APSA: 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.
APSA
Largest movements
- Tangible fixed assets +€8,826
up €8,826 (+982.6%), from €898 to €9,724
- Cash -€4,924
down €4,924 (-19.1%), from €25,730 to €20,806
mainly Investment in fixed assets (net) (-€10,909) and Tax, wage and social debts (-€1,295)
- Receivables within one year -€1,331
down €1,331 (-17.7%), from €7,527 to €6,196
of which Trade receivables: -€1,499
- Reserves +€2,723
up €2,723 (+25.9%), from €10,510 to €13,233
- Profit (loss) carried forward +€2,160
up €2,160, from -€2,160 to €0
- Tax, wage and social debts -€1,295
down €1,295 (-36.8%), from €3,521 to €2,226
of which Taxes: -€1,295
- Trade debts -€613
down €613 (-22.3%), from €2,751 to €2,137
- Depreciation +€1,036
up €1,036 (+99.0%), from €1,047 to €2,083
- Other operating charges +€527
up €527 (+71.3%), from €739 to €1,266
- Taxes +€442
up €442 (+27.2%), from €1,624 to €2,065
- Financial charges -€200
down €200 (-19.2%), from €1,045 to €845
- Gross operating margin +€167
up €167 (+1.5%), from €10,975 to €11,142
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 | €34,997 | €37,905 | +€2,909 | +8.3% |
| Fixed assets | 21/28 | €923 | €9,749 | +€8,826 | +956.0% |
| Tangible fixed assets | 22/27 | €898 | €9,724 | +€8,826 | +982.6% |
| Furniture and vehicles | 24 | €898 | €9,724 | +€8,826 | +982.6% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €34,073 | €28,156 | -€5,917 | -17.4% |
| Amounts receivable within one year | 40/41 | €7,527 | €6,196 | -€1,331 | -17.7% |
| Trade receivables | 40 | €7,150 | €5,651 | -€1,499 | -21.0% |
| Other amounts receivable | 41 | €377 | €545 | +€168 | +44.6% |
| Cash at bank and in hand | 54/58 | €25,730 | €20,806 | -€4,924 | -19.1% |
| Deferred charges and accrued income | 490/1 | €816 | €1,154 | +€338 | +41.4% |
| Total equity and liabilities | 10/49 | €34,997 | €37,905 | +€2,909 | +8.3% |
| Equity | 10/15 | €28,350 | €33,233 | +€4,883 | +17.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €10,510 | €13,233 | +€2,723 | +25.9% |
| Distributable reserves | 133 | €10,510 | €13,233 | +€2,723 | +25.9% |
| Profit (loss) carried forward | 14 | -€2,160 | €0 | +€2,160 | |
| Amounts payable | 17/49 | €6,647 | €4,673 | -€1,974 | -29.7% |
| Amounts payable within one year | 42/48 | €6,581 | €4,606 | -€1,976 | -30.0% |
| Trade debts | 44 | €2,751 | €2,137 | -€613 | -22.3% |
| Suppliers | 440/4 | €2,751 | €2,137 | -€613 | -22.3% |
| Taxes, remuneration and social security | 45 | €3,521 | €2,226 | -€1,295 | -36.8% |
| Taxes | 450/3 | €1,621 | €326 | -€1,295 | -79.9% |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Other amounts payable | 47/48 | €310 | €243 | -€67 | -21.6% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,047 | €2,083 | +€1,036 | +99.0% |
| Other operating charges | 640/8 | €739 | €1,266 | +€527 | +71.3% |
| Gross operating margin | 9900 | €10,975 | €11,142 | +€167 | +1.5% |
| Operating profit (loss) | 9901 | €9,189 | €7,793 | -€1,396 | -15.2% |
| Financial charges | 65/66B | €1,045 | €845 | -€200 | -19.2% |
| Recurring financial charges | 65 | €1,045 | €845 | -€200 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €8,144 | €6,948 | -€1,196 | -14.7% |
| Income taxes | 67/77 | €1,624 | €2,065 | +€442 | +27.2% |
| Profit (loss) for the period | 9904 | €6,520 | €4,883 | -€1,637 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,520 | €4,883 | -€1,637 | -25.1% |
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 12 October 2026 via checked.be.