Skip to content

PolyVision

Active
Public limited companyfounded 1984active for 41 yearsZuiderring 56, 3600 Genk, BelgiumKBO/BCE: BE 0426.451.194
Summary

PolyVision has been active since 1984 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7.7m and a net result of €784,859. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 57% of 830 sector peers (NACE 25, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Overview

Overview

Official details

Source: KBO
Status
Active since 19-11-1984 Normal situation
Activity
Machining of metals NACE 25530and 1 other
Joint committees
209 White-collar workers in metal manufacturing
111 Metal, mechanical and electrical engineering · annual accounts 2025
Establishment unit
2.025.750.473 3600 Genk, since 19-11-1984
Financial year end
31 December
Peppol
Reachable since 08-05-2025

Board and ownership

Board
and 1 other
Shareholders
  • Polyvision Corporation incannual accounts 2025
  • PolyVision Corporationannual accounts 2025

Financial position

94 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.1%
Annual accounts 2025
Turnover
€30.5m
▼ 0.2%
Profit
€784,859
Equity
€7.7m
Total assets
€14.8m
▼ 15.5%
Employees on 31-12-2025
97
▼ 5.8%
Score breakdownraises riskSector: Manufacture of fabricated metal products, except machinery and equipment (NACE 25)lowers riskFounded in 1984Size: turnover €30.5m, 94.5 FTE, total assets €14.8mProfit of €784,859 (financial year 2025)Show the evidence

Checked score

Score 2025
94 / 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 50% of medium-sized companies in fabricated metal products (NACE 25)
Financial strength · tick: 2024
Average
Solvency 77+53
equity 51.9% of total assets
Liquidity 36-9
short-term debt 47.0% · cash 7.1%
Profitability 44+7
return on assets 5.3%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.2% (132 companies, NACE 25, medium-sized)
Last 24 months 12-2024: 0.6% 01-2025: 0.6%● unchanged vs 12-2024 02-2025: 0.5%▼ -0.1 percentage points vs 01-2025 03-2025: 0.5%● unchanged vs 02-2025 04-2025: 0.5%● unchanged vs 03-2025 05-2025: 0.5%● unchanged vs 04-2025 06-2025: 0.5%● unchanged vs 05-2025 07-2025: 0.6%▲ +0.1 percentage points vs 06-2025 08-2025: 0.9%▲ +0.3 percentage points vs 07-2025 09-2025: 1.3%▲ +0.4 percentage points vs 08-2025highest value 10-2025: 1.3%● unchanged vs 09-2025highest value 11-2025: 1.3%● unchanged vs 10-2025highest value 12-2025: 1.3%● unchanged vs 11-2025highest value 01-2026: 1.3%● unchanged vs 12-2025highest value 02-2026: 1.3%● unchanged vs 01-2026 03-2026: 1.3%● unchanged vs 02-2026 04-2026: 1.3%● unchanged vs 03-2026 05-2026: 1.3%● unchanged vs 04-2026 06-2026: 1.3%● unchanged vs 05-2026 07-2026: 1.3%● unchanged vs 06-2026 08-2026: 0.1%▼ -1.2 percentage points vs 07-2026lowest value 09-2026: 0.1%● unchanged vs 08-2026lowest value 10-2026: 0.1%● unchanged vs 09-2026lowest value 11-2026: 0.1%● unchanged vs 10-2026lowest value
Credit of up to €700,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.7 (2.65 in 2024), above the usual 1.5. Short-term debt is 47% and cash 7.1% of total assets. 48.1% of the assets are financed with debt and provisions.
Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 25, medium-sized). It does better than 69% of them on solvency, 38% on liquidity, 20% on profitability and 73% on growth.

The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

The probability rests on the annual accounts with balance sheet date 31-12-2025.

Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises riskneutral
lowers risk · Founded in 1984
Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.
KBO
lowers risk · Size: turnover €30.5m, 94.5 FTE, total assets €14.8m
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
lowers risk · Profit of €784,859 (financial year 2025)
NBB · annual accounts
raises risk · Sector: Manufacture of fabricated metal products, except machinery and equipment (NACE 25)
KBO
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
16 days early
2024
22 days late
2023
18 days late
2022
29 days late
2021
27 days late
2020
36 days early
2020
69 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 4 days before the deadline. In the sector (NACE 25), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 22 August (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
05-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Financials

Financials · financial year 2025, full format

Annual accounts 2025 filed on 15-07-2026 at the NBB all 55 filings

Turnover
€30.5m▼ 0.2%
2024 · €30.5m
EBIT margin
4.2%▼ 2.4pp
2024 · 6.6%
Net result
€784,859
2024 · -€519,868
Working capital
€4.9m▼ 46.4%
2024 · €9.1m
Multi-year overview
2019 to 2025, 7 financial years
Turnover
€30.5m
▼ 0.2% 2025
20192025
Operating result
€1.3m
▼ 36.9% 2025
20192025
Net result
€784,859
2025
highest quarter of the sector
20192025
EBIT margin
4.2%
▼ 2.4pp 2025
20192025
Equity
€7.7m
2025
highest quarter of the sector
20192025
Total assets
€14.8m
▼ 15.5% 2025
highest quarter of the sector
20192025
Debt
€7.0m
▼ 60.3% 2025
20192025
Working capital
€4.9m
▼ 46.4% 2025
highest quarter of the sector
20192025
Solvency
51.9%
▲ 53.3pp 2025
middle half of the sector
20192025
Current ratio
1.70
▼ 0.95 2025
middle half of the sector
20192025
Return on assets (ROA)
5.3%
▲ 8.3pp 2025
middle half of the sector
20192025
Staff (FTE)
94.5
▼ 5.1% 2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line2019202020212022202320242025
Turnover€31.4m-€35.3m▲ 12.4%€35.9m▲ 1.7%€41.3m▲ 15.2%€30.3m▼ 26.6%€30.5m▲ 0.6%€30.5m▼ 0.2%
Operating result€3.4m-€3.2m▼ 5.0%€5.0m▲ 56.1%€5.3m▲ 6.6%€1.4m▼ 73.2%€2.0m▲ 41.4%€1.3m▼ 36.9%
Net result€2.3m-€2.0m▼ 12.8%€2.9mabove the sector's middle half▲ 43.3%€2.4mabove the sector's middle half▼ 16.8%-€0.3mbelow the sector's middle half-€0.5mbelow the sector's middle half▼ 99.6%€0.8mabove the sector's middle half
EBIT margin10.7%-9.0%▼ 1.7pp13.9%▲ 4.8pp12.8%▼ 1.0pp4.7%▼ 8.1pp6.6%▲ 1.9pp4.2%▼ 2.4pp
Equity€21.3m-€0.6m▼ 97.4%€0.9mwithin the sector's middle half▲ 63.0%€0.5mwithin the sector's middle half▼ 41.1%€0.3mbelow the sector's middle half▼ 48.1%-€0.2mbelow the sector's middle half€7.7mabove the sector's middle half
Total assets€26.9m-€18.8m▼ 30.2%€21.0mabove the sector's middle half▲ 12.2%€22.4mabove the sector's middle half▲ 6.3%€17.5mabove the sector's middle half▼ 21.6%€17.5mabove the sector's middle half▼ 0.2%€14.8mabove the sector's middle half▼ 15.5%
Debt€5.1m-€17.8m▲ 253%€19.7m▲ 10.5%€21.5m▲ 9.0%€17.1m▼ 20.6%€17.7m▲ 3.4%€7.0m▼ 60.3%
Working capital€18.0m-€7.1m▼ 60.6%€8.4mabove the sector's middle half▲ 18.9%€8.2mabove the sector's middle half▼ 2.8%€8.0mabove the sector's middle half▼ 2.7%€9.1mabove the sector's middle half▲ 14.8%€4.9mabove the sector's middle half▼ 46.4%
Solvency79.3%-3.0%▼ 76.3pp4.4%below the sector's middle half▲ 1.4pp2.4%below the sector's middle half▼ 1.9pp1.6%below the sector's middle half▼ 0.8pp-1.4%below the sector's middle half▼ 3.0pp51.9%within the sector's middle half▲ 53.3pp
Current ratio4.61-1.89▼ 2.721.88within the sector's middle half▼ 0.011.73within the sector's middle half▼ 0.152.18within the sector's middle half▲ 0.452.65within the sector's middle half▲ 0.471.70within the sector's middle half▼ 0.95
Return on assets (ROA)8.7%-10.8%▲ 2.2pp13.8%above the sector's middle half▲ 3.0pp10.8%above the sector's middle half▼ 3.0pp-1.5%below the sector's middle half▼ 12.3pp-3.0%below the sector's middle half▼ 1.5pp5.3%within the sector's middle half▲ 8.3pp
Staff (FTE)124-127.4▲ 2.7%120.2above the sector's middle half▼ 5.7%113.6above the sector's middle half▼ 5.5%108.9above the sector's middle half▼ 4.1%99.6above the sector's middle half▼ 8.5%94.5above the sector's middle half▼ 5.1%
above within below The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 37% lower than in 2024 and the lowest since 2019.

Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €14.8m
Fixed assets €2.9m ▲ 4.3%
Current assets €11.8m ▼ 19.2%
Equity and liabilities €14.8m
Equity €7.7m
Provisions €94,872
Debt €7.0m
Debt's share of the balance-sheet total is 47.4%.
Key figures and ratios
2025 value · change against 2024
EBITDA
€1.8m▼
2024 · €2.6m
Cash flow
€1.3m▲
2024 · €48,041
Quick ratio
1.00▼
2024 · 1.57
Debt to equity
0.91
ROE
10.2%
Interest coverage
2.29▲
2024 · 1.60
Debt ≤ 1 year
€6.9m▲
2024 · €5.5m
Debt > 1 year
€0▼
2024 · €11.5m
Income taxes
€854,018▲
2024 · €309,376
Customer credit
63 days▲
2024 · 35 days
Supplier credit
63 days▲
2024 · 44 days
Staff costs
€8.7m▼
2024 · €8.8m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date12212210710397
full-time109103918677
part-time1319161720
in full-time equivalents118.5115.9101.598.191.6
Average over the year, in full-time equivalents120.2113.6108.999.694.5
On a permanent contract12011710610397
Joined615451
Left9151897
Agency workers, average number0.22.41.20.51.1
Training hours8921,3782,3481,7291,253

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€312,491€330,298€284,447€470,167€680,884
Intangible fixed assets-€42,168-€65,941-
Financial fixed assets---€11,500-
Depreciation and write-downs of the year€526,936€474,841€453,447€567,910€560,064

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees
Item20212022202320242025
Fee for the audit€38,000€41,667€43,397€49,950€50,294
Other work by the auditor---€6,750€12,204
Work by persons linked to the auditor-€8,500---

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Subsidies and aid

Flemish government

2022 to 2024 · 4 entries · €33,241 awarded · €33,241 paid
Year Entries AwardedPaid
2024 1 €2,663€2,663
2023 1 €12,682€12,682
2022 2 €17,896€17,896
Schemes
2 entries · €25,051 · €25,051 paid · Departement Werk en Sociale Economie
2 entries · €8,190 · €8,190 paid · Departement Werk en Sociale Economie
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 97 lines
Balance sheet Code20242025
Assets
Total assets20/58€17.5m€14.8m▼
Formation expenses20€0.02m€0▼
Fixed assets21/28€2.8m€2.9m▲
Intangible fixed assets21€0.09m€0.05m▼
Tangible fixed assets22/27€2.7m€2.9m▲
Land and buildings22€1.1m€0.9m▼
Plant, machinery and equipment23€1.5m€1.9m▲
Furniture and vehicles24€0.003m€0.002m▼
Assets under construction and advance payments27€0.2m€0.03m▼
Financial fixed assets28€0.01m€0.01m=
Affiliated companies280/1€0.01m€0.01m=
Participating interests280€0.01m€0.01m=
Companies linked by participating interests282/3€0€0=
Participating interests282€0€0=
Current assets29/58€14.7m€11.8m▼
Amounts receivable after more than one year29€4.2m€0.1m▼
Trade receivables290€0-
Other amounts receivable291€4.2m€0.1m▼
Stocks and contracts in progress3€6.0m€4.9m▼
Stocks30/36€6.0m€4.9m▼
Raw materials and consumables30/31€1.9m€1.7m▼
Work in progress32€0.3m€0.2m▼
Finished goods33€3.8m€2.9m▼
Goods purchased for resale34-€0
Amounts receivable within one year40/41€3.2m€5.6m▲
Trade receivables40€2.9m€5.3m▲
Other amounts receivable41€0.3m€0.4m▲
Cash at bank and in hand54/58€1.1m€1.0m▼
Deferred charges and accrued income490/1€0.1m€0.1m▲
Equity and liabilities
Total equity and liabilities10/49€17.5m€14.8m▼
Equity10/15-€0.2m€7.7m▲
Contributions10/11€0.06m€7.2m▲
Capital10€0.06m€7.2m▲
Issued capital100€0.06m€7.2m▲
Revaluation surpluses12€0-
Reserves13€0.05m€0.07m▲
Non-distributable reserves130/1€0.006m€0.03m▲
Legal reserve130€0.006m€0.03m▲
Tax-exempt reserves132€0.04m€0.04m=
Profit (loss) carried forward14-€0.4m€0.4m▲
Provisions and deferred taxes16€0.07m€0.09m▲
Provisions for liabilities and charges160/5€0.07m€0.09m▲
Pensions and similar obligations160€0.06m€0.08m▲
Other liabilities and charges164/5€0.006m€0.01m▲
Amounts payable17/49€17.7m€7.0m▼
Amounts payable after more than one year17€11.5m€0▼
Financial debts170/4-€0
Credit institutions173-€0
Other amounts payable178/9€11.5m€0▼
Amounts payable within one year42/48€5.5m€6.9m▲
Trade debts44€2.4m€3.4m▲
Suppliers440/4€2.4m€3.4m▲
Advances received on contracts in progress46€0€0=
Taxes, remuneration and social security45€3.1m€3.6m▲
Taxes450/3€1.1m€1.4m▲
Remuneration and social security454/9€2.0m€2.1m▲
Other amounts payable47/48€0€0=
Accrued charges and deferred income492/3€0.7m€0.06m▼
Income statement Code20242025
Operating income70/76A€31.4m€30.3m▼
Turnover70€30.5m€30.5m▼
Change in stocks of work in progress, finished goods and contracts in progress71€0.05m-€0.9m▼
Other operating income74€0.8m€0.7m▼
Non-recurring operating income76A€0.04m-
Operating charges60/66A€29.4m€29.0m▼
Goods for resale, raw materials and consumables60€13.0m€12.6m▼
Purchases600/8€13.3m€12.4m▼
Change in stocks: decrease (increase)609-€0.3m€0.2m▲
Services and other goods61€6.9m€7.0m▲
Remuneration, social security and pensions62€8.8m€8.7m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.6m€0.6m▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€464€0.03m▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€0.09m-€0.03m▼
Other operating charges640/8€0.1m€0.1m▲
Non-recurring operating charges66A€0-
Operating profit (loss)9901€2.0m€1.3m▼
Financial income75/76B€1.1m€1.5m▲
Recurring financial income75€1.1m€1.5m▲
Income from current assets751€0-
Other financial income752/9€1.1m€1.5m▲
Non-recurring financial income76B€0-
Financial charges65/66B€3.3m€1.1m▼
Recurring financial charges65€3.3m€1.1m▼
Debt charges650€1.6m€0.8m▼
Other financial charges652/9€1.7m€0.3m▼
Profit (loss) for the period before taxes9903-€0.2m€1.6m▲
Income taxes67/77€0.3m€0.9m▲
Taxes670/3€0.5m€0.9m▲
Tax adjustments and reversals of tax provisions77€0.2m€0▼
Profit (loss) for the period9904-€0.5m€0.8m▲
Profit (loss) for the period to be appropriated9905-€0.5m€0.8m▲
Appropriation of the result
Profit (loss) to be appropriated9906-€0.4m€0.4m▲
Profit (loss) brought forward from the previous period14P€0.2m-€0.4m▼
Transfer to equity691/2-€0.02m
To the legal reserve6920-€0.02m
Profit to be distributed694/7€0-
Return on contributions (dividend)694€0-
Social balance sheet
Average headcount (FTE)908799.694.5▼

The notes to these accounts have 65 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 15-07-2026.

Line2019202020212022202320242025Change
Operating income70/76A-€36.8m€37.0m€42.8m€32.1m€31.4m€30.3m▼ 3.7%
Turnover70€31.4m€35.3m€35.9m€41.3m€30.3m€30.5m€30.5m▼ 0.2%
Change in stocks of work in progress, finished goods and contracts in progress71-€0.02m-€0.1m-€0.02m€0.8m€0.05m-€0.9m-
Other operating income74-€1.5m€1.3m€1.3m€1.0m€0.8m€0.7m▼ 14.0%
Non-recurring operating income76A---€0.2m-€0.04m--
Operating charges60/66A-€33.6m€32.0m€37.5m€30.7m€29.4m€29.0m▼ 1.5%
Goods for resale, raw materials and consumables60-€14.7m€14.6m€18.1m€13.1m€13.0m€12.6m▼ 2.8%
Purchases600/8-€14.4m€14.8m€18.8m€12.5m€13.3m€12.4m▼ 6.3%
Change in stocks: decrease (increase)609-€0.3m-€0.2m-€0.6m€0.6m-€0.3m€0.2m-
Services and other goods61-€6.6m€6.8m€8.4m€7.2m€6.9m€7.0m▲ 0.9%
Remuneration, social security and pensions62-€11.6m€9.8m€9.8m€9.4m€8.8m€8.7m▼ 0.4%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.9m€0.7m€0.5m€0.5m€0.5m€0.6m€0.6m▼ 1.4%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.2m€0.002m-€0.02m-€0.02m€464€0.03m▲ 75×
Provisions for liabilities and charges: additions (uses and reversals)635/8--€0.2m€0.2m€0.04m€0.1m€0.09m-€0.03m-
Other operating charges640/8-€0.08m€0.09m€0.08m€0.1m€0.1m€0.1m▲ 3.8%
Non-recurring operating charges66A--€0.04m€0.6m€0.2m€0--
Operating profit (loss)9901€3.4m€3.2m€5.0m€5.3m€1.4m€2.0m€1.3m▼ 36.9%
Financial income75/76B-€0.2m€0.4m€0.4m€0.7m€1.1m€1.5m▲ 32.9%
Recurring financial income75€0.2m€0.2m€0.4m€0.4m€0.7m€1.1m€1.5m▲ 32.9%
Income from current assets751-€0.02m---€0--
Other financial income752/9-€0.2m€0.4m€0.4m€0.7m€1.1m€1.5m▲ 32.9%
Non-recurring financial income76B----€0€0--
Financial charges65/66B-€0.3m€1.1m€1.8m€1.9m€3.3m€1.1m▼ 66.3%
Recurring financial charges65€0.2m€0.3m€1.1m€1.8m€1.9m€3.3m€1.1m▼ 66.3%
Debt charges650€0.004m€0.003m€0.8m€1.0m€1.4m€1.6m€0.8m▼ 50.4%
Other financial charges652/9-€0.3m€0.3m€0.8m€0.5m€1.7m€0.3m▼ 81.0%
Profit (loss) for the period before taxes9903€3.3m€3.1m€4.3m€4.0m€0.3m-€0.2m€1.6m-
Income taxes67/77€1.0m€1.1m€1.3m€1.5m€0.5m€0.3m€0.9m▲ 176%
Taxes670/3-€1.1m€1.3m€1.6m€0.5m€0.5m€0.9m▲ 84.1%
Tax adjustments and reversals of tax provisions77---€0.03m-€0.2m€0▼ 100%
Profit (loss) for the period9904€2.3m€2.0m€2.9m€2.4m-€0.3m-€0.5m€0.8m-
Profit (loss) for the period to be appropriated9905€2.3m€2.0m€2.9m€2.4m-€0.3m-€0.5m€0.8m-
Line2019202020212022202320242025Change
Assets
Total assets20/58€26.9m€18.8m€21.0m€22.4m€17.5m€17.5m€14.8m▼ 15.5%
Formation expenses20----€0.04m€0.02m€0▼ 100%
Fixed assets21/28€3.9m€3.7m€3.1m€3.0m€2.8m€2.8m€2.9m▲ 4.3%
Intangible fixed assets21€0.01m€0.003m-€0.04m€0.03m€0.09m€0.05m▼ 39.1%
Tangible fixed assets22/27€3.9m€3.7m€3.1m€2.9m€2.8m€2.7m€2.9m▲ 5.7%
Land and buildings22-€1.7m€1.4m€1.4m€1.2m€1.1m€0.9m▼ 12.8%
Plant, machinery and equipment23-€1.8m€1.6m€1.5m€1.5m€1.5m€1.9m▲ 28.7%
Furniture and vehicles24-€0.009m-€0.005m€0.004m€0.003m€0.002m▼ 31.3%
Assets under construction and advance payments27-€0.1m€0.09m€0.06m€0.07m€0.2m€0.03m▼ 78.8%
Financial fixed assets28---€0€0€0.01m€0.01m=
Affiliated companies280/1---€0-€0.01m€0.01m=
Participating interests280-----€0.01m€0.01m=
Companies linked by participating interests282/3----€0€0€0-
Participating interests282----€0€0€0-
Current assets29/58€22.9m€15.0m€18.0m€19.4m€14.7m€14.7m€11.8m▼ 19.2%
Amounts receivable after more than one year29----€2.8m€4.2m€0.1m▼ 97.2%
Trade receivables290-----€0--
Other amounts receivable291----€2.8m€4.2m€0.1m▼ 97.2%
Stocks and contracts in progress3€5.7m€5.3m€4.8m€5.4m€5.6m€6.0m€4.9m▼ 18.0%
Stocks30/36-€5.3m€4.8m€5.4m€5.6m€6.0m€4.9m▼ 18.0%
Raw materials and consumables30/31-€1.4m€1.6m€2.2m€1.6m€1.9m€1.7m▼ 9.1%
Work in progress32-€0.3m€0.2m€0.3m€0.3m€0.3m€0.2m▼ 1.1%
Finished goods33-€3.7m€3.0m€2.9m€3.7m€3.8m€2.9m▼ 23.5%
Goods purchased for resale34------€0-
Amounts receivable within one year40/41€16.8m€7.3m€10.3m€10.7m€4.3m€3.2m€5.6m▲ 75.8%
Trade receivables40-€6.0m€9.8m€7.3m€3.9m€2.9m€5.3m▲ 80.1%
Other amounts receivable41-€1.4m€0.5m€3.4m€0.4m€0.3m€0.4m▲ 30.9%
Cash at bank and in hand54/58€0.4m€2.2m€2.8m€3.2m€1.8m€1.1m€1.0m▼ 7.1%
Deferred charges and accrued income490/1-€0.1m€0.02m€0.06m€0.2m€0.1m€0.1m▲ 7.2%
Equity and liabilities
Total equity and liabilities10/49€26.9m€18.8m€21.0m€22.4m€17.5m€17.5m€14.8m▼ 15.5%
Equity10/15€21.3m€0.6m€0.9m€0.5m€0.3m-€0.2m€7.7m-
Contributions10/11€0.06m€0.06m€0.06m€0.06m€0.06m€0.06m€7.2m▲ 116×
Capital10-€0.06m€0.06m€0.06m€0.06m€0.06m€7.2m▲ 116×
Issued capital100-€0.06m€0.06m€0.06m€0.06m€0.06m€7.2m▲ 116×
Revaluation surpluses12----€0€0--
Reserves13€0.05m€0.05m€0.05m€0.05m€0.05m€0.05m€0.07m▲ 42.7%
Non-distributable reserves130/1--€0.006m€0.006m€0.006m€0.006m€0.03m▲ 350%
Legal reserve130-€0.006m€0.006m€0.006m€0.006m€0.006m€0.03m▲ 350%
Tax-exempt reserves132-€0.04m€0.04m€0.04m€0.04m€0.04m€0.04m=
Profit (loss) carried forward14€21.2m€0.5m€0.8m€0.4m€0.2m-€0.4m€0.4m-
Provisions and deferred taxes16€0.5m€0.3m€0.4m€0.3m€0.2m€0.07m€0.09m▲ 37.8%
Provisions for liabilities and charges160/5-€0.3m€0.4m€0.3m€0.2m€0.07m€0.09m▲ 37.8%
Pensions and similar obligations160-€0.2m€0.3m€0.3m€0.1m€0.06m€0.08m▲ 34.2%
Other liabilities and charges164/5-€0.1m€0.1m€0.06m€0.05m€0.006m€0.01m▲ 76.7%
Amounts payable17/49€5.1m€17.8m€19.7m€21.5m€17.1m€17.7m€7.0m▼ 60.3%
Amounts payable after more than one year17-€9.8m€9.5m€10.1m€10.3m€11.5m€0▼ 100%
Financial debts170/4------€0-
Credit institutions173------€0-
Other amounts payable178/9-€9.8m€9.5m€10.1m€10.3m€11.5m€0▼ 100%
Amounts payable within one year42/48€5.0m€8.0m€9.6m€11.2m€6.7m€5.5m€6.9m▲ 25.6%
Trade debts44€2.4m€3.0m€4.6m€3.8m€1.9m€2.4m€3.4m▲ 42.0%
Suppliers440/4-€3.0m€4.6m€3.8m€1.9m€2.4m€3.4m▲ 42.0%
Advances received on contracts in progress46----€0€0€0-
Taxes, remuneration and social security45-€3.2m€3.4m€4.9m€4.8m€3.1m€3.6m▲ 13.1%
Taxes450/3-€0.07m€0.8m€2.4m€2.4m€1.1m€1.4m▲ 26.7%
Remuneration and social security454/9-€3.1m€2.6m€2.5m€2.4m€2.0m€2.1m▲ 5.6%
Other amounts payable47/48-€1.9m€1.5m€2.5m-€0€0-
Accrued charges and deferred income492/3-€0.04m€0.6m€0.2m€0.07m€0.7m€0.06m▼ 90.6%
Line2019202020212022202320242025Change
Profit (loss) for the period9904€2.3m€2.0m€2.9m€2.4m-€0.3m-€0.5m€0.8m-
+ Depreciation and write-downs630€0.9m€0.7m€0.5m€0.5m€0.5m€0.6m€0.6m▼ 1.4%
Operating cash flow (approximation)€3.2m€2.8m€3.4m€2.9m€0.2m€0.05m€1.3m▲ 28×
Investment in fixed assets (approximation)--€0.5m€0.1m-€0.4m-€0.3m-€0.6m-€0.7m▼ 20.1%
Change in cash-€1.8m€0.5m€0.4m-€1.4m-€0.6m-€0.08m▲ 87.3%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Historical observation

In July 2024, 1,579 companies had the same profile as PolyVision has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.

  • Medium-sized
  • 20 years or older
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
96.7% was still going
3.2% stopped otherwise
0.1% went bankrupt

That fits the bankruptcy probability of PolyVision itself: 0.1% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 1,579 companies, not a prediction for PolyVision. 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 55 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 15-07-2026 2026-00294993 PDF
31-12-2024 full format 22-08-2025 2025-00391734 PDF
31-12-2023 full format 18-08-2024 2024-00349176 PDF
31-12-2022 full format 29-08-2023 2023-00379316 PDF
31-12-2021 full format 27-08-2022 2022-20342904 PDF
31-12-2020 full format 25-06-2021 2021-25200406 PDF
29-02-2020 full format 23-07-2020 2020-32900481 PDF
28-02-2019 full format 19-08-2019 2019-49100415 PDF
28-02-2018 full format 01-08-2018 2018-43900591 PDF
28-02-2017 full format 31-08-2017 2017-59000288 PDF

Show all 55 filings

Board & ownership

Directors

Directors
4 directors, last change in 2025

Board 4

Carl Vanaenrode
Director · since 09-06-2021 · 3-year term from 2024 · listed in the 2025 annual accounts, filed on 15-07-2026
Current
Thomas Christogotsis
Director · since 09-06-2021 · 3-year term from 2024 · listed in the 2025 annual accounts, filed on 15-07-2026
Current
JENAH
Director · since 09-06-2024 · Private limited company · permanent representative: VAN DE BROEK Wout Bert Katarinus · listed in the 2025 annual accounts, filed on 15-07-2026
Current
Norman David YOUNG
Director · since 02-06-2025 · listed in the 2025 annual accounts, filed on 15-07-2026
Current
Permanent representatives 1
VAN DE BROEK Wout Bert Katarinus
Permanent representative · in office according to the deed of 28-05-2025 · for JENAH
Current

Owners and capital

Shareholders

2 owners

Chain of control

  1. PolyVision CorporationUS consolidates
  2. PolyVision

Owners 2

Owners through the years 2007 to 2025
Owners through the years
Name2007200820092010201220132015201620172018201920212022202320242025
Polyvision Corporation incUS 98.8%100%
PolyVision CorporationUS consolidates

Older annual accounts also name 1 natural person.

Source: shareholder structure in its own accounts, parent in its own accounts

Capital transactions

Shareholders according to the deeds
After the capital increase deed of 05-12-2025 ↗
  • POLYVISION CORPORATION 9,335 shares · €7,128,048.78
Capital over time
  1. 05-12-2025 Capital increase of €7,128,048.78 · to €7,190,048.78 · 9,335 new shares · in kind

Mandate history

9 people, 4 in office
Show
  • Board
  • Statutory auditor
  • mandate already running before its first mention
  • end not dated
Mandates per person, with start and end dates
Name Functions and periods
Carl Vanaenrode
  • Director, since before 09-06-2024
JENAH
  • Director, since before 09-06-2024
Thomas Christogotsis
  • Director, since before 09-06-2024
Norman David YOUNG
  • Director, from 02-06-2025 to date
RSM inderaudit BV
  • Company auditor, appointed by deed of 28-05-2025, no longer listed in the 2025 annual accounts
RSM INTERAUDIT
  • Statutory auditor, appointed by deed of 23-09-2021, until 28-05-2025
Christopher Reiter
  • Director, appointed by deed of 28-05-2025, until 11-04-2025
Dirk Swerts
  • Director, until 26-08-2021
Peter Lewchanin
  • Director, until 10-08-2021
See the board, name and registered office on a given date →

Network & group

Holdings through the years

2007 to 2013
Holdings through the years
Name200720082009201020122013
ALLIANCE GRAPHICS 99.9%100%
POLYVISION A/SDK 99.8%

Source: list of holdings in its own accounts

Connections & network

4 current directors
Depth

The board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.

Timeline

Deeds, filings and financial milestones

Deadline for the 2026 accounts: 31-07-2027
2026
15-07
NBB filing Annual accounts 2025 filedNBB
full format · 16 days before the deadline
2025
31-12
Financial Back to profitnet €784,859
The net result is €784,859, after 2 loss-making years.
31-12
Financial Equity above €5mequity €7.7m
Equity rises from -€238,512 to €7.7m.
05-12
Gazette deed Capital increase of €7,128,048.78 to €7,190,048.78
Capital after the increase: €7,190,048.78, 9,335 new shares · Reappointment: Jenah (director) · Permanent representative: VAN DE BROEK Wout Bert Katarinus6 points ▸
  • General meeting, 28-11-2025
  • Capital increase, €7,128,048.78
  • Amendment of the articles, article 5
  • Director reappointment, Jenah
  • Permanent representative, VAN DE BROEK Wout Bert Katarinus
  • Power of attorney, Cynthia VAN AENRODE
  • The deed holds 6 more points.

Open the deed in the Belgian Official Gazette

22-08
NBB filing Annual accounts 2024 filedPDF
full format · 22 days late
16-06
Gazette deed Resignation: Christopher Reiter (director)
Appointment: Norman David YOUNG (director)3 points ▸
  • General meeting, 02-06-2025
  • Director resignation, Christopher Reiter
  • Director appointment, Norman David YOUNG

Open the deed in the Belgian Official Gazette

28-05
Gazette deed 1 director appointed, 3 directors reappointed
Reappointments: Thomas Christogotsis, Carl Vanaenrode and 2 others · Appointment: Christopher Reiter (director)6 points ▸
  • General meeting, 11-06-2024
  • Director reappointment, Thomas Christogotsis
  • Director reappointment, Carl Vanaenrode
  • Director reappointment, Jenah BV
  • Auditor reappointment, RSM Inderaudit BV (company auditor)
  • Director appointment, Christopher Reiter

Open the deed in the Belgian Official Gazette

2024
31-12
Financial Weakest financial yearnet -€519,868
The net result drops to -€519,868, the lowest from 2019 to 2025. It recovers the following year.
18-08
NBB filing Annual accounts 2023 filedPDF
full format · 18 days late
2023
29-08
NBB filing Annual accounts 2022 filedPDF
full format · 29 days late
2022
27-08
NBB filing Annual accounts 2021 filedPDF
full format · 27 days late
2021
31-12
Financial Highest result from 2019 to 2025net €2.9m ▲43.3%
The net result of €2.9m is the highest of those years.
Show earlier events
23-09
Gazette deed Appointment: RSM InterAudit (statutory auditor)
2 points ▸
  • General meeting, 09-08-2021
  • Auditor appointment, RSM InterAudit (statutory auditor)

Open the deed in the Belgian Official Gazette

21-09
Gazette deed Resignations: Peter Lewchanin (director) and Dirk Swerts (director)
3 points ▸
  • General meeting, 31-08-2021
  • Director resignation, Peter Lewchanin
  • Director resignation, Dirk Swerts

Open the deed in the Belgian Official Gazette

25-06
NBB filing Annual accounts 2020 filedPDF
full format · 36 days before the deadline
2020
23-07
NBB filing Annual accounts 2020 filedPDF
full format · 69 days before the deadline
2019
19-08
NBB filing Annual accounts 2019 filedPDF
full format · 42 days before the deadline
2018
01-08
NBB filing Annual accounts 2018 filedPDF
full format · 60 days before the deadline
2017
31-08
NBB filing Annual accounts 2017 filedPDF
full format · 30 days before the deadline
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.

Sources:Publications in the Belgian Official GazetteFilings with the National Bank

History

On 19 November 1984, PolyVision was incorporated.1 A capital increase in 2025 brought the capital to €7.2m.2 Turnover went from €31.4m in 2019 to €30.5m in 2025 and headcount from 124 to 94.5 full-time equivalents.3

  1. 1KBO register
  2. 2Belgian Official Gazette, 05-12-2025
  3. 3National Bank, annual accounts 2019 and 2025

Company details

Register details

Identity

KBO record
Name PolyVision in Dutch
Enterprise number 0426.451.194
Legal form Public limited company
Status Active, normal situation
Founded 19-11-1984
Entity type Legal entity

Registered office and establishments

Registered office Zuiderring 56, 3600 Genk, Belgium
Establishment unit Zuiderring 56, 3600 Genk since 19-11-1984 · unit number 2.025.750.473 25510 Coating of metals

Activities

NACEBEL 2025
VAT activities
25530 Machining of metals main activity
Social security (RSZ) activities
25510 Coating of metals main activity
Codes under NACEBEL 2008
VAT activities
25620 Manufacture of fabricated metal products, except machinery and equipment main activity
Social security (RSZ) activities
25610 Manufacture of fabricated metal products, except machinery and equipment main activity
Codes under NACEBEL 2003
VAT activities
28520 main activity
Social security (RSZ) activities
28510 main activity
Joint committees 209 White-collar workers in metal manufacturing
111 Metal, mechanical and electrical engineering annual accounts 2025

Invoicing and payment

VAT number BE 0426.451.194
E-invoicing via Peppol
Reachable via Peppol
Peppol ID 0208:0426451194
Other Peppol ID 9925:BE0426451194
Registered 08-05-2025

Follow this company and you will hear the next morning if it leaves the Peppol register.

Register as of 4 November 2026 · Peppol Directory

Financial year and general meeting

Accounts at the NBB
Financial year end 31-12

Environmental permits

1 application in Flanders since 2024 · 1 granted
Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen
Granted on 14-11-2024submitted 06-09-2024authority: Provincie Limburgproject 2024117908

Source: Omgevingsloket Vlaanderen.

Sites & property

Location
registered office establishment The establishment unit on the map

Buildings and parcels at the address

Ground area
2.5 ha
Building footprint
1.2 ha
Building volume
77,883 m³
Cadastral parcel Region Area Buildings Height / floors
71304E0204/00G000 Flanders 2.5 ha 1 · 1.2 ha 41.6 m · 2