forward +€323,734
up €323,734 (+45.4%), from €712,378 to €1.0m
- Other debts -€184,003
down €184,003 (-59.8%), from €307,856 to €123,853
- Debts after one year +€98,757
up €98,757 (+8.3%), from €1.2m to €1.3m
- Tax, wage and social debts +€50,816
up €50,816 (+196%), from €25,988 to €76,804
of which Taxes: +€47,683
Income statement
- Gross operating margin +€170,188
up €170,188 (+69.3%), from €245,495 to €415,683
- Financial income -€131,056
down €131,056 (-52.0%), from €251,856 to €120,800
- Depreciation +€41,560
up €41,560 (+40.3%), from €103,158 to €144,719
- Taxes +€34,301
up €34,301 (+114%), from €30,087 to €64,388
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.
Result 2024
€324,795
Gross operating margin
+€170,188
Depreciation
-€41,560
Other operating charges
+€125
Financial income
-€131,056
Financial charges
+€4,035
Taxes
-€34,301
Deferred taxes and other
-€403
Result 2025
€291,823
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€289,134
Investment
-€340,315
Financing
+€100,328
Cash 2024
€33,941
From operations (derived)
+€289,134
Net result for the year
+€291,823
Depreciation
+€144,719
Receivables after one year
+€20,000
Receivables within one year
-€27,112
Deferred charges and accrued income
+€8,217
Provisions
-€8,178
Trade debts
-€6,147
Tax, wage and social debts
+€50,816
Other debts
-€184,003
Accrued charges and deferred income
-€1,000
Investment (derived)
-€340,315
Investment in fixed assets (net)
-€340,315
Financing
+€100,328
Debts after one year
+€98,757
Current portion of long-term debt
+€1,571
Cash 2025
€83,087
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,947,843 | €3,191,481 | +€243,638 | +8.3% |
| Fixed assets | 21/28 | €2,837,685 | €3,033,281 | +€195,596 | +6.9% |
| Tangible fixed assets | 22/27 | €1,223,195 | €1,428,791 | +€205,596 | +16.8% |
| Land and buildings | 22 | €1,119,318 | €1,338,272 | +€218,954 | +19.6% |
| Plant, machinery and equipment | 23 | €2,395 | €7,658 | +€5,263 | +220% |
| Furniture and vehicles | 24 | €1,289 | €11,682 | +€10,393 | +806% |
| Leasing and similar rights | 25 | €83,694 | €54,680 | -€29,014 | -34.7% |
| Other tangible fixed assets | 26 | €16,500 | €16,500 | = | 0.0% |
| Financial fixed assets | 28 | €1,614,490 | €1,604,490 | -€10,000 | -0.6% |
| Current assets | 29/58 | €110,157 | €158,200 | +€48,042 | +43.6% |
| Amounts receivable after more than one year | 29 | €60,000 | €40,000 | -€20,000 | -33.3% |
| Other amounts receivable | 291 | €60,000 | €40,000 | -€20,000 | -33.3% |
| Amounts receivable within one year | 40/41 | €8,000 | €35,112 | +€27,112 | +339% |
| Trade receivables | 40 | - | €23,112 | +€23,112 | |
| Other amounts receivable | 41 | €8,000 | €12,000 | +€4,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €33,941 | €83,087 | +€49,147 | +145% |
| Deferred charges and accrued income | 490/1 | €8,217 | €0 | -€8,217 | -100% |
| Total equity and liabilities | 10/49 | €2,947,843 | €3,191,481 | +€243,638 | +8.3% |
| Equity | 10/15 | €1,171,895 | €1,463,718 | +€291,823 | +24.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €439,516 | €407,605 | -€31,912 | -7.3% |
| 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 | €293,516 | €261,605 | -€31,912 | -10.9% |
| Distributable reserves | 133 | €144,000 | €144,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €712,378 | €1,036,113 | +€323,734 | +45.4% |
| Provisions and deferred taxes | 16 | €63,049 | €54,871 | -€8,178 | -13.0% |
| Deferred taxes | 168 | €63,049 | €54,871 | -€8,178 | -13.0% |
| Amounts payable | 17/49 | €1,712,898 | €1,672,892 | -€40,006 | -2.3% |
| Amounts payable after more than one year | 17 | €1,187,021 | €1,285,778 | +€98,757 | +8.3% |
| Financial debts | 170/4 | €1,187,021 | €1,285,778 | +€98,757 | +8.3% |
| Amounts payable within one year | 42/48 | €524,877 | €387,114 | -€137,763 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €177,893 | €179,464 | +€1,571 | +0.9% |
| Trade debts | 44 | €13,141 | €6,994 | -€6,147 | -46.8% |
| Suppliers | 440/4 | €13,141 | €6,994 | -€6,147 | -46.8% |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €25,988 | €76,804 | +€50,816 | +196% |
| Taxes | 450/3 | €25,988 | €73,671 | +€47,683 | +183% |
| Remuneration and social security | 454/9 | - | €3,133 | +€3,133 | |
| Other amounts payable | 47/48 | €307,856 | €123,853 | -€184,003 | -59.8% |
| Accrued charges and deferred income | 492/3 | €1,000 | €0 | -€1,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,158 | €144,719 | +€41,560 | +40.3% |
| Other operating charges | 640/8 | €4,721 | €4,595 | -€125 | -2.7% |
| Gross operating margin | 9900 | €245,495 | €415,683 | +€170,188 | +69.3% |
| Operating profit (loss) | 9901 | €137,616 | €266,368 | +€128,752 | +93.6% |
| Financial income | 75/76B | €251,856 | €120,800 | -€131,056 | -52.0% |
| Recurring financial income | 75 | €251,856 | €120,800 | -€131,056 | -52.0% |
| Financial charges | 65/66B | €43,171 | €39,136 | -€4,035 | -9.3% |
| Recurring financial charges | 65 | €43,171 | €39,136 | -€4,035 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €346,301 | €348,032 | +€1,731 | +0.5% |
| Transfer from deferred taxes | 780 | €8,581 | €8,178 | -€403 | -4.7% |
| Income taxes | 67/77 | €30,087 | €64,388 | +€34,301 | +114% |
| Profit (loss) for the period | 9904 | €324,795 | €291,823 | -€32,972 | -10.2% |
| Transfer from tax-exempt reserves | 789 | €33,483 | €31,912 | -€1,572 | -4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €358,278 | €323,734 | -€34,543 | -9.6% |
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 13 October 2026 via checked.be.