APM Projects: 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 Projects
Largest movements
- Tangible fixed assets -€22,836
down €22,836 (-4.0%), from €574,004 to €551,168
- Other debts -€17,159
down €17,159 (-39.3%), from €43,659 to €26,500
- Gross operating margin +€891
up €891 (+4.6%), from €19,528 to €20,419
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
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 | €594,481 | €571,595 | -€22,886 | -3.8% |
| Fixed assets | 21/28 | €574,824 | €551,988 | -€22,836 | -4.0% |
| Tangible fixed assets | 22/27 | €574,004 | €551,168 | -€22,836 | -4.0% |
| Land and buildings | 22 | €574,004 | €551,168 | -€22,836 | -4.0% |
| Financial fixed assets | 28 | €820 | €820 | = | 0.0% |
| Current assets | 29/58 | €19,657 | €19,607 | -€50 | -0.3% |
| Amounts receivable within one year | 40/41 | €1,739 | €1,748 | +€9 | +0.5% |
| Other amounts receivable | 41 | €1,739 | €1,748 | +€9 | +0.5% |
| Cash at bank and in hand | 54/58 | €17,917 | €17,859 | -€59 | -0.3% |
| Total equity and liabilities | 10/49 | €594,481 | €571,595 | -€22,886 | -3.8% |
| Equity | 10/15 | €540,050 | €537,463 | -€2,587 | -0.5% |
| Contributions | 10/11 | €48,928 | €48,928 | = | 0.0% |
| Reserves | 13 | €476,136 | €474,560 | -€1,577 | -0.3% |
| Distributable reserves | 133 | €476,136 | €474,560 | -€1,577 | -0.3% |
| Investment grants | 15 | €14,985 | €13,975 | -€1,010 | -6.7% |
| Amounts payable | 17/49 | €54,431 | €34,132 | -€20,299 | -37.3% |
| Amounts payable after more than one year | 17 | €5,550 | €5,550 | = | 0.0% |
| Other amounts payable | 178/9 | €5,550 | €5,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €48,881 | €28,582 | -€20,299 | -41.5% |
| Trade debts | 44 | €5,222 | €2,082 | -€3,140 | -60.1% |
| Suppliers | 440/4 | €5,222 | €2,082 | -€3,140 | -60.1% |
| Other amounts payable | 47/48 | €43,659 | €26,500 | -€17,159 | -39.3% |
| Non-recurring operating income | 76A | €1,433 | - | -€1,433 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,836 | €22,836 | = | 0.0% |
| Other operating charges | 640/8 | €168 | €170 | +€2 | +1.2% |
| Gross operating margin | 9900 | €19,528 | €20,419 | +€891 | +4.6% |
| Operating profit (loss) | 9901 | -€3,476 | -€2,587 | +€889 | +25.6% |
| Financial income | 75/76B | €1,010 | €1,010 | = | 0.0% |
| Recurring financial income | 75 | €1,010 | €1,010 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,465 | -€1,577 | +€889 | +36.0% |
| Profit (loss) for the period | 9904 | -€2,465 | -€1,577 | +€889 | +36.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,465 | -€1,577 | +€889 | +36.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.