POELMAN: 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.
POELMAN
Largest movements
- Receivables within one year +€55,766
up €55,766 (+48.8%), from €114,253 to €170,018
of which Trade receivables: +€47,587
- Stocks and contracts +€31,129
up €31,129 (+28.6%), from €108,885 to €140,014
- Tangible fixed assets +€15,130
up €15,130 (+5.0%), from €303,999 to €319,129
of which Plant, machinery and equipment: +€22,330
- Deferred charges and accrued income -€8,805
down €8,805 (-39.0%), from €22,582 to €13,777
- Trade debts +€126,364
up €126,364 (+64.5%), from €195,979 to €322,343
- Accrued charges and deferred income -€27,274
down €27,274 (-95.2%), from €28,658 to €1,384
- Debts after one year -€13,860
down €13,860 (-9.1%), from €152,498 to €138,638
- Gross operating margin -€40,812
down €40,812 (-18.5%), from €220,676 to €179,864
- Staff costs -€5,987
down €5,987 (-6.0%), from €99,555 to €93,569
- Taxes -€4,519
down €4,519 (-28.4%), from €15,892 to €11,373
- Depreciation +€4,477
up €4,477 (+14.1%), from €31,843 to €36,320
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 | €618,736 | €709,941 | +€91,205 | +14.7% |
| Fixed assets | 21/28 | €304,178 | €319,309 | +€15,130 | +5.0% |
| Tangible fixed assets | 22/27 | €303,999 | €319,129 | +€15,130 | +5.0% |
| Land and buildings | 22 | €144,858 | €141,643 | -€3,215 | -2.2% |
| Plant, machinery and equipment | 23 | €132,629 | €154,959 | +€22,330 | +16.8% |
| Furniture and vehicles | 24 | €26,512 | €22,527 | -€3,985 | -15.0% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €314,558 | €390,632 | +€76,075 | +24.2% |
| Stocks and contracts in progress | 3 | €108,885 | €140,014 | +€31,129 | +28.6% |
| Stocks | 30/36 | €108,885 | €140,014 | +€31,129 | +28.6% |
| Amounts receivable within one year | 40/41 | €114,253 | €170,018 | +€55,766 | +48.8% |
| Trade receivables | 40 | €106,542 | €154,129 | +€47,587 | +44.7% |
| Other amounts receivable | 41 | €7,710 | €15,890 | +€8,179 | +106% |
| Cash at bank and in hand | 54/58 | €68,838 | €66,823 | -€2,015 | -2.9% |
| Deferred charges and accrued income | 490/1 | €22,582 | €13,777 | -€8,805 | -39.0% |
| Total equity and liabilities | 10/49 | €618,736 | €709,941 | +€91,205 | +14.7% |
| Equity | 10/15 | €64,864 | €65,390 | +€526 | +0.8% |
| Contributions | 10/11 | €6,203 | €6,203 | = | 0.0% |
| Reserves | 13 | €58,661 | €59,187 | +€526 | +0.9% |
| Distributable reserves | 133 | €58,661 | €59,187 | +€526 | +0.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €553,872 | €644,551 | +€90,679 | +16.4% |
| Amounts payable after more than one year | 17 | €152,498 | €138,638 | -€13,860 | -9.1% |
| Financial debts | 170/4 | €152,498 | €138,638 | -€13,860 | -9.1% |
| Amounts payable within one year | 42/48 | €372,716 | €504,530 | +€131,813 | +35.4% |
| Current portion of amounts payable after more than one year | 42 | €36,327 | €42,936 | +€6,609 | +18.2% |
| Trade debts | 44 | €195,979 | €322,343 | +€126,364 | +64.5% |
| Suppliers | 440/4 | €195,979 | €322,343 | +€126,364 | +64.5% |
| Taxes, remuneration and social security | 45 | €14,814 | €9,989 | -€4,826 | -32.6% |
| Taxes | 450/3 | €98 | €70 | -€28 | -28.7% |
| Remuneration and social security | 454/9 | €14,716 | €9,919 | -€4,797 | -32.6% |
| Other amounts payable | 47/48 | €125,596 | €129,262 | +€3,666 | +2.9% |
| Accrued charges and deferred income | 492/3 | €28,658 | €1,384 | -€27,274 | -95.2% |
| Remuneration, social security and pensions | 62 | €99,555 | €93,569 | -€5,987 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,843 | €36,320 | +€4,477 | +14.1% |
| Other operating charges | 640/8 | €2,597 | €3,405 | +€808 | +31.1% |
| Non-recurring operating charges | 66A | - | €241 | +€241 | |
| Gross operating margin | 9900 | €220,676 | €179,864 | -€40,812 | -18.5% |
| Operating profit (loss) | 9901 | €86,681 | €46,329 | -€40,352 | -46.6% |
| Financial income | 75/76B | €2,242 | €1,042 | -€1,200 | -53.5% |
| Recurring financial income | 75 | €2,242 | €1,042 | -€1,200 | -53.5% |
| Financial charges | 65/66B | €6,045 | €6,222 | +€177 | +2.9% |
| Recurring financial charges | 65 | €6,045 | €6,222 | +€177 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €82,878 | €41,149 | -€41,729 | -50.4% |
| Income taxes | 67/77 | €15,892 | €11,373 | -€4,519 | -28.4% |
| Profit (loss) for the period | 9904 | €66,986 | €29,776 | -€37,210 | -55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €66,986 | €29,776 | -€37,210 | -55.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.