APMC: 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.
APMC
Largest movements
- Receivables within one year +€2.2m
up €2.2m (+1257.6%), from €175,025 to €2.4m
of which Trade receivables: +€2.2m
- Cash -€1.2m
down €1.2m (-90.4%), from €1.3m to €122,887
mainly Receivables within one year (-€2.2m) and Current investments (-€981,083)
- Current investments +€981,083
up €981,083 (+156.8%), from €625,623 to €1.6m
- Financial fixed assets -€232,962
down €232,962 (-50.2%), from €463,707 to €230,745
- Reserves +€2.0m
up €2.0m (+113.7%), from €1.7m to €3.7m
- Debts after one year -€297,911
down €297,911 (-100.0%), from €297,911 to €0
- Tax, wage and social debts +€133,857
up €133,857 (+202.3%), from €66,157 to €200,014
of which Taxes: +€134,050
- Financial income +€1.6m
up €1.6m (+221.5%), from €726,665 to €2.3m
- Taxes +€140,314
up €140,314 (+191.2%), from €73,390 to €213,704
- Gross operating margin +€7,029
up €7,029 (+567.9%), from €1,238 to €8,267
- Financial charges -€6,723
down €6,723 (-70.9%), from €9,487 to €2,764
- Other operating charges +€1,737
up €1,737 (+195.5%), from €888 to €2,626
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 | €2,931,302 | €4,717,782 | +€1.8m | +60.9% |
| Fixed assets | 21/28 | €854,131 | €610,477 | -€243,654 | -28.5% |
| Tangible fixed assets | 22/27 | €390,424 | €379,732 | -€10,692 | -2.7% |
| Land and buildings | 22 | €390,424 | €379,732 | -€10,692 | -2.7% |
| Financial fixed assets | 28 | €463,707 | €230,745 | -€232,962 | -50.2% |
| Current assets | 29/58 | €2,077,171 | €4,107,306 | +€2.0m | +97.7% |
| Amounts receivable within one year | 40/41 | €175,025 | €2,376,117 | +€2.2m | +1257.6% |
| Trade receivables | 40 | €2,822 | €2,252,339 | +€2.2m | +79721.5% |
| Other amounts receivable | 41 | €172,203 | €123,778 | -€48,425 | -28.1% |
| Current investments | 50/53 | €625,623 | €1,606,706 | +€981,083 | +156.8% |
| Cash at bank and in hand | 54/58 | €1,276,523 | €122,887 | -€1.2m | -90.4% |
| Deferred charges and accrued income | 490/1 | - | €1,597 | +€1,597 | |
| Total equity and liabilities | 10/49 | €2,931,302 | €4,717,782 | +€1.8m | +60.9% |
| Equity | 10/15 | €2,567,055 | €4,517,402 | +€2.0m | +76.0% |
| Contributions | 10/11 | €851,000 | €851,000 | = | 0.0% |
| Reserves | 13 | €1,716,055 | €3,666,402 | +€2.0m | +113.7% |
| Distributable reserves | 133 | €1,716,055 | €3,666,402 | +€2.0m | +113.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €364,247 | €200,381 | -€163,866 | -45.0% |
| Amounts payable after more than one year | 17 | €297,911 | €0 | -€297,911 | -100.0% |
| Financial debts | 170/4 | €297,911 | €0 | -€297,911 | -100.0% |
| Amounts payable within one year | 42/48 | €66,336 | €200,381 | +€134,045 | +202.1% |
| Financial debts | 43 | - | €6 | +€6 | |
| Credit institutions | 430/8 | - | €6 | +€6 | |
| Trade debts | 44 | €179 | €52 | -€127 | -71.0% |
| Suppliers | 440/4 | €179 | €52 | -€127 | -71.0% |
| Taxes, remuneration and social security | 45 | €66,157 | €200,014 | +€133,857 | +202.3% |
| Taxes | 450/3 | €65,965 | €200,014 | +€134,050 | +203.2% |
| Remuneration and social security | 454/9 | €192 | €0 | -€192 | -100.0% |
| Other amounts payable | 47/48 | - | €309 | +€309 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,643 | €10,692 | -€952 | -8.2% |
| Other operating charges | 640/8 | €888 | €2,626 | +€1,737 | +195.5% |
| Gross operating margin | 9900 | €1,238 | €8,267 | +€7,029 | +567.9% |
| Operating profit (loss) | 9901 | -€11,294 | -€5,051 | +€6,243 | +55.3% |
| Financial income | 75/76B | €726,665 | €2,336,318 | +€1.6m | +221.5% |
| Recurring financial income | 75 | €726,665 | €2,336,318 | +€1.6m | +221.5% |
| Financial charges | 65/66B | €9,487 | €2,764 | -€6,723 | -70.9% |
| Recurring financial charges | 65 | €9,487 | €2,764 | -€6,723 | -70.9% |
| Profit (loss) for the period before taxes | 9903 | €705,884 | €2,328,504 | +€1.6m | +229.9% |
| Income taxes | 67/77 | €73,390 | €213,704 | +€140,314 | +191.2% |
| Profit (loss) for the period | 9904 | €632,494 | €2,114,800 | +€1.5m | +234.4% |
| Profit (loss) for the period to be appropriated | 9905 | €632,494 | €2,114,800 | +€1.5m | +234.4% |
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 7 October 2026 via checked.be.