Polat Group: 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.
Polat Group
Largest movements
- Tangible fixed assets +€144,486
up €144,486 (+501%), from €28,813 to €173,299
of which Land and buildings: +€118,609
- Cash -€29,224
no longer reported in 2025 (was €29,224)
mainly Investment in fixed assets (net) (-€159,546) and Trade debts (-€20,787)
- Financial fixed assets -€8,520
down €8,520 (-99.6%), from €8,550 to €30
- Other debts +€110,460
up €110,460 (+665%), from €16,607 to €127,067
- Trade debts -€20,787
down €20,787 (-64.4%), from €32,258 to €11,470
- Investment grants +€8,438
new in 2025: €8,438
- Reserves +€7,274
up €7,274 (+21.1%), from €34,487 to €41,761
- Tax, wage and social debts -€5,168
down €5,168 (-37.9%), from €13,624 to €8,456
of which Taxes: -€5,168
- Depreciation +€22,968
up €22,968 (+3,752%), from €612 to €23,580
- Gross operating margin +€18,188
up €18,188 (+102%), from €17,853 to €36,040
- Other operating charges +€1,670
up €1,670 (+132%), from €1,268 to €2,938
- Taxes -€618
down €618 (-22.3%), from €2,778 to €2,160
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 | €125,042 | €231,201 | +€106,159 | +84.9% |
| Fixed assets | 21/28 | €37,363 | €173,329 | +€135,966 | +364% |
| Tangible fixed assets | 22/27 | €28,813 | €173,299 | +€144,486 | +501% |
| Land and buildings | 22 | - | €118,609 | +€118,609 | |
| Plant, machinery and equipment | 23 | €2,415 | €20,223 | +€17,808 | +738% |
| Other tangible fixed assets | 26 | €26,399 | €34,468 | +€8,069 | +30.6% |
| Financial fixed assets | 28 | €8,550 | €30 | -€8,520 | -99.6% |
| Current assets | 29/58 | €87,678 | €57,871 | -€29,807 | -34.0% |
| Stocks and contracts in progress | 3 | €56,914 | €57,838 | +€924 | +1.6% |
| Stocks | 30/36 | €56,914 | €57,838 | +€924 | +1.6% |
| Amounts receivable within one year | 40/41 | €716 | - | -€716 | |
| Other amounts receivable | 41 | €716 | - | -€716 | |
| Cash at bank and in hand | 54/58 | €29,224 | - | -€29,224 | |
| Deferred charges and accrued income | 490/1 | €824 | €34 | -€791 | -95.9% |
| Total equity and liabilities | 10/49 | €125,042 | €231,201 | +€106,159 | +84.9% |
| Equity | 10/15 | €62,487 | €78,199 | +€15,711 | +25.1% |
| Contributions | 10/11 | €28,000 | €28,000 | = | 0.0% |
| Reserves | 13 | €34,487 | €41,761 | +€7,274 | +21.1% |
| Distributable reserves | 133 | €34,487 | €41,761 | +€7,274 | +21.1% |
| Investment grants | 15 | - | €8,438 | +€8,438 | |
| Provisions and deferred taxes | 16 | - | €2,813 | +€2,813 | |
| Deferred taxes | 168 | - | €2,813 | +€2,813 | |
| Amounts payable | 17/49 | €62,554 | €150,189 | +€87,635 | +140% |
| Amounts payable within one year | 42/48 | €62,489 | €150,122 | +€87,634 | +140% |
| Financial debts | 43 | - | €3,129 | +€3,129 | |
| Credit institutions | 430/8 | - | €3,129 | +€3,129 | |
| Trade debts | 44 | €32,258 | €11,470 | -€20,787 | -64.4% |
| Suppliers | 440/4 | €32,258 | €11,470 | -€20,787 | -64.4% |
| Taxes, remuneration and social security | 45 | €13,624 | €8,456 | -€5,168 | -37.9% |
| Taxes | 450/3 | €12,124 | €6,956 | -€5,168 | -42.6% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €16,607 | €127,067 | +€110,460 | +665% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Non-recurring operating income | 76A | €7,358 | - | -€7,358 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €612 | €23,580 | +€22,968 | +3,752% |
| Other operating charges | 640/8 | €1,268 | €2,938 | +€1,670 | +132% |
| Gross operating margin | 9900 | €17,853 | €36,040 | +€18,188 | +102% |
| Operating profit (loss) | 9901 | €15,973 | €9,522 | -€6,450 | -40.4% |
| Financial income | 75/76B | €694 | €938 | +€244 | +35.1% |
| Recurring financial income | 75 | €694 | €938 | +€244 | +35.1% |
| Financial charges | 65/66B | €1,534 | €1,339 | -€196 | -12.8% |
| Recurring financial charges | 65 | €1,534 | €1,339 | -€196 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €15,132 | €9,121 | -€6,011 | -39.7% |
| Transfer from deferred taxes | 780 | - | €313 | +€313 | |
| Income taxes | 67/77 | €2,778 | €2,160 | -€618 | -22.3% |
| Profit (loss) for the period | 9904 | €12,354 | €7,274 | -€5,080 | -41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,354 | €7,274 | -€5,080 | -41.1% |
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 21 October 2026 via checked.be.