APW: 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.
APW
Largest movements
- Stocks and contracts -€3,500
no longer reported in 2025 (was €3,500)
- Cash +€2,847
up €2,847 (+6954.3%), from €41 to €2,888
mainly Stocks and contracts (+€3,500) and Other debts (+€2,355)
- Tangible fixed assets -€914
down €914 (-33.4%), from €2,737 to €1,823
of which Furniture and vehicles: -€553
- Receivables within one year +€388
up €388 (+2.7%), from €14,215 to €14,603
of which Trade receivables: +€290
- Trade debts -€5,109
down €5,109 (-69.1%), from €7,391 to €2,282
- Other debts +€2,355
up €2,355 (+4.1%), from €57,776 to €60,131
- Profit (loss) carried forward +€1,427
up €1,427 (+2.3%), from -€62,820 to -€61,393
- Gross operating margin -€6,378
down €6,378 (-68.7%), from €9,290 to €2,912
- Depreciation -€452
down €452 (-33.1%), from €1,366 to €914
- Other operating charges -€280
down €280 (-35.2%), from €795 to €515
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 | €20,966 | €19,620 | -€1,346 | -6.4% |
| Fixed assets | 21/28 | €2,737 | €1,823 | -€914 | -33.4% |
| Tangible fixed assets | 22/27 | €2,737 | €1,823 | -€914 | -33.4% |
| Plant, machinery and equipment | 23 | €1,878 | €1,517 | -€361 | -19.2% |
| Furniture and vehicles | 24 | €859 | €306 | -€553 | -64.4% |
| Current assets | 29/58 | €18,229 | €17,797 | -€431 | -2.4% |
| Stocks and contracts in progress | 3 | €3,500 | - | -€3,500 | |
| Stocks | 30/36 | €3,500 | - | -€3,500 | |
| Amounts receivable within one year | 40/41 | €14,215 | €14,603 | +€388 | +2.7% |
| Trade receivables | 40 | €11,304 | €11,594 | +€290 | +2.6% |
| Other amounts receivable | 41 | €2,911 | €3,009 | +€98 | +3.4% |
| Cash at bank and in hand | 54/58 | €41 | €2,888 | +€2,847 | +6954.3% |
| Deferred charges and accrued income | 490/1 | €473 | €306 | -€166 | -35.2% |
| Total equity and liabilities | 10/49 | €20,966 | €19,620 | -€1,346 | -6.4% |
| Equity | 10/15 | -€44,220 | -€42,793 | +€1,427 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,820 | -€61,393 | +€1,427 | +2.3% |
| Amounts payable | 17/49 | €65,186 | €62,413 | -€2,773 | -4.3% |
| Amounts payable within one year | 42/48 | €65,186 | €62,413 | -€2,773 | -4.3% |
| Trade debts | 44 | €7,391 | €2,282 | -€5,109 | -69.1% |
| Suppliers | 440/4 | €7,391 | €2,282 | -€5,109 | -69.1% |
| Taxes, remuneration and social security | 45 | €18 | - | -€18 | |
| Taxes | 450/3 | €18 | - | -€18 | |
| Other amounts payable | 47/48 | €57,776 | €60,131 | +€2,355 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,366 | €914 | -€452 | -33.1% |
| Other operating charges | 640/8 | €795 | €515 | -€280 | -35.2% |
| Gross operating margin | 9900 | €9,290 | €2,912 | -€6,378 | -68.7% |
| Operating profit (loss) | 9901 | €7,128 | €1,483 | -€5,646 | -79.2% |
| Financial income | 75/76B | €2 | €0 | -€1 | -93.0% |
| Recurring financial income | 75 | €2 | €0 | -€1 | -93.0% |
| Financial charges | 65/66B | €81 | €56 | -€25 | -31.0% |
| Recurring financial charges | 65 | €81 | €56 | -€25 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | €7,049 | €1,427 | -€5,622 | -79.8% |
| Profit (loss) for the period | 9904 | €7,049 | €1,427 | -€5,622 | -79.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,049 | €1,427 | -€5,622 | -79.8% |
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.