GROUP AP PROJECT DEVELOPMENT: 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.
GROUP AP PROJECT DEVELOPMENT
Largest movements
- Current investments -€630,000
down €630,000 (-100%), from €630,000 to €0
- Receivables within one year +€465,694
up €465,694 (+86.7%), from €536,830 to €1.0m
of which Trade receivables: +€551,594
- Deferred charges and accrued income +€438,468
up €438,468 (+38.3%), from €1.1m to €1.6m
- Stocks and contracts +€193,992
up €193,992 (+4.0%), from €4.9m to €5.1m
of which Contracts in progress: +€193,992
- Cash +€96,731
up €96,731 (+79.6%), from €121,529 to €218,260
mainly Debts after one year (+€800,000) and Current investments (+€630,000)
- Debts after one year +€800,000
up €800,000 (+28.6%), from €2.8m to €3.6m
- Profit (loss) carried forward -€299,667
down €299,667 (-10.7%), from €2.8m to €2.5m
- Tax, wage and social debts +€167,973
new in 2025: €167,973
- Trade debts -€108,859
down €108,859 (-23.6%), from €461,372 to €352,513
- Gross operating margin -€2.3m
down €2.3m, from €2.1m to -€217,709
- Taxes -€448,530
down €448,530 (-100%), from €448,530 to €0
- Financial charges -€105,580
down €105,580 (-32.2%), from €327,859 to €222,279
- Financial income +€74,695
up €74,695 (+105%), from €71,162 to €145,857
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 | €7,358,304 | €7,904,908 | +€546,604 | +7.4% |
| Fixed assets | 21/28 | €44,392 | €26,111 | -€18,280 | -41.2% |
| Tangible fixed assets | 22/27 | €5,607 | €411 | -€5,195 | -92.7% |
| Plant, machinery and equipment | 23 | €5,607 | €411 | -€5,195 | -92.7% |
| Financial fixed assets | 28 | €38,785 | €25,700 | -€13,085 | -33.7% |
| Current assets | 29/58 | €7,313,912 | €7,878,797 | +€564,884 | +7.7% |
| Stocks and contracts in progress | 3 | €4,880,488 | €5,074,481 | +€193,992 | +4.0% |
| Stocks | 30/36 | €5,296 | €5,296 | = | 0.0% |
| Contracts in progress | 37 | €4,875,192 | €5,069,185 | +€193,992 | +4.0% |
| Amounts receivable within one year | 40/41 | €536,830 | €1,002,524 | +€465,694 | +86.7% |
| Trade receivables | 40 | €421,167 | €972,762 | +€551,594 | +131% |
| Other amounts receivable | 41 | €115,663 | €29,762 | -€85,901 | -74.3% |
| Current investments | 50/53 | €630,000 | €0 | -€630,000 | -100% |
| Cash at bank and in hand | 54/58 | €121,529 | €218,260 | +€96,731 | +79.6% |
| Deferred charges and accrued income | 490/1 | €1,145,065 | €1,583,533 | +€438,468 | +38.3% |
| Total equity and liabilities | 10/49 | €7,358,304 | €7,904,908 | +€546,604 | +7.4% |
| Equity | 10/15 | €4,084,089 | €3,784,422 | -€299,667 | -7.3% |
| Contributions | 10/11 | €1,175,000 | €1,175,000 | = | 0.0% |
| Capital | 10 | €1,175,000 | €1,175,000 | = | 0.0% |
| Issued capital | 100 | €1,175,000 | €1,175,000 | = | 0.0% |
| Reserves | 13 | €117,500 | €117,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €117,500 | €117,500 | = | 0.0% |
| Legal reserve | 130 | €117,500 | €117,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,791,589 | €2,491,922 | -€299,667 | -10.7% |
| Amounts payable | 17/49 | €3,274,215 | €4,120,486 | +€846,271 | +25.8% |
| Amounts payable after more than one year | 17 | €2,800,000 | €3,600,000 | +€800,000 | +28.6% |
| Other amounts payable | 178/9 | €2,800,000 | €3,600,000 | +€800,000 | +28.6% |
| Amounts payable within one year | 42/48 | €474,215 | €520,486 | +€46,271 | +9.8% |
| Trade debts | 44 | €461,372 | €352,513 | -€108,859 | -23.6% |
| Suppliers | 440/4 | €461,372 | €352,513 | -€108,859 | -23.6% |
| Advances received on contracts in progress | 46 | €12,843 | €0 | -€12,843 | -100% |
| Taxes, remuneration and social security | 45 | - | €167,973 | +€167,973 | |
| Taxes | 450/3 | - | €167,973 | +€167,973 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,111 | €5,195 | -€14,916 | -74.2% |
| Other operating charges | 640/8 | €14,468 | €340 | -€14,128 | -97.6% |
| Gross operating margin | 9900 | €2,084,370 | -€217,709 | -€2.3m | |
| Operating profit (loss) | 9901 | €2,049,791 | -€223,245 | -€2.3m | |
| Financial income | 75/76B | €71,162 | €145,857 | +€74,695 | +105% |
| Recurring financial income | 75 | €71,162 | €145,857 | +€74,695 | +105% |
| Financial charges | 65/66B | €327,859 | €222,279 | -€105,580 | -32.2% |
| Recurring financial charges | 65 | €327,859 | €222,279 | -€105,580 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €1,793,094 | -€299,667 | -€2.1m | |
| Income taxes | 67/77 | €448,530 | €0 | -€448,530 | -100% |
| Profit (loss) for the period | 9904 | €1,344,564 | -€299,667 | -€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,344,564 | -€299,667 | -€1.6m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.