PPP - APS GROUP: 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.
PPP - APS GROUP
Largest movements
- Receivables within one year -€337,217
down €337,217 (-13.8%), from €2.4m to €2.1m
of which Trade receivables: -€359,016
- Cash -€224,334
down €224,334 (-87.6%), from €256,088 to €31,754
mainly Short-term financial debts (-€717,241) and Trade debts (-€493,546)
- Tangible fixed assets -€174,799
down €174,799 (-40.5%), from €431,141 to €256,342
of which Plant, machinery and equipment: -€177,121
- Stocks and contracts -€51,517
down €51,517 (-10.5%), from €491,019 to €439,502
- Debts after one year +€1.1m
up €1.1m (+473.3%), from €223,406 to €1.3m
- Short-term financial debts -€717,241
down €717,241 (-92.9%), from €772,047 to €54,806
of which Credit institutions: -€467,241
- Trade debts -€493,546
down €493,546 (-42.8%), from €1.2m to €659,032
- Accrued charges and deferred income -€296,728
down €296,728 (-82.0%), from €361,744 to €65,016
- Profit (loss) carried forward -€277,139
down €277,139 (-114.1%), from -€242,956 to -€520,095
- Gross operating margin -€783,679
down €783,679 (-42.4%), from €1.8m to €1.1m
- Staff costs -€484,482
down €484,482 (-31.5%), from €1.5m to €1.1m
- Taxes -€118,559
down €118,559 (-97.7%), from €121,291 to €2,732
- Other operating charges -€37,736
down €37,736 (-41.8%), from €90,187 to €52,451
- Financial charges -€24,478
down €24,478 (-30.5%), from €80,364 to €55,886
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 | €3,623,134 | €2,851,220 | -€771,914 | -21.3% |
| Fixed assets | 21/28 | €432,201 | €257,402 | -€174,799 | -40.4% |
| Tangible fixed assets | 22/27 | €431,141 | €256,342 | -€174,799 | -40.5% |
| Plant, machinery and equipment | 23 | €404,184 | €227,063 | -€177,121 | -43.8% |
| Furniture and vehicles | 24 | €26,957 | €29,279 | +€2,322 | +8.6% |
| Financial fixed assets | 28 | €1,060 | €1,060 | = | 0.0% |
| Current assets | 29/58 | €3,190,933 | €2,593,818 | -€597,115 | -18.7% |
| Amounts receivable after more than one year | 29 | - | €23,018 | +€23,018 | |
| Trade receivables | 290 | - | €23,018 | +€23,018 | |
| Stocks and contracts in progress | 3 | €491,019 | €439,502 | -€51,517 | -10.5% |
| Stocks | 30/36 | €491,019 | €439,502 | -€51,517 | -10.5% |
| Amounts receivable within one year | 40/41 | €2,436,761 | €2,099,544 | -€337,217 | -13.8% |
| Trade receivables | 40 | €879,000 | €519,984 | -€359,016 | -40.8% |
| Other amounts receivable | 41 | €1,557,761 | €1,579,560 | +€21,799 | +1.4% |
| Cash at bank and in hand | 54/58 | €256,088 | €31,754 | -€224,334 | -87.6% |
| Deferred charges and accrued income | 490/1 | €7,065 | - | -€7,065 | |
| Total equity and liabilities | 10/49 | €3,623,134 | €2,851,220 | -€771,914 | -21.3% |
| Equity | 10/15 | €813,650 | €536,511 | -€277,139 | -34.1% |
| Contributions | 10/11 | €810,142 | €810,142 | = | 0.0% |
| Capital | 10 | €810,142 | €810,142 | = | 0.0% |
| Issued capital | 100 | €810,142 | €810,142 | = | 0.0% |
| Revaluation surpluses | 12 | €243,353 | €243,353 | = | 0.0% |
| Reserves | 13 | €3,111 | €3,111 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,111 | €3,111 | = | 0.0% |
| Legal reserve | 130 | €3,111 | €3,111 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€242,956 | -€520,095 | -€277,139 | -114.1% |
| Amounts payable | 17/49 | €2,809,484 | €2,314,709 | -€494,775 | -17.6% |
| Amounts payable after more than one year | 17 | €223,406 | €1,280,813 | +€1.1m | +473.3% |
| Financial debts | 170/4 | €223,406 | €1,280,813 | +€1.1m | +473.3% |
| Amounts payable within one year | 42/48 | €2,224,334 | €968,880 | -€1.3m | -56.4% |
| Current portion of amounts payable after more than one year | 42 | €141,289 | €144,490 | +€3,201 | +2.3% |
| Financial debts | 43 | €772,047 | €54,806 | -€717,241 | -92.9% |
| Credit institutions | 430/8 | €522,047 | €54,806 | -€467,241 | -89.5% |
| Other loans | 439 | €250,000 | - | -€250,000 | |
| Trade debts | 44 | €1,152,578 | €659,032 | -€493,546 | -42.8% |
| Suppliers | 440/4 | €1,152,578 | €659,032 | -€493,546 | -42.8% |
| Taxes, remuneration and social security | 45 | €158,420 | €110,552 | -€47,868 | -30.2% |
| Taxes | 450/3 | €51,993 | €30,927 | -€21,066 | -40.5% |
| Remuneration and social security | 454/9 | €106,427 | €79,625 | -€26,802 | -25.2% |
| Accrued charges and deferred income | 492/3 | €361,744 | €65,016 | -€296,728 | -82.0% |
| Remuneration, social security and pensions | 62 | €1,539,799 | €1,055,317 | -€484,482 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €208,634 | €192,154 | -€16,480 | -7.9% |
| Other operating charges | 640/8 | €90,187 | €52,451 | -€37,736 | -41.8% |
| Non-recurring operating charges | 66A | €75,000 | - | -€75,000 | |
| Gross operating margin | 9900 | €1,848,648 | €1,064,969 | -€783,679 | -42.4% |
| Operating profit (loss) | 9901 | -€64,972 | -€234,953 | -€169,981 | -261.6% |
| Financial income | 75/76B | €23,671 | €16,432 | -€7,239 | -30.6% |
| Recurring financial income | 75 | €23,671 | €16,432 | -€7,239 | -30.6% |
| Financial charges | 65/66B | €80,364 | €55,886 | -€24,478 | -30.5% |
| Recurring financial charges | 65 | €80,364 | €55,886 | -€24,478 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | -€121,665 | -€274,407 | -€152,742 | -125.5% |
| Income taxes | 67/77 | €121,291 | €2,732 | -€118,559 | -97.7% |
| Profit (loss) for the period | 9904 | -€242,956 | -€277,139 | -€34,183 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€242,956 | -€277,139 | -€34,183 | -14.1% |
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.