APM Construct: 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.
APM Construct
Largest movements
- Receivables within one year +€23,756
up €23,756 (+10.0%), from €237,075 to €260,832
of which Other amounts receivable: +€73,008
- Tangible fixed assets -€5,788
down €5,788 (-29.4%), from €19,675 to €13,887
of which Furniture and vehicles: -€5,326
- Other debts -€98,291
no longer reported in 2025 (was €98,291)
- Profit (loss) carried forward +€69,222
up €69,222 (+21.6%), from -€319,891 to -€250,668
- Short-term financial debts +€56,154
up €56,154 (+62.0%), from €90,521 to €146,675
of which Other loans: +€60,173
- Tax, wage and social debts +€32,471
up €32,471 (+119.1%), from €27,261 to €59,732
of which Taxes: +€29,981
- Trade debts -€26,587
down €26,587 (-15.9%), from €166,757 to €140,170
- Financial income -€97,676
down €97,676 (-99.6%), from €98,050 to €374
- Gross operating margin +€70,548
up €70,548 (+30.3%), from €233,214 to €303,762
- Financial charges +€30,462
up €30,462 (+182.2%), from €16,722 to €47,184
- Taxes -€16,098
no longer reported in 2025 (was €16,098)
- Staff costs +€10,413
up €10,413 (+6.3%), from €165,728 to €176,141
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
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 | €308,483 | €326,451 | +€17,969 | +5.8% |
| Fixed assets | 21/28 | €20,860 | €15,072 | -€5,788 | -27.7% |
| Tangible fixed assets | 22/27 | €19,675 | €13,887 | -€5,788 | -29.4% |
| Plant, machinery and equipment | 23 | €462 | - | -€462 | |
| Furniture and vehicles | 24 | €19,213 | €13,887 | -€5,326 | -27.7% |
| Financial fixed assets | 28 | €1,185 | €1,185 | = | 0.0% |
| Current assets | 29/58 | €287,623 | €311,379 | +€23,756 | +8.3% |
| Amounts receivable after more than one year | 29 | €50,548 | €50,548 | = | 0.0% |
| Trade receivables | 290 | €50,548 | €50,548 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €237,075 | €260,832 | +€23,756 | +10.0% |
| Trade receivables | 40 | €172,931 | €123,680 | -€49,252 | -28.5% |
| Other amounts receivable | 41 | €64,144 | €137,152 | +€73,008 | +113.8% |
| Total equity and liabilities | 10/49 | €308,483 | €326,451 | +€17,969 | +5.8% |
| Equity | 10/15 | -€209,109 | -€139,886 | +€69,222 | +33.1% |
| Contributions | 10/11 | €14,255 | €14,255 | = | 0.0% |
| Reserves | 13 | €96,527 | €96,527 | = | 0.0% |
| Tax-exempt reserves | 132 | €96,527 | €96,527 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€319,891 | -€250,668 | +€69,222 | +21.6% |
| Amounts payable | 17/49 | €517,591 | €466,337 | -€51,254 | -9.9% |
| Amounts payable after more than one year | 17 | €134,761 | €119,761 | -€15,000 | -11.1% |
| Financial debts | 170/4 | €134,761 | €119,761 | -€15,000 | -11.1% |
| Amounts payable within one year | 42/48 | €382,830 | €346,577 | -€36,254 | -9.5% |
| Financial debts | 43 | €90,521 | €146,675 | +€56,154 | +62.0% |
| Credit institutions | 430/8 | €90,521 | €86,502 | -€4,020 | -4.4% |
| Other loans | 439 | - | €60,173 | +€60,173 | |
| Trade debts | 44 | €166,757 | €140,170 | -€26,587 | -15.9% |
| Suppliers | 440/4 | €166,757 | €140,170 | -€26,587 | -15.9% |
| Taxes, remuneration and social security | 45 | €27,261 | €59,732 | +€32,471 | +119.1% |
| Taxes | 450/3 | - | €29,981 | +€29,981 | |
| Remuneration and social security | 454/9 | €27,261 | €29,752 | +€2,491 | +9.1% |
| Other amounts payable | 47/48 | €98,291 | - | -€98,291 | |
| Remuneration, social security and pensions | 62 | €165,728 | €176,141 | +€10,413 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,225 | €8,981 | -€3,244 | -26.5% |
| Other operating charges | 640/8 | €3,696 | €2,608 | -€1,089 | -29.5% |
| Gross operating margin | 9900 | €233,214 | €303,762 | +€70,548 | +30.3% |
| Operating profit (loss) | 9901 | €51,564 | €116,032 | +€64,468 | +125.0% |
| Financial income | 75/76B | €98,050 | €374 | -€97,676 | -99.6% |
| Recurring financial income | 75 | €98,050 | €374 | -€97,676 | -99.6% |
| Financial charges | 65/66B | €16,722 | €47,184 | +€30,462 | +182.2% |
| Recurring financial charges | 65 | €16,722 | €47,184 | +€30,462 | +182.2% |
| Profit (loss) for the period before taxes | 9903 | €132,892 | €69,222 | -€63,670 | -47.9% |
| Income taxes | 67/77 | €16,098 | - | -€16,098 | |
| Profit (loss) for the period | 9904 | €116,794 | €69,222 | -€47,572 | -40.7% |
| Transfer to tax-exempt reserves | 689 | €96,527 | - | -€96,527 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,267 | €69,222 | +€48,956 | +241.6% |
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 11 October 2026 via checked.be.