POLARSUN: what changed
What changed
POLARSUN
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
-€124,460
2024 · €9,738-€134,198
Equity
€575,032
2024 · €699,492-€124,460
Cash
€88,275
2024 · €586,646-€498,372
Balance sheet total
€2.6m
2024 · €2.6m-€38,128
Largest movements
Assets
- Cash -€498,372
down €498,372 (-85.0%), from €586,646 to €88,275
mainly Receivables within one year (-€482,557) and Advances received (-€418,187)
- Receivables within one year +€482,557
up €482,557 (+40.8%), from €1.2m to €1.7m
of which Trade receivables: +€649,904
Equity and liabilities
- Short-term financial debts +€507,718
up €507,718 (+1,201%), from €42,282 to €550,000
of which Credit institutions: +€507,718
- Advances received -€418,187
down €418,187 (-79.7%), from €524,375 to €106,188
- Profit (loss) carried forward -€124,460
down €124,460 (-20.8%), from €599,492 to €475,032
- Current portion of long-term debt +€97,240
up €97,240 (+310%), from €31,396 to €128,637
- Tax, wage and social debts -€63,335
down €63,335 (-42.5%), from €148,894 to €85,559
of which Taxes: -€43,051
Income statement
- Staff costs +€134,095
up €134,095 (+10.5%), from €1.3m to €1.4m
- Depreciation +€24,586
up €24,586 (+22.0%), from €111,807 to €136,393
- Write-downs -€24,364
down €24,364, from €17,105 to -€7,259
- Taxes -€23,401
down €23,401 (-90.3%), from €25,901 to €2,500
- Provisions +€21,734
up €21,734 (+43.5%), from -€50,018 to -€28,284
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.
Result 2024
€9,738
Gross operating margin
+€9,599
Staff costs
-€134,095
Depreciation
-€24,586
Write-downs
+€24,364
Provisions
-€21,734
Other operating charges
+€6,039
Financial income
+€620
Financial charges
-€17,806
Taxes
+€23,401
Result 2025
-€124,460
raises the resultlowers the result
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.
From operations
-€987,964
Investment
-€118,720
Financing
+€608,312
Cash 2024
€586,646
From operations (derived)
-€987,964
Net result for the year
-€124,460
Depreciation
+€136,393
Stocks and contracts
+€15,781
Receivables within one year
-€482,557
Deferred charges and accrued income
-€11,140
Provisions
-€28,284
Trade debts
-€12,175
Tax, wage and social debts
-€63,335
Advances received
-€418,187
Investment (derived)
-€118,720
Investment in fixed assets (net)
-€118,720
Financing
+€608,312
Debts after one year
+€3,355
Current portion of long-term debt
+€97,240
Short-term financial debts
+€507,718
Cash 2025
€88,275
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,640,767 | €2,602,638 | -€38,128 | -1.4% |
| Fixed assets | 21/28 | €313,772 | €296,098 | -€17,673 | -5.6% |
| Intangible fixed assets | 21 | €70,804 | €65,193 | -€5,611 | -7.9% |
| Tangible fixed assets | 22/27 | €236,768 | €224,706 | -€12,062 | -5.1% |
| Plant, machinery and equipment | 23 | €49,821 | €46,165 | -€3,656 | -7.3% |
| Furniture and vehicles | 24 | €69,110 | €49,746 | -€19,365 | -28.0% |
| Leasing and similar rights | 25 | €99,636 | €110,014 | +€10,377 | +10.4% |
| Other tangible fixed assets | 26 | €18,200 | €18,781 | +€581 | +3.2% |
| Financial fixed assets | 28 | €6,200 | €6,200 | = | 0.0% |
| Current assets | 29/58 | €2,326,995 | €2,306,540 | -€20,455 | -0.9% |
| Stocks and contracts in progress | 3 | €535,212 | €519,431 | -€15,781 | -2.9% |
| Stocks | 30/36 | €428,513 | €304,662 | -€123,852 | -28.9% |
| Contracts in progress | 37 | €106,699 | €214,769 | +€108,071 | +101% |
| Amounts receivable within one year | 40/41 | €1,181,334 | €1,663,892 | +€482,557 | +40.8% |
| Trade receivables | 40 | €316,693 | €966,597 | +€649,904 | +205% |
| Other amounts receivable | 41 | €864,641 | €697,294 | -€167,347 | -19.4% |
| Cash at bank and in hand | 54/58 | €586,646 | €88,275 | -€498,372 | -85.0% |
| Deferred charges and accrued income | 490/1 | €23,802 | €34,942 | +€11,140 | +46.8% |
| Total equity and liabilities | 10/49 | €2,640,767 | €2,602,638 | -€38,128 | -1.4% |
| Equity | 10/15 | €699,492 | €575,032 | -€124,460 | -17.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €599,492 | €475,032 | -€124,460 | -20.8% |
| Provisions and deferred taxes | 16 | €63,951 | €35,668 | -€28,284 | -44.2% |
| Provisions for liabilities and charges | 160/5 | €63,951 | €35,668 | -€28,284 | -44.2% |
| Other liabilities and charges | 164/5 | €63,951 | €35,668 | -€28,284 | -44.2% |
| Amounts payable | 17/49 | €1,877,323 | €1,991,938 | +€114,615 | +6.1% |
| Amounts payable after more than one year | 17 | €82,169 | €85,524 | +€3,355 | +4.1% |
| Financial debts | 170/4 | €82,169 | €85,524 | +€3,355 | +4.1% |
| Amounts payable within one year | 42/48 | €1,795,154 | €1,906,415 | +€111,261 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €31,396 | €128,637 | +€97,240 | +310% |
| Financial debts | 43 | €42,282 | €550,000 | +€507,718 | +1,201% |
| Credit institutions | 430/8 | €42,282 | €550,000 | +€507,718 | +1,201% |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €1,048,206 | €1,036,032 | -€12,175 | -1.2% |
| Suppliers | 440/4 | €1,048,206 | €1,036,032 | -€12,175 | -1.2% |
| Advances received on contracts in progress | 46 | €524,375 | €106,188 | -€418,187 | -79.7% |
| Taxes, remuneration and social security | 45 | €148,894 | €85,559 | -€63,335 | -42.5% |
| Taxes | 450/3 | €43,051 | €0 | -€43,051 | -100% |
| Remuneration and social security | 454/9 | €105,843 | €85,559 | -€20,284 | -19.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,271,363 | €1,405,458 | +€134,095 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,807 | €136,393 | +€24,586 | +22.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,105 | -€7,259 | -€24,364 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€50,018 | -€28,284 | +€21,734 | +43.5% |
| Other operating charges | 640/8 | €31,364 | €25,325 | -€6,039 | -19.3% |
| Gross operating margin | 9900 | €1,442,071 | €1,451,670 | +€9,599 | +0.7% |
| Operating profit (loss) | 9901 | €60,450 | -€79,964 | -€140,414 | |
| Financial income | 75/76B | €589 | €1,209 | +€620 | +105% |
| Recurring financial income | 75 | €589 | €1,209 | +€620 | +105% |
| Financial charges | 65/66B | €25,400 | €43,205 | +€17,806 | +70.1% |
| Recurring financial charges | 65 | €25,400 | €43,205 | +€17,806 | +70.1% |
| Profit (loss) for the period before taxes | 9903 | €35,639 | -€121,960 | -€157,599 | |
| Income taxes | 67/77 | €25,901 | €2,500 | -€23,401 | -90.3% |
| Profit (loss) for the period | 9904 | €9,738 | -€124,460 | -€134,198 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,738 | -€124,460 | -€134,198 |
Next steps
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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.