POLARIS: 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.
POLARIS
Largest movements
- Cash -€173,815
down €173,815 (-59.3%), from €293,282 to €119,467
mainly Receivables after one year (-€129,514) and Contributions, distributions and other (-€129,412)
- Receivables after one year +€129,514
up €129,514 (+164%), from €79,062 to €208,576
of which Other amounts receivable: +€156,566
- Financial fixed assets +€100,000
new in 2025: €100,000
- Tangible fixed assets +€22,032
up €22,032 (+3,470%), from €635 to €22,667
of which Leasing and similar rights: +€21,259
- Deferred charges and accrued income +€5,074
up €5,074 (+282%), from €1,799 to €6,873
- Other debts +€109,335
up €109,335 (+16,432%), from €665 to €110,000
- Profit (loss) carried forward -€22,357
down €22,357 (-6.3%), from €355,513 to €333,156
- Tax, wage and social debts -€7,156
down €7,156 (-40.2%), from €17,807 to €10,651
- Gross operating margin -€5,539
down €5,539 (-3.9%), from €142,450 to €136,912
- Financial income +€3,294
up €3,294 (+245,795%), from €1 to €3,295
of which Non-recurring financial income: +€3,294
- Depreciation +€1,535
up €1,535 (+301%), from €510 to €2,044
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 | €384,112 | €466,918 | +€82,806 | +21.6% |
| Fixed assets | 21/28 | €635 | €122,667 | +€122,032 | +19,221% |
| Tangible fixed assets | 22/27 | €635 | €22,667 | +€22,032 | +3,470% |
| Plant, machinery and equipment | 23 | €635 | €1,408 | +€774 | +122% |
| Leasing and similar rights | 25 | - | €21,259 | +€21,259 | |
| Financial fixed assets | 28 | - | €100,000 | +€100,000 | |
| Current assets | 29/58 | €383,477 | €344,250 | -€39,227 | -10.2% |
| Amounts receivable after more than one year | 29 | €79,062 | €208,576 | +€129,514 | +164% |
| Trade receivables | 290 | €79,052 | €52,000 | -€27,052 | -34.2% |
| Other amounts receivable | 291 | €10 | €156,576 | +€156,566 | +1,544,044% |
| Current investments | 50/53 | €9,335 | €9,335 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €293,282 | €119,467 | -€173,815 | -59.3% |
| Deferred charges and accrued income | 490/1 | €1,799 | €6,873 | +€5,074 | +282% |
| Total equity and liabilities | 10/49 | €384,112 | €466,918 | +€82,806 | +21.6% |
| Equity | 10/15 | €365,513 | €343,156 | -€22,357 | -6.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €355,513 | €333,156 | -€22,357 | -6.3% |
| Amounts payable | 17/49 | €18,599 | €123,761 | +€105,162 | +565% |
| Amounts payable after more than one year | 17 | €126 | €3,110 | +€2,984 | +2,364% |
| Trade debts | 175 | €126 | €3,110 | +€2,984 | +2,364% |
| Amounts payable within one year | 42/48 | €18,473 | €120,651 | +€102,178 | +553% |
| Taxes, remuneration and social security | 45 | €17,807 | €10,651 | -€7,156 | -40.2% |
| Taxes | 450/3 | €17,807 | €10,651 | -€7,156 | -40.2% |
| Other amounts payable | 47/48 | €665 | €110,000 | +€109,335 | +16,432% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €510 | €2,044 | +€1,535 | +301% |
| Other operating charges | 640/8 | €341 | €244 | -€96 | -28.3% |
| Gross operating margin | 9900 | €142,450 | €136,912 | -€5,539 | -3.9% |
| Operating profit (loss) | 9901 | €141,600 | €134,623 | -€6,977 | -4.9% |
| Financial income | 75/76B | €1 | €3,295 | +€3,294 | +245,795% |
| Recurring financial income | 75 | €1 | €1 | -€1 | -47.8% |
| Non-recurring financial income | 76B | - | €3,294 | +€3,294 | |
| Financial charges | 65/66B | €194 | €291 | +€97 | +50.4% |
| Recurring financial charges | 65 | €194 | €291 | +€97 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €141,408 | €137,627 | -€3,781 | -2.7% |
| Income taxes | 67/77 | €31,427 | €30,572 | -€855 | -2.7% |
| Profit (loss) for the period | 9904 | €109,981 | €107,055 | -€2,925 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €109,981 | €107,055 | -€2,925 | -2.7% |
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 28 October 2026 via checked.be.