Polar Advisory: 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 Advisory
Largest movements
- Receivables within one year +€23,200
up €23,200 (+27.3%), from €84,963 to €108,163
of which Other amounts receivable: +€21,058
- Cash +€23,007
up €23,007 (+47.2%), from €48,752 to €71,759
mainly Accrued charges and deferred income (+€123,677) and Tax, wage and social debts (+€11,723)
- Deferred charges and accrued income +€9,319
up €9,319 (+31.2%), from €29,869 to €39,188
- Intangible fixed assets -€4,596
down €4,596 (-24.2%), from €18,969 to €14,372
- Accrued charges and deferred income +€123,677
up €123,677 (+7,499%), from €1,649 to €125,326
- Trade debts -€92,796
down €92,796 (-72.0%), from €128,864 to €36,068
- Tax, wage and social debts +€11,723
up €11,723 (+26.4%), from €44,414 to €56,137
of which Taxes: +€10,086
- Reserves +€5,714
up €5,714 (+35.7%), from €15,988 to €21,702
- Gross operating margin +€56,075
up €56,075 (+23.2%), from €241,922 to €297,997
- Staff costs +€53,739
up €53,739 (+24.1%), from €223,426 to €277,165
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 | €201,093 | €249,786 | +€48,693 | +24.2% |
| Fixed assets | 21/28 | €37,509 | €30,676 | -€6,833 | -18.2% |
| Intangible fixed assets | 21 | €18,969 | €14,372 | -€4,596 | -24.2% |
| Tangible fixed assets | 22/27 | €18,540 | €16,303 | -€2,237 | -12.1% |
| Furniture and vehicles | 24 | €18,540 | €16,162 | -€2,378 | -12.8% |
| Assets under construction and advance payments | 27 | - | €141 | +€141 | |
| Current assets | 29/58 | €163,584 | €219,110 | +€55,526 | +33.9% |
| Amounts receivable within one year | 40/41 | €84,963 | €108,163 | +€23,200 | +27.3% |
| Trade receivables | 40 | €84,963 | €87,105 | +€2,142 | +2.5% |
| Other amounts receivable | 41 | - | €21,058 | +€21,058 | |
| Cash at bank and in hand | 54/58 | €48,752 | €71,759 | +€23,007 | +47.2% |
| Deferred charges and accrued income | 490/1 | €29,869 | €39,188 | +€9,319 | +31.2% |
| Total equity and liabilities | 10/49 | €201,093 | €249,786 | +€48,693 | +24.2% |
| Equity | 10/15 | €25,988 | €31,702 | +€5,714 | +22.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €15,988 | €21,702 | +€5,714 | +35.7% |
| Distributable reserves | 133 | €15,988 | €21,702 | +€5,714 | +35.7% |
| Amounts payable | 17/49 | €175,105 | €218,084 | +€42,979 | +24.5% |
| Amounts payable within one year | 42/48 | €173,456 | €92,758 | -€80,698 | -46.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €128,864 | €36,068 | -€92,796 | -72.0% |
| Suppliers | 440/4 | €128,864 | €36,068 | -€92,796 | -72.0% |
| Advances received on contracts in progress | 46 | - | €553 | +€553 | |
| Taxes, remuneration and social security | 45 | €44,414 | €56,137 | +€11,723 | +26.4% |
| Taxes | 450/3 | €19,978 | €30,063 | +€10,086 | +50.5% |
| Remuneration and social security | 454/9 | €24,436 | €26,074 | +€1,637 | +6.7% |
| Other amounts payable | 47/48 | €178 | €0 | -€178 | -100% |
| Accrued charges and deferred income | 492/3 | €1,649 | €125,326 | +€123,677 | +7,499% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €223,426 | €277,165 | +€53,739 | +24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,972 | €11,364 | +€2,393 | +26.7% |
| Other operating charges | 640/8 | €395 | €900 | +€505 | +128% |
| Gross operating margin | 9900 | €241,922 | €297,997 | +€56,075 | +23.2% |
| Operating profit (loss) | 9901 | €9,129 | €8,568 | -€562 | -6.2% |
| Financial income | 75/76B | €2,441 | €958 | -€1,483 | -60.7% |
| Recurring financial income | 75 | €2,441 | €958 | -€1,483 | -60.7% |
| Financial charges | 65/66B | €350 | €162 | -€187 | -53.6% |
| Recurring financial charges | 65 | €350 | €162 | -€187 | -53.6% |
| Profit (loss) for the period before taxes | 9903 | €11,221 | €9,364 | -€1,857 | -16.6% |
| Income taxes | 67/77 | €2,327 | €3,650 | +€1,323 | +56.8% |
| Profit (loss) for the period | 9904 | €8,894 | €5,714 | -€3,180 | -35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,894 | €5,714 | -€3,180 | -35.8% |
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 30 October 2026 via checked.be.