POL VANDERGUGTEN: 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 VANDERGUGTEN
Largest movements
- Cash -€16,340
down €16,340 (-79.7%), from €20,502 to €4,162
mainly Net result for the year (-€30,303) and Investment in fixed assets (net) (-€8,118)
- Receivables within one year -€12,834
no longer reported in 2025 (was €12,834)
- Tangible fixed assets +€6,681
up €6,681 (+422%), from €1,582 to €8,263
of which Furniture and vehicles: +€7,340
- Profit (loss) carried forward -€30,303
down €30,303, from €18,584 to -€11,719
- Other debts +€6,719
new in 2025: €6,719
- Trade debts +€2,624
up €2,624 (+634%), from €414 to €3,038
- Tax, wage and social debts -€1,534
down €1,534 (-33.5%), from €4,579 to €3,045
of which Taxes: -€1,534
- Gross operating margin -€46,708
down €46,708, from €18,337 to -€28,371
- Staff costs -€13,772
no longer reported in 2025 (was €13,772)
- Other operating charges -€1,108
down €1,108 (-87.9%), from €1,260 to €152
- Depreciation -€789
down €789 (-35.4%), from €2,226 to €1,437
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 | €46,633 | €24,139 | -€22,494 | -48.2% |
| Fixed assets | 21/28 | €1,582 | €8,263 | +€6,681 | +422% |
| Tangible fixed assets | 22/27 | €1,582 | €8,263 | +€6,681 | +422% |
| Land and buildings | 22 | €566 | - | -€566 | |
| Plant, machinery and equipment | 23 | €93 | - | -€93 | |
| Furniture and vehicles | 24 | €923 | €8,263 | +€7,340 | +795% |
| Current assets | 29/58 | €45,051 | €15,876 | -€29,175 | -64.8% |
| Stocks and contracts in progress | 3 | €9,700 | €9,700 | = | 0.0% |
| Stocks | 30/36 | €9,700 | €9,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,834 | - | -€12,834 | |
| Other amounts receivable | 41 | €12,834 | - | -€12,834 | |
| Cash at bank and in hand | 54/58 | €20,502 | €4,162 | -€16,340 | -79.7% |
| Deferred charges and accrued income | 490/1 | €2,015 | €2,014 | -€1 | 0.0% |
| Total equity and liabilities | 10/49 | €46,633 | €24,139 | -€22,494 | -48.2% |
| Equity | 10/15 | €41,640 | €11,337 | -€30,303 | -72.8% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €16,859 | €16,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,584 | -€11,719 | -€30,303 | |
| Amounts payable | 17/49 | €4,993 | €12,802 | +€7,809 | +156% |
| Amounts payable within one year | 42/48 | €4,993 | €12,802 | +€7,809 | +156% |
| Trade debts | 44 | €414 | €3,038 | +€2,624 | +634% |
| Suppliers | 440/4 | €414 | €3,038 | +€2,624 | +634% |
| Taxes, remuneration and social security | 45 | €4,579 | €3,045 | -€1,534 | -33.5% |
| Taxes | 450/3 | €1,852 | €318 | -€1,534 | -82.8% |
| Remuneration and social security | 454/9 | €2,727 | €2,727 | = | 0.0% |
| Other amounts payable | 47/48 | - | €6,719 | +€6,719 | |
| Remuneration, social security and pensions | 62 | €13,772 | - | -€13,772 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,226 | €1,437 | -€789 | -35.4% |
| Other operating charges | 640/8 | €1,260 | €152 | -€1,108 | -87.9% |
| Gross operating margin | 9900 | €18,337 | -€28,371 | -€46,708 | |
| Operating profit (loss) | 9901 | €1,079 | -€29,960 | -€31,039 | |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €53 | €95 | +€42 | +79.2% |
| Recurring financial charges | 65 | €53 | €95 | +€42 | +79.2% |
| Profit (loss) for the period before taxes | 9903 | €1,033 | -€30,055 | -€31,088 | |
| Income taxes | 67/77 | €286 | €248 | -€38 | -13.3% |
| Profit (loss) for the period | 9904 | €747 | -€30,303 | -€31,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €747 | -€30,303 | -€31,050 |
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 23 October 2026 via checked.be.