APP-ART: 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.
APP-ART
Largest movements
- Receivables within one year +€19,109
up €19,109 (+33.7%), from €56,644 to €75,753
of which Other amounts receivable: +€42,751
- Deferred charges and accrued income +€3,500
new in 2025: €3,500
- Reserves +€24,057
up €24,057 (+32.5%), from €73,922 to €97,978
of which Distributable reserves: +€24,057
- Tax, wage and social debts +€9,470
up €9,470 (+146%), from €6,500 to €15,970
- Trade debts -€7,549
down €7,549 (-76.7%), from €9,837 to €2,287
- Other debts -€3,394
no longer reported in 2025 (was €3,394)
- Gross operating margin +€42,009
up €42,009, from -€163 to €41,846
- Taxes +€9,437
new in 2025: €9,437
- Other operating charges +€3,489
up €3,489 (+733%), from €476 to €3,965
- Financial charges +€1,344
up €1,344 (+44.1%), from €3,045 to €4,389
- Depreciation -€1,250
no longer reported in 2025 (was €1,250)
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 | €99,852 | €122,436 | +€22,584 | +22.6% |
| Fixed assets | 21/28 | €11,789 | €11,788 | -€1 | 0.0% |
| Financial fixed assets | 28 | €11,789 | €11,788 | -€1 | 0.0% |
| Current assets | 29/58 | €88,063 | €110,647 | +€22,585 | +25.6% |
| Amounts receivable after more than one year | 29 | €18,042 | €18,514 | +€473 | +2.6% |
| Trade receivables | 290 | €18,042 | €18,514 | +€473 | +2.6% |
| Amounts receivable within one year | 40/41 | €56,644 | €75,753 | +€19,109 | +33.7% |
| Trade receivables | 40 | €48,672 | €25,030 | -€23,642 | -48.6% |
| Other amounts receivable | 41 | €7,973 | €50,723 | +€42,751 | +536% |
| Current investments | 50/53 | €4,794 | €4,794 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,583 | €8,086 | -€496 | -5.8% |
| Deferred charges and accrued income | 490/1 | - | €3,500 | +€3,500 | |
| Total equity and liabilities | 10/49 | €99,852 | €122,436 | +€22,584 | +22.6% |
| Equity | 10/15 | €80,122 | €104,178 | +€24,057 | +30.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €73,922 | €97,978 | +€24,057 | +32.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €72,062 | €96,118 | +€24,057 | +33.4% |
| Amounts payable | 17/49 | €19,730 | €18,257 | -€1,472 | -7.5% |
| Amounts payable within one year | 42/48 | €19,730 | €18,257 | -€1,472 | -7.5% |
| Trade debts | 44 | €9,837 | €2,287 | -€7,549 | -76.7% |
| Suppliers | 440/4 | €9,837 | €2,287 | -€7,549 | -76.7% |
| Taxes, remuneration and social security | 45 | €6,500 | €15,970 | +€9,470 | +146% |
| Taxes | 450/3 | €6,500 | €15,970 | +€9,470 | +146% |
| Other amounts payable | 47/48 | €3,394 | - | -€3,394 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,250 | - | -€1,250 | |
| Other operating charges | 640/8 | €476 | €3,965 | +€3,489 | +733% |
| Gross operating margin | 9900 | -€163 | €41,846 | +€42,009 | |
| Operating profit (loss) | 9901 | -€1,889 | €37,881 | +€39,770 | |
| Financial income | 75/76B | €7 | €0 | -€7 | -94.2% |
| Recurring financial income | 75 | €7 | €0 | -€7 | -94.2% |
| Financial charges | 65/66B | €3,045 | €4,389 | +€1,344 | +44.1% |
| Recurring financial charges | 65 | €3,045 | €4,389 | +€1,344 | +44.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,927 | €33,493 | +€38,420 | |
| Income taxes | 67/77 | - | €9,437 | +€9,437 | |
| Profit (loss) for the period | 9904 | -€4,927 | €24,057 | +€28,983 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,927 | €24,057 | +€28,983 |
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 17 October 2026 via checked.be.