APU - HOLDING: 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.
APU - HOLDING
Largest movements
- Tangible fixed assets -€58,457
down €58,457 (-5.4%), from €1.1m to €1.0m
- Debts after one year -€84,378
down €84,378 (-13.5%), from €625,401 to €541,023
- Reserves +€18,201
up €18,201 (+8.5%), from €214,609 to €232,810
of which Distributable reserves: +€18,201
- Depreciation -€4,254
down €4,254 (-6.8%), from €62,711 to €58,457
- Financial charges -€1,659
down €1,659 (-6.7%), from €24,614 to €22,956
- Taxes +€1,418
up €1,418 (+20.0%), from €7,076 to €8,494
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 | €1,111,039 | €1,052,681 | -€58,359 | -5.3% |
| Fixed assets | 21/28 | €1,076,920 | €1,018,463 | -€58,457 | -5.4% |
| Tangible fixed assets | 22/27 | €1,076,920 | €1,018,463 | -€58,457 | -5.4% |
| Land and buildings | 22 | €1,076,920 | €1,018,463 | -€58,457 | -5.4% |
| Current assets | 29/58 | €34,119 | €34,217 | +€98 | +0.3% |
| Amounts receivable within one year | 40/41 | €335 | €1,346 | +€1,012 | +302% |
| Trade receivables | 40 | €0 | €998 | +€998 | |
| Other amounts receivable | 41 | €335 | €348 | +€13 | +4.0% |
| Cash at bank and in hand | 54/58 | €33,785 | €31,867 | -€1,918 | -5.7% |
| Deferred charges and accrued income | 490/1 | - | €1,004 | +€1,004 | |
| Total equity and liabilities | 10/49 | €1,111,039 | €1,052,681 | -€58,359 | -5.3% |
| Equity | 10/15 | €276,109 | €294,310 | +€18,201 | +6.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €214,609 | €232,810 | +€18,201 | +8.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €208,459 | €226,660 | +€18,201 | +8.7% |
| Amounts payable | 17/49 | €834,930 | €758,370 | -€76,560 | -9.2% |
| Amounts payable after more than one year | 17 | €625,401 | €541,023 | -€84,378 | -13.5% |
| Financial debts | 170/4 | €625,401 | €541,023 | -€84,378 | -13.5% |
| Amounts payable within one year | 42/48 | €206,529 | €214,348 | +€7,818 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €85,312 | €84,378 | -€934 | -1.1% |
| Trade debts | 44 | - | €1,658 | +€1,658 | |
| Suppliers | 440/4 | - | €1,658 | +€1,658 | |
| Taxes, remuneration and social security | 45 | €5,657 | €7,024 | +€1,367 | +24.2% |
| Taxes | 450/3 | €5,657 | €7,024 | +€1,367 | +24.2% |
| Other amounts payable | 47/48 | €115,560 | €121,288 | +€5,727 | +5.0% |
| Accrued charges and deferred income | 492/3 | €3,000 | €3,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,711 | €58,457 | -€4,254 | -6.8% |
| Other operating charges | 640/8 | €12,380 | €12,767 | +€387 | +3.1% |
| Gross operating margin | 9900 | €121,888 | €120,874 | -€1,014 | -0.8% |
| Operating profit (loss) | 9901 | €46,797 | €49,651 | +€2,853 | +6.1% |
| Financial charges | 65/66B | €24,614 | €22,956 | -€1,659 | -6.7% |
| Recurring financial charges | 65 | €24,614 | €22,956 | -€1,659 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €22,183 | €26,695 | +€4,512 | +20.3% |
| Income taxes | 67/77 | €7,076 | €8,494 | +€1,418 | +20.0% |
| Profit (loss) for the period | 9904 | €15,108 | €18,201 | +€3,094 | +20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,108 | €18,201 | +€3,094 | +20.5% |
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 26 October 2026 via checked.be.