H POELAERT: what changed
H POELAERT
Largest movements
- Receivables within one year +€15,728
up €15,728 (+101%), from €15,632 to €31,360
of which Trade receivables: +€14,919
- Cash +€10,596
up €10,596 (+47.0%), from €22,566 to €33,163
mainly Other debts (+€16,171) and Net result for the year (+€15,296)
- Intangible fixed assets +€3,347
new in 2025: €3,347
- Tangible fixed assets -€2,939
down €2,939 (-2.7%), from €109,238 to €106,299
of which Land and buildings: -€3,179
- Other debts +€16,171
up €16,171 (+21.3%), from €75,961 to €92,133
- Trade debts +€6,329
up €6,329 (+212%), from €2,988 to €9,316
- Profit (loss) carried forward +€5,296
up €5,296 (+1,472%), from €360 to €5,656
- Debts after one year -€3,639
down €3,639 (-5.5%), from €65,654 to €62,015
- Gross operating margin +€15,108
up €15,108 (+64.2%), from €23,526 to €38,634
- Staff costs +€3,519
up €3,519 (+47.4%), from €7,429 to €10,948
- Taxes +€2,010
up €2,010 (+92,617%), from €2 to €2,012
- Financial charges +€1,117
up €1,117 (+50.2%), from €2,226 to €3,342
- Depreciation +€545
up €545 (+9.7%), from €5,650 to €6,195
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €152,082 | €177,956 | +€25,874 | +17.0% |
| Fixed assets | 21/28 | €109,601 | €110,009 | +€408 | +0.4% |
| Intangible fixed assets | 21 | - | €3,347 | +€3,347 | |
| Tangible fixed assets | 22/27 | €109,238 | €106,299 | -€2,939 | -2.7% |
| Land and buildings | 22 | €107,535 | €104,356 | -€3,179 | -3.0% |
| Furniture and vehicles | 24 | €1,703 | €1,943 | +€240 | +14.1% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €42,481 | €67,947 | +€25,466 | +59.9% |
| Amounts receivable within one year | 40/41 | €15,632 | €31,360 | +€15,728 | +101% |
| Trade receivables | 40 | €7,907 | €22,826 | +€14,919 | +189% |
| Other amounts receivable | 41 | €7,726 | €8,534 | +€808 | +10.5% |
| Cash at bank and in hand | 54/58 | €22,566 | €33,163 | +€10,596 | +47.0% |
| Deferred charges and accrued income | 490/1 | €4,282 | €3,424 | -€858 | -20.0% |
| Total equity and liabilities | 10/49 | €152,082 | €177,956 | +€25,874 | +17.0% |
| Equity | 10/15 | €3,360 | €8,656 | +€5,296 | +158% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €360 | €5,656 | +€5,296 | +1,472% |
| Amounts payable | 17/49 | €148,722 | €169,300 | +€20,578 | +13.8% |
| Amounts payable after more than one year | 17 | €65,654 | €62,015 | -€3,639 | -5.5% |
| Financial debts | 170/4 | €65,654 | €62,015 | -€3,639 | -5.5% |
| Amounts payable within one year | 42/48 | €83,068 | €107,285 | +€24,217 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | €3,494 | €3,639 | +€145 | +4.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,988 | €9,316 | +€6,329 | +212% |
| Suppliers | 440/4 | €2,988 | €9,316 | +€6,329 | +212% |
| Taxes, remuneration and social security | 45 | €625 | €2,197 | +€1,572 | +252% |
| Taxes | 450/3 | €2 | €2,012 | +€2,010 | +92,617% |
| Remuneration and social security | 454/9 | €623 | €185 | -€438 | -70.2% |
| Other amounts payable | 47/48 | €75,961 | €92,133 | +€16,171 | +21.3% |
| Remuneration, social security and pensions | 62 | €7,429 | €10,948 | +€3,519 | +47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,650 | €6,195 | +€545 | +9.7% |
| Other operating charges | 640/8 | €1,272 | €1,021 | -€251 | -19.7% |
| Gross operating margin | 9900 | €23,526 | €38,634 | +€15,108 | +64.2% |
| Operating profit (loss) | 9901 | €9,175 | €20,469 | +€11,294 | +123% |
| Financial income | 75/76B | - | €181 | +€181 | |
| Recurring financial income | 75 | - | €181 | +€181 | |
| Financial charges | 65/66B | €2,226 | €3,342 | +€1,117 | +50.2% |
| Recurring financial charges | 65 | €2,226 | €3,342 | +€1,117 | +50.2% |
| Profit (loss) for the period before taxes | 9903 | €6,950 | €17,308 | +€10,359 | +149% |
| Income taxes | 67/77 | €2 | €2,012 | +€2,010 | +92,617% |
| Profit (loss) for the period | 9904 | €6,947 | €15,296 | +€8,349 | +120% |
| Profit (loss) for the period to be appropriated | 9905 | €6,947 | €15,296 | +€8,349 | +120% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.