Pol: 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
Pol
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€17,272
2024 · -€38,927+€56,200
Equity
€1.6m
2024 · €1.6m+€17,272
Cash
€674,068
2024 · €765,776-€91,708
Balance sheet total
€2.0m
2024 · €2.3m-€261,902
Largest movements
Assets
- Receivables within one year -€154,916
down €154,916 (-41.6%), from €372,460 to €217,544
- Cash -€91,708
down €91,708 (-12.0%), from €765,776 to €674,068
mainly Trade debts (-€251,264) and Debts after one year (-€23,918)
Equity and liabilities
- Trade debts -€251,264
down €251,264 (-100.0%), from €251,297 to €33
- Debts after one year -€23,918
down €23,918 (-14.1%), from €169,247 to €145,329
Income statement
- Other operating charges -€34,638
down €34,638 (-84.2%), from €41,151 to €6,512
- Taxes -€25,950
down €25,950, from €25,659 to -€291
- Gross operating margin -€15,439
down €15,439 (-33.6%), from €45,966 to €30,527
- Depreciation +€1,362
up €1,362 (+10.8%), from €12,652 to €14,014
- Financial income +€761
up €761 (+6.3%), from €12,002 to €12,763
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
-€38,927
Gross operating margin
-€15,439
Depreciation
-€1,362
Other operating charges
+€34,638
Other operating items
+€11,080
Financial income
+€761
Financial charges
+€166
Taxes
+€25,950
Deferred taxes and other
+€406
Result 2025
€17,272
raises the resultlowers the resultnot broken down further in the accounts
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
-€68,620
Investment
€0
Financing
-€23,088
Cash 2024
€765,776
From operations (derived)
-€68,620
Net result for the year
+€17,272
Depreciation
+€14,014
Receivables within one year
+€154,916
Deferred charges and accrued income
+€1,264
Provisions
-€1,825
Trade debts
-€251,264
Tax, wage and social debts
-€39
Other debts
-€2,958
Financing
-€23,088
Debts after one year
-€23,918
Current portion of long-term debt
+€831
Cash 2025
€674,068
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,266,103 | €2,004,201 | -€261,902 | -11.6% |
| Fixed assets | 21/28 | €517,785 | €503,772 | -€14,014 | -2.7% |
| Tangible fixed assets | 22/27 | €517,785 | €503,772 | -€14,014 | -2.7% |
| Land and buildings | 22 | €517,036 | €503,757 | -€13,279 | -2.6% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €749 | €15 | -€735 | -98.0% |
| Current assets | 29/58 | €1,748,317 | €1,500,430 | -€247,888 | -14.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €372,460 | €217,544 | -€154,916 | -41.6% |
| Other amounts receivable | 41 | €372,460 | €217,544 | -€154,916 | -41.6% |
| Current investments | 50/53 | €608,817 | €608,817 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €765,776 | €674,068 | -€91,708 | -12.0% |
| Deferred charges and accrued income | 490/1 | €1,264 | €0 | -€1,264 | -100% |
| Total equity and liabilities | 10/49 | €2,266,103 | €2,004,201 | -€261,902 | -11.6% |
| Equity | 10/15 | €1,624,739 | €1,642,012 | +€17,272 | +1.1% |
| Contributions | 10/11 | €288,000 | €288,000 | = | 0.0% |
| Capital | 10 | €288,000 | €288,000 | = | 0.0% |
| Issued capital | 100 | €288,000 | €288,000 | = | 0.0% |
| Reserves | 13 | €1,336,739 | €1,354,012 | +€17,272 | +1.3% |
| Non-distributable reserves | 130/1 | €637,617 | €637,617 | = | 0.0% |
| Legal reserve | 130 | €28,800 | €28,800 | = | 0.0% |
| Own shares acquired | 1312 | €608,817 | €608,817 | = | 0.0% |
| Tax-exempt reserves | 132 | €594,699 | €589,223 | -€5,475 | -0.9% |
| Distributable reserves | 133 | €104,424 | €127,171 | +€22,748 | +21.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €194,664 | €192,839 | -€1,825 | -0.9% |
| Deferred taxes | 168 | €194,664 | €192,839 | -€1,825 | -0.9% |
| Amounts payable | 17/49 | €446,699 | €169,351 | -€277,349 | -62.1% |
| Amounts payable after more than one year | 17 | €169,247 | €145,329 | -€23,918 | -14.1% |
| Financial debts | 170/4 | €169,247 | €145,329 | -€23,918 | -14.1% |
| Amounts payable within one year | 42/48 | €277,452 | €24,022 | -€253,430 | -91.3% |
| Current portion of amounts payable after more than one year | 42 | €23,088 | €23,918 | +€831 | +3.6% |
| Trade debts | 44 | €251,297 | €33 | -€251,264 | -100.0% |
| Suppliers | 440/4 | €251,297 | €33 | -€251,264 | -100.0% |
| Taxes, remuneration and social security | 45 | €109 | €70 | -€39 | -35.9% |
| Taxes | 450/3 | €109 | €70 | -€39 | -35.9% |
| Other amounts payable | 47/48 | €2,958 | €0 | -€2,958 | -100% |
| Non-recurring operating income | 76A | €30,074 | €0 | -€30,074 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,652 | €14,014 | +€1,362 | +10.8% |
| Other operating charges | 640/8 | €41,151 | €6,512 | -€34,638 | -84.2% |
| Non-recurring operating charges | 66A | €11,080 | €0 | -€11,080 | -100% |
| Gross operating margin | 9900 | €45,966 | €30,527 | -€15,439 | -33.6% |
| Operating profit (loss) | 9901 | -€18,916 | €10,001 | +€28,917 | |
| Financial income | 75/76B | €12,002 | €12,763 | +€761 | +6.3% |
| Recurring financial income | 75 | €12,002 | €12,763 | +€761 | +6.3% |
| Financial charges | 65/66B | €7,774 | €7,608 | -€166 | -2.1% |
| Recurring financial charges | 65 | €7,774 | €7,608 | -€166 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | -€14,687 | €15,156 | +€29,843 | |
| Transfer from deferred taxes | 780 | €1,419 | €1,825 | +€406 | +28.7% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €25,659 | -€291 | -€25,950 | |
| Profit (loss) for the period | 9904 | -€38,927 | €17,272 | +€56,200 | |
| Transfer from tax-exempt reserves | 789 | €4,256 | €5,475 | +€1,219 | +28.7% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,672 | €22,748 | +€57,419 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.