APSD: 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.
APSD
Largest movements
- Tangible fixed assets +€70,877
new in 2025: €70,877
- Cash -€11,019
down €11,019 (-6.6%), from €167,630 to €156,611
mainly Investment in fixed assets (net) (-€73,495) and Contributions, distributions and other (-€36,612)
- Receivables within one year +€4,358
up €4,358 (+31.5%), from €13,856 to €18,214
of which Other amounts receivable: +€3,797
- Debts after one year +€41,135
new in 2025: €41,135
- Current portion of long-term debt +€9,754
new in 2025: €9,754
- Trade debts +€9,178
new in 2025: €9,178
- Other debts +€4,967
up €4,967 (+16.7%), from €29,815 to €34,781
- Other operating charges +€3,452
up €3,452 (+508.6%), from €679 to €4,131
- Gross operating margin +€2,739
up €2,739 (+4.9%), from €56,192 to €58,931
- Depreciation +€2,618
new in 2025: €2,618
- Taxes -€697
down €697 (-4.4%), from €15,785 to €15,088
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 | €182,321 | €247,089 | +€64,768 | +35.5% |
| Fixed assets | 21/28 | - | €70,877 | +€70,877 | |
| Tangible fixed assets | 22/27 | - | €70,877 | +€70,877 | |
| Furniture and vehicles | 24 | - | €70,877 | +€70,877 | |
| Current assets | 29/58 | €182,321 | €176,212 | -€6,109 | -3.4% |
| Amounts receivable within one year | 40/41 | €13,856 | €18,214 | +€4,358 | +31.5% |
| Trade receivables | 40 | €9,599 | €10,160 | +€561 | +5.8% |
| Other amounts receivable | 41 | €4,257 | €8,054 | +€3,797 | +89.2% |
| Cash at bank and in hand | 54/58 | €167,630 | €156,611 | -€11,019 | -6.6% |
| Deferred charges and accrued income | 490/1 | €835 | €1,386 | +€552 | +66.1% |
| Total equity and liabilities | 10/49 | €182,321 | €247,089 | +€64,768 | +35.5% |
| Equity | 10/15 | €145,152 | €145,321 | +€169 | +0.1% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €145,151 | €145,320 | +€169 | +0.1% |
| Distributable reserves | 133 | €145,151 | €145,320 | +€169 | +0.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €37,169 | €101,768 | +€64,599 | +173.8% |
| Amounts payable after more than one year | 17 | - | €41,135 | +€41,135 | |
| Financial debts | 170/4 | - | €41,135 | +€41,135 | |
| Amounts payable within one year | 42/48 | €37,169 | €60,633 | +€23,464 | +63.1% |
| Current portion of amounts payable after more than one year | 42 | - | €9,754 | +€9,754 | |
| Trade debts | 44 | - | €9,178 | +€9,178 | |
| Suppliers | 440/4 | - | €9,178 | +€9,178 | |
| Taxes, remuneration and social security | 45 | €7,354 | €6,920 | -€434 | -5.9% |
| Taxes | 450/3 | €7,354 | €6,920 | -€434 | -5.9% |
| Other amounts payable | 47/48 | €29,815 | €34,781 | +€4,967 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,618 | +€2,618 | |
| Other operating charges | 640/8 | €679 | €4,131 | +€3,452 | +508.6% |
| Gross operating margin | 9900 | €56,192 | €58,931 | +€2,739 | +4.9% |
| Operating profit (loss) | 9901 | €55,513 | €52,182 | -€3,331 | -6.0% |
| Financial income | 75/76B | €110 | €158 | +€47 | +43.1% |
| Recurring financial income | 75 | €110 | €158 | +€47 | +43.1% |
| Financial charges | 65/66B | €540 | €471 | -€68 | -12.6% |
| Recurring financial charges | 65 | €540 | €471 | -€68 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €55,084 | €51,868 | -€3,216 | -5.8% |
| Income taxes | 67/77 | €15,785 | €15,088 | -€697 | -4.4% |
| Profit (loss) for the period | 9904 | €39,299 | €36,781 | -€2,519 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,299 | €36,781 | -€2,519 | -6.4% |
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 10 October 2026 via checked.be.