POLYPLAST
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 37 filings
Turnover
≈ €1.0m
Estimated: probably between €780,000 and €1.3m
EBIT margin
Not included in this filing
Net result
€2,967
2024 · -€33,704
Working capital
€98,870▼ 7.1%
2024 · €106,427
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4,021
2025
20182025
Net result
€2,967
2025
middle half of the sector
20182025
Equity
€115,021
▲ 2.6%
2025
lowest quarter of the sector
20182025
Total assets
€380,985
▲ 0.3%
2025
lowest quarter of the sector
20182025
Debt
€265,964
▼ 0.7%
2025
20182025
Working capital
€98,870
▼ 7.1%
2025
middle half of the sector
20182025
Solvency
30.2%
▲ 0.7pp
2025
middle half of the sector
20182025
Current ratio
1.50
▼ 0.26
2025
middle half of the sector
20182025
Return on assets (ROA)
0.8%
▲ 9.7pp
2025
middle half of the sector
20182025
Staff (FTE)
6
▼ 18.9%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€9,350-€19,859▲ 112%€14,124▼ 28.9%€7,565▼ 46.4%€59,366▲ 685%€5,402▼ 90.9%-€33,299€4,021
Net result€9,801-€25,784▲ 163%€11,248within the sector's middle half▼ 56.4%€6,966below the sector's middle half▼ 38.1%€58,656within the sector's middle half▲ 742%€4,290below the sector's middle half▼ 92.7%-€33,704below the sector's middle half€2,967within the sector's middle half
Equity€100,431-€126,214▲ 25.7%€133,010within the sector's middle half▲ 5.4%€137,102within the sector's middle half▲ 3.1%€145,758within the sector's middle half▲ 6.3%€145,758within the sector's middle half=€112,054below the sector's middle half▼ 23.1%€115,021below the sector's middle half▲ 2.6%
Total assets€321,535-€494,263▲ 53.7%€453,155within the sector's middle half▼ 8.3%€437,229within the sector's middle half▼ 3.5%€413,759below the sector's middle half▼ 5.4%€374,011below the sector's middle half▼ 9.6%€379,807below the sector's middle half▲ 1.5%€380,985below the sector's middle half▲ 0.3%
Debt€221,104-€368,048▲ 66.5%€320,145▼ 13.0%€300,128▼ 6.3%€268,001▼ 10.7%€228,253▼ 14.8%€267,753▲ 17.3%€265,964▼ 0.7%
Working capital€42,253-€46,789▲ 10.7%€53,064within the sector's middle half▲ 13.4%€65,908within the sector's middle half▲ 24.2%€108,072within the sector's middle half▲ 64.0%€107,533within the sector's middle half▼ 0.5%€106,427within the sector's middle half▼ 1.0%€98,870within the sector's middle half▼ 7.1%
Solvency31.2%-25.5%▼ 5.7pp29.4%within the sector's middle half▲ 3.8pp31.4%within the sector's middle half▲ 2.0pp35.2%within the sector's middle half▲ 3.9pp39.0%within the sector's middle half▲ 3.7pp29.5%within the sector's middle half▼ 9.5pp30.2%within the sector's middle half▲ 0.7pp
Current ratio1.23-1.14▼ 0.091.20within the sector's middle half▲ 0.061.24within the sector's middle half▲ 0.041.56within the sector's middle half▲ 0.311.60within the sector's middle half▲ 0.041.76within the sector's middle half▲ 0.171.50within the sector's middle half▼ 0.26
Return on assets (ROA)3.0%-5.2%▲ 2.2pp2.5%within the sector's middle half▼ 2.7pp1.6%within the sector's middle half▼ 0.9pp14.2%above the sector's middle half▲ 12.6pp1.1%within the sector's middle half▼ 13.0pp-8.9%below the sector's middle half▼ 10.0pp0.8%within the sector's middle half▲ 9.7pp
Staff (FTE)11-13.7▲ 24.5%13.6above the sector's middle half▼ 0.7%10.8above the sector's middle half▼ 20.6%7.3within the sector's middle half▼ 32.4%7.1within the sector's middle half▼ 2.7%7.4within the sector's middle half▲ 4.2%6within the sector's middle half▼ 18.9%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €4,021, after a loss of €33,299 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €380,985
Fixed assets
€83,810 ▼ 37.3%
Current assets
€297,175 ▲ 20.8%
Equity and liabilities €380,985
Equity
€115,021 ▲ 2.6%
Debt
€265,964 ▼ 0.7%
Debt's share of the balance-sheet total falls from 70.5% to 69.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€41,532▲
2024 · €13,108
Cash flow
€40,478▲
2024 · €12,703
Quick ratio
1.13▼
2024 · 1.24
Debt to equity
2.31▼
2024 · 2.39
ROE
2.6%▲
2024 · -30.1%
Interest coverage
6.30▲
2024 · 1.91
Debt ≤ 1 year
€198,305▲
2024 · €139,674
Debt > 1 year
€67,659▼
2024 · €128,078
Staff costs
€312,247▼
2024 · €376,842
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 9 | 7 | 10 | 7 | 6 |
| full-time | 8 | 6 | 9 | 6 | 5 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 8.8 | 6.4 | 9.4 | 6.5 | 5.5 |
| Average over the year, in full-time equivalents | 10.8 | 7.3 | 7.1 | 7.4 | 6 |
| On a permanent contract | 9 | 7 | 10 | 7 | 6 |
| Joined | 1 | 1 | 3 | 0 | 0 |
| Left | 4 | 3 | 0 | 3 | 1 |
| Training hours | - | - | - | - | 16 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €35,934 | €95,567 | €72,204 |
| Debts guaranteed by Belgian public bodies | - | €57,023 | - | - | - |
| Pledge on other assets, amount secured | - | - | - | €90,676 | €65,551 |
| Carrying value of the other pledged assets | €57,476 | €62,907 | €44,331 | €90,676 | €65,551 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,373 | €51,863 | €17,687 | €94,015 | - |
| Intangible fixed assets | €1,785 | - | - | - | - |
| Depreciation and write-downs of the year | €44,174 | €37,878 | €29,508 | €46,407 | €37,511 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €404 awarded · €404 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €98 | €98 |
| 2023 | 1 | €153 | €153 |
| 2022 | 1 | €153 | €153 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €539,426 | €375,039 | €372,227 | €376,842 | €312,247 | ▼ 17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47,603 | €62,652 | €38,334 | €44,174 | €37,878 | €29,508 | €46,407 | €37,511 | ▼ 19.2% |
| Other operating charges640/8 | - | - | - | €11,116 | €6,213 | €7,802 | €5,696 | €3,746 | ▼ 34.2% |
| Gross operating margin9900 | €522,370 | €677,714 | €673,514 | €602,281 | €478,496 | €414,939 | €395,647 | €357,525 | ▼ 9.6% |
| Operating profit (loss)9901 | €9,350 | €19,859 | €14,124 | €7,565 | €59,366 | €5,402 | -€33,299 | €4,021 | - |
| Financial income75/76B | - | - | - | €7,632 | €8,541 | €8,754 | €6,456 | €5,538 | ▼ 14.2% |
| Recurring financial income75 | €3,250 | €13,210 | €5,795 | €7,632 | €8,541 | €8,754 | €6,456 | €5,538 | ▼ 14.2% |
| Financial charges65/66B | - | - | - | €3,615 | €9,094 | €7,753 | €6,861 | €6,592 | ▼ 3.9% |
| Recurring financial charges65 | €2,571 | €2,562 | €5,059 | €3,615 | €9,094 | €7,753 | €6,861 | €6,592 | ▼ 3.9% |
| Profit (loss) for the period before taxes9903 | €10,030 | €30,508 | €14,860 | €11,582 | €58,813 | €6,404 | -€33,704 | €2,967 | - |
| Income taxes67/77 | €228 | €4,725 | €3,612 | €4,616 | €157 | €2,115 | €0 | - | - |
| Profit (loss) for the period9904 | €9,801 | €25,784 | €11,248 | €6,966 | €58,656 | €4,290 | -€33,704 | €2,967 | - |
| Profit (loss) for the period to be appropriated9905 | €9,801 | €25,784 | €11,248 | €6,966 | €58,656 | €4,290 | -€33,704 | €2,967 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €321,535 | €494,263 | €453,155 | €437,229 | €413,759 | €374,011 | €379,807 | €380,985 | ▲ 0.3% |
| Fixed assets21/28 | €96,791 | €112,249 | €134,096 | €100,153 | €111,768 | €86,097 | €133,705 | €83,810 | ▼ 37.3% |
| Intangible fixed assets21 | - | €2,777 | €1,388 | €1,669 | €1,074 | €479 | €0 | - | - |
| Tangible fixed assets22/27 | €96,791 | €109,473 | €132,708 | €98,484 | €110,694 | €85,617 | €133,705 | €83,810 | ▼ 37.3% |
| Land and buildings22 | - | - | - | €0 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €8,987 | €9,838 | €9,949 | €9,394 | €6,304 | ▼ 32.9% |
| Furniture and vehicles24 | - | - | - | €14,663 | €14,038 | €11,412 | €17,694 | €0 | ▼ 100% |
| Leasing and similar rights25 | - | - | - | €46,938 | €62,907 | €44,331 | €90,676 | €65,551 | ▼ 27.7% |
| Other tangible fixed assets26 | - | - | - | €27,896 | €23,911 | €19,926 | €15,941 | €11,956 | ▼ 25.0% |
| Current assets29/58 | €224,743 | €382,013 | €319,059 | €337,076 | €301,990 | €287,915 | €246,102 | €297,175 | ▲ 20.8% |
| Stocks and contracts in progress3 | €33,215 | €83,936 | €71,544 | €71,304 | €71,023 | €78,274 | €72,818 | €73,174 | ▲ 0.5% |
| Stocks30/36 | - | - | - | €71,304 | €54,036 | €73,274 | €72,818 | €73,174 | ▲ 0.5% |
| Contracts in progress37 | - | - | - | - | €16,987 | €5,000 | €0 | - | - |
| Amounts receivable within one year40/41 | €106,215 | €286,974 | €175,287 | €199,017 | €211,331 | €159,486 | €171,421 | €194,777 | ▲ 13.6% |
| Trade receivables40 | - | - | - | €152,484 | €138,863 | €92,885 | €94,336 | €105,419 | ▲ 11.7% |
| Other amounts receivable41 | - | - | - | €46,534 | €72,469 | €66,601 | €77,086 | €89,358 | ▲ 15.9% |
| Cash at bank and in hand54/58 | €80,747 | €1,880 | €66,347 | €56,312 | €19,007 | €50,079 | €1,162 | €29,224 | ▲ 25× |
| Deferred charges and accrued income490/1 | - | - | - | €10,442 | €629 | €75 | €700 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €321,535 | €494,263 | €453,155 | €437,229 | €413,759 | €374,011 | €379,807 | €380,985 | ▲ 0.3% |
| Equity10/15 | €100,431 | €126,214 | €133,010 | €137,102 | €145,758 | €145,758 | €112,054 | €115,021 | ▲ 2.6% |
| Contributions10/11 | €122,000 | €122,000 | €122,000 | €122,000 | €122,000 | €122,000 | €122,000 | €122,000 | = |
| Capital10 | - | - | - | €122,000 | €122,000 | €122,000 | €122,000 | €122,000 | = |
| Issued capital100 | - | - | - | €122,000 | €122,000 | €122,000 | €122,000 | €122,000 | = |
| Reserves13 | €10,771 | €10,771 | €11,010 | €15,102 | €23,758 | €23,758 | €12,656 | €12,656 | = |
| Non-distributable reserves130/1 | - | - | - | €12,200 | €12,200 | €12,200 | €12,200 | €12,200 | = |
| Legal reserve130 | - | - | - | €12,200 | €12,200 | €12,200 | €12,200 | €12,200 | = |
| Distributable reserves133 | - | - | - | €2,902 | €11,558 | €11,558 | €456 | €456 | = |
| Profit (loss) carried forward14 | -€32,340 | -€6,557 | €0 | €0 | €0 | €0 | -€22,602 | -€19,635 | ▲ 13.1% |
| Amounts payable17/49 | €221,104 | €368,048 | €320,145 | €300,128 | €268,001 | €228,253 | €267,753 | €265,964 | ▼ 0.7% |
| Amounts payable after more than one year17 | €38,614 | €32,824 | €54,150 | €28,960 | €74,082 | €47,872 | €128,078 | €67,659 | ▼ 47.2% |
| Financial debts170/4 | - | - | - | €28,960 | €74,082 | €47,872 | €128,078 | €67,659 | ▼ 47.2% |
| Amounts payable within one year42/48 | €182,490 | €335,225 | €265,995 | €271,168 | €193,919 | €180,382 | €139,674 | €198,305 | ▲ 42.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €25,190 | €27,067 | €26,210 | €50,062 | €60,419 | ▲ 20.7% |
| Financial debts43 | - | - | - | - | - | - | €1,457 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | - | €1,457 | €0 | ▼ 100% |
| Trade debts44 | €118,048 | €207,817 | €136,086 | €153,324 | €85,353 | €124,055 | €68,751 | €116,014 | ▲ 68.7% |
| Suppliers440/4 | - | - | - | €153,324 | €85,353 | €124,055 | €68,751 | €116,014 | ▲ 68.7% |
| Advances received on contracts in progress46 | - | - | - | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €19,188 | €10,095 | €9,060 | €115 | €1,733 | ▲ 15× |
| Taxes450/3 | - | - | - | €8,228 | €4,773 | €271 | €115 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €10,960 | €5,322 | €8,788 | €0 | €1,733 | - |
| Other amounts payable47/48 | - | - | - | €73,464 | €71,404 | €21,057 | €19,290 | €20,139 | ▲ 4.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,801 | €25,784 | €11,248 | €6,966 | €58,656 | €4,290 | -€33,704 | €2,967 | - |
| + Depreciation and write-downs630 | €47,603 | €62,652 | €38,334 | €44,174 | €37,878 | €29,508 | €46,407 | €37,511 | ▼ 19.2% |
| Operating cash flow (approximation) | €57,405 | €88,436 | €49,583 | €51,140 | €96,534 | €33,798 | €12,703 | €40,478 | ▲ 219% |
| Investment in fixed assets (approximation) | - | -€78,110 | -€60,181 | -€10,232 | -€49,493 | -€3,836 | -€94,015 | €12,383 | - |
| Change in cash | - | -€78,867 | €64,467 | -€10,035 | -€37,305 | €31,072 | -€48,917 | €28,061 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 17,041 companies had the same profile as POLYPLAST has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of POLYPLAST itself: 0.6% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 17,041 companies, not a prediction for POLYPLAST. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-07-2026 | 2026-00336582 | |
| 31-12-2024 | abbreviated format | 18-06-2025 | 2025-00148970 | |
| 31-12-2023 | abbreviated format | 16-07-2024 | 2024-00251334 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00299356 | |
| 31-12-2021 | abbreviated format | 11-08-2022 | 2022-20283040 | |
| 31-12-2020 | abbreviated format | 28-07-2021 | 2021-41300284 | |
| 31-12-2019 | abbreviated format | 31-07-2020 | 2020-38100342 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-39500447 | |
| 31-12-2017 | micro format | 23-07-2018 | 2018-36700356 | |
| 31-12-2016 | micro format | 26-07-2017 | 2017-35800375 |