APK Sud: 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.
APK Sud
Largest movements
- Receivables within one year -€217,974
down €217,974 (-96.9%), from €224,874 to €6,900
of which Trade receivables: -€213,998
- Tangible fixed assets -€110,023
down €110,023 (-7.4%), from €1.5m to €1.4m
of which Other tangible fixed assets: -€102,254
- Debts after one year -€253,340
down €253,340 (-20.1%), from €1.3m to €1.0m
of which Other amounts payable: -€220,000
- Current portion of long-term debt -€21,435
down €21,435 (-39.1%), from €54,775 to €33,340
- Gross operating margin -€84,855
down €84,855 (-29.9%), from €283,390 to €198,535
- Financial charges -€48,114
down €48,114 (-41.3%), from €116,610 to €68,496
- Staff costs -€22,147
down €22,147 (-97.2%), from €22,793 to €646
- Financial income -€14,878
down €14,878 (-48.3%), from €30,828 to €15,950
- Taxes -€5,518
down €5,518 (-95.8%), from €5,758 to €241
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,710,899 | €1,384,387 | -€326,512 | -19.1% |
| Fixed assets | 21/28 | €1,485,304 | €1,375,282 | -€110,023 | -7.4% |
| Tangible fixed assets | 22/27 | €1,482,234 | €1,372,212 | -€110,023 | -7.4% |
| Land and buildings | 22 | €121,608 | €107,841 | -€13,768 | -11.3% |
| Furniture and vehicles | 24 | €4,808 | €10,807 | +€5,999 | +125% |
| Other tangible fixed assets | 26 | €1,355,818 | €1,253,564 | -€102,254 | -7.5% |
| Financial fixed assets | 28 | €3,070 | €3,070 | = | 0.0% |
| Current assets | 29/58 | €225,594 | €9,105 | -€216,489 | -96.0% |
| Amounts receivable within one year | 40/41 | €224,874 | €6,900 | -€217,974 | -96.9% |
| Trade receivables | 40 | €214,338 | €340 | -€213,998 | -99.8% |
| Other amounts receivable | 41 | €10,537 | €6,560 | -€3,977 | -37.7% |
| Deferred charges and accrued income | 490/1 | €720 | €2,205 | +€1,485 | +206% |
| Total equity and liabilities | 10/49 | €1,710,899 | €1,384,387 | -€326,512 | -19.1% |
| Equity | 10/15 | €276,785 | €258,868 | -€17,916 | -6.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €127,557 | €127,557 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €121,357 | €121,357 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€13,451 | -€13,451 | |
| Investment grants | 15 | €87,228 | €82,762 | -€4,465 | -5.1% |
| Provisions and deferred taxes | 16 | €29,926 | €28,438 | -€1,488 | -5.0% |
| Deferred taxes | 168 | €29,926 | €28,438 | -€1,488 | -5.0% |
| Amounts payable | 17/49 | €1,404,188 | €1,097,081 | -€307,107 | -21.9% |
| Amounts payable after more than one year | 17 | €1,258,385 | €1,005,045 | -€253,340 | -20.1% |
| Financial debts | 170/4 | €258,385 | €225,045 | -€33,340 | -12.9% |
| Other amounts payable | 178/9 | €1,000,000 | €780,000 | -€220,000 | -22.0% |
| Amounts payable within one year | 42/48 | €139,383 | €90,892 | -€48,492 | -34.8% |
| Current portion of amounts payable after more than one year | 42 | €54,775 | €33,340 | -€21,435 | -39.1% |
| Trade debts | 44 | €69,526 | €52,663 | -€16,863 | -24.3% |
| Suppliers | 440/4 | €69,526 | €52,663 | -€16,863 | -24.3% |
| Taxes, remuneration and social security | 45 | €15,082 | €4,888 | -€10,194 | -67.6% |
| Taxes | 450/3 | €9,730 | €4,888 | -€4,841 | -49.8% |
| Remuneration and social security | 454/9 | €5,353 | - | -€5,353 | |
| Accrued charges and deferred income | 492/3 | €6,419 | €1,144 | -€5,275 | -82.2% |
| Remuneration, social security and pensions | 62 | €22,793 | €646 | -€22,147 | -97.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,849 | €117,163 | +€314 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,747 | - | +€3,747 | |
| Other operating charges | 640/8 | €43,539 | €42,878 | -€661 | -1.5% |
| Gross operating margin | 9900 | €283,390 | €198,535 | -€84,855 | -29.9% |
| Operating profit (loss) | 9901 | €103,956 | €37,847 | -€66,108 | -63.6% |
| Financial income | 75/76B | €30,828 | €15,950 | -€14,878 | -48.3% |
| Recurring financial income | 75 | €30,828 | €15,950 | -€14,878 | -48.3% |
| Financial charges | 65/66B | €116,610 | €68,496 | -€48,114 | -41.3% |
| Recurring financial charges | 65 | €116,610 | €68,496 | -€48,114 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | €18,174 | -€14,699 | -€32,872 | |
| Transfer from deferred taxes | 780 | €1,573 | €1,488 | -€85 | -5.4% |
| Income taxes | 67/77 | €5,758 | €241 | -€5,518 | -95.8% |
| Profit (loss) for the period | 9904 | €13,988 | -€13,451 | -€27,439 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,988 | -€13,451 | -€27,439 |
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 22 October 2026 via checked.be.