APG Management: 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 Management
Largest movements
- Tangible fixed assets -€4,329
down €4,329 (-40.5%), from €10,677 to €6,348
of which Furniture and vehicles: -€2,451
- Receivables within one year +€1,038
up €1,038 (+12.3%), from €8,470 to €9,508
of which Other amounts receivable: +€1,038
- Cash +€539
up €539 (+8.2%), from €6,588 to €7,127
mainly Depreciation (+€4,329) and Trade debts (+€2,072)
- Deferred charges and accrued income -€492
down €492 (-43.0%), from €1,144 to €652
- Reserves -€4,261
down €4,261 (-39.0%), from €10,931 to €6,670
- Trade debts +€2,072
up €2,072 (+129%), from €1,608 to €3,680
- Tax, wage and social debts -€1,202
down €1,202 (-20.3%), from €5,925 to €4,723
- Accrued charges and deferred income +€468
up €468 (+64.6%), from €725 to €1,194
- Other debts -€322
down €322 (-4.8%), from €6,689 to €6,368
- Depreciation -€1,662
down €1,662 (-27.7%), from €5,991 to €4,329
- Gross operating margin +€1,013
up €1,013 (+157%), from €646 to €1,659
- Other operating charges +€297
up €297 (+88.8%), from €334 to €631
- Taxes -€185
down €185 (-28.6%), from €648 to €462
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 | €26,878 | €23,634 | -€3,244 | -12.1% |
| Fixed assets | 21/28 | €10,677 | €6,348 | -€4,329 | -40.5% |
| Tangible fixed assets | 22/27 | €10,677 | €6,348 | -€4,329 | -40.5% |
| Plant, machinery and equipment | 23 | €7,461 | €5,583 | -€1,877 | -25.2% |
| Furniture and vehicles | 24 | €3,216 | €765 | -€2,451 | -76.2% |
| Current assets | 29/58 | €16,202 | €17,286 | +€1,085 | +6.7% |
| Amounts receivable within one year | 40/41 | €8,470 | €9,508 | +€1,038 | +12.3% |
| Trade receivables | 40 | €8,470 | €8,470 | = | 0.0% |
| Other amounts receivable | 41 | €0 | €1,038 | +€1,038 | |
| Cash at bank and in hand | 54/58 | €6,588 | €7,127 | +€539 | +8.2% |
| Deferred charges and accrued income | 490/1 | €1,144 | €652 | -€492 | -43.0% |
| Total equity and liabilities | 10/49 | €26,878 | €23,634 | -€3,244 | -12.1% |
| Equity | 10/15 | €11,931 | €7,670 | -€4,261 | -35.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €10,931 | €6,670 | -€4,261 | -39.0% |
| Distributable reserves | 133 | €10,931 | €6,670 | -€4,261 | -39.0% |
| Amounts payable | 17/49 | €14,947 | €15,964 | +€1,017 | +6.8% |
| Amounts payable within one year | 42/48 | €14,222 | €14,771 | +€549 | +3.9% |
| Trade debts | 44 | €1,608 | €3,680 | +€2,072 | +129% |
| Suppliers | 440/4 | €1,608 | €3,680 | +€2,072 | +129% |
| Taxes, remuneration and social security | 45 | €5,925 | €4,723 | -€1,202 | -20.3% |
| Taxes | 450/3 | €5,925 | €4,723 | -€1,202 | -20.3% |
| Other amounts payable | 47/48 | €6,689 | €6,368 | -€322 | -4.8% |
| Accrued charges and deferred income | 492/3 | €725 | €1,194 | +€468 | +64.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,991 | €4,329 | -€1,662 | -27.7% |
| Other operating charges | 640/8 | €334 | €631 | +€297 | +88.8% |
| Gross operating margin | 9900 | €646 | €1,659 | +€1,013 | +157% |
| Operating profit (loss) | 9901 | -€5,679 | -€3,300 | +€2,378 | +41.9% |
| Financial charges | 65/66B | €491 | €498 | +€7 | +1.3% |
| Recurring financial charges | 65 | €491 | €498 | +€7 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,170 | -€3,798 | +€2,372 | +38.4% |
| Income taxes | 67/77 | €648 | €462 | -€185 | -28.6% |
| Profit (loss) for the period | 9904 | -€6,818 | -€4,261 | +€2,557 | +37.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,818 | -€4,261 | +€2,557 | +37.5% |
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 27 October 2026 via checked.be.