APIMMO: 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.
What changed
APIMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€18,565
2024 · €63,594-€45,029
Equity
€22,881
2024 · €4,315+€18,565
Cash
€1,509
2024 · €535+€973
Balance sheet total
€1.8m
2024 · €1.6m+€146,825
Largest movements
Assets
- Receivables within one year +€226,767
up €226,767 (+104%), from €218,883 to €445,650
of which Trade receivables: +€225,536
- Tangible fixed assets -€32,763
down €32,763 (-2.9%), from €1.1m to €1.1m
- Stocks and contracts -€29,852
down €29,852 (-22.5%), from €132,457 to €102,606
- Intangible fixed assets -€20,821
down €20,821 (-22.5%), from €92,542 to €71,721
Equity and liabilities
- Other debts +€102,550
up €102,550 (+497%), from €20,642 to €123,191
- Debts after one year -€86,256
down €86,256 (-13.6%), from €635,242 to €548,986
- Trade debts -€67,750
down €67,750 (-18.6%), from €364,826 to €297,075
- Tax, wage and social debts +€62,810
up €62,810 (+22.4%), from €279,938 to €342,748
of which Remuneration and social security: +€45,597
- Short-term financial debts +€54,527
up €54,527 (+21.8%), from €250,000 to €304,527
Income statement
- Staff costs +€80,526
up €80,526 (+7.9%), from €1.0m to €1.1m
- Gross operating margin +€63,924
up €63,924 (+5.0%), from €1.3m to €1.4m
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.
Result 2024
€63,594
Gross operating margin
+€63,924
Staff costs
-€80,526
Depreciation
-€2,921
Other operating charges
-€5,024
Other operating items
+€2,272
Financial income
-€527
Financial charges
-€8,709
Taxes
-€13,517
Result 2025
€18,565
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€45,111
Investment
-€49,291
Financing
+€5,153
Cash 2024
€535
From operations (derived)
+€45,111
Net result for the year
+€18,565
Depreciation
+€102,875
Stocks and contracts
+€29,852
Receivables within one year
-€226,767
Deferred charges and accrued income
-€2,520
Trade debts
-€67,750
Tax, wage and social debts
+€62,810
Other debts
+€102,550
Accrued charges and deferred income
+€25,497
Investment (derived)
-€49,291
Investment in fixed assets (net)
-€49,291
Financing
+€5,153
Debts after one year
-€86,256
Current portion of long-term debt
+€36,882
Short-term financial debts
+€54,527
Cash 2025
€1,509
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,631,353 | €1,778,178 | +€146,825 | +9.0% |
| Fixed assets | 21/28 | €1,240,651 | €1,187,067 | -€53,584 | -4.3% |
| Intangible fixed assets | 21 | €92,542 | €71,721 | -€20,821 | -22.5% |
| Tangible fixed assets | 22/27 | €1,147,833 | €1,115,070 | -€32,763 | -2.9% |
| Land and buildings | 22 | €1,060,941 | €1,050,316 | -€10,625 | -1.0% |
| Plant, machinery and equipment | 23 | €21,825 | €14,018 | -€7,807 | -35.8% |
| Furniture and vehicles | 24 | €57,890 | €50,736 | -€7,154 | -12.4% |
| Leasing and similar rights | 25 | €7,177 | - | -€7,177 | |
| Financial fixed assets | 28 | €277 | €277 | = | 0.0% |
| Current assets | 29/58 | €390,702 | €591,110 | +€200,409 | +51.3% |
| Stocks and contracts in progress | 3 | €132,457 | €102,606 | -€29,852 | -22.5% |
| Stocks | 30/36 | €132,457 | €102,606 | -€29,852 | -22.5% |
| Amounts receivable within one year | 40/41 | €218,883 | €445,650 | +€226,767 | +104% |
| Trade receivables | 40 | €215,215 | €440,751 | +€225,536 | +105% |
| Other amounts receivable | 41 | €3,668 | €4,898 | +€1,231 | +33.6% |
| Cash at bank and in hand | 54/58 | €535 | €1,509 | +€973 | +182% |
| Deferred charges and accrued income | 490/1 | €38,826 | €41,346 | +€2,520 | +6.5% |
| Total equity and liabilities | 10/49 | €1,631,353 | €1,778,178 | +€146,825 | +9.0% |
| Equity | 10/15 | €4,315 | €22,881 | +€18,565 | +430% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €1,670 | €1,670 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,670 | €1,670 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,670 | €1,670 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,824 | -€30,259 | +€18,565 | +38.0% |
| Investment grants | 15 | €11,470 | €11,470 | = | 0.0% |
| Amounts payable | 17/49 | €1,627,037 | €1,755,297 | +€128,259 | +7.9% |
| Amounts payable after more than one year | 17 | €635,242 | €548,986 | -€86,256 | -13.6% |
| Financial debts | 170/4 | €635,242 | €548,986 | -€86,256 | -13.6% |
| Amounts payable within one year | 42/48 | €991,795 | €1,180,814 | +€189,019 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €76,390 | €113,272 | +€36,882 | +48.3% |
| Financial debts | 43 | €250,000 | €304,527 | +€54,527 | +21.8% |
| Credit institutions | 430/8 | €250,000 | €304,527 | +€54,527 | +21.8% |
| Trade debts | 44 | €364,826 | €297,075 | -€67,750 | -18.6% |
| Suppliers | 440/4 | €364,826 | €297,075 | -€67,750 | -18.6% |
| Taxes, remuneration and social security | 45 | €279,938 | €342,748 | +€62,810 | +22.4% |
| Taxes | 450/3 | €136,475 | €153,688 | +€17,213 | +12.6% |
| Remuneration and social security | 454/9 | €143,462 | €189,059 | +€45,597 | +31.8% |
| Other amounts payable | 47/48 | €20,642 | €123,191 | +€102,550 | +497% |
| Accrued charges and deferred income | 492/3 | - | €25,497 | +€25,497 | |
| Remuneration, social security and pensions | 62 | €1,021,602 | €1,102,128 | +€80,526 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,954 | €102,875 | +€2,921 | +2.9% |
| Other operating charges | 640/8 | €15,306 | €20,330 | +€5,024 | +32.8% |
| Non-recurring operating charges | 66A | €2,272 | - | -€2,272 | |
| Gross operating margin | 9900 | €1,289,157 | €1,353,081 | +€63,924 | +5.0% |
| Operating profit (loss) | 9901 | €150,024 | €127,748 | -€22,276 | -14.8% |
| Financial income | 75/76B | €1,481 | €954 | -€527 | -35.6% |
| Recurring financial income | 75 | €1,481 | €954 | -€527 | -35.6% |
| Financial charges | 65/66B | €64,042 | €72,751 | +€8,709 | +13.6% |
| Recurring financial charges | 65 | €64,042 | €72,751 | +€8,709 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €87,463 | €55,951 | -€31,512 | -36.0% |
| Income taxes | 67/77 | €23,869 | €37,386 | +€13,517 | +56.6% |
| Profit (loss) for the period | 9904 | €63,594 | €18,565 | -€45,029 | -70.8% |
| Profit (loss) for the period to be appropriated | 9905 | €63,594 | €18,565 | -€45,029 | -70.8% |
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.