APM Management: 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 Management
Largest movements
- Receivables within one year +€19,102
up €19,102 (+61.5%), from €31,062 to €50,164
of which Other amounts receivable: +€29,597
- Cash -€13,862
no longer reported in 2025 (was €13,862)
mainly Receivables within one year (-€19,102) and Trade debts (-€14,794)
- Tangible fixed assets -€9,372
down €9,372 (-24.6%), from €38,096 to €28,725
of which Leasing and similar rights: -€9,000
- Trade debts -€14,794
down €14,794 (-40.5%), from €36,551 to €21,757
- Debts after one year -€8,929
down €8,929 (-30.3%), from €29,503 to €20,574
- Short-term financial debts +€7,480
new in 2025: €7,480
- Tax, wage and social debts +€7,322
up €7,322 (+178%), from €4,124 to €11,445
- Reserves +€4,450
up €4,450 (+169%), from €2,637 to €7,087
of which Distributable reserves: +€4,450
- Gross operating margin +€3,813
up €3,813 (+23.7%), from €16,075 to €19,888
- Staff costs +€1,752
new in 2025: €1,752
- Financial income +€1,562
new in 2025: €1,562
- Depreciation +€1,353
up €1,353 (+16.9%), from €8,018 to €9,372
- Financial charges +€490
up €490 (+33.0%), from €1,484 to €1,974
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 | €83,904 | €79,772 | -€4,132 | -4.9% |
| Fixed assets | 21/28 | €38,979 | €29,608 | -€9,372 | -24.0% |
| Tangible fixed assets | 22/27 | €38,096 | €28,725 | -€9,372 | -24.6% |
| Furniture and vehicles | 24 | €892 | €520 | -€372 | -41.7% |
| Leasing and similar rights | 25 | €37,205 | €28,205 | -€9,000 | -24.2% |
| Financial fixed assets | 28 | €883 | €883 | = | 0.0% |
| Current assets | 29/58 | €44,924 | €50,164 | +€5,239 | +11.7% |
| Amounts receivable within one year | 40/41 | €31,062 | €50,164 | +€19,102 | +61.5% |
| Trade receivables | 40 | €17,103 | €6,608 | -€10,495 | -61.4% |
| Other amounts receivable | 41 | €13,959 | €43,555 | +€29,597 | +212% |
| Cash at bank and in hand | 54/58 | €13,862 | - | -€13,862 | |
| Total equity and liabilities | 10/49 | €83,904 | €79,772 | -€4,132 | -4.9% |
| Equity | 10/15 | €5,137 | €9,587 | +€4,450 | +86.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €2,637 | €7,087 | +€4,450 | +169% |
| Non-distributable reserves | 130/1 | €2,637 | €2,637 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,637 | €2,637 | = | 0.0% |
| Distributable reserves | 133 | - | €4,450 | +€4,450 | |
| Amounts payable | 17/49 | €78,767 | €70,185 | -€8,582 | -10.9% |
| Amounts payable after more than one year | 17 | €29,503 | €20,574 | -€8,929 | -30.3% |
| Financial debts | 170/4 | €29,503 | €20,574 | -€8,929 | -30.3% |
| Amounts payable within one year | 42/48 | €49,264 | €49,611 | +€347 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €8,589 | €8,929 | +€339 | +3.9% |
| Financial debts | 43 | - | €7,480 | +€7,480 | |
| Credit institutions | 430/8 | - | €7,480 | +€7,480 | |
| Trade debts | 44 | €36,551 | €21,757 | -€14,794 | -40.5% |
| Suppliers | 440/4 | €36,551 | €21,757 | -€14,794 | -40.5% |
| Taxes, remuneration and social security | 45 | €4,124 | €11,445 | +€7,322 | +178% |
| Taxes | 450/3 | €4,124 | €11,445 | +€7,322 | +178% |
| Remuneration, social security and pensions | 62 | - | €1,752 | +€1,752 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,018 | €9,372 | +€1,353 | +16.9% |
| Other operating charges | 640/8 | €1,940 | €2,020 | +€80 | +4.1% |
| Gross operating margin | 9900 | €16,075 | €19,888 | +€3,813 | +23.7% |
| Operating profit (loss) | 9901 | €6,117 | €6,744 | +€627 | +10.2% |
| Financial income | 75/76B | - | €1,562 | +€1,562 | |
| Recurring financial income | 75 | - | €1,562 | +€1,562 | |
| Financial charges | 65/66B | €1,484 | €1,974 | +€490 | +33.0% |
| Recurring financial charges | 65 | €1,484 | €1,974 | +€490 | +33.0% |
| Profit (loss) for the period before taxes | 9903 | €4,633 | €6,332 | +€1,698 | +36.7% |
| Income taxes | 67/77 | €1,996 | €1,882 | -€114 | -5.7% |
| Profit (loss) for the period | 9904 | €2,637 | €4,450 | +€1,812 | +68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,637 | €4,450 | +€1,812 | +68.7% |
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 26 October 2026 via checked.be.