APGV: 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.
APGV
Largest movements
- Tangible fixed assets +€66,450
up €66,450 (+98.0%), from €67,838 to €134,288
of which Furniture and vehicles: +€64,253
- Receivables within one year +€53,537
up €53,537 (+23.8%), from €224,741 to €278,279
of which Other amounts receivable: +€69,862
- Cash +€10,356
new in 2025: €10,356
mainly Net result for the year (+€90,381) and Debts after one year (+€47,703)
- Profit (loss) carried forward +€90,381
up €90,381 (+45.8%), from €197,340 to €287,721
- Debts after one year +€47,703
up €47,703 (+121%), from €39,390 to €87,093
- Short-term financial debts -€20,675
no longer reported in 2025 (was €20,675)
- Tax, wage and social debts +€17,509
up €17,509 (+175%), from €10,009 to €27,518
- Gross operating margin +€45,798
up €45,798 (+47.6%), from €96,225 to €142,023
- Depreciation -€18,337
down €18,337 (-66.3%), from €27,677 to €9,340
- Taxes +€12,151
up €12,151 (+88.6%), from €13,718 to €25,869
- Other operating charges +€10,771
new in 2025: €10,771
- Financial charges +€1,752
up €1,752 (+44.8%), from €3,911 to €5,663
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 | €304,316 | €437,446 | +€133,130 | +43.7% |
| Fixed assets | 21/28 | €74,438 | €140,888 | +€66,450 | +89.3% |
| Tangible fixed assets | 22/27 | €67,838 | €134,288 | +€66,450 | +98.0% |
| Plant, machinery and equipment | 23 | €817 | €3,014 | +€2,197 | +269% |
| Furniture and vehicles | 24 | €67,021 | €131,274 | +€64,253 | +95.9% |
| Financial fixed assets | 28 | €6,600 | €6,600 | = | 0.0% |
| Current assets | 29/58 | €229,878 | €296,558 | +€66,679 | +29.0% |
| Amounts receivable within one year | 40/41 | €224,741 | €278,279 | +€53,537 | +23.8% |
| Trade receivables | 40 | €211,683 | €195,358 | -€16,325 | -7.7% |
| Other amounts receivable | 41 | €13,058 | €82,920 | +€69,862 | +535% |
| Cash at bank and in hand | 54/58 | - | €10,356 | +€10,356 | |
| Deferred charges and accrued income | 490/1 | €5,137 | €7,923 | +€2,785 | +54.2% |
| Total equity and liabilities | 10/49 | €304,316 | €437,446 | +€133,130 | +43.7% |
| Equity | 10/15 | €205,400 | €295,781 | +€90,381 | +44.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €197,340 | €287,721 | +€90,381 | +45.8% |
| Amounts payable | 17/49 | €98,916 | €141,665 | +€42,749 | +43.2% |
| Amounts payable after more than one year | 17 | €39,390 | €87,093 | +€47,703 | +121% |
| Financial debts | 170/4 | €39,390 | €87,093 | +€47,703 | +121% |
| Amounts payable within one year | 42/48 | €59,526 | €54,572 | -€4,955 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €25,908 | €23,101 | -€2,807 | -10.8% |
| Financial debts | 43 | €20,675 | - | -€20,675 | |
| Credit institutions | 430/8 | €20,675 | - | -€20,675 | |
| Trade debts | 44 | €2,935 | €3,953 | +€1,018 | +34.7% |
| Suppliers | 440/4 | €2,935 | €3,953 | +€1,018 | +34.7% |
| Taxes, remuneration and social security | 45 | €10,009 | €27,518 | +€17,509 | +175% |
| Taxes | 450/3 | €10,009 | €27,518 | +€17,509 | +175% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,677 | €9,340 | -€18,337 | -66.3% |
| Other operating charges | 640/8 | - | €10,771 | +€10,771 | |
| Gross operating margin | 9900 | €96,225 | €142,023 | +€45,798 | +47.6% |
| Operating profit (loss) | 9901 | €68,548 | €121,913 | +€53,365 | +77.8% |
| Financial income | 75/76B | €332 | - | -€332 | |
| Recurring financial income | 75 | €332 | - | -€332 | |
| Financial charges | 65/66B | €3,911 | €5,663 | +€1,752 | +44.8% |
| Recurring financial charges | 65 | €3,911 | €5,663 | +€1,752 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €64,969 | €116,250 | +€51,281 | +78.9% |
| Income taxes | 67/77 | €13,718 | €25,869 | +€12,151 | +88.6% |
| Profit (loss) for the period | 9904 | €51,252 | €90,381 | +€39,129 | +76.3% |
| Profit (loss) for the period to be appropriated | 9905 | €51,252 | €90,381 | +€39,129 | +76.3% |
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 16 October 2026 via checked.be.