APM& ED: 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.
APM& ED
Largest movements
- Current assets -€259,560
down €259,560 (-99.5%), from €260,787 to €1,227
of which Receivables within one year: -€215,704
- Tangible fixed assets -€41,789
down €41,789 (-11.9%), from €352,188 to €310,399
- Debts within one year -€349,249
down €349,249 (-51.2%), from €682,093 to €332,844
- Profit (loss) carried forward +€47,900
up €47,900 (+53.5%), from -€89,578 to -€41,678
- Gross operating margin +€26,945
up €26,945 (+43.1%), from €62,560 to €89,505
- Depreciation +€7,500
up €7,500 (+21.9%), from €34,289 to €41,789
From the 2008 result to the 2009 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 | 2008 | 2009 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €612,975 | €311,626 | -€301,349 | -49.2% |
| Fixed assets | 21/28 | €352,188 | €310,399 | -€41,789 | -11.9% |
| Tangible fixed assets | 22/27 | €352,188 | €310,399 | -€41,789 | -11.9% |
| Current assets | 29/58 | €260,787 | €1,227 | -€259,560 | -99.5% |
| Amounts receivable within one year | 40/41 | €215,704 | - | -€215,704 | |
| Current investments | 50/53 | - | €89 | +€89 | |
| Cash at bank and in hand | 54/58 | €45,084 | - | -€45,084 | |
| Total equity and liabilities | 10/49 | €612,975 | €311,626 | -€301,349 | -49.2% |
| Equity | 10/15 | -€69,118 | -€21,218 | +€47,900 | +69.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,578 | -€41,678 | +€47,900 | +53.5% |
| Amounts payable | 17/49 | €682,093 | €332,844 | -€349,249 | -51.2% |
| Amounts payable within one year | 42/48 | €682,093 | €332,844 | -€349,249 | -51.2% |
| Trade debts | 44 | €71,701 | - | -€71,701 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,289 | €41,789 | +€7,500 | +21.9% |
| Gross operating margin | 9900 | €62,560 | €89,505 | +€26,945 | +43.1% |
| Operating profit (loss) | 9901 | €28,020 | €47,716 | +€19,696 | +70.3% |
| Recurring financial income | 75 | - | €212 | +€212 | |
| Recurring financial charges | 65 | €146 | €27 | -€119 | -81.3% |
| Profit (loss) for the period before taxes | 9903 | €27,723 | €47,900 | +€20,177 | +72.8% |
| Income taxes | 67/77 | - | €1 | +€1 | |
| Profit (loss) for the period | 9904 | €27,723 | €47,900 | +€20,176 | +72.8% |
| Profit (loss) for the period to be appropriated | 9905 | €27,723 | €47,900 | +€20,176 | +72.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2008 and 31 December 2009. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.