POLCAF: 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
POLCAF
NACE 77.399, Renting and leasing of other machinery, equipment and tangible goods
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€30.0m
2024 · -€217,645+€30.2m
Equity
€182.2m
2024 · €86.7m+€95.4m
Cash
€57,512
2024 · €27,182+€30,330
Balance sheet total
€210.6m
2024 · €110.3m+€100.3m
Largest movements
Assets
- Financial fixed assets +€76.0m
up €76.0m (+74.3%), from €102.4m to €178.4m
- Receivables within one year +€19.6m
up €19.6m (+1556.5%), from €1.3m to €20.8m
of which Other amounts receivable: +€19.7m
- Tangible fixed assets +€5.4m
up €5.4m (+140.3%), from €3.9m to €9.3m
of which Assets under construction and advance payments: +€5.3m
Equity and liabilities
- Contributions +€65.5m
up €65.5m (+1056.0%), from €6.2m to €71.7m
- Profit (loss) carried forward +€28.4m
up €28.4m (+37.8%), from €75.2m to €103.6m
- Debts after one year +€12.0m
up €12.0m (+102.5%), from €11.7m to €23.7m
- Other debts -€8.9m
down €8.9m (-100.0%), from €8.9m to €0
- Current portion of long-term debt +€2.2m
up €2.2m (+1375.0%), from €160,000 to €2.4m
Income statement
- Financial income +€30.4m
up €30.4m (+2554.6%), from €1.2m to €31.6m
- Services and other goods +€1.3m
up €1.3m (+27.4%), from €4.7m to €6.0m
- Turnover +€1.2m
up €1.2m (+14.3%), from €8.3m to €9.5m
- Staff costs +€119,364
up €119,364 (+4.5%), from €2.7m to €2.8m
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
-€217,645
Turnover
+€1.2m
Other operating income
+€35,160
Services and other goods
-€1.3m
Staff costs
-€119,364
Depreciation
-€25,822
Other operating charges
+€636
Financial income
+€30.4m
Financial charges
+€15,389
Taxes
+€133
Result 2025
€30.0m
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
+€2.0m
Investment
-€81.6m
Financing
+€79.6m
Cash 2024
€27,182
From operations (derived)
+€2.0m
Net result for the year
+€30.0m
Depreciation
+€898,834
Receivables within one year
-€19.6m
Smaller working-capital items
-€149,961
Trade debts
-€287,033
Other debts
-€8.9m
Investment (derived)
-€81.6m
Investment in fixed assets (net)
-€81.6m
Financing
+€79.6m
Debts after one year
+€12.0m
Current portion of long-term debt
+€2.2m
Contributions, distributions and other
+€65.5m
Cash 2025
€57,512
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €110,322,572 | €210,620,360 | +€100.3m | +90.9% |
| Fixed assets | 21/28 | €108,964,329 | €189,670,657 | +€80.7m | +74.1% |
| Intangible fixed assets | 21 | €2,745,003 | €1,990,058 | -€754,944 | -27.5% |
| Tangible fixed assets | 22/27 | €3,861,840 | €9,280,304 | +€5.4m | +140.3% |
| Land and buildings | 22 | €52,452 | €48,242 | -€4,210 | -8.0% |
| Plant, machinery and equipment | 23 | €67 | €0 | -€67 | -100.0% |
| Furniture and vehicles | 24 | €154,494 | €355,902 | +€201,407 | +130.4% |
| Other tangible fixed assets | 26 | €126,252 | €87,607 | -€38,646 | -30.6% |
| Assets under construction and advance payments | 27 | €3,528,574 | €8,788,554 | +€5.3m | +149.1% |
| Financial fixed assets | 28 | €102,357,486 | €178,400,294 | +€76.0m | +74.3% |
| Affiliated companies | 280/1 | €102,357,486 | €178,400,294 | +€76.0m | +74.3% |
| Participating interests | 280 | €102,357,486 | €178,400,294 | +€76.0m | +74.3% |
| Current assets | 29/58 | €1,358,243 | €20,949,703 | +€19.6m | +1442.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,256,777 | €20,818,104 | +€19.6m | +1556.5% |
| Trade receivables | 40 | €1,210,537 | €1,086,624 | -€123,912 | -10.2% |
| Other amounts receivable | 41 | €46,241 | €19,731,480 | +€19.7m | +42571.1% |
| Cash at bank and in hand | 54/58 | €27,182 | €57,512 | +€30,330 | +111.6% |
| Deferred charges and accrued income | 490/1 | €74,284 | €74,086 | -€198 | -0.3% |
| Total equity and liabilities | 10/49 | €110,322,572 | €210,620,360 | +€100.3m | +90.9% |
| Equity | 10/15 | €86,733,400 | €182,155,691 | +€95.4m | +110.0% |
| Contributions | 10/11 | €6,200,000 | €71,671,000 | +€65.5m | +1056.0% |
| Capital | 10 | €6,200,000 | €71,671,000 | +€65.5m | +1056.0% |
| Issued capital | 100 | €6,200,000 | €71,671,000 | +€65.5m | +1056.0% |
| Reserves | 13 | €5,381,000 | €6,899,615 | +€1.5m | +28.2% |
| Non-distributable reserves | 130/1 | €620,000 | €2,138,615 | +€1.5m | +244.9% |
| Legal reserve | 130 | €620,000 | €2,138,615 | +€1.5m | +244.9% |
| Tax-exempt reserves | 132 | €842,000 | €421,000 | -€421,000 | -50.0% |
| Distributable reserves | 133 | €3,919,000 | €4,340,000 | +€421,000 | +10.7% |
| Profit (loss) carried forward | 14 | €75,152,400 | €103,585,077 | +€28.4m | +37.8% |
| Amounts payable | 17/49 | €23,589,172 | €28,464,669 | +€4.9m | +20.7% |
| Amounts payable after more than one year | 17 | €11,680,000 | €23,653,338 | +€12.0m | +102.5% |
| Financial debts | 170/4 | €11,680,000 | €23,653,338 | +€12.0m | +102.5% |
| Subordinated loans | 170 | €11,200,000 | €11,200,000 | = | 0.0% |
| Credit institutions | 173 | €480,000 | €12,453,338 | +€12.0m | +2494.4% |
| Amounts payable within one year | 42/48 | €10,930,162 | €4,000,371 | -€6.9m | -63.4% |
| Current portion of amounts payable after more than one year | 42 | €160,000 | €2,359,996 | +€2.2m | +1375.0% |
| Trade debts | 44 | €1,490,820 | €1,203,787 | -€287,033 | -19.3% |
| Suppliers | 440/4 | €1,490,820 | €1,203,787 | -€287,033 | -19.3% |
| Taxes, remuneration and social security | 45 | €418,696 | €436,588 | +€17,892 | +4.3% |
| Taxes | 450/3 | €27,860 | €27,755 | -€105 | -0.4% |
| Remuneration and social security | 454/9 | €390,836 | €408,833 | +€17,996 | +4.6% |
| Other amounts payable | 47/48 | €8,860,646 | €0 | -€8.9m | -100.0% |
| Accrued charges and deferred income | 492/3 | €979,010 | €810,960 | -€168,050 | -17.2% |
| Operating income | 70/76A | €8,400,832 | €9,619,343 | +€1.2m | +14.5% |
| Turnover | 70 | €8,280,247 | €9,463,599 | +€1.2m | +14.3% |
| Other operating income | 74 | €120,584 | €155,744 | +€35,160 | +29.2% |
| Operating charges | 60/66A | €8,283,310 | €9,723,381 | +€1.4m | +17.4% |
| Services and other goods | 61 | €4,730,572 | €6,026,094 | +€1.3m | +27.4% |
| Remuneration, social security and pensions | 62 | €2,673,377 | €2,792,741 | +€119,364 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €873,012 | €898,834 | +€25,822 | +3.0% |
| Other operating charges | 640/8 | €6,348 | €5,712 | -€636 | -10.0% |
| Operating profit (loss) | 9901 | €117,522 | -€104,038 | -€221,560 | |
| Financial income | 75/76B | €1,189,019 | €31,563,992 | +€30.4m | +2554.6% |
| Recurring financial income | 75 | €1,189,019 | €31,563,992 | +€30.4m | +2554.6% |
| Income from financial fixed assets | 750 | €1,130,160 | €31,526,000 | +€30.4m | +2689.5% |
| Other financial income | 752/9 | €58,859 | €37,992 | -€20,867 | -35.5% |
| Financial charges | 65/66B | €1,521,693 | €1,506,304 | -€15,389 | -1.0% |
| Recurring financial charges | 65 | €1,521,693 | €1,506,304 | -€15,389 | -1.0% |
| Debt charges | 650 | €1,482,101 | €1,422,992 | -€59,109 | -4.0% |
| Other financial charges | 652/9 | €39,592 | €83,312 | +€43,720 | +110.4% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€215,153 | €29,953,650 | +€30.2m | |
| Income taxes | 67/77 | €2,492 | €2,359 | -€133 | -5.4% |
| Taxes | 670/3 | €2,492 | €2,359 | -€133 | -5.4% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€217,645 | €29,951,291 | +€30.2m | |
| Transfer from tax-exempt reserves | 789 | €356,000 | €421,000 | +€65,000 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €138,355 | €30,372,291 | +€30.2m | +21852.4% |
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 4 October 2026 via checked.be.