POELS MANAGEMENT: 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.
What changed
POELS MANAGEMENT
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.1m
2024 · €32,465+€2.0m
Equity
€2.1m
2024 · €72,700+€2.1m
Cash
€3,961
2024 · €635+€3,326
Balance sheet total
€3.0m
2024 · €2.8m+€187,646
Largest movements
Assets
- Receivables within one year +€196,293
up €196,293 (+132%), from €148,413 to €344,706
of which Other amounts receivable: +€201,346
Equity and liabilities
- Other debts -€2.2m
down €2.2m (-95.2%), from €2.3m to €109,948
- Profit (loss) carried forward +€2.1m
up €2.1m (+3,543%), from €57,967 to €2.1m
- Debts after one year +€300,000
up €300,000 (+66.7%), from €450,000 to €750,000
Income statement
- Financial income +€2.1m
up €2.1m (+25,566%), from €8,032 to €2.1m
- Gross operating margin -€9,797
down €9,797 (-26.1%), from €37,518 to €27,722
- Other operating charges +€1,478
up €1,478 (+73.7%), from €2,005 to €3,483
- Taxes +€653
up €653 (+15.7%), from €4,150 to €4,804
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.
Result 2024
€32,465
Gross operating margin
-€9,797
Depreciation
-€126
Other operating charges
-€1,478
Financial income
+€2.1m
Financial charges
+€34
Taxes
-€653
Result 2025
€2.1m
raises the resultlowers the result
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.
From operations
-€280,290
Investment
+€4,831
Financing
+€278,785
Cash 2024
€635
From operations (derived)
-€280,290
Net result for the year
+€2.1m
Depreciation
+€6,521
Receivables within one year
-€196,293
Smaller working-capital items
+€4,497
Trade debts
+€7,802
Other debts
-€2.2m
Investment (derived)
+€4,831
Investment in fixed assets (net)
-€1,238
Current investments
+€6,069
Financing
+€278,785
Debts after one year
+€300,000
Short-term financial debts
-€1,215
Contributions, distributions and other
-€20,000
Cash 2025
€3,961
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,847,177 | €3,034,823 | +€187,646 | +6.6% |
| Fixed assets | 21/28 | €2,654,084 | €2,648,801 | -€5,283 | -0.2% |
| Tangible fixed assets | 22/27 | €63,215 | €57,931 | -€5,283 | -8.4% |
| Plant, machinery and equipment | 23 | €814 | €527 | -€287 | -35.3% |
| Furniture and vehicles | 24 | €20,480 | €20,783 | +€303 | +1.5% |
| Other tangible fixed assets | 26 | €41,921 | €36,622 | -€5,299 | -12.6% |
| Financial fixed assets | 28 | €2,590,869 | €2,590,869 | = | 0.0% |
| Current assets | 29/58 | €193,093 | €386,022 | +€192,929 | +99.9% |
| Amounts receivable after more than one year | 29 | €37,000 | €37,000 | = | 0.0% |
| Other amounts receivable | 291 | €37,000 | €37,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €148,413 | €344,706 | +€196,293 | +132% |
| Trade receivables | 40 | €39,482 | €34,429 | -€5,053 | -12.8% |
| Other amounts receivable | 41 | €108,931 | €310,277 | +€201,346 | +185% |
| Current investments | 50/53 | €6,078 | €9 | -€6,069 | -99.8% |
| Cash at bank and in hand | 54/58 | €635 | €3,961 | +€3,326 | +524% |
| Deferred charges and accrued income | 490/1 | €967 | €346 | -€621 | -64.2% |
| Total equity and liabilities | 10/49 | €2,847,177 | €3,034,823 | +€187,646 | +6.6% |
| Equity | 10/15 | €72,700 | €2,126,566 | +€2.1m | +2,825% |
| Contributions | 10/11 | €13,634 | €13,634 | = | 0.0% |
| Reserves | 13 | €1,099 | €1,099 | = | 0.0% |
| Distributable reserves | 133 | €1,099 | €1,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,967 | €2,111,833 | +€2.1m | +3,543% |
| Amounts payable | 17/49 | €2,774,477 | €908,257 | -€1.9m | -67.3% |
| Amounts payable after more than one year | 17 | €450,000 | €750,000 | +€300,000 | +66.7% |
| Financial debts | 170/4 | €450,000 | €750,000 | +€300,000 | +66.7% |
| Amounts payable within one year | 42/48 | €2,324,477 | €158,257 | -€2.2m | -93.2% |
| Financial debts | 43 | €4,850 | €3,634 | -€1,215 | -25.1% |
| Credit institutions | 430/8 | €4,850 | €3,634 | -€1,215 | -25.1% |
| Trade debts | 44 | €23,332 | €31,134 | +€7,802 | +33.4% |
| Suppliers | 440/4 | €23,332 | €31,134 | +€7,802 | +33.4% |
| Taxes, remuneration and social security | 45 | €9,665 | €13,541 | +€3,876 | +40.1% |
| Taxes | 450/3 | €9,665 | €13,541 | +€3,876 | +40.1% |
| Other amounts payable | 47/48 | €2,286,630 | €109,948 | -€2.2m | -95.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €7,875 | €0 | -€7,875 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,395 | €6,521 | +€126 | +2.0% |
| Other operating charges | 640/8 | €2,005 | €3,483 | +€1,478 | +73.7% |
| Gross operating margin | 9900 | €37,518 | €27,722 | -€9,797 | -26.1% |
| Operating profit (loss) | 9901 | €29,118 | €17,718 | -€11,401 | -39.2% |
| Financial income | 75/76B | €8,032 | €2,061,453 | +€2.1m | +25,566% |
| Recurring financial income | 75 | €8,032 | €2,061,453 | +€2.1m | +25,566% |
| Financial charges | 65/66B | €536 | €502 | -€34 | -6.4% |
| Recurring financial charges | 65 | €536 | €502 | -€34 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €36,615 | €2,078,669 | +€2.0m | +5,577% |
| Income taxes | 67/77 | €4,150 | €4,804 | +€653 | +15.7% |
| Profit (loss) for the period | 9904 | €32,465 | €2,073,866 | +€2.0m | +6,288% |
| Profit (loss) for the period to be appropriated | 9905 | €32,465 | €2,073,866 | +€2.0m | +6,288% |
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 31 October 2026 via checked.be.