APJ: 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.
APJ
Largest movements
- Receivables within one year +€27,379
up €27,379 (+3,342%), from €819 to €28,198
of which Trade receivables: +€17,510
- Tangible fixed assets -€1,430
down €1,430 (-34.5%), from €4,141 to €2,711
of which Plant, machinery and equipment: -€1,180
- Other debts +€27,042
up €27,042 (+324%), from €8,343 to €35,385
- Profit (loss) carried forward -€3,621
down €3,621 (-9.9%), from -€36,603 to -€40,224
- Advances received +€2,860
new in 2025: €2,860
- Trade debts -€430
down €430 (-3.7%), from €11,595 to €11,165
- Gross operating margin +€37,614
up €37,614, from -€34,829 to €2,785
- Financial charges +€4,629
up €4,629 (+6,144%), from €75 to €4,705
of which Financial charges: +€4,481
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 | €5,312 | €30,986 | +€25,674 | +483% |
| Fixed assets | 21/28 | €4,141 | €2,711 | -€1,430 | -34.5% |
| Tangible fixed assets | 22/27 | €4,141 | €2,711 | -€1,430 | -34.5% |
| Plant, machinery and equipment | 23 | €3,750 | €2,570 | -€1,180 | -31.5% |
| Furniture and vehicles | 24 | €391 | €141 | -€250 | -63.9% |
| Current assets | 29/58 | €1,170 | €28,274 | +€27,104 | +2,316% |
| Amounts receivable within one year | 40/41 | €819 | €28,198 | +€27,379 | +3,342% |
| Trade receivables | 40 | - | €17,510 | +€17,510 | |
| Other amounts receivable | 41 | €819 | €10,688 | +€9,869 | +1,205% |
| Cash at bank and in hand | 54/58 | €203 | €76 | -€127 | -62.6% |
| Deferred charges and accrued income | 490/1 | €148 | - | -€148 | |
| Total equity and liabilities | 10/49 | €5,312 | €30,986 | +€25,674 | +483% |
| Equity | 10/15 | -€14,936 | -€18,556 | -€3,621 | -24.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €19,167 | €19,167 | = | 0.0% |
| Distributable reserves | 133 | €19,167 | €19,167 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,603 | -€40,224 | -€3,621 | -9.9% |
| Amounts payable | 17/49 | €20,247 | €49,542 | +€29,295 | +145% |
| Amounts payable within one year | 42/48 | €20,247 | €49,542 | +€29,295 | +145% |
| Trade debts | 44 | €11,595 | €11,165 | -€430 | -3.7% |
| Suppliers | 440/4 | €11,595 | €11,165 | -€430 | -3.7% |
| Advances received on contracts in progress | 46 | - | €2,860 | +€2,860 | |
| Taxes, remuneration and social security | 45 | €309 | €132 | -€177 | -57.3% |
| Taxes | 450/3 | €309 | €132 | -€177 | -57.3% |
| Other amounts payable | 47/48 | €8,343 | €35,385 | +€27,042 | +324% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,119 | €1,430 | +€310 | +27.7% |
| Other operating charges | 640/8 | €459 | €120 | -€339 | -73.9% |
| Gross operating margin | 9900 | -€34,829 | €2,785 | +€37,614 | |
| Operating profit (loss) | 9901 | -€36,408 | €1,236 | +€37,643 | |
| Financial charges | 65/66B | €75 | €4,705 | +€4,629 | +6,144% |
| Recurring financial charges | 65 | €75 | €4,557 | +€4,481 | +5,947% |
| Non-recurring financial charges | 66B | - | €148 | +€148 | |
| Profit (loss) for the period before taxes | 9903 | -€36,483 | -€3,469 | +€33,014 | +90.5% |
| Income taxes | 67/77 | €120 | €152 | +€32 | +26.3% |
| Profit (loss) for the period | 9904 | -€36,603 | -€3,621 | +€32,982 | +90.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,603 | -€3,621 | +€32,982 | +90.1% |
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.