POLAR: 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.
POLAR
Largest movements
- Receivables within one year -€155,320
down €155,320 (-41.9%), from €370,314 to €214,995
of which Trade receivables: -€189,445
- Tangible fixed assets -€19,036
down €19,036 (-10.4%), from €183,554 to €164,518
of which Land and buildings: -€16,694
- Cash -€14,206
down €14,206 (-6.8%), from €210,096 to €195,890
mainly Contributions, distributions and other (-€109,094) and Net result for the year (-€35,468)
- Reserves -€109,094
down €109,094 (-17.9%), from €609,685 to €500,591
of which Distributable reserves: -€58,604
- Profit (loss) carried forward -€35,468
new in 2025: -€35,468
- Tax, wage and social debts -€26,834
down €26,834 (-83.9%), from €31,971 to €5,137
- Trade debts -€17,782
down €17,782 (-40.6%), from €43,780 to €25,998
- Gross operating margin -€160,578
down €160,578, from €158,985 to -€1,593
- Taxes -€34,348
down €34,348 (-99.5%), from €34,516 to €168
- Other operating charges -€5,054
down €5,054 (-56.7%), from €8,914 to €3,860
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 | €772,502 | €586,792 | -€185,710 | -24.0% |
| Fixed assets | 21/28 | €183,554 | €164,518 | -€19,036 | -10.4% |
| Tangible fixed assets | 22/27 | €183,554 | €164,518 | -€19,036 | -10.4% |
| Land and buildings | 22 | €167,956 | €151,262 | -€16,694 | -9.9% |
| Furniture and vehicles | 24 | €8,597 | €6,256 | -€2,342 | -27.2% |
| Other tangible fixed assets | 26 | €7,000 | €7,000 | = | 0.0% |
| Current assets | 29/58 | €588,948 | €422,274 | -€166,674 | -28.3% |
| Amounts receivable within one year | 40/41 | €370,314 | €214,995 | -€155,320 | -41.9% |
| Trade receivables | 40 | €369,133 | €179,688 | -€189,445 | -51.3% |
| Other amounts receivable | 41 | €1,181 | €35,307 | +€34,126 | +2,889% |
| Cash at bank and in hand | 54/58 | €210,096 | €195,890 | -€14,206 | -6.8% |
| Deferred charges and accrued income | 490/1 | €8,538 | €11,390 | +€2,851 | +33.4% |
| Total equity and liabilities | 10/49 | €772,502 | €586,792 | -€185,710 | -24.0% |
| Equity | 10/15 | €642,685 | €498,123 | -€144,562 | -22.5% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €609,685 | €500,591 | -€109,094 | -17.9% |
| Non-distributable reserves | 130/1 | €50,490 | - | -€50,490 | |
| Reserves not available under the articles | 1311 | €50,490 | - | -€50,490 | |
| Distributable reserves | 133 | €559,195 | €500,591 | -€58,604 | -10.5% |
| Profit (loss) carried forward | 14 | - | -€35,468 | -€35,468 | |
| Amounts payable | 17/49 | €129,817 | €88,669 | -€41,148 | -31.7% |
| Amounts payable within one year | 42/48 | €129,817 | €88,669 | -€41,148 | -31.7% |
| Trade debts | 44 | €43,780 | €25,998 | -€17,782 | -40.6% |
| Suppliers | 440/4 | €43,780 | €25,998 | -€17,782 | -40.6% |
| Taxes, remuneration and social security | 45 | €31,971 | €5,137 | -€26,834 | -83.9% |
| Taxes | 450/3 | €31,971 | €5,137 | -€26,834 | -83.9% |
| Other amounts payable | 47/48 | €54,066 | €57,535 | +€3,469 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,277 | €27,342 | +€1,065 | +4.1% |
| Other operating charges | 640/8 | €8,914 | €3,860 | -€5,054 | -56.7% |
| Gross operating margin | 9900 | €158,985 | -€1,593 | -€160,578 | |
| Operating profit (loss) | 9901 | €123,793 | -€32,795 | -€156,589 | |
| Financial income | 75/76B | €2,295 | €1,536 | -€759 | -33.1% |
| Recurring financial income | 75 | €2,295 | €1,536 | -€759 | -33.1% |
| Financial charges | 65/66B | €3,830 | €4,041 | +€211 | +5.5% |
| Recurring financial charges | 65 | €3,830 | €4,041 | +€211 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €122,258 | -€35,301 | -€157,559 | |
| Income taxes | 67/77 | €34,516 | €168 | -€34,348 | -99.5% |
| Profit (loss) for the period | 9904 | €87,743 | -€35,468 | -€123,211 | |
| Profit (loss) for the period to be appropriated | 9905 | €87,743 | -€35,468 | -€123,211 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.