APM FINANCES: 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 FINANCES
Largest movements
- Cash -€317,064
down €317,064 (-85.3%), from €371,869 to €54,805
mainly Advances received (-€386,771) and Receivables within one year (-€140,539)
- Receivables within one year +€140,539
up €140,539 (+739%), from €19,029 to €159,568
of which Other amounts receivable: +€135,659
- Intangible fixed assets -€70,263
down €70,263 (-100%), from €70,263 to €0
- Deferred charges and accrued income -€14,954
down €14,954 (-90.9%), from €16,458 to €1,504
- Tangible fixed assets +€8,332
up €8,332 (+153%), from €5,442 to €13,775
of which Other tangible fixed assets: +€5,239
- Advances received -€386,771
down €386,771 (-100%), from €386,771 to €0
- Reserves +€159,626
up €159,626 (+1,217%), from €13,113 to €172,739
- Other debts -€49,703
down €49,703 (-96.0%), from €51,780 to €2,077
- Provisions +€22,379
new in 2025: €22,379
- Debts after one year -€9,784
down €9,784 (-100%), from €9,784 to €0
- Gross operating margin +€186,684
up €186,684 (+213%), from €87,848 to €274,531
- Taxes +€83,050
up €83,050 (+40,905%), from €203 to €83,253
- Staff costs -€59,650
down €59,650 (-94.3%), from €63,255 to €3,605
- Depreciation -€27,227
down €27,227 (-90.4%), from €30,104 to €2,877
- Provisions +€22,379
new in 2025: €22,379
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
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 | €492,406 | €231,777 | -€260,629 | -52.9% |
| Fixed assets | 21/28 | €77,831 | €15,901 | -€61,931 | -79.6% |
| Intangible fixed assets | 21 | €70,263 | €0 | -€70,263 | -100% |
| Tangible fixed assets | 22/27 | €5,442 | €13,775 | +€8,332 | +153% |
| Plant, machinery and equipment | 23 | - | €1,613 | +€1,613 | |
| Furniture and vehicles | 24 | €2,577 | €4,058 | +€1,480 | +57.4% |
| Other tangible fixed assets | 26 | €2,865 | €8,104 | +€5,239 | +183% |
| Financial fixed assets | 28 | €2,126 | €2,126 | = | 0.0% |
| Current assets | 29/58 | €414,575 | €215,877 | -€198,699 | -47.9% |
| Amounts receivable after more than one year | 29 | €7,220 | €0 | -€7,220 | -100% |
| Other amounts receivable | 291 | €7,220 | €0 | -€7,220 | -100% |
| Amounts receivable within one year | 40/41 | €19,029 | €159,568 | +€140,539 | +739% |
| Trade receivables | 40 | - | €4,880 | +€4,880 | |
| Other amounts receivable | 41 | €19,029 | €154,688 | +€135,659 | +713% |
| Cash at bank and in hand | 54/58 | €371,869 | €54,805 | -€317,064 | -85.3% |
| Deferred charges and accrued income | 490/1 | €16,458 | €1,504 | -€14,954 | -90.9% |
| Total equity and liabilities | 10/49 | €492,406 | €231,777 | -€260,629 | -52.9% |
| Equity | 10/15 | €25,130 | €184,756 | +€159,626 | +635% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €13,113 | €172,739 | +€159,626 | +1,217% |
| Distributable reserves | 133 | €13,113 | €172,739 | +€159,626 | +1,217% |
| Profit (loss) carried forward | 14 | €5,817 | €5,817 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €22,379 | +€22,379 | |
| Provisions for liabilities and charges | 160/5 | - | €22,379 | +€22,379 | |
| Other liabilities and charges | 164/5 | - | €22,379 | +€22,379 | |
| Amounts payable | 17/49 | €467,277 | €24,642 | -€442,634 | -94.7% |
| Amounts payable after more than one year | 17 | €9,784 | €0 | -€9,784 | -100% |
| Financial debts | 170/4 | €9,784 | €0 | -€9,784 | -100% |
| Amounts payable within one year | 42/48 | €457,492 | €24,642 | -€432,850 | -94.6% |
| Current portion of amounts payable after more than one year | 42 | €9,577 | €9,784 | +€208 | +2.2% |
| Financial debts | 43 | €0 | €7,702 | +€7,702 | |
| Credit institutions | 430/8 | €0 | €7,702 | +€7,702 | |
| Trade debts | 44 | €4,427 | €2,574 | -€1,852 | -41.8% |
| Suppliers | 440/4 | €4,427 | €2,574 | -€1,852 | -41.8% |
| Advances received on contracts in progress | 46 | €386,771 | €0 | -€386,771 | -100% |
| Taxes, remuneration and social security | 45 | €4,938 | €2,505 | -€2,433 | -49.3% |
| Taxes | 450/3 | €0 | €825 | +€825 | |
| Remuneration and social security | 454/9 | €4,938 | €1,680 | -€3,258 | -66.0% |
| Other amounts payable | 47/48 | €51,780 | €2,077 | -€49,703 | -96.0% |
| Non-recurring operating income | 76A | - | €316,508 | +€316,508 | |
| Remuneration, social security and pensions | 62 | €63,255 | €3,605 | -€59,650 | -94.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,104 | €2,877 | -€27,227 | -90.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €22,379 | +€22,379 | |
| Other operating charges | 640/8 | €4,274 | €6,070 | +€1,796 | +42.0% |
| Non-recurring operating charges | 66A | €980 | €0 | -€980 | -100% |
| Gross operating margin | 9900 | €87,848 | €274,531 | +€186,684 | +213% |
| Operating profit (loss) | 9901 | -€10,765 | €239,599 | +€250,365 | |
| Financial income | 75/76B | €853 | €6,457 | +€5,604 | +657% |
| Recurring financial income | 75 | €853 | €6,457 | +€5,604 | +657% |
| Financial charges | 65/66B | €2,706 | €1,100 | -€1,607 | -59.4% |
| Recurring financial charges | 65 | €2,706 | €1,100 | -€1,607 | -59.4% |
| Profit (loss) for the period before taxes | 9903 | -€12,619 | €244,956 | +€257,575 | |
| Income taxes | 67/77 | €203 | €83,253 | +€83,050 | +40,905% |
| Profit (loss) for the period | 9904 | -€12,822 | €161,703 | +€174,525 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,822 | €161,703 | +€174,525 |
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 15 October 2026 via checked.be.