Polca: what changed
Two fiscal 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.
What changed
Polca
NACE 46.322, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.7m
2024 · €3.4m-€759,756
Equity
€9.6m
2024 · €8.9m+€731,123
Cash
€2.5m
2024 · €2.3m+€177,685
Balance sheet total
€21.6m
2024 · €19.4m+€2.2m
Largest movements
Assets
- Tangible fixed assets +€2.6m
up €2.6m (+36.8%), from €7.0m to €9.6m
of which Land and buildings: +€2.5m
- Receivables within one year -€631,332
down €631,332 (-7.6%), from €8.3m to €7.6m
of which Other amounts receivable: -€2.0m
Equity and liabilities
- Debts after one year +€1.7m
up €1.7m (+45.8%), from €3.7m to €5.3m
- Reserves +€730,000
up €730,000 (+11.3%), from €6.4m to €7.2m
of which Distributable reserves: +€730,000
- Other debts -€494,071
down €494,071 (-18.9%), from €2.6m to €2.1m
- Trade debts +€344,563
up €344,563 (+16.2%), from €2.1m to €2.5m
- Current portion of long-term debt +€245,054
up €245,054 (+43.3%), from €565,618 to €810,672
Income statement
- Goods and materials +€531,488
up €531,488 (+4.9%), from €10.9m to €11.4m
of which Purchases: +€587,522
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.
Result 2024
€3.4m
Turnover
+€248,300
Other operating income
+€7,320
Goods and materials
-€531,488
Services and other goods
-€171,485
Staff costs
-€211,344
Depreciation
-€172,009
Write-downs
-€13,888
Other operating charges
+€12,926
Other operating items
-€39,897
Financial income
-€144,575
Financial charges
-€2,813
Taxes
+€259,849
Deferred taxes and other
-€651
Result 2025
€2.7m
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.
From operations
+€3.9m
Investment
-€3.4m
Financing
-€240,919
Cash 2024
€2.3m
From operations (derived)
+€3.9m
Net result for the year
+€2.7m
Depreciation
+€858,967
Stocks and contracts
-€87,802
Receivables within one year
+€631,332
Smaller working-capital items
-€2,250
Trade debts
+€344,563
Other debts
-€494,071
Accrued charges and deferred income
-€69,139
Investment (derived)
-€3.4m
Investment in fixed assets (net)
-€3.4m
Financing
-€240,919
Debts after one year
+€1.7m
Current portion of long-term debt
+€245,054
Short-term financial debts
-€221,718
Contributions, distributions and other
-€1.9m
Cash 2025
€2.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,359,990 | €21,570,890 | +€2.2m | +11.4% |
| Fixed assets | 21/28 | €7,018,786 | €9,593,940 | +€2.6m | +36.7% |
| Intangible fixed assets | 21 | €14,694 | €10,188 | -€4,507 | -30.7% |
| Tangible fixed assets | 22/27 | €7,003,657 | €9,583,317 | +€2.6m | +36.8% |
| Land and buildings | 22 | €5,084,247 | €7,555,032 | +€2.5m | +48.6% |
| Plant, machinery and equipment | 23 | €1,883,848 | €1,927,475 | +€43,627 | +2.3% |
| Furniture and vehicles | 24 | €35,561 | €81,266 | +€45,705 | +128.5% |
| Assets under construction and advance payments | 27 | - | €19,544 | +€19,544 | |
| Financial fixed assets | 28 | €435 | €435 | = | 0.0% |
| Other financial fixed assets | 284/8 | €435 | €435 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €435 | €435 | = | 0.0% |
| Current assets | 29/58 | €12,341,204 | €11,976,951 | -€364,253 | -3.0% |
| Stocks and contracts in progress | 3 | €1,618,902 | €1,706,705 | +€87,802 | +5.4% |
| Stocks | 30/36 | €1,618,902 | €1,706,705 | +€87,802 | +5.4% |
| Raw materials and consumables | 30/31 | €1,266,180 | €1,372,483 | +€106,303 | +8.4% |
| Work in progress | 32 | €68,960 | €61,464 | -€7,496 | -10.9% |
| Finished goods | 33 | €283,762 | €272,758 | -€11,005 | -3.9% |
| Amounts receivable within one year | 40/41 | €8,255,768 | €7,624,436 | -€631,332 | -7.6% |
| Trade receivables | 40 | €5,451,503 | €6,800,751 | +€1.3m | +24.8% |
| Other amounts receivable | 41 | €2,804,265 | €823,685 | -€2.0m | -70.6% |
| Cash at bank and in hand | 54/58 | €2,342,937 | €2,520,622 | +€177,685 | +7.6% |
| Deferred charges and accrued income | 490/1 | €123,596 | €125,189 | +€1,593 | +1.3% |
| Total equity and liabilities | 10/49 | €19,359,990 | €21,570,890 | +€2.2m | +11.4% |
| Equity | 10/15 | €8,901,005 | €9,632,129 | +€731,123 | +8.2% |
| Contributions | 10/11 | €2,457,500 | €2,457,500 | = | 0.0% |
| Capital | 10 | €2,457,500 | €2,457,500 | = | 0.0% |
| Issued capital | 100 | €2,457,500 | €2,457,500 | = | 0.0% |
| Reserves | 13 | €6,439,221 | €7,169,221 | +€730,000 | +11.3% |
| Non-distributable reserves | 130/1 | €245,750 | €245,750 | = | 0.0% |
| Legal reserve | 130 | €245,750 | €245,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,471 | €3,471 | = | 0.0% |
| Distributable reserves | 133 | €6,190,000 | €6,920,000 | +€730,000 | +11.8% |
| Profit (loss) carried forward | 14 | €4,285 | €5,408 | +€1,123 | +26.2% |
| Amounts payable | 17/49 | €10,458,984 | €11,938,761 | +€1.5m | +14.1% |
| Amounts payable after more than one year | 17 | €3,657,665 | €5,333,410 | +€1.7m | +45.8% |
| Financial debts | 170/4 | €3,657,665 | €5,333,410 | +€1.7m | +45.8% |
| Credit institutions | 173 | €3,657,665 | €5,333,410 | +€1.7m | +45.8% |
| Amounts payable within one year | 42/48 | €6,514,835 | €6,388,006 | -€126,829 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €565,618 | €810,672 | +€245,054 | +43.3% |
| Financial debts | 43 | €221,718 | - | -€221,718 | |
| Credit institutions | 430/8 | €221,718 | - | -€221,718 | |
| Trade debts | 44 | €2,125,556 | €2,470,119 | +€344,563 | +16.2% |
| Suppliers | 440/4 | €2,125,556 | €2,470,119 | +€344,563 | +16.2% |
| Taxes, remuneration and social security | 45 | €985,931 | €985,275 | -€657 | -0.1% |
| Taxes | 450/3 | €265,520 | €275,624 | +€10,104 | +3.8% |
| Remuneration and social security | 454/9 | €720,411 | €709,650 | -€10,760 | -1.5% |
| Other amounts payable | 47/48 | €2,616,012 | €2,121,940 | -€494,071 | -18.9% |
| Accrued charges and deferred income | 492/3 | €286,484 | €217,346 | -€69,139 | -24.1% |
| Operating income | 70/76A | €29,074,171 | €29,240,145 | +€165,974 | +0.6% |
| Turnover | 70 | €28,917,682 | €29,165,982 | +€248,300 | +0.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €45,554 | -€18,501 | -€64,055 | |
| Other operating income | 74 | €85,344 | €92,664 | +€7,320 | +8.6% |
| Non-recurring operating income | 76A | €25,591 | - | -€25,591 | |
| Operating charges | 60/66A | €24,476,565 | €25,514,104 | +€1.0m | +4.2% |
| Goods for resale, raw materials and consumables | 60 | €10,880,058 | €11,411,546 | +€531,488 | +4.9% |
| Purchases | 600/8 | €10,930,327 | €11,517,849 | +€587,522 | +5.4% |
| Change in stocks: decrease (increase) | 609 | -€50,269 | -€106,303 | -€56,034 | -111.5% |
| Services and other goods | 61 | €7,567,502 | €7,738,987 | +€171,485 | +2.3% |
| Remuneration, social security and pensions | 62 | €5,143,972 | €5,355,317 | +€211,344 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €686,958 | €858,967 | +€172,009 | +25.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€18,350 | -€4,462 | +€13,888 | +75.7% |
| Other operating charges | 640/8 | €166,677 | €153,751 | -€12,926 | -7.8% |
| Non-recurring operating charges | 66A | €49,748 | - | -€49,748 | |
| Operating profit (loss) | 9901 | €4,597,606 | €3,726,040 | -€871,565 | -19.0% |
| Financial income | 75/76B | €212,827 | €68,251 | -€144,575 | -67.9% |
| Recurring financial income | 75 | €212,827 | €68,251 | -€144,575 | -67.9% |
| Income from current assets | 751 | €119,698 | €12,526 | -€107,172 | -89.5% |
| Other financial income | 752/9 | €93,129 | €55,725 | -€37,403 | -40.2% |
| Financial charges | 65/66B | €224,704 | €227,517 | +€2,813 | +1.3% |
| Recurring financial charges | 65 | €224,704 | €227,517 | +€2,813 | +1.3% |
| Debt charges | 650 | €185,020 | €192,707 | +€7,686 | +4.2% |
| Other financial charges | 652/9 | €39,683 | €34,810 | -€4,873 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €4,585,729 | €3,566,775 | -€1.0m | -22.2% |
| Transfer from deferred taxes | 780 | €651 | - | -€651 | |
| Income taxes | 67/77 | €1,155,501 | €895,652 | -€259,849 | -22.5% |
| Taxes | 670/3 | €1,155,501 | €900,000 | -€255,501 | -22.1% |
| Tax adjustments and reversals of tax provisions | 77 | - | €4,349 | +€4,349 | |
| Profit (loss) for the period | 9904 | €3,430,879 | €2,671,123 | -€759,756 | -22.1% |
| Transfer from tax-exempt reserves | 789 | €1,954 | - | -€1,954 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,432,833 | €2,671,123 | -€761,710 | -22.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.