Poels Construct: what changed
Two fiscal 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.
Poels Construct
Largest movements
- Receivables within one year +€82,692
up €82,692 (+126.2%), from €65,532 to €148,224
of which Trade receivables: +€84,724
- Tangible fixed assets -€43,136
down €43,136 (-8.1%), from €532,675 to €489,539
of which Land and buildings: -€36,280
- Deferred charges and accrued income +€6,974
up €6,974 (+317.8%), from €2,195 to €9,168
- Profit (loss) carried forward +€45,392
up €45,392 (+19.1%), from -€237,991 to -€192,599
- Current portion of long-term debt -€26,655
down €26,655 (-33.0%), from €80,762 to €54,107
- Tax, wage and social debts +€15,319
up €15,319 (+78.5%), from €19,523 to €34,842
of which Taxes: +€15,319
- Trade debts +€12,222
up €12,222, from €0 to €12,222
- Staff costs -€43,552
no longer reported in 2025 (was €43,552)
- Financial charges -€37,177
down €37,177 (-83.0%), from €44,785 to €7,607
- Gross operating margin +€33,813
up €33,813 (+49.7%), from €68,074 to €101,887
- Depreciation -€10,855
down €10,855 (-18.2%), from €59,577 to €48,723
- Other operating charges -€2,147
down €2,147 (-92.9%), from €2,312 to €165
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.
Cash bridge derived
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 | €638,917 | €685,196 | +€46,279 | +7.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €547,331 | €504,195 | -€43,136 | -7.9% |
| Tangible fixed assets | 22/27 | €532,675 | €489,539 | -€43,136 | -8.1% |
| Land and buildings | 22 | €493,353 | €457,073 | -€36,280 | -7.4% |
| Plant, machinery and equipment | 23 | €21,615 | €22,676 | +€1,061 | +4.9% |
| Furniture and vehicles | 24 | €17,462 | €9,791 | -€7,671 | -43.9% |
| Leasing and similar rights | 25 | €245 | €0 | -€245 | -100.0% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €14,655 | €14,655 | = | 0.0% |
| Current assets | 29/58 | €91,586 | €181,001 | +€89,415 | +97.6% |
| Amounts receivable within one year | 40/41 | €65,532 | €148,224 | +€82,692 | +126.2% |
| Trade receivables | 40 | €43,066 | €127,789 | +€84,724 | +196.7% |
| Other amounts receivable | 41 | €22,466 | €20,435 | -€2,032 | -9.0% |
| Cash at bank and in hand | 54/58 | €23,859 | €23,608 | -€251 | -1.1% |
| Deferred charges and accrued income | 490/1 | €2,195 | €9,168 | +€6,974 | +317.8% |
| Total equity and liabilities | 10/49 | €638,917 | €685,196 | +€46,279 | +7.2% |
| Equity | 10/15 | -€158,934 | -€113,542 | +€45,392 | +28.6% |
| Contributions | 10/11 | €7,197 | €7,197 | = | 0.0% |
| Reserves | 13 | €71,860 | €71,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€237,991 | -€192,599 | +€45,392 | +19.1% |
| Amounts payable | 17/49 | €797,851 | €798,738 | +€887 | +0.1% |
| Amounts payable after more than one year | 17 | €447,005 | €447,005 | = | 0.0% |
| Financial debts | 170/4 | €447,005 | €447,005 | = | 0.0% |
| Amounts payable within one year | 42/48 | €350,846 | €351,733 | +€887 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €80,762 | €54,107 | -€26,655 | -33.0% |
| Trade debts | 44 | €0 | €12,222 | +€12,222 | |
| Suppliers | 440/4 | €0 | €12,222 | +€12,222 | |
| Taxes, remuneration and social security | 45 | €19,523 | €34,842 | +€15,319 | +78.5% |
| Taxes | 450/3 | €15,142 | €30,461 | +€15,319 | +101.2% |
| Remuneration and social security | 454/9 | €4,381 | €4,381 | = | 0.0% |
| Other amounts payable | 47/48 | €250,562 | €250,562 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €43,552 | - | -€43,552 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,577 | €48,723 | -€10,855 | -18.2% |
| Other operating charges | 640/8 | €2,312 | €165 | -€2,147 | -92.9% |
| Gross operating margin | 9900 | €68,074 | €101,887 | +€33,813 | +49.7% |
| Operating profit (loss) | 9901 | -€37,368 | €53,000 | +€90,368 | |
| Financial charges | 65/66B | €44,785 | €7,607 | -€37,177 | -83.0% |
| Recurring financial charges | 65 | €44,785 | €7,607 | -€37,177 | -83.0% |
| Profit (loss) for the period before taxes | 9903 | -€82,153 | €45,392 | +€127,545 | |
| Income taxes | 67/77 | -€330 | - | +€330 | |
| Profit (loss) for the period | 9904 | -€81,823 | €45,392 | +€127,215 | |
| Profit (loss) for the period to be appropriated | 9905 | -€81,823 | €45,392 | +€127,215 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.