Polcon: what changed
Polcon
Largest movements
- Cash +€17,842
up €17,842 (+73.7%), from €24,210 to €42,052
mainly Net result for the year (+€16,161) and Depreciation (+€9,572)
- Tangible fixed assets -€5,384
down €5,384 (-12.3%), from €43,928 to €38,544
of which Leasing and similar rights: -€8,890
- Reserves +€16,161
up €16,161 (+37.9%), from €42,591 to €58,753
- Debts after one year -€10,989
down €10,989 (-34.3%), from €32,058 to €21,069
- Tax, wage and social debts +€4,105
up €4,105 (+28.7%), from €14,307 to €18,412
- Trade debts +€1,455
up €1,455 (+109%), from €1,332 to €2,787
- Depreciation +€8,219
up €8,219 (+607%), from €1,353 to €9,572
- Gross operating margin -€5,827
down €5,827 (-15.0%), from €38,858 to €33,031
- Taxes -€3,094
down €3,094 (-37.8%), from €8,185 to €5,091
- Other operating charges +€1,094
up €1,094 (+367%), from €298 to €1,391
- Financial charges +€1,087
up €1,087 (+294%), from €369 to €1,456
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €103,914 | €114,904 | +€10,990 | +10.6% |
| Fixed assets | 21/28 | €43,928 | €38,544 | -€5,384 | -12.3% |
| Tangible fixed assets | 22/27 | €43,928 | €38,544 | -€5,384 | -12.3% |
| Plant, machinery and equipment | 23 | - | €1,563 | +€1,563 | |
| Furniture and vehicles | 24 | €524 | €2,467 | +€1,942 | +371% |
| Leasing and similar rights | 25 | €43,404 | €34,514 | -€8,890 | -20.5% |
| Current assets | 29/58 | €59,986 | €76,360 | +€16,374 | +27.3% |
| Amounts receivable within one year | 40/41 | €18,156 | €17,698 | -€458 | -2.5% |
| Trade receivables | 40 | €18,150 | €16,575 | -€1,575 | -8.7% |
| Other amounts receivable | 41 | €6 | €1,123 | +€1,117 | +19,911% |
| Current investments | 50/53 | €16,000 | €15,000 | -€1,000 | -6.3% |
| Cash at bank and in hand | 54/58 | €24,210 | €42,052 | +€17,842 | +73.7% |
| Deferred charges and accrued income | 490/1 | €1,621 | €1,611 | -€10 | -0.6% |
| Total equity and liabilities | 10/49 | €103,914 | €114,904 | +€10,990 | +10.6% |
| Equity | 10/15 | €44,591 | €60,753 | +€16,161 | +36.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €42,591 | €58,753 | +€16,161 | +37.9% |
| Distributable reserves | 133 | €42,591 | €58,753 | +€16,161 | +37.9% |
| Amounts payable | 17/49 | €59,322 | €54,151 | -€5,171 | -8.7% |
| Amounts payable after more than one year | 17 | €32,058 | €21,069 | -€10,989 | -34.3% |
| Financial debts | 170/4 | €32,058 | €21,069 | -€10,989 | -34.3% |
| Amounts payable within one year | 42/48 | €27,265 | €33,021 | +€5,756 | +21.1% |
| Current portion of amounts payable after more than one year | 42 | €10,648 | €10,989 | +€341 | +3.2% |
| Trade debts | 44 | €1,332 | €2,787 | +€1,455 | +109% |
| Suppliers | 440/4 | €1,332 | €2,787 | +€1,455 | +109% |
| Taxes, remuneration and social security | 45 | €14,307 | €18,412 | +€4,105 | +28.7% |
| Taxes | 450/3 | €14,307 | €18,412 | +€4,105 | +28.7% |
| Other amounts payable | 47/48 | €978 | €833 | -€145 | -14.8% |
| Accrued charges and deferred income | 492/3 | - | €62 | +€62 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,353 | €9,572 | +€8,219 | +607% |
| Other operating charges | 640/8 | €298 | €1,391 | +€1,094 | +367% |
| Gross operating margin | 9900 | €38,858 | €33,031 | -€5,827 | -15.0% |
| Operating profit (loss) | 9901 | €37,206 | €22,067 | -€15,139 | -40.7% |
| Financial income | 75/76B | - | €641 | +€641 | |
| Recurring financial income | 75 | - | €641 | +€641 | |
| Financial charges | 65/66B | €369 | €1,456 | +€1,087 | +294% |
| Recurring financial charges | 65 | €369 | €1,456 | +€1,087 | +294% |
| Profit (loss) for the period before taxes | 9903 | €36,837 | €21,252 | -€15,585 | -42.3% |
| Income taxes | 67/77 | €8,185 | €5,091 | -€3,094 | -37.8% |
| Profit (loss) for the period | 9904 | €28,652 | €16,161 | -€12,491 | -43.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,652 | €16,161 | -€12,491 | -43.6% |
Next steps
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.