POLARES: 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.
POLARES
Largest movements
- Stocks and contracts -€283,654
down €283,654 (-100.0%), from €283,654 to €0
- Tangible fixed assets +€237,974
up €237,974 (+855.9%), from €27,805 to €265,779
of which Other tangible fixed assets: +€230,279
- Deferred charges and accrued income -€59,134
down €59,134 (-87.4%), from €67,691 to €8,557
- Receivables within one year -€26,881
down €26,881 (-15.4%), from €174,708 to €147,827
of which Other amounts receivable: -€17,997
- Cash +€21,585
up €21,585 (+21.5%), from €100,282 to €121,867
mainly Other debts (+€321,832) and Stocks and contracts (+€283,654)
- Other debts +€321,832
new in 2025: €321,832
- Profit (loss) carried forward -€261,879
down €261,879 (-100.0%), from €261,879 to €0
- Short-term financial debts -€176,727
down €176,727 (-98.4%), from €179,616 to €2,889
- Trade debts -€52,937
down €52,937 (-28.8%), from €184,089 to €131,152
- Debts after one year +€47,701
new in 2025: €47,701
- Gross operating margin +€78,263
up €78,263 (+44.5%), from €175,992 to €254,255
- Write-downs +€37,670
new in 2025: €37,670
- Taxes +€11,242
up €11,242 (+50.7%), from €22,165 to €33,408
- Staff costs +€6,496
up €6,496 (+19.7%), from €33,002 to €39,497
- Depreciation +€5,231
up €5,231 (+36.5%), from €14,313 to €19,544
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.
Cash bridge derived
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 | €660,212 | €558,530 | -€101,682 | -15.4% |
| Fixed assets | 21/28 | €33,878 | €270,279 | +€236,401 | +697.8% |
| Intangible fixed assets | 21 | €1,573 | €0 | -€1,573 | -100.0% |
| Tangible fixed assets | 22/27 | €27,805 | €265,779 | +€237,974 | +855.9% |
| Plant, machinery and equipment | 23 | - | €1,671 | +€1,671 | |
| Furniture and vehicles | 24 | €13,859 | €19,883 | +€6,024 | +43.5% |
| Other tangible fixed assets | 26 | €13,946 | €244,225 | +€230,279 | +1651.3% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €626,334 | €288,251 | -€338,083 | -54.0% |
| Stocks and contracts in progress | 3 | €283,654 | €0 | -€283,654 | -100.0% |
| Stocks | 30/36 | €283,654 | €0 | -€283,654 | -100.0% |
| Amounts receivable within one year | 40/41 | €174,708 | €147,827 | -€26,881 | -15.4% |
| Trade receivables | 40 | €150,058 | €141,175 | -€8,883 | -5.9% |
| Other amounts receivable | 41 | €24,649 | €6,652 | -€17,997 | -73.0% |
| Current investments | 50/53 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €100,282 | €121,867 | +€21,585 | +21.5% |
| Deferred charges and accrued income | 490/1 | €67,691 | €8,557 | -€59,134 | -87.4% |
| Total equity and liabilities | 10/49 | €660,212 | €558,530 | -€101,682 | -15.4% |
| Equity | 10/15 | €291,879 | €40,000 | -€251,879 | -86.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | - | €10,000 | +€10,000 | |
| Non-distributable reserves | 130/1 | - | €10,000 | +€10,000 | |
| Own shares acquired | 1312 | - | €10,000 | +€10,000 | |
| Profit (loss) carried forward | 14 | €261,879 | €0 | -€261,879 | -100.0% |
| Amounts payable | 17/49 | €368,334 | €518,530 | +€150,197 | +40.8% |
| Amounts payable after more than one year | 17 | - | €47,701 | +€47,701 | |
| Financial debts | 170/4 | - | €47,701 | +€47,701 | |
| Amounts payable within one year | 42/48 | €366,486 | €470,739 | +€104,253 | +28.4% |
| Current portion of amounts payable after more than one year | 42 | - | €7,852 | +€7,852 | |
| Financial debts | 43 | €179,616 | €2,889 | -€176,727 | -98.4% |
| Credit institutions | 430/8 | €179,616 | €2,889 | -€176,727 | -98.4% |
| Trade debts | 44 | €184,089 | €131,152 | -€52,937 | -28.8% |
| Suppliers | 440/4 | €184,089 | €131,152 | -€52,937 | -28.8% |
| Taxes, remuneration and social security | 45 | €2,781 | €7,015 | +€4,234 | +152.2% |
| Taxes | 450/3 | €770 | €413 | -€357 | -46.4% |
| Remuneration and social security | 454/9 | €2,012 | €6,602 | +€4,590 | +228.2% |
| Other amounts payable | 47/48 | - | €321,832 | +€321,832 | |
| Accrued charges and deferred income | 492/3 | €1,847 | €90 | -€1,757 | -95.1% |
| Remuneration, social security and pensions | 62 | €33,002 | €39,497 | +€6,496 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,313 | €19,544 | +€5,231 | +36.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €37,670 | +€37,670 | |
| Other operating charges | 640/8 | €427 | €1,284 | +€857 | +200.6% |
| Gross operating margin | 9900 | €175,992 | €254,255 | +€78,263 | +44.5% |
| Operating profit (loss) | 9901 | €128,250 | €156,259 | +€28,009 | +21.8% |
| Financial income | 75/76B | €499 | €499 | -€1 | -0.1% |
| Recurring financial income | 75 | €499 | €499 | -€1 | -0.1% |
| Financial charges | 65/66B | €129 | €4,055 | +€3,926 | +3044.4% |
| Recurring financial charges | 65 | €129 | €4,055 | +€3,926 | +3044.4% |
| Profit (loss) for the period before taxes | 9903 | €128,620 | €152,703 | +€24,083 | +18.7% |
| Income taxes | 67/77 | €22,165 | €33,408 | +€11,242 | +50.7% |
| Profit (loss) for the period | 9904 | €106,455 | €119,295 | +€12,840 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €106,455 | €119,295 | +€12,840 | +12.1% |
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 10 October 2026 via checked.be.