Polar Bear: 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 Bear
Largest movements
- Receivables within one year +€1.6m
up €1.6m (+138%), from €1.1m to €2.7m
of which Trade receivables: +€827,765
- Cash +€492,139
up €492,139 (+1,952%), from €25,212 to €517,351
mainly Depreciation (+€3.3m) and Advances received (+€1.0m)
- Intangible fixed assets -€355,404
down €355,404 (-13.1%), from €2.7m to €2.3m
- Advances received +€1.0m
up €1.0m (+107%), from €975,080 to €2.0m
- Profit (loss) carried forward +€228,918
up €228,918, from €0 to €228,918
- Investment grants +€146,423
up €146,423 (+7.5%), from €2.0m to €2.1m
- Trade debts +€134,407
up €134,407 (+33.1%), from €405,820 to €540,227
- Tax, wage and social debts +€70,385
up €70,385 (+334%), from €21,051 to €91,436
of which Taxes: +€64,805
- Depreciation +€2.1m
up €2.1m (+177%), from €1.2m to €3.3m
- Gross operating margin +€1.3m
up €1.3m (+658%), from €204,212 to €1.5m
- Financial income +€1.1m
up €1.1m (+127%), from €854,987 to €1.9m
- Taxes +€87,780
up €87,780 (+747%), from €11,750 to €99,530
- Financial charges +€50,429
up €50,429 (+204%), from €24,758 to €75,188
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 | €3,916,572 | €5,625,252 | +€1.7m | +43.6% |
| Fixed assets | 21/28 | €2,744,489 | €2,399,751 | -€344,738 | -12.6% |
| Intangible fixed assets | 21 | €2,703,389 | €2,347,985 | -€355,404 | -13.1% |
| Tangible fixed assets | 22/27 | €41,100 | €49,966 | +€8,866 | +21.6% |
| Land and buildings | 22 | €40,594 | €49,518 | +€8,924 | +22.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €506 | €448 | -€58 | -11.4% |
| Financial fixed assets | 28 | - | €1,800 | +€1,800 | |
| Current assets | 29/58 | €1,172,083 | €3,225,501 | +€2.1m | +175% |
| Amounts receivable within one year | 40/41 | €1,128,952 | €2,691,888 | +€1.6m | +138% |
| Trade receivables | 40 | €414,757 | €1,242,522 | +€827,765 | +200% |
| Other amounts receivable | 41 | €714,195 | €1,449,366 | +€735,171 | +103% |
| Cash at bank and in hand | 54/58 | €25,212 | €517,351 | +€492,139 | +1,952% |
| Deferred charges and accrued income | 490/1 | €17,919 | €16,262 | -€1,657 | -9.2% |
| Total equity and liabilities | 10/49 | €3,916,572 | €5,625,252 | +€1.7m | +43.6% |
| Equity | 10/15 | €1,964,728 | €2,340,069 | +€375,342 | +19.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €528 | €528 | = | 0.0% |
| Distributable reserves | 133 | €528 | €528 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €228,918 | +€228,918 | |
| Investment grants | 15 | €1,963,200 | €2,109,623 | +€146,423 | +7.5% |
| Provisions and deferred taxes | 16 | €490,800 | €527,406 | +€36,606 | +7.5% |
| Deferred taxes | 168 | €490,800 | €527,406 | +€36,606 | +7.5% |
| Amounts payable | 17/49 | €1,461,044 | €2,757,777 | +€1.3m | +88.8% |
| Amounts payable after more than one year | 17 | €18,073 | €17,828 | -€244 | -1.4% |
| Financial debts | 170/4 | €18,073 | €17,828 | -€244 | -1.4% |
| Amounts payable within one year | 42/48 | €1,431,413 | €2,691,114 | +€1.3m | +88.0% |
| Current portion of amounts payable after more than one year | 42 | €23,709 | €10,244 | -€13,465 | -56.8% |
| Financial debts | 43 | €753 | €327 | -€426 | -56.6% |
| Credit institutions | 430/8 | €753 | €327 | -€426 | -56.6% |
| Trade debts | 44 | €405,820 | €540,227 | +€134,407 | +33.1% |
| Suppliers | 440/4 | €405,820 | €540,227 | +€134,407 | +33.1% |
| Advances received on contracts in progress | 46 | €975,080 | €2,018,881 | +€1.0m | +107% |
| Taxes, remuneration and social security | 45 | €21,051 | €91,436 | +€70,385 | +334% |
| Taxes | 450/3 | €8,486 | €73,291 | +€64,805 | +764% |
| Remuneration and social security | 454/9 | €12,566 | €18,145 | +€5,579 | +44.4% |
| Other amounts payable | 47/48 | €5,000 | €30,000 | +€25,000 | +500% |
| Accrued charges and deferred income | 492/3 | €11,558 | €48,834 | +€37,276 | +323% |
| Remuneration, social security and pensions | 62 | €46,996 | €68,218 | +€21,222 | +45.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,175,793 | €3,253,549 | +€2.1m | +177% |
| Other operating charges | 640/8 | €3,068 | €2,068 | -€1,000 | -32.6% |
| Gross operating margin | 9900 | €204,212 | €1,548,290 | +€1.3m | +658% |
| Operating profit (loss) | 9901 | -€1,021,645 | -€1,775,544 | -€753,900 | -73.8% |
| Financial income | 75/76B | €854,987 | €1,937,181 | +€1.1m | +127% |
| Recurring financial income | 75 | €854,987 | €1,937,181 | +€1.1m | +127% |
| Financial charges | 65/66B | €24,758 | €75,188 | +€50,429 | +204% |
| Recurring financial charges | 65 | €24,758 | €75,188 | +€50,429 | +204% |
| Profit (loss) for the period before taxes | 9903 | -€191,416 | €86,449 | +€277,865 | |
| Transfer from deferred taxes | 780 | €213,600 | €272,000 | +€58,400 | +27.3% |
| Income taxes | 67/77 | €11,750 | €99,530 | +€87,780 | +747% |
| Profit (loss) for the period | 9904 | €10,434 | €258,918 | +€248,485 | +2,382% |
| Profit (loss) for the period to be appropriated | 9905 | €10,434 | €258,918 | +€248,485 | +2,382% |
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 23 October 2026 via checked.be.