APG-TRADING: 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-TRADING
Largest movements
- Tangible fixed assets +€18,186
new in 2025: €18,186
- Cash -€3,395
down €3,395 (-40.1%), from €8,475 to €5,080
mainly Investment in fixed assets (net) (-€19,835) and Receivables within one year (-€3,061)
- Receivables within one year +€3,061
up €3,061 (+3.0%), from €102,647 to €105,708
- Other debts +€16,993
new in 2025: €16,993
- Tax, wage and social debts +€2,695
up €2,695 (+130%), from €2,072 to €4,767
of which Remuneration and social security: +€2,695
- Trade debts -€1,831
down €1,831 (-51.7%), from €3,540 to €1,709
- Gross operating margin -€5,446
down €5,446, from €2,410 to -€3,036
- Taxes -€2,072
down €2,072 (-100%), from €2,072 to €0
- Depreciation +€1,648
new in 2025: €1,648
- Financial income -€890
down €890 (-14.3%), from €6,242 to €5,351
- Other operating charges -€139
down €139 (-17.7%), from €789 to €650
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 | €111,121 | €128,975 | +€17,853 | +16.1% |
| Fixed assets | 21/28 | - | €18,186 | +€18,186 | |
| Tangible fixed assets | 22/27 | - | €18,186 | +€18,186 | |
| Furniture and vehicles | 24 | - | €18,186 | +€18,186 | |
| Current assets | 29/58 | €111,121 | €110,788 | -€333 | -0.3% |
| Amounts receivable within one year | 40/41 | €102,647 | €105,708 | +€3,061 | +3.0% |
| Other amounts receivable | 41 | €102,647 | €105,708 | +€3,061 | +3.0% |
| Cash at bank and in hand | 54/58 | €8,475 | €5,080 | -€3,395 | -40.1% |
| Total equity and liabilities | 10/49 | €111,121 | €128,975 | +€17,853 | +16.1% |
| Equity | 10/15 | €105,509 | €105,506 | -€4 | 0.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €5,509 | €5,509 | = | 0.0% |
| Distributable reserves | 133 | €5,509 | €5,509 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€4 | -€4 | |
| Amounts payable | 17/49 | €5,612 | €23,469 | +€17,857 | +318% |
| Amounts payable within one year | 42/48 | €5,612 | €23,469 | +€17,857 | +318% |
| Trade debts | 44 | €3,540 | €1,709 | -€1,831 | -51.7% |
| Suppliers | 440/4 | €3,540 | €1,709 | -€1,831 | -51.7% |
| Taxes, remuneration and social security | 45 | €2,072 | €4,767 | +€2,695 | +130% |
| Taxes | 450/3 | €2,072 | €2,072 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €2,695 | +€2,695 | |
| Other amounts payable | 47/48 | - | €16,993 | +€16,993 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,648 | +€1,648 | |
| Other operating charges | 640/8 | €789 | €650 | -€139 | -17.7% |
| Gross operating margin | 9900 | €2,410 | -€3,036 | -€5,446 | |
| Operating profit (loss) | 9901 | €1,620 | -€5,335 | -€6,955 | |
| Financial income | 75/76B | €6,242 | €5,351 | -€890 | -14.3% |
| Recurring financial income | 75 | €6,242 | €5,351 | -€890 | -14.3% |
| Financial charges | 65/66B | €35 | €20 | -€14 | -41.4% |
| Recurring financial charges | 65 | €35 | €20 | -€14 | -41.4% |
| Profit (loss) for the period before taxes | 9903 | €7,827 | -€4 | -€7,831 | |
| Income taxes | 67/77 | €2,072 | €0 | -€2,072 | -100% |
| Profit (loss) for the period | 9904 | €5,755 | -€4 | -€5,759 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,755 | -€4 | -€5,759 |
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 20 October 2026 via checked.be.