APG INVESTMENT GROUP: what changed
APG INVESTMENT GROUP
Largest movements
- Receivables within one year +€37,470
up €37,470 (+2,233%), from €1,678 to €39,148
of which Other amounts receivable: +€33,886
- Cash -€31,160
down €31,160 (-89.4%), from €34,867 to €3,707
mainly Investment in fixed assets (net) (-€98,046) and Other debts (-€45,636)
- Tangible fixed assets +€12,359
up €12,359 (+1.5%), from €829,646 to €842,006
of which Land and buildings: +€7,919
- Reserves +€123,066
new in 2025: €123,066
- Profit (loss) carried forward -€51,461
down €51,461 (-100%), from €51,461 to €0
- Other debts -€45,636
down €45,636 (-17.9%), from €255,570 to €209,934
- Debts after one year -€38,145
down €38,145 (-8.1%), from €471,652 to €433,507
- Current portion of long-term debt +€16,407
up €16,407 (+19.6%), from €83,787 to €100,193
- Gross operating margin +€94,974
up €94,974 (+61.2%), from €155,086 to €250,060
- Staff costs +€34,985
up €34,985 (+1,490%), from €2,347 to €37,333
- Depreciation +€25,549
up €25,549 (+42.5%), from €60,138 to €85,687
- Taxes +€10,473
new in 2025: €10,473
- Financial charges +€3,716
up €3,716 (+11.1%), from €33,404 to €37,121
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €872,363 | €891,379 | +€19,016 | +2.2% |
| Fixed assets | 21/28 | €829,646 | €842,006 | +€12,359 | +1.5% |
| Tangible fixed assets | 22/27 | €829,646 | €842,006 | +€12,359 | +1.5% |
| Land and buildings | 22 | €622,664 | €630,583 | +€7,919 | +1.3% |
| Plant, machinery and equipment | 23 | €206,982 | €211,422 | +€4,440 | +2.1% |
| Current assets | 29/58 | €42,717 | €49,373 | +€6,657 | +15.6% |
| Amounts receivable within one year | 40/41 | €1,678 | €39,148 | +€37,470 | +2,233% |
| Trade receivables | 40 | - | €3,584 | +€3,584 | |
| Other amounts receivable | 41 | €1,678 | €35,564 | +€33,886 | +2,019% |
| Cash at bank and in hand | 54/58 | €34,867 | €3,707 | -€31,160 | -89.4% |
| Deferred charges and accrued income | 490/1 | €6,172 | €6,519 | +€347 | +5.6% |
| Total equity and liabilities | 10/49 | €872,363 | €891,379 | +€19,016 | +2.2% |
| Equity | 10/15 | €58,961 | €130,566 | +€71,605 | +121% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | - | €123,066 | +€123,066 | |
| Distributable reserves | 133 | - | €123,066 | +€123,066 | |
| Profit (loss) carried forward | 14 | €51,461 | €0 | -€51,461 | -100% |
| Amounts payable | 17/49 | €813,402 | €760,812 | -€52,589 | -6.5% |
| Amounts payable after more than one year | 17 | €471,652 | €433,507 | -€38,145 | -8.1% |
| Financial debts | 170/4 | €471,652 | €433,507 | -€38,145 | -8.1% |
| Amounts payable within one year | 42/48 | €341,750 | €327,305 | -€14,444 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €83,787 | €100,193 | +€16,407 | +19.6% |
| Trade debts | 44 | €2,393 | €2,433 | +€40 | +1.7% |
| Suppliers | 440/4 | €2,393 | €2,433 | +€40 | +1.7% |
| Taxes, remuneration and social security | 45 | - | €14,745 | +€14,745 | |
| Taxes | 450/3 | - | €11,850 | +€11,850 | |
| Remuneration and social security | 454/9 | - | €2,894 | +€2,894 | |
| Other amounts payable | 47/48 | €255,570 | €209,934 | -€45,636 | -17.9% |
| Remuneration, social security and pensions | 62 | €2,347 | €37,333 | +€34,985 | +1,490% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,138 | €85,687 | +€25,549 | +42.5% |
| Other operating charges | 640/8 | €9,827 | €9,265 | -€562 | -5.7% |
| Gross operating margin | 9900 | €155,086 | €250,060 | +€94,974 | +61.2% |
| Operating profit (loss) | 9901 | €82,773 | €117,776 | +€35,003 | +42.3% |
| Financial income | 75/76B | €2,092 | €1,424 | -€669 | -32.0% |
| Recurring financial income | 75 | €2,092 | €1,424 | -€669 | -32.0% |
| Financial charges | 65/66B | €33,404 | €37,121 | +€3,716 | +11.1% |
| Recurring financial charges | 65 | €33,404 | €37,121 | +€3,716 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €51,461 | €82,079 | +€30,617 | +59.5% |
| Income taxes | 67/77 | - | €10,473 | +€10,473 | |
| Profit (loss) for the period | 9904 | €51,461 | €71,605 | +€20,144 | +39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €51,461 | €71,605 | +€20,144 | +39.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.