APROJECTS: 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.
What changed
APROJECTS
NACE 52.250, Logistics services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.8m
2024 · €337,407+€2.4m
Equity
€10.7m
2024 · €7.9m+€2.8m
Cash
€218,305
2024 · €1.4m-€1.2m
Balance sheet total
€33.1m
2024 · €28.3m+€4.8m
Largest movements
Assets
- Financial fixed assets +€4.4m
up €4.4m (+68.4%), from €6.4m to €10.8m
of which Affiliated companies: +€4.4m
- Receivables within one year +€3.6m
up €3.6m (+56.9%), from €6.4m to €10.0m
of which Trade receivables: +€2.7m
- Deferred charges and accrued income -€1.3m
down €1.3m (-89.5%), from €1.5m to €156,428
- Cash -€1.2m
down €1.2m (-84.4%), from €1.4m to €218,305
mainly Investment in fixed assets (net) (-€4.4m) and Receivables within one year (-€3.6m)
- Tangible fixed assets -€663,871
down €663,871 (-5.3%), from €12.6m to €11.9m
of which Land and buildings: -€10.9m
Equity and liabilities
- Reserves +€3.0m
up €3.0m (+75.1%), from €3.9m to €6.9m
of which Distributable reserves: +€3.0m
- Trade debts +€2.4m
up €2.4m (+54.1%), from €4.4m to €6.8m
- Accrued charges and deferred income -€1.5m
down €1.5m (-79.3%), from €1.9m to €386,707
- Debts after one year -€1.1m
down €1.1m (-15.0%), from €7.5m to €6.3m
- Other debts +€875,629
up €875,629 (+34.8%), from €2.5m to €3.4m
Income statement
- Turnover +€9.4m
up €9.4m (+49.1%), from €19.2m to €28.6m
- Goods and materials +€6.6m
up €6.6m (+51.3%), from €12.9m to €19.6m
- Other operating charges -€1.6m
down €1.6m (-65.0%), from €2.5m to €861,549
- Write-downs +€1.3m
up €1.3m, from -€1.2m to €81,929
- Taxes +€877,514
up €877,514 (+947.4%), from €92,626 to €970,140
of which Taxes: +€875,390
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.
Result 2024
€337,407
Turnover
+€9.4m
Other operating income
+€829,400
Goods and materials
-€6.6m
Services and other goods
-€251,304
Staff costs
+€57,088
Depreciation
-€167,571
Write-downs
-€1.3m
Other operating charges
+€1.6m
Other operating items
-€20,807
Financial income
-€307,323
Financial charges
+€108,122
Taxes
-€877,514
Result 2025
€2.8m
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.
From operations
+€3.8m
Investment
-€4.4m
Financing
-€528,524
Cash 2024
€1.4m
From operations (derived)
+€3.8m
Net result for the year
+€2.8m
Depreciation
+€723,987
Receivables within one year
-€3.6m
Deferred charges and accrued income
+€1.3m
Trade debts
+€2.4m
Tax, wage and social debts
+€796,262
Other debts
+€875,629
Accrued charges and deferred income
-€1.5m
Investment (derived)
-€4.4m
Investment in fixed assets (net)
-€4.4m
Financing
-€528,524
Debts after one year
-€1.1m
Current portion of long-term debt
-€2,941
Short-term financial debts
+€594,250
Cash 2025
€218,305
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,292,355 | €33,132,979 | +€4.8m | +17.1% |
| Fixed assets | 21/28 | €19,006,776 | €22,718,512 | +€3.7m | +19.5% |
| Tangible fixed assets | 22/27 | €12,607,921 | €11,944,050 | -€663,871 | -5.3% |
| Land and buildings | 22 | €10,871,334 | €0 | -€10.9m | -100.0% |
| Plant, machinery and equipment | 23 | €1,252,124 | €0 | -€1.3m | -100.0% |
| Furniture and vehicles | 24 | €206,773 | €152,093 | -€54,681 | -26.4% |
| Leasing and similar rights | 25 | €277,689 | €211,607 | -€66,082 | -23.8% |
| Other tangible fixed assets | 26 | - | €11,580,350 | +€11.6m | |
| Financial fixed assets | 28 | €6,398,855 | €10,774,463 | +€4.4m | +68.4% |
| Affiliated companies | 280/1 | €6,398,855 | €10,769,713 | +€4.4m | +68.3% |
| Participating interests | 280 | €2,559,312 | €2,559,312 | = | 0.0% |
| Amounts receivable | 281 | €3,839,543 | €8,210,401 | +€4.4m | +113.8% |
| Other financial fixed assets | 284/8 | €0 | €4,750 | +€4,750 | |
| Amounts receivable and cash guarantees | 285/8 | €0 | €4,750 | +€4,750 | |
| Current assets | 29/58 | €9,285,580 | €10,414,466 | +€1.1m | +12.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €6,397,832 | €10,039,734 | +€3.6m | +56.9% |
| Trade receivables | 40 | €4,812,373 | €7,470,856 | +€2.7m | +55.2% |
| Other amounts receivable | 41 | €1,585,459 | €2,568,878 | +€983,419 | +62.0% |
| Cash at bank and in hand | 54/58 | €1,401,948 | €218,305 | -€1.2m | -84.4% |
| Deferred charges and accrued income | 490/1 | €1,485,800 | €156,428 | -€1.3m | -89.5% |
| Total equity and liabilities | 10/49 | €28,292,355 | €33,132,979 | +€4.8m | +17.1% |
| Equity | 10/15 | €7,907,992 | €10,685,640 | +€2.8m | +35.1% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Revaluation surpluses | 12 | €3,833,839 | €3,647,320 | -€186,519 | -4.9% |
| Reserves | 13 | €3,948,500 | €6,912,500 | +€3.0m | +75.1% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €3,936,000 | €6,900,000 | +€3.0m | +75.3% |
| Profit (loss) carried forward | 14 | €653 | €820 | +€167 | +25.5% |
| Amounts payable | 17/49 | €20,384,363 | €22,447,339 | +€2.1m | +10.1% |
| Amounts payable after more than one year | 17 | €7,467,227 | €6,347,394 | -€1.1m | -15.0% |
| Financial debts | 170/4 | €7,467,227 | €6,347,394 | -€1.1m | -15.0% |
| Leasing and similar obligations | 172 | €210,019 | €153,227 | -€56,793 | -27.0% |
| Credit institutions | 173 | €7,257,208 | €6,194,167 | -€1.1m | -14.6% |
| Amounts payable within one year | 42/48 | €11,050,759 | €15,713,239 | +€4.7m | +42.2% |
| Current portion of amounts payable after more than one year | 42 | €1,122,773 | €1,119,832 | -€2,941 | -0.3% |
| Financial debts | 43 | €2,670,000 | €3,264,250 | +€594,250 | +22.3% |
| Credit institutions | 430/8 | €2,670,000 | €3,264,250 | +€594,250 | +22.3% |
| Trade debts | 44 | €4,433,794 | €6,833,074 | +€2.4m | +54.1% |
| Suppliers | 440/4 | €4,433,794 | €6,833,074 | +€2.4m | +54.1% |
| Advances received on contracts in progress | 46 | €17,700 | €17,700 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €291,676 | €1,087,938 | +€796,262 | +273.0% |
| Taxes | 450/3 | €83,138 | €905,984 | +€822,846 | +989.7% |
| Remuneration and social security | 454/9 | €208,538 | €181,954 | -€26,584 | -12.7% |
| Other amounts payable | 47/48 | €2,514,817 | €3,390,445 | +€875,629 | +34.8% |
| Accrued charges and deferred income | 492/3 | €1,866,377 | €386,707 | -€1.5m | -79.3% |
| Operating income | 70/76A | €20,406,938 | €30,642,538 | +€10.2m | +50.2% |
| Turnover | 70 | €19,206,179 | €28,633,185 | +€9.4m | +49.1% |
| Other operating income | 74 | €1,179,953 | €2,009,353 | +€829,400 | +70.3% |
| Non-recurring operating income | 76A | €20,807 | €0 | -€20,807 | -100.0% |
| Operating charges | 60/66A | €20,035,557 | €26,754,202 | +€6.7m | +33.5% |
| Goods for resale, raw materials and consumables | 60 | €12,946,790 | €19,586,282 | +€6.6m | +51.3% |
| Purchases | 600/8 | €12,946,790 | €19,586,282 | +€6.6m | +51.3% |
| Services and other goods | 61 | €3,514,780 | €3,766,085 | +€251,304 | +7.1% |
| Remuneration, social security and pensions | 62 | €1,791,458 | €1,734,370 | -€57,088 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €556,416 | €723,987 | +€167,571 | +30.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,234,333 | €81,929 | +€1.3m | |
| Other operating charges | 640/8 | €2,460,444 | €861,549 | -€1.6m | -65.0% |
| Operating profit (loss) | 9901 | €371,381 | €3,888,336 | +€3.5m | +947.0% |
| Financial income | 75/76B | €875,585 | €568,262 | -€307,323 | -35.1% |
| Recurring financial income | 75 | €875,585 | €568,262 | -€307,323 | -35.1% |
| Income from financial fixed assets | 750 | €673,649 | €427,697 | -€245,952 | -36.5% |
| Other financial income | 752/9 | €201,936 | €140,565 | -€61,371 | -30.4% |
| Financial charges | 65/66B | €816,934 | €708,811 | -€108,122 | -13.2% |
| Recurring financial charges | 65 | €816,934 | €708,811 | -€108,122 | -13.2% |
| Debt charges | 650 | €577,965 | €464,701 | -€113,264 | -19.6% |
| Other financial charges | 652/9 | €238,969 | €244,111 | +€5,142 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €430,033 | €3,747,787 | +€3.3m | +771.5% |
| Income taxes | 67/77 | €92,626 | €970,140 | +€877,514 | +947.4% |
| Taxes | 670/3 | €94,750 | €970,140 | +€875,390 | +923.9% |
| Tax adjustments and reversals of tax provisions | 77 | €2,124 | €0 | -€2,124 | -100.0% |
| Profit (loss) for the period | 9904 | €337,407 | €2,777,647 | +€2.4m | +723.2% |
| Profit (loss) for the period to be appropriated | 9905 | €337,407 | €2,777,647 | +€2.4m | +723.2% |
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.