POLAK: 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.
POLAK
Largest movements
- Current investments +€3.3m
up €3.3m (+1,900%), from €175,000 to €3.5m
- Tangible fixed assets -€1.0m
down €1.0m (-15.1%), from €6.7m to €5.7m
of which Land and buildings: -€1.0m
- Receivables within one year +€489,941
up €489,941 (+794%), from €61,736 to €551,677
of which Trade receivables: +€371,423
- Cash -€433,590
down €433,590 (-75.1%), from €577,362 to €143,772
mainly Current investments (-€3.3m) and Contributions, distributions and other (-€2.0m)
- Reserves +€1.6m
up €1.6m (+25.3%), from €6.5m to €8.1m
of which Distributable reserves: +€1.6m
- Tax, wage and social debts +€682,080
up €682,080 (+1,650%), from €41,332 to €723,412
- Trade debts +€286,952
up €286,952 (+2,169%), from €13,230 to €300,182
- Debts after one year -€200,000
down €200,000 (-30.8%), from €650,000 to €450,000
- Gross operating margin +€4.2m
up €4.2m (+549%), from €759,673 to €4.9m
- Taxes +€687,947
up €687,947 (+1,226%), from €56,110 to €744,057
- Write-downs +€96,825
up €96,825 (+105%), from €91,894 to €188,720
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 | €7,583,851 | €9,949,837 | +€2.4m | +31.2% |
| Fixed assets | 21/28 | €6,751,433 | €5,728,377 | -€1.0m | -15.2% |
| Tangible fixed assets | 22/27 | €6,743,970 | €5,728,377 | -€1.0m | -15.1% |
| Land and buildings | 22 | €6,712,299 | €5,682,343 | -€1.0m | -15.3% |
| Plant, machinery and equipment | 23 | €29,810 | €45,424 | +€15,614 | +52.4% |
| Furniture and vehicles | 24 | €1,861 | €610 | -€1,251 | -67.2% |
| Financial fixed assets | 28 | €7,463 | €0 | -€7,463 | -100% |
| Current assets | 29/58 | €832,418 | €4,221,459 | +€3.4m | +407% |
| Amounts receivable after more than one year | 29 | €15,611 | €0 | -€15,611 | -100% |
| Trade receivables | 290 | €15,611 | €0 | -€15,611 | -100% |
| Amounts receivable within one year | 40/41 | €61,736 | €551,677 | +€489,941 | +794% |
| Trade receivables | 40 | €49,968 | €421,391 | +€371,423 | +743% |
| Other amounts receivable | 41 | €11,768 | €130,286 | +€118,518 | +1,007% |
| Current investments | 50/53 | €175,000 | €3,500,000 | +€3.3m | +1,900% |
| Cash at bank and in hand | 54/58 | €577,362 | €143,772 | -€433,590 | -75.1% |
| Deferred charges and accrued income | 490/1 | €2,708 | €26,010 | +€23,302 | +860% |
| Total equity and liabilities | 10/49 | €7,583,851 | €9,949,837 | +€2.4m | +31.2% |
| Equity | 10/15 | €6,625,476 | €8,258,191 | +€1.6m | +24.6% |
| Contributions | 10/11 | €174,789 | €174,789 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Contributions outside capital | 11 | €24,789 | €24,789 | = | 0.0% |
| Share premium | 1100/10 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €6,450,687 | €8,083,402 | +€1.6m | +25.3% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €6,379,437 | €8,012,152 | +€1.6m | +25.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €958,374 | €1,691,646 | +€733,271 | +76.5% |
| Amounts payable after more than one year | 17 | €650,000 | €450,000 | -€200,000 | -30.8% |
| Financial debts | 170/4 | €650,000 | €450,000 | -€200,000 | -30.8% |
| Amounts payable within one year | 42/48 | €285,311 | €1,237,057 | +€951,746 | +334% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €13,230 | €300,182 | +€286,952 | +2,169% |
| Suppliers | 440/4 | €13,230 | €300,182 | +€286,952 | +2,169% |
| Taxes, remuneration and social security | 45 | €41,332 | €723,412 | +€682,080 | +1,650% |
| Taxes | 450/3 | €41,332 | €723,412 | +€682,080 | +1,650% |
| Other amounts payable | 47/48 | €30,750 | €13,463 | -€17,287 | -56.2% |
| Accrued charges and deferred income | 492/3 | €23,063 | €4,589 | -€18,474 | -80.1% |
| Non-recurring operating income | 76A | - | €4,546,128 | +€4.5m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €254,925 | €275,138 | +€20,213 | +7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €91,894 | €188,720 | +€96,825 | +105% |
| Other operating charges | 640/8 | €124,059 | €109,101 | -€14,958 | -12.1% |
| Gross operating margin | 9900 | €759,673 | €4,930,529 | +€4.2m | +549% |
| Operating profit (loss) | 9901 | €288,795 | €4,357,571 | +€4.1m | +1,409% |
| Financial income | 75/76B | €18,385 | €33,315 | +€14,930 | +81.2% |
| Recurring financial income | 75 | €18,385 | €33,315 | +€14,930 | +81.2% |
| Financial charges | 65/66B | €15,442 | €14,115 | -€1,328 | -8.6% |
| Recurring financial charges | 65 | €15,442 | €14,115 | -€1,328 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €291,738 | €4,376,771 | +€4.1m | +1,400% |
| Income taxes | 67/77 | €56,110 | €744,057 | +€687,947 | +1,226% |
| Profit (loss) for the period | 9904 | €235,628 | €3,632,715 | +€3.4m | +1,442% |
| Profit (loss) for the period to be appropriated | 9905 | €235,628 | €3,632,715 | +€3.4m | +1,442% |
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 13 October 2026 via checked.be.