POELAERT: what changed
Two financial 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.
POELAERT
Largest movements
- Cash +€27,045
up €27,045 (+65.5%), from €41,299 to €68,344
mainly Depreciation (+€29,767) and Net result for the year (+€25,168)
- Tangible fixed assets -€18,788
down €18,788 (-23.7%), from €79,249 to €60,461
of which Plant, machinery and equipment: -€18,511
- Stocks and contracts +€2,302
up €2,302 (+31.0%), from €7,421 to €9,723
- Reserves +€25,168
up €25,168 (+46.3%), from €54,404 to €79,572
- Other debts -€17,598
down €17,598 (-89.8%), from €19,605 to €2,007
- Tax, wage and social debts +€3,838
up €3,838 (+10.8%), from €35,683 to €39,521
of which Taxes: +€4,188
- Gross operating margin +€41,162
up €41,162 (+29.6%), from €139,282 to €180,444
- Staff costs +€29,256
up €29,256 (+38.8%), from €75,402 to €104,658
- Taxes +€4,756
up €4,756 (+53.6%), from €8,871 to €13,627
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.
Derived cash bridge
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 | €149,958 | €160,433 | +€10,475 | +7.0% |
| Fixed assets | 21/28 | €87,408 | €68,620 | -€18,788 | -21.5% |
| Tangible fixed assets | 22/27 | €79,249 | €60,461 | -€18,788 | -23.7% |
| Plant, machinery and equipment | 23 | €33,502 | €14,991 | -€18,511 | -55.3% |
| Furniture and vehicles | 24 | €5,218 | €6,326 | +€1,108 | +21.2% |
| Other tangible fixed assets | 26 | €40,530 | €39,145 | -€1,385 | -3.4% |
| Financial fixed assets | 28 | €8,159 | €8,159 | = | 0.0% |
| Current assets | 29/58 | €62,550 | €91,813 | +€29,262 | +46.8% |
| Stocks and contracts in progress | 3 | €7,421 | €9,723 | +€2,302 | +31.0% |
| Stocks | 30/36 | €7,421 | €9,723 | +€2,302 | +31.0% |
| Amounts receivable within one year | 40/41 | €13,830 | €13,746 | -€84 | -0.6% |
| Trade receivables | 40 | €12,411 | €10,144 | -€2,267 | -18.3% |
| Other amounts receivable | 41 | €1,418 | €3,601 | +€2,183 | +154% |
| Cash at bank and in hand | 54/58 | €41,299 | €68,344 | +€27,045 | +65.5% |
| Total equity and liabilities | 10/49 | €149,958 | €160,433 | +€10,475 | +7.0% |
| Equity | 10/15 | €72,954 | €98,122 | +€25,168 | +34.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €54,404 | €79,572 | +€25,168 | +46.3% |
| Distributable reserves | 133 | €54,404 | €79,572 | +€25,168 | +46.3% |
| Amounts payable | 17/49 | €77,004 | €62,310 | -€14,694 | -19.1% |
| Amounts payable within one year | 42/48 | €77,004 | €62,310 | -€14,694 | -19.1% |
| Trade debts | 44 | €21,716 | €20,782 | -€934 | -4.3% |
| Suppliers | 440/4 | €21,716 | €20,782 | -€934 | -4.3% |
| Taxes, remuneration and social security | 45 | €35,683 | €39,521 | +€3,838 | +10.8% |
| Taxes | 450/3 | €26,749 | €30,937 | +€4,188 | +15.7% |
| Remuneration and social security | 454/9 | €8,934 | €8,584 | -€350 | -3.9% |
| Other amounts payable | 47/48 | €19,605 | €2,007 | -€17,598 | -89.8% |
| Non-recurring operating income | 76A | €4,498 | - | -€4,498 | |
| Remuneration, social security and pensions | 62 | €75,402 | €104,658 | +€29,256 | +38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,912 | €29,767 | +€855 | +3.0% |
| Other operating charges | 640/8 | €1,694 | €865 | -€829 | -48.9% |
| Gross operating margin | 9900 | €139,282 | €180,444 | +€41,162 | +29.6% |
| Operating profit (loss) | 9901 | €33,275 | €45,155 | +€11,880 | +35.7% |
| Financial income | 75/76B | €409 | €442 | +€34 | +8.3% |
| Recurring financial income | 75 | €409 | €442 | +€34 | +8.3% |
| Financial charges | 65/66B | €5,233 | €6,802 | +€1,569 | +30.0% |
| Recurring financial charges | 65 | €5,233 | €6,802 | +€1,569 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | €28,451 | €38,795 | +€10,344 | +36.4% |
| Income taxes | 67/77 | €8,871 | €13,627 | +€4,756 | +53.6% |
| Profit (loss) for the period | 9904 | €19,580 | €25,168 | +€5,589 | +28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,580 | €25,168 | +€5,589 | +28.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.