APG CONSTRUCT: 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.
APG CONSTRUCT
Largest movements
- Receivables within one year -€69,571
down €69,571 (-64.3%), from €108,271 to €38,700
of which Trade receivables: -€65,479
- Tangible fixed assets -€10,516
down €10,516 (-36.2%), from €29,072 to €18,555
- Profit (loss) carried forward -€90,072
down €90,072 (-69.2%), from -€130,092 to -€220,164
- Other debts +€14,841
up €14,841 (+4.7%), from €317,389 to €332,230
- Trade debts -€7,015
down €7,015 (-91.9%), from €7,630 to €615
- Gross operating margin +€364,258
up €364,258, from -€328,648 to €35,609
- Write-downs +€99,837
new in 2025: €99,837
- Financial charges -€10,903
down €10,903 (-43.9%), from €24,863 to €13,960
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 | €294,927 | €215,610 | -€79,318 | -26.9% |
| Fixed assets | 21/28 | €29,072 | €18,555 | -€10,516 | -36.2% |
| Tangible fixed assets | 22/27 | €29,072 | €18,555 | -€10,516 | -36.2% |
| Furniture and vehicles | 24 | €29,072 | €18,555 | -€10,516 | -36.2% |
| Current assets | 29/58 | €265,856 | €197,055 | -€68,801 | -25.9% |
| Stocks and contracts in progress | 3 | €149,341 | €149,341 | = | 0.0% |
| Stocks | 30/36 | €149,341 | €149,341 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €108,271 | €38,700 | -€69,571 | -64.3% |
| Trade receivables | 40 | €101,779 | €36,300 | -€65,479 | -64.3% |
| Other amounts receivable | 41 | €6,491 | €2,400 | -€4,091 | -63.0% |
| Cash at bank and in hand | 54/58 | €8,244 | €9,013 | +€770 | +9.3% |
| Total equity and liabilities | 10/49 | €294,927 | €215,610 | -€79,318 | -26.9% |
| Equity | 10/15 | -€30,092 | -€120,164 | -€90,072 | -299% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€130,092 | -€220,164 | -€90,072 | -69.2% |
| Amounts payable | 17/49 | €325,020 | €335,774 | +€10,754 | +3.3% |
| Amounts payable within one year | 42/48 | €325,020 | €335,774 | +€10,754 | +3.3% |
| Trade debts | 44 | €7,630 | €615 | -€7,015 | -91.9% |
| Suppliers | 440/4 | €7,630 | €615 | -€7,015 | -91.9% |
| Taxes, remuneration and social security | 45 | - | €2,929 | +€2,929 | |
| Taxes | 450/3 | - | €2,929 | +€2,929 | |
| Other amounts payable | 47/48 | €317,389 | €332,230 | +€14,841 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,516 | €10,516 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €99,837 | +€99,837 | |
| Other operating charges | 640/8 | €1,492 | €1,369 | -€124 | -8.3% |
| Gross operating margin | 9900 | -€328,648 | €35,609 | +€364,258 | |
| Operating profit (loss) | 9901 | -€340,657 | -€76,112 | +€264,545 | +77.7% |
| Financial charges | 65/66B | €24,863 | €13,960 | -€10,903 | -43.9% |
| Recurring financial charges | 65 | €24,863 | €13,960 | -€10,903 | -43.9% |
| Profit (loss) for the period before taxes | 9903 | -€365,520 | -€90,072 | +€275,448 | +75.4% |
| Income taxes | 67/77 | -€804 | - | +€804 | |
| Profit (loss) for the period | 9904 | -€364,715 | -€90,072 | +€274,644 | +75.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€364,715 | -€90,072 | +€274,644 | +75.3% |
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 18 October 2026 via checked.be.