APS Invest: what changed
What changed
APS Invest
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€7.4m
2024 · -€225,704-€7.2m
Equity
-€5.2m
2024 · €2.3m-€7.4m
Cash
€74
2024 · €37,540-€37,467
Balance sheet total
€2.6m
2024 · €9.5m-€6.9m
Largest movements
Assets
- Financial fixed assets -€7.3m
down €7.3m (-77.3%), from €9.5m to €2.1m
- Receivables within one year +€409,568
up €409,568 (+21,013%), from €1,949 to €411,517
Equity and liabilities
- Profit (loss) carried forward -€7.4m
down €7.4m (-3,300%), from -€225,704 to -€7.7m
- Other debts -€7.0m
no longer reported in 2025 (was €7.0m)
- Debts after one year +€6.9m
new in 2025: €6.9m
- Current portion of long-term debt +€628,570
new in 2025: €628,570
Income statement
- Financial charges +€7.2m
up €7.2m (+3,368%), from €215,003 to €7.5m
of which Non-recurring financial charges: +€7.1m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€225,704
Other operating items
+€7,369
Financial income
+€11,271
Financial charges
-€7.2m
Result 2025
-€7.4m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€14.9m
Investment
+€7.3m
Financing
+€7.5m
Cash 2024
€37,540
From operations (derived)
-€14.9m
Net result for the year
-€7.4m
Receivables within one year
-€409,568
Smaller working-capital items
-€8,220
Other debts
-€7.0m
Investment (derived)
+€7.3m
Investment in fixed assets (net)
+€7.3m
Financing
+€7.5m
Debts after one year
+€6.9m
Current portion of long-term debt
+€628,570
Cash 2025
€74
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,506,704 | €2,568,785 | -€6.9m | -73.0% |
| Fixed assets | 21/28 | €9,466,955 | €2,145,924 | -€7.3m | -77.3% |
| Financial fixed assets | 28 | €9,466,955 | €2,145,924 | -€7.3m | -77.3% |
| Affiliated companies | 280/1 | €9,466,955 | €2,145,924 | -€7.3m | -77.3% |
| Participating interests | 280 | €9,466,955 | €2,145,924 | -€7.3m | -77.3% |
| Current assets | 29/58 | €39,749 | €422,861 | +€383,112 | +964% |
| Amounts receivable within one year | 40/41 | €1,949 | €411,517 | +€409,568 | +21,013% |
| Other amounts receivable | 41 | €1,949 | €411,517 | +€409,568 | +21,013% |
| Cash at bank and in hand | 54/58 | €37,540 | €74 | -€37,467 | -99.8% |
| Deferred charges and accrued income | 490/1 | €260 | €11,271 | +€11,011 | +4,240% |
| Total equity and liabilities | 10/49 | €9,506,704 | €2,568,785 | -€6.9m | -73.0% |
| Equity | 10/15 | €2,274,296 | -€5,174,499 | -€7.4m | |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€225,704 | -€7,674,499 | -€7.4m | -3,300% |
| Amounts payable | 17/49 | €7,232,409 | €7,743,284 | +€510,876 | +7.1% |
| Amounts payable after more than one year | 17 | - | €6,896,470 | +€6.9m | |
| Financial debts | 170/4 | - | €6,896,470 | +€6.9m | |
| Credit institutions | 173 | - | €6,896,470 | +€6.9m | |
| Amounts payable within one year | 42/48 | €7,017,665 | €628,570 | -€6.4m | -91.0% |
| Current portion of amounts payable after more than one year | 42 | - | €628,570 | +€628,570 | |
| Trade debts | 44 | €709 | - | -€709 | |
| Suppliers | 440/4 | €709 | - | -€709 | |
| Other amounts payable | 47/48 | €7,016,955 | - | -€7.0m | |
| Accrued charges and deferred income | 492/3 | €214,744 | €218,244 | +€3,500 | +1.6% |
| Operating charges | 60/66A | €10,701 | €3,332 | -€7,369 | -68.9% |
| Services and other goods | 61 | €10,701 | €3,332 | -€7,369 | -68.9% |
| Operating profit (loss) | 9901 | -€10,701 | -€3,332 | +€7,369 | +68.9% |
| Financial income | 75/76B | - | €11,271 | +€11,271 | |
| Recurring financial income | 75 | - | €11,271 | +€11,271 | |
| Income from current assets | 751 | - | €11,271 | +€11,271 | |
| Financial charges | 65/66B | €215,003 | €7,456,734 | +€7.2m | +3,368% |
| Recurring financial charges | 65 | €215,003 | €356,734 | +€141,731 | +65.9% |
| Debt charges | 650 | €214,744 | €344,972 | +€130,228 | +60.6% |
| Other financial charges | 652/9 | €259 | €11,762 | +€11,503 | +4,444% |
| Non-recurring financial charges | 66B | - | €7,100,000 | +€7.1m | |
| Profit (loss) for the period before taxes | 9903 | -€225,704 | -€7,448,795 | -€7.2m | -3,200% |
| Profit (loss) for the period | 9904 | -€225,704 | -€7,448,795 | -€7.2m | -3,200% |
| Profit (loss) for the period to be appropriated | 9905 | -€225,704 | -€7,448,795 | -€7.2m | -3,200% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.