POLAR EXPERTS: 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 EXPERTS
Largest movements
- Cash -€122,046
down €122,046 (-29.0%), from €420,684 to €298,638
mainly Other debts (-€109,442) and Receivables within one year (-€79,676)
- Receivables within one year +€79,676
up €79,676 (+13.5%), from €588,551 to €668,227
of which Trade receivables: +€46,779
- Tangible fixed assets -€60,824
down €60,824 (-35.7%), from €170,454 to €109,630
of which Furniture and vehicles: -€53,029
- Stocks and contracts +€15,395
up €15,395 (+6.1%), from €251,016 to €266,412
- Other debts -€109,442
down €109,442 (-38.8%), from €281,908 to €172,466
- Trade debts +€23,862
up €23,862 (+7.5%), from €318,407 to €342,269
- Debts after one year -€18,304
down €18,304 (-54.1%), from €33,836 to €15,531
- Reserves +€18,069
up €18,069 (+2.6%), from €706,384 to €724,453
- Gross operating margin -€199,686
down €199,686 (-17.2%), from €1.2m to €963,130
- Staff costs +€35,486
up €35,486 (+4.4%), from €803,059 to €838,545
- Other operating charges -€12,015
down €12,015 (-68.9%), from €17,434 to €5,419
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 | €1,439,540 | €1,354,294 | -€85,245 | -5.9% |
| Fixed assets | 21/28 | €170,454 | €109,630 | -€60,824 | -35.7% |
| Tangible fixed assets | 22/27 | €170,454 | €109,630 | -€60,824 | -35.7% |
| Land and buildings | 22 | €20,159 | €16,115 | -€4,045 | -20.1% |
| Plant, machinery and equipment | 23 | €9,883 | €6,134 | -€3,749 | -37.9% |
| Furniture and vehicles | 24 | €140,411 | €87,382 | -€53,029 | -37.8% |
| Current assets | 29/58 | €1,269,086 | €1,244,664 | -€24,422 | -1.9% |
| Stocks and contracts in progress | 3 | €251,016 | €266,412 | +€15,395 | +6.1% |
| Stocks | 30/36 | €251,016 | €266,412 | +€15,395 | +6.1% |
| Amounts receivable within one year | 40/41 | €588,551 | €668,227 | +€79,676 | +13.5% |
| Trade receivables | 40 | €523,168 | €569,947 | +€46,779 | +8.9% |
| Other amounts receivable | 41 | €65,383 | €98,280 | +€32,897 | +50.3% |
| Cash at bank and in hand | 54/58 | €420,684 | €298,638 | -€122,046 | -29.0% |
| Deferred charges and accrued income | 490/1 | €8,835 | €11,388 | +€2,553 | +28.9% |
| Total equity and liabilities | 10/49 | €1,439,540 | €1,354,294 | -€85,245 | -5.9% |
| Equity | 10/15 | €724,984 | €743,053 | +€18,069 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €706,384 | €724,453 | +€18,069 | +2.6% |
| Distributable reserves | 133 | €706,384 | €724,453 | +€18,069 | +2.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €714,556 | €611,241 | -€103,315 | -14.5% |
| Amounts payable after more than one year | 17 | €33,836 | €15,531 | -€18,304 | -54.1% |
| Financial debts | 170/4 | €33,836 | €15,531 | -€18,304 | -54.1% |
| Amounts payable within one year | 42/48 | €680,594 | €594,179 | -€86,415 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €21,124 | €18,304 | -€2,820 | -13.3% |
| Trade debts | 44 | €318,407 | €342,269 | +€23,862 | +7.5% |
| Suppliers | 440/4 | €318,407 | €342,269 | +€23,862 | +7.5% |
| Taxes, remuneration and social security | 45 | €59,156 | €61,140 | +€1,984 | +3.4% |
| Taxes | 450/3 | €824 | €2,199 | +€1,375 | +167% |
| Remuneration and social security | 454/9 | €58,332 | €58,941 | +€609 | +1.0% |
| Other amounts payable | 47/48 | €281,908 | €172,466 | -€109,442 | -38.8% |
| Accrued charges and deferred income | 492/3 | €126 | €1,531 | +€1,405 | +1,115% |
| Non-recurring operating income | 76A | €3,276 | €0 | -€3,276 | -100% |
| Remuneration, social security and pensions | 62 | €803,059 | €838,545 | +€35,486 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,482 | €60,824 | -€5,659 | -8.5% |
| Other operating charges | 640/8 | €17,434 | €5,419 | -€12,015 | -68.9% |
| Gross operating margin | 9900 | €1,162,816 | €963,130 | -€199,686 | -17.2% |
| Operating profit (loss) | 9901 | €275,841 | €58,343 | -€217,498 | -78.8% |
| Financial income | 75/76B | €168 | €1,557 | +€1,390 | +830% |
| Recurring financial income | 75 | €168 | €1,557 | +€1,390 | +830% |
| Financial charges | 65/66B | €36,923 | €29,632 | -€7,292 | -19.7% |
| Recurring financial charges | 65 | €36,923 | €29,632 | -€7,292 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €239,085 | €30,268 | -€208,817 | -87.3% |
| Income taxes | 67/77 | €5,824 | €12,199 | +€6,375 | +109% |
| Profit (loss) for the period | 9904 | €233,261 | €18,069 | -€215,192 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €233,261 | €18,069 | -€215,192 | -92.3% |
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 26 October 2026 via checked.be.