POLARNO: 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.
POLARNO
Largest movements
- Cash +€90,138
up €90,138 (+58.0%), from €155,525 to €245,662
mainly Net result for the year (+€56,011) and Depreciation (+€21,150)
- Tangible fixed assets -€20,300
down €20,300 (-4.1%), from €495,810 to €475,510
of which Land and buildings: -€13,675
- Reserves +€56,000
up €56,000 (+8.2%), from €684,189 to €740,189
of which Distributable reserves: +€56,000
- Gross operating margin -€52,327
down €52,327 (-31.6%), from €165,775 to €113,448
- Taxes -€16,121
down €16,121 (-42.6%), from €37,827 to €21,706
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 | €1,828,325 | €1,900,609 | +€72,284 | +4.0% |
| Fixed assets | 21/28 | €1,648,022 | €1,627,722 | -€20,300 | -1.2% |
| Tangible fixed assets | 22/27 | €495,810 | €475,510 | -€20,300 | -4.1% |
| Land and buildings | 22 | €481,046 | €467,371 | -€13,675 | -2.8% |
| Plant, machinery and equipment | 23 | €7,785 | €6,639 | -€1,146 | -14.7% |
| Furniture and vehicles | 24 | €6,979 | €1,500 | -€5,479 | -78.5% |
| Financial fixed assets | 28 | €1,152,212 | €1,152,212 | = | 0.0% |
| Current assets | 29/58 | €180,303 | €272,888 | +€92,584 | +51.3% |
| Amounts receivable within one year | 40/41 | €20,252 | €18,681 | -€1,572 | -7.8% |
| Trade receivables | 40 | €19,380 | €15,387 | -€3,993 | -20.6% |
| Other amounts receivable | 41 | €872 | €3,294 | +€2,421 | +277.5% |
| Cash at bank and in hand | 54/58 | €155,525 | €245,662 | +€90,138 | +58.0% |
| Deferred charges and accrued income | 490/1 | €4,526 | €8,545 | +€4,018 | +88.8% |
| Total equity and liabilities | 10/49 | €1,828,325 | €1,900,609 | +€72,284 | +4.0% |
| Equity | 10/15 | €1,286,898 | €1,342,076 | +€55,178 | +4.3% |
| Contributions | 10/11 | €565,000 | €565,000 | = | 0.0% |
| Reserves | 13 | €684,189 | €740,189 | +€56,000 | +8.2% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €679,189 | €735,189 | +€56,000 | +8.2% |
| Profit (loss) carried forward | 14 | €37,708 | €36,887 | -€822 | -2.2% |
| Amounts payable | 17/49 | €541,428 | €558,534 | +€17,106 | +3.2% |
| Amounts payable after more than one year | 17 | €460,000 | €460,000 | = | 0.0% |
| Financial debts | 170/4 | €460,000 | €460,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €53,366 | €53,971 | +€606 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €1,410 | €1,410 | = | 0.0% |
| Trade debts | 44 | €21,610 | €21,262 | -€348 | -1.6% |
| Suppliers | 440/4 | €21,610 | €21,262 | -€348 | -1.6% |
| Taxes, remuneration and social security | 45 | €19,907 | €21,555 | +€1,648 | +8.3% |
| Taxes | 450/3 | €19,907 | €21,555 | +€1,648 | +8.3% |
| Other amounts payable | 47/48 | €10,439 | €9,745 | -€694 | -6.6% |
| Accrued charges and deferred income | 492/3 | €28,062 | €44,562 | +€16,500 | +58.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,438 | €21,150 | -€1,288 | -5.7% |
| Other operating charges | 640/8 | €2,836 | €2,819 | -€16 | -0.6% |
| Gross operating margin | 9900 | €165,775 | €113,448 | -€52,327 | -31.6% |
| Operating profit (loss) | 9901 | €140,502 | €89,479 | -€51,023 | -36.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €11,805 | €11,762 | -€44 | -0.4% |
| Recurring financial charges | 65 | €11,805 | €11,762 | -€44 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €128,696 | €77,717 | -€50,979 | -39.6% |
| Income taxes | 67/77 | €37,827 | €21,706 | -€16,121 | -42.6% |
| Profit (loss) for the period | 9904 | €90,869 | €56,011 | -€34,858 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €90,869 | €56,011 | -€34,858 | -38.4% |
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.