POL HARTOG: 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.
POL HARTOG
Largest movements
- Receivables within one year -€99,631
down €99,631 (-71.5%), from €139,276 to €39,645
of which Trade receivables: -€95,153
- Tangible fixed assets -€80,078
down €80,078 (-15.8%), from €505,343 to €425,265
of which Plant, machinery and equipment: -€61,249
- Cash -€38,792
down €38,792 (-91.0%), from €42,651 to €3,858
mainly Trade debts (-€95,180) and Debts after one year (-€84,230)
- Trade debts -€95,180
down €95,180 (-51.9%), from €183,531 to €88,351
- Debts after one year -€84,230
down €84,230 (-28.8%), from €292,671 to €208,441
- Profit (loss) carried forward -€65,680
down €65,680 (-175%), from -€37,569 to -€103,249
- Other debts +€31,517
up €31,517 (+107%), from €29,410 to €60,927
- Gross operating margin -€42,851
down €42,851 (-38.4%), from €111,722 to €68,871
- Depreciation -€14,210
down €14,210 (-11.9%), from €119,698 to €105,488
- Other operating charges -€12,483
down €12,483 (-88.2%), from €14,155 to €1,672
- Staff costs +€6,683
new in 2025: €6,683
- Financial charges +€5,271
up €5,271 (+34.1%), from €15,438 to €20,709
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 | €762,111 | €546,956 | -€215,154 | -28.2% |
| Fixed assets | 21/28 | €505,343 | €425,265 | -€80,078 | -15.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €505,343 | €425,265 | -€80,078 | -15.8% |
| Land and buildings | 22 | €35,576 | €31,356 | -€4,220 | -11.9% |
| Plant, machinery and equipment | 23 | €420,074 | €358,825 | -€61,249 | -14.6% |
| Furniture and vehicles | 24 | €46,545 | €32,889 | -€13,656 | -29.3% |
| Other tangible fixed assets | 26 | €3,148 | €2,195 | -€953 | -30.3% |
| Current assets | 29/58 | €256,768 | €121,692 | -€135,076 | -52.6% |
| Stocks and contracts in progress | 3 | €59,759 | €61,408 | +€1,648 | +2.8% |
| Stocks | 30/36 | €59,759 | €61,408 | +€1,648 | +2.8% |
| Amounts receivable within one year | 40/41 | €139,276 | €39,645 | -€99,631 | -71.5% |
| Trade receivables | 40 | €134,798 | €39,645 | -€95,153 | -70.6% |
| Other amounts receivable | 41 | €4,478 | €0 | -€4,478 | -100% |
| Cash at bank and in hand | 54/58 | €42,651 | €3,858 | -€38,792 | -91.0% |
| Deferred charges and accrued income | 490/1 | €15,083 | €16,781 | +€1,698 | +11.3% |
| Total equity and liabilities | 10/49 | €762,111 | €546,956 | -€215,154 | -28.2% |
| Equity | 10/15 | €72,839 | €7,159 | -€65,680 | -90.2% |
| Contributions | 10/11 | €31,550 | €31,550 | = | 0.0% |
| Reserves | 13 | €78,858 | €78,858 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €78,858 | €78,858 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,569 | -€103,249 | -€65,680 | -175% |
| Amounts payable | 17/49 | €689,272 | €539,798 | -€149,474 | -21.7% |
| Amounts payable after more than one year | 17 | €292,671 | €208,441 | -€84,230 | -28.8% |
| Financial debts | 170/4 | €292,671 | €208,441 | -€84,230 | -28.8% |
| Amounts payable within one year | 42/48 | €396,601 | €331,357 | -€65,244 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €84,362 | €82,343 | -€2,020 | -2.4% |
| Financial debts | 43 | €98,000 | €93,000 | -€5,000 | -5.1% |
| Credit institutions | 430/8 | €98,000 | €93,000 | -€5,000 | -5.1% |
| Trade debts | 44 | €183,531 | €88,351 | -€95,180 | -51.9% |
| Suppliers | 440/4 | €183,531 | €88,351 | -€95,180 | -51.9% |
| Taxes, remuneration and social security | 45 | €1,298 | €6,736 | +€5,439 | +419% |
| Taxes | 450/3 | €1,298 | €6,736 | +€5,439 | +419% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €29,410 | €60,927 | +€31,517 | +107% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €6,683 | +€6,683 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,698 | €105,488 | -€14,210 | -11.9% |
| Other operating charges | 640/8 | €14,155 | €1,672 | -€12,483 | -88.2% |
| Gross operating margin | 9900 | €111,722 | €68,871 | -€42,851 | -38.4% |
| Operating profit (loss) | 9901 | -€22,131 | -€44,972 | -€22,841 | -103% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €15,438 | €20,709 | +€5,271 | +34.1% |
| Recurring financial charges | 65 | €15,438 | €20,709 | +€5,271 | +34.1% |
| Profit (loss) for the period before taxes | 9903 | -€37,569 | -€65,680 | -€28,111 | -74.8% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€37,569 | -€65,680 | -€28,111 | -74.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,569 | -€65,680 | -€28,111 | -74.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.