APY: what changed
Two fiscal 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.
APY
Largest movements
- Cash -€61,103
down €61,103 (-78.6%), from €77,755 to €16,652
mainly Contributions, distributions and other (-€88,318) and Receivables within one year (-€9,582)
- Receivables within one year +€9,582
up €9,582 (+18.6%), from €51,381 to €60,963
of which Other amounts receivable: +€12,727
- Tangible fixed assets +€9,131
up €9,131 (+196.5%), from €4,646 to €13,777
of which Plant, machinery and equipment: +€6,340
- Deferred charges and accrued income -€1,685
no longer reported in 2025 (was €1,685)
- Profit (loss) carried forward -€44,748
down €44,748 (-50.7%), from €88,318 to €43,570
- Gross operating margin +€9,909
up €9,909 (+20.0%), from €49,495 to €59,404
- Taxes +€2,068
up €2,068 (+18.1%), from €11,450 to €13,518
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 | €135,565 | €91,490 | -€44,075 | -32.5% |
| Fixed assets | 21/28 | €4,744 | €13,875 | +€9,131 | +192.5% |
| Tangible fixed assets | 22/27 | €4,646 | €13,777 | +€9,131 | +196.5% |
| Plant, machinery and equipment | 23 | - | €6,340 | +€6,340 | |
| Furniture and vehicles | 24 | €4,646 | €7,437 | +€2,791 | +60.1% |
| Financial fixed assets | 28 | €98 | €98 | = | 0.0% |
| Current assets | 29/58 | €130,821 | €77,615 | -€53,206 | -40.7% |
| Amounts receivable within one year | 40/41 | €51,381 | €60,963 | +€9,582 | +18.6% |
| Trade receivables | 40 | €49,693 | €46,548 | -€3,145 | -6.3% |
| Other amounts receivable | 41 | €1,688 | €14,415 | +€12,727 | +753.9% |
| Cash at bank and in hand | 54/58 | €77,755 | €16,652 | -€61,103 | -78.6% |
| Deferred charges and accrued income | 490/1 | €1,685 | - | -€1,685 | |
| Total equity and liabilities | 10/49 | €135,565 | €91,490 | -€44,075 | -32.5% |
| Equity | 10/15 | €128,778 | €84,030 | -€44,748 | -34.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,860 | €21,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,318 | €43,570 | -€44,748 | -50.7% |
| Amounts payable | 17/49 | €6,787 | €7,460 | +€673 | +9.9% |
| Amounts payable within one year | 42/48 | €6,787 | €7,460 | +€673 | +9.9% |
| Financial debts | 43 | €3 | - | -€3 | |
| Credit institutions | 430/8 | €3 | - | -€3 | |
| Trade debts | 44 | €838 | €483 | -€355 | -42.4% |
| Suppliers | 440/4 | €838 | €483 | -€355 | -42.4% |
| Taxes, remuneration and social security | 45 | €5,859 | €6,887 | +€1,028 | +17.5% |
| Taxes | 450/3 | €5,859 | €6,887 | +€1,028 | +17.5% |
| Other amounts payable | 47/48 | €87 | €90 | +€3 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €218 | - | -€218 | |
| Other operating charges | 640/8 | €1,978 | €1,700 | -€278 | -14.1% |
| Gross operating margin | 9900 | €49,495 | €59,404 | +€9,909 | +20.0% |
| Operating profit (loss) | 9901 | €47,299 | €57,704 | +€10,405 | +22.0% |
| Financial charges | 65/66B | €317 | €616 | +€299 | +94.5% |
| Recurring financial charges | 65 | €317 | €616 | +€299 | +94.5% |
| Profit (loss) for the period before taxes | 9903 | €46,982 | €57,088 | +€10,106 | +21.5% |
| Income taxes | 67/77 | €11,450 | €13,518 | +€2,068 | +18.1% |
| Profit (loss) for the period | 9904 | €35,532 | €43,570 | +€8,038 | +22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,532 | €43,570 | +€8,038 | +22.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.