APM BELGIUM: what changed
APM BELGIUM
Largest movements
- Tangible fixed assets -€250,877
down €250,877 (-15.5%), from €1.6m to €1.4m
of which Furniture and vehicles: -€166,041
- Receivables within one year +€227,535
up €227,535 (+313%), from €72,664 to €300,199
of which Trade receivables: +€200,580
- Cash +€147,723
up €147,723 (+37.5%), from €393,695 to €541,419
mainly Tax, wage and social debts (+€373,777) and Depreciation (+€345,704)
- Stocks and contracts +€141,137
up €141,137 (+24.0%), from €588,671 to €729,808
- Formation expenses -€37,450
down €37,450 (-55.2%), from €67,802 to €30,353
- Profit (loss) carried forward -€380,986
down €380,986 (-93.2%), from -€408,930 to -€789,916
- Tax, wage and social debts +€373,777
up €373,777 (+181%), from €206,472 to €580,249
of which Taxes: +€212,822
- Debts after one year +€231,291
up €231,291 (+7.9%), from €2.9m to €3.2m
- Gross operating margin +€377,514
up €377,514 (+64.1%), from €588,962 to €966,476
- Staff costs +€340,430
up €340,430 (+53.6%), from €635,240 to €975,670
- Depreciation +€46,515
up €46,515 (+15.5%), from €299,190 to €345,704
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,853,023 | €3,099,169 | +€246,146 | +8.6% |
| Formation expenses | 20 | €67,802 | €30,353 | -€37,450 | -55.2% |
| Fixed assets | 21/28 | €1,620,907 | €1,370,030 | -€250,877 | -15.5% |
| Tangible fixed assets | 22/27 | €1,620,907 | €1,370,030 | -€250,877 | -15.5% |
| Plant, machinery and equipment | 23 | €27,380 | €64,336 | +€36,956 | +135% |
| Furniture and vehicles | 24 | €637,000 | €470,959 | -€166,041 | -26.1% |
| Other tangible fixed assets | 26 | €956,527 | €834,735 | -€121,793 | -12.7% |
| Current assets | 29/58 | €1,164,313 | €1,698,786 | +€534,473 | +45.9% |
| Stocks and contracts in progress | 3 | €588,671 | €729,808 | +€141,137 | +24.0% |
| Stocks | 30/36 | €588,671 | €729,808 | +€141,137 | +24.0% |
| Amounts receivable within one year | 40/41 | €72,664 | €300,199 | +€227,535 | +313% |
| Trade receivables | 40 | €63,584 | €264,164 | +€200,580 | +315% |
| Other amounts receivable | 41 | €9,080 | €36,035 | +€26,955 | +297% |
| Cash at bank and in hand | 54/58 | €393,695 | €541,419 | +€147,723 | +37.5% |
| Deferred charges and accrued income | 490/1 | €109,284 | €127,361 | +€18,077 | +16.5% |
| Total equity and liabilities | 10/49 | €2,853,023 | €3,099,169 | +€246,146 | +8.6% |
| Equity | 10/15 | -€403,930 | -€784,916 | -€380,986 | -94.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€408,930 | -€789,916 | -€380,986 | -93.2% |
| Amounts payable | 17/49 | €3,256,953 | €3,884,085 | +€627,132 | +19.3% |
| Amounts payable after more than one year | 17 | €2,923,873 | €3,155,164 | +€231,291 | +7.9% |
| Other amounts payable | 178/9 | €2,923,873 | €3,155,164 | +€231,291 | +7.9% |
| Amounts payable within one year | 42/48 | €321,957 | €708,180 | +€386,222 | +120% |
| Trade debts | 44 | €105,000 | €105,295 | +€295 | +0.3% |
| Suppliers | 440/4 | €105,000 | €105,295 | +€295 | +0.3% |
| Advances received on contracts in progress | 46 | €10,485 | €22,635 | +€12,150 | +116% |
| Taxes, remuneration and social security | 45 | €206,472 | €580,249 | +€373,777 | +181% |
| Taxes | 450/3 | €156,734 | €369,556 | +€212,822 | +136% |
| Remuneration and social security | 454/9 | €49,738 | €210,693 | +€160,955 | +324% |
| Accrued charges and deferred income | 492/3 | €11,122 | €20,741 | +€9,619 | +86.5% |
| Remuneration, social security and pensions | 62 | €635,240 | €975,670 | +€340,430 | +53.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €299,190 | €345,704 | +€46,515 | +15.5% |
| Other operating charges | 640/8 | €4,552 | - | -€4,552 | |
| Non-recurring operating charges | 66A | €359 | €7,252 | +€6,892 | +1,917% |
| Gross operating margin | 9900 | €588,962 | €966,476 | +€377,514 | +64.1% |
| Operating profit (loss) | 9901 | -€350,380 | -€362,151 | -€11,771 | -3.4% |
| Financial income | 75/76B | - | €892 | +€892 | |
| Recurring financial income | 75 | - | €892 | +€892 | |
| Financial charges | 65/66B | €15,401 | €19,727 | +€4,327 | +28.1% |
| Recurring financial charges | 65 | €15,401 | €19,727 | +€4,327 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | -€365,781 | -€380,986 | -€15,205 | -4.2% |
| Profit (loss) for the period | 9904 | -€365,781 | -€380,986 | -€15,205 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€365,781 | -€380,986 | -€15,205 | -4.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.