APLUS GROUP: what changed
Two fiscal 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.
APLUS GROUP
Largest movements
- Cash -€7,697
down €7,697 (-5.9%), from €130,747 to €123,049
mainly Trade debts (-€44,837) and Accrued charges and deferred income (-€25,168)
- Receivables within one year -€7,658
down €7,658 (-71.5%), from €10,710 to €3,052
of which Trade receivables: -€8,574
- Advances received +€64,229
new in 2025: €64,229
- Trade debts -€44,837
down €44,837 (-89.7%), from €49,973 to €5,136
- Accrued charges and deferred income -€25,168
down €25,168 (-55.5%), from €45,328 to €20,161
- Other debts -€8,055
down €8,055 (-14.0%), from €57,651 to €49,596
- Gross operating margin -€59,467
down €59,467 (-57.0%), from €104,322 to €44,856
- Depreciation +€1,436
up €1,436 (+54.0%), from €2,660 to €4,096
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.
Cash bridge derived
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 | €168,487 | €153,212 | -€15,274 | -9.1% |
| Fixed assets | 21/28 | €8,908 | €7,969 | -€939 | -10.5% |
| Tangible fixed assets | 22/27 | €8,908 | €7,969 | -€939 | -10.5% |
| Plant, machinery and equipment | 23 | - | €1,760 | +€1,760 | |
| Furniture and vehicles | 24 | €8,908 | €6,210 | -€2,698 | -30.3% |
| Current assets | 29/58 | €159,578 | €145,243 | -€14,335 | -9.0% |
| Stocks and contracts in progress | 3 | €3,592 | €4,890 | +€1,298 | +36.1% |
| Stocks | 30/36 | €3,592 | €4,890 | +€1,298 | +36.1% |
| Amounts receivable within one year | 40/41 | €10,710 | €3,052 | -€7,658 | -71.5% |
| Trade receivables | 40 | €9,682 | €1,108 | -€8,574 | -88.6% |
| Other amounts receivable | 41 | €1,028 | €1,944 | +€916 | +89.1% |
| Cash at bank and in hand | 54/58 | €130,747 | €123,049 | -€7,697 | -5.9% |
| Deferred charges and accrued income | 490/1 | €14,530 | €14,252 | -€278 | -1.9% |
| Total equity and liabilities | 10/49 | €168,487 | €153,212 | -€15,274 | -9.1% |
| Equity | 10/15 | €6,434 | €6,000 | -€434 | -6.7% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €434 | €0 | -€434 | -100.0% |
| Distributable reserves | 133 | €434 | €0 | -€434 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €162,053 | €147,212 | -€14,840 | -9.2% |
| Amounts payable after more than one year | 17 | €1,652 | €0 | -€1,652 | -100.0% |
| Financial debts | 170/4 | €1,652 | €0 | -€1,652 | -100.0% |
| Amounts payable within one year | 42/48 | €115,072 | €127,052 | +€11,980 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €1,887 | €1,652 | -€235 | -12.4% |
| Financial debts | 43 | €732 | €539 | -€193 | -26.3% |
| Credit institutions | 430/8 | €732 | €539 | -€193 | -26.3% |
| Trade debts | 44 | €49,973 | €5,136 | -€44,837 | -89.7% |
| Suppliers | 440/4 | €49,973 | €5,136 | -€44,837 | -89.7% |
| Advances received on contracts in progress | 46 | - | €64,229 | +€64,229 | |
| Taxes, remuneration and social security | 45 | €4,829 | €5,899 | +€1,070 | +22.2% |
| Taxes | 450/3 | €4,829 | €5,899 | +€1,070 | +22.2% |
| Other amounts payable | 47/48 | €57,651 | €49,596 | -€8,055 | -14.0% |
| Accrued charges and deferred income | 492/3 | €45,328 | €20,161 | -€25,168 | -55.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,660 | €4,096 | +€1,436 | +54.0% |
| Other operating charges | 640/8 | €2,201 | €1,541 | -€660 | -30.0% |
| Gross operating margin | 9900 | €104,322 | €44,856 | -€59,467 | -57.0% |
| Operating profit (loss) | 9901 | €99,461 | €39,218 | -€60,243 | -60.6% |
| Financial income | 75/76B | €429 | €569 | +€140 | +32.7% |
| Recurring financial income | 75 | €429 | €569 | +€140 | +32.7% |
| Financial charges | 65/66B | €5,316 | €5,881 | +€564 | +10.6% |
| Recurring financial charges | 65 | €5,316 | €5,881 | +€564 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €94,574 | €33,907 | -€60,667 | -64.1% |
| Income taxes | 67/77 | €11,576 | €10,840 | -€736 | -6.4% |
| Profit (loss) for the period | 9904 | €82,998 | €23,066 | -€59,931 | -72.2% |
| Profit (loss) for the period to be appropriated | 9905 | €82,998 | €23,066 | -€59,931 | -72.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.