POLYGEST
ActiveSummary
POLYGEST has been active since 2001 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €268,677 and a net result of €89,170. Equity is growing by about 5.2% per year across the filed financial years. Its solvency ranks better than 69% of 271 sector peers (NACE 72, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2025, abbreviated format
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€89,170▲ 123%
2024 · €39,981
Working capital
€12,335
2024 · -€24,954
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 64% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€118,093
2025
Net result€89,170
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€380,465
2025
Equity€268,677
2025
Debt€111,788
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€12,335
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)23.4%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency70.6%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.21
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 72, Scientific research and development: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€123,026-€115,037▼ 6.5%€63,108▼ 45.1%€56,281▼ 10.8%€37,712▼ 33.0%€71,928▲ 90.7%€118,093▲ 64.2%
Net result€95,563-€76,211within the sector's middle half▼ 20.3%€38,316within the sector's middle half▼ 49.7%€33,998within the sector's middle half▼ 11.3%€23,942within the sector's middle half▼ 29.6%€39,981within the sector's middle half▲ 67.0%€89,170within the sector's middle half▲ 123%
Equity€205,804-€196,200within the sector's middle half▼ 4.7%€227,374within the sector's middle half▲ 15.9%€252,799within the sector's middle half▲ 11.2%€268,170within the sector's middle half▲ 6.1%€248,079within the sector's middle half▼ 7.5%€268,677within the sector's middle half▲ 8.3%
Total assets€389,391-€393,862below the sector's middle half▲ 1.1%€331,580below the sector's middle half▼ 15.8%€327,644within the sector's middle half▼ 1.2%€344,059within the sector's middle half▲ 5.0%€348,028within the sector's middle half▲ 1.2%€380,465within the sector's middle half▲ 9.3%
Debt€183,587-€197,662▲ 7.7%€104,206▼ 47.3%€74,845▼ 28.2%€75,889▲ 1.4%€99,949▲ 31.7%€111,788▲ 11.8%
Working capital-€53,065--€79,874below the sector's middle half▼ 50.5%-€64,046below the sector's middle half▲ 19.8%-€49,538below the sector's middle half▲ 22.7%-€31,698below the sector's middle half▲ 36.0%-€24,954below the sector's middle half▲ 21.3%€12,335within the sector's middle half
Solvency52.9%-49.8%within the sector's middle half▼ 3.0pp68.6%within the sector's middle half▲ 18.8pp77.2%within the sector's middle half▲ 8.6pp77.9%within the sector's middle half▲ 0.8pp71.3%within the sector's middle half▼ 6.7pp70.6%within the sector's middle half▼ 0.7pp
Current ratio0.55-0.44below the sector's middle half▼ 0.110.04below the sector's middle half▼ 0.400.09below the sector's middle half▲ 0.040.40below the sector's middle half▲ 0.320.49below the sector's middle half▲ 0.091.21within the sector's middle half▲ 0.72
Return on assets (ROA)24.5%-19.3%above the sector's middle half▼ 5.2pp11.6%within the sector's middle half▼ 7.8pp10.4%within the sector's middle half▼ 1.2pp7.0%within the sector's middle half▼ 3.4pp11.5%within the sector's middle half▲ 4.5pp23.4%above the sector's middle half▲ 11.9pp
Staff (FTE)0below the sector's middle half
above
within
below
the middle half of NACE 72, Scientific research and development: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €380,465
Fixed assets
€309,159 ▼ 4.5%
Current assets
€71,306 ▲ 194%
Equity and liabilities €380,465
Equity
€268,677 ▲ 8.3%
Debt
€111,788 ▲ 11.8%
Debt's share of the balance-sheet total rises from 28.7% to 29.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€140,219▲
2024 · €72,498
Cash flow
€111,296▲
2024 · €40,551
Debt to equity
0.42▲
2024 · 0.40
ROE
33.2%▲
2024 · 16.1%
Interest coverage
16.33▲
2024 · 10.08
Debt ≤ 1 year
€58,971▲
2024 · €49,176
Debt > 1 year
€52,335▲
2024 · €50,773
Income taxes
€38,456▲
2024 · €24,759
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €1,838 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,589 | €2,410 | €2,410 | €215 | €380 | €570 | €22,126 | ▲ 3,782% |
| Other operating charges640/8 | - | - | - | €3,011 | €3,149 | €4,679 | €2,723 | ▼ 41.8% |
| Gross operating margin9900 | €132,654 | €118,465 | €70,000 | €59,507 | €41,241 | €77,178 | €142,942 | ▲ 85.2% |
| Operating profit (loss)9901 | €123,026 | €115,037 | €63,108 | €56,281 | €37,712 | €71,928 | €118,093 | ▲ 64.2% |
| Financial income75/76B | - | - | - | - | €614 | €5 | €18,119 | ▲ 362,289% |
| Recurring financial income75 | €1 | €630 | €18 | - | €614 | €5 | €18,119 | ▲ 362,289% |
| Financial charges65/66B | - | - | - | €3,040 | €1,885 | €7,194 | €8,586 | ▲ 19.4% |
| Recurring financial charges65 | €2,782 | €2,742 | €2,599 | €3,040 | €1,885 | €7,194 | €8,586 | ▲ 19.4% |
| Profit (loss) for the period before taxes9903 | €120,245 | €112,925 | €60,527 | €53,241 | €36,441 | €64,740 | €127,626 | ▲ 97.1% |
| Income taxes67/77 | €24,682 | €36,714 | €22,211 | €19,243 | €12,499 | €24,759 | €38,456 | ▲ 55.3% |
| Profit (loss) for the period9904 | €95,563 | €76,211 | €38,316 | €33,998 | €23,942 | €39,981 | €89,170 | ▲ 123% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €451 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €95,563 | €75,760 | €38,316 | €33,998 | €23,942 | €40,432 | €89,170 | ▲ 121% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €389,391 | €393,862 | €331,580 | €327,644 | €344,059 | €348,028 | €380,465 | ▲ 9.3% |
| Fixed assets21/28 | €324,224 | €331,140 | €328,730 | €322,919 | €322,539 | €323,806 | €309,159 | ▼ 4.5% |
| Tangible fixed assets22/27 | €106,904 | €113,820 | €111,410 | €105,599 | €105,219 | €106,486 | €91,839 | ▼ 13.8% |
| Land and buildings22 | - | - | - | €104,340 | €104,340 | €106,177 | €84,457 | ▼ 20.5% |
| Other tangible fixed assets26 | - | - | - | €1,259 | €879 | €309 | €7,382 | ▲ 2,290% |
| Financial fixed assets28 | €217,320 | €217,320 | €217,320 | €217,320 | €217,320 | €217,320 | €217,320 | = |
| Current assets29/58 | €65,167 | €62,722 | €2,850 | €4,725 | €21,520 | €24,221 | €71,306 | ▲ 194% |
| Amounts receivable within one year40/41 | €11,109 | €11,601 | €1,705 | €4,707 | €20,945 | €20,910 | €58,723 | ▲ 181% |
| Trade receivables40 | - | - | - | - | €12,720 | - | €54,552 | - |
| Other amounts receivable41 | - | - | - | €4,707 | €8,225 | €20,910 | €4,171 | ▼ 80.1% |
| Cash at bank and in hand54/58 | €2,675 | €1,757 | €1,145 | €18 | €19 | €1,537 | €10,251 | ▲ 567% |
| Deferred charges and accrued income490/1 | - | - | - | - | €556 | €1,774 | €2,333 | ▲ 31.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €389,391 | €393,862 | €331,580 | €327,644 | €344,059 | €348,028 | €380,465 | ▲ 9.3% |
| Equity10/15 | €205,804 | €196,200 | €227,374 | €252,799 | €268,170 | €248,079 | €268,677 | ▲ 8.3% |
| Contributions10/11 | €10,700 | €10,700 | - | €10,700 | €10,700 | €10,700 | €10,700 | = |
| Reserves13 | €144,175 | €133,811 | €163,811 | €188,811 | €203,311 | €183,160 | €203,758 | ▲ 11.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Tax-exempt reserves132 | - | - | - | €451 | €451 | - | - | - |
| Distributable reserves133 | - | - | - | €186,500 | €201,000 | €181,300 | €203,758 | ▲ 12.4% |
| Profit (loss) carried forward14 | €50,929 | €51,689 | €52,863 | €53,288 | €54,159 | €54,219 | €54,219 | = |
| Amounts payable17/49 | €183,587 | €197,662 | €104,206 | €74,845 | €75,889 | €99,949 | €111,788 | ▲ 11.8% |
| Amounts payable after more than one year17 | €65,017 | €54,494 | €36,696 | €20,582 | €22,671 | €50,773 | €52,335 | ▲ 3.1% |
| Financial debts170/4 | - | - | - | €20,582 | €13,221 | €44,168 | €32,506 | ▼ 26.4% |
| Other amounts payable178/9 | - | - | - | - | €9,450 | €6,605 | €19,829 | ▲ 200% |
| Amounts payable within one year42/48 | €118,232 | €142,596 | €66,896 | €54,263 | €53,218 | €49,176 | €58,971 | ▲ 19.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,656 | €7,968 | €16,820 | €30,727 | ▲ 82.7% |
| Financial debts43 | - | - | - | €16,834 | €19,687 | €15,056 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €16,834 | €19,687 | €15,056 | €0 | ▼ 100% |
| Trade debts44 | €4,000 | €1,584 | €1,444 | €3,138 | €2,601 | €4,228 | €6,453 | ▲ 52.6% |
| Suppliers440/4 | - | - | - | €3,138 | €2,601 | €4,228 | €6,453 | ▲ 52.6% |
| Taxes, remuneration and social security45 | - | - | - | €8,500 | €14,300 | €4,500 | €13,058 | ▲ 190% |
| Taxes450/3 | - | - | - | €8,500 | €10,000 | €4,500 | €13,058 | ▲ 190% |
| Remuneration and social security454/9 | - | - | - | - | €4,300 | - | - | - |
| Other amounts payable47/48 | - | - | - | €18,135 | €8,662 | €8,571 | €8,733 | ▲ 1.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €482 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €95,563 | €76,211 | €38,316 | €33,998 | €23,942 | €39,981 | €89,170 | ▲ 123% |
| + Depreciation and write-downs630 | €8,589 | €2,410 | €2,410 | €215 | €380 | €570 | €22,126 | ▲ 3,782% |
| Operating cash flow (approximation) | €104,152 | €78,621 | €40,726 | €34,213 | €24,322 | €40,551 | €111,296 | ▲ 174% |
| Investment in fixed assets (approximation) | - | -€9,326 | €0 | €5,596 | €0 | -€1,837 | -€7,478 | ▼ 307% |
| Change in cash | - | -€918 | -€612 | -€1,127 | €1 | €1,518 | €8,714 | ▲ 474% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 23 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-07-2026 | 2026-00360045 |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00286824 |
| 30-06-2023 | micro format | 29-01-2024 | 2024-00019648 |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00020951 |
| 30-06-2021 | full format | 14-02-2022 | 2022-05600192 |
| 30-06-2020 | full format | 01-02-2021 | 2021-04100275 |
| 30-06-2019 | full format | 31-01-2020 | 2020-03600479 |
| 30-06-2018 | full format | 31-01-2019 | 2019-03500321 |
| 30-06-2017 | full format | 15-01-2018 | 2018-01400440 |
| 30-06-2016 | full format | 26-01-2017 | 2017-02300496 |
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Of the 1,163 active companies whose main activity is other research and development on natural sciences (NACE 72109), figures are known for 714. 474 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.