POLAR CIRCLES: what changed
POLAR CIRCLES
Largest movements
- Deferred charges and accrued income -€856
down €856 (-65.5%), from €1,307 to €450
- Cash -€692
down €692 (-25.0%), from €2,771 to €2,079
mainly Other debts (-€11,054) and Tax, wage and social debts (-€442)
- Intangible fixed assets -€456
down €456 (-92.9%), from €491 to €35
- Stocks and contracts -€253
down €253 (-100%), from €253 to €0
- Other debts -€11,054
down €11,054 (-27.9%), from €39,659 to €28,605
- Profit (loss) carried forward +€8,674
up €8,674 (+18.6%), from -€46,756 to -€38,082
- Trade debts +€643
up €643 (+189%), from €340 to €982
- Tax, wage and social debts -€442
down €442 (-48.3%), from €916 to €473
- Gross operating margin +€2,406
up €2,406 (+33.1%), from €7,276 to €9,682
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,419 | €6,240 | -€2,179 | -25.9% |
| Fixed assets | 21/28 | €4,031 | €3,575 | -€456 | -11.3% |
| Intangible fixed assets | 21 | €491 | €35 | -€456 | -92.9% |
| Financial fixed assets | 28 | €3,540 | €3,540 | = | 0.0% |
| Current assets | 29/58 | €4,388 | €2,665 | -€1,723 | -39.3% |
| Stocks and contracts in progress | 3 | €253 | €0 | -€253 | -100% |
| Stocks | 30/36 | €253 | €0 | -€253 | -100% |
| Amounts receivable within one year | 40/41 | €58 | €136 | +€78 | +135% |
| Trade receivables | 40 | - | €123 | +€123 | |
| Other amounts receivable | 41 | €58 | €12 | -€45 | -78.7% |
| Cash at bank and in hand | 54/58 | €2,771 | €2,079 | -€692 | -25.0% |
| Deferred charges and accrued income | 490/1 | €1,307 | €450 | -€856 | -65.5% |
| Total equity and liabilities | 10/49 | €8,419 | €6,240 | -€2,179 | -25.9% |
| Equity | 10/15 | -€32,496 | -€23,822 | +€8,674 | +26.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,756 | -€38,082 | +€8,674 | +18.6% |
| Amounts payable | 17/49 | €40,914 | €30,061 | -€10,853 | -26.5% |
| Amounts payable within one year | 42/48 | €40,914 | €30,061 | -€10,853 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €340 | €982 | +€643 | +189% |
| Suppliers | 440/4 | €340 | €982 | +€643 | +189% |
| Taxes, remuneration and social security | 45 | €916 | €473 | -€442 | -48.3% |
| Taxes | 450/3 | €916 | €473 | -€442 | -48.3% |
| Other amounts payable | 47/48 | €39,659 | €28,605 | -€11,054 | -27.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €456 | €456 | = | 0.0% |
| Other operating charges | 640/8 | €432 | €400 | -€32 | -7.4% |
| Gross operating margin | 9900 | €7,276 | €9,682 | +€2,406 | +33.1% |
| Operating profit (loss) | 9901 | €6,388 | €8,826 | +€2,438 | +38.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €187 | €152 | -€35 | -18.6% |
| Recurring financial charges | 65 | €187 | €152 | -€35 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €6,201 | €8,674 | +€2,473 | +39.9% |
| Income taxes | 67/77 | €10 | €0 | -€10 | -100% |
| Profit (loss) for the period | 9904 | €6,191 | €8,674 | +€2,483 | +40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,191 | €8,674 | +€2,483 | +40.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.