POLEDOR: 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.
POLEDOR
Largest movements
- Cash -€23,420
down €23,420 (-59.1%), from €39,622 to €16,202
mainly Stocks and contracts (-€19,075) and Net result for the year (-€17,152)
- Stocks and contracts +€19,075
up €19,075 (+15.2%), from €125,778 to €144,853
- Receivables within one year -€6,196
down €6,196 (-36.2%), from €17,108 to €10,913
of which Other amounts receivable: -€7,065
- Profit (loss) carried forward -€17,152
down €17,152, from €1,019 to -€16,132
- Trade debts +€16,434
up €16,434 (+1,999%), from €822 to €17,256
- Other debts -€6,072
down €6,072 (-22.3%), from €27,217 to €21,145
- Tax, wage and social debts -€3,361
down €3,361 (-99.1%), from €3,392 to €31
- Gross operating margin -€33,138
down €33,138, from €22,127 to -€11,011
- Taxes -€4,637
no longer reported in 2025 (was €4,637)
- Other operating charges +€945
up €945 (+139%), from €682 to €1,628
- Financial income +€453
up €453 (+94.8%), from €478 to €931
- Depreciation +€274
up €274 (+6.9%), from €3,965 to €4,239
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 | €193,749 | €183,716 | -€10,034 | -5.2% |
| Fixed assets | 21/28 | €9,012 | €9,781 | +€768 | +8.5% |
| Tangible fixed assets | 22/27 | €8,895 | €9,663 | +€768 | +8.6% |
| Plant, machinery and equipment | 23 | €131 | €547 | +€416 | +319% |
| Other tangible fixed assets | 26 | €8,764 | €9,117 | +€352 | +4.0% |
| Financial fixed assets | 28 | €117 | €117 | = | 0.0% |
| Current assets | 29/58 | €184,737 | €173,935 | -€10,802 | -5.8% |
| Stocks and contracts in progress | 3 | €125,778 | €144,853 | +€19,075 | +15.2% |
| Stocks | 30/36 | €125,778 | €144,853 | +€19,075 | +15.2% |
| Amounts receivable within one year | 40/41 | €17,108 | €10,913 | -€6,196 | -36.2% |
| Trade receivables | 40 | - | €869 | +€869 | |
| Other amounts receivable | 41 | €17,108 | €10,044 | -€7,065 | -41.3% |
| Cash at bank and in hand | 54/58 | €39,622 | €16,202 | -€23,420 | -59.1% |
| Deferred charges and accrued income | 490/1 | €2,228 | €1,967 | -€261 | -11.7% |
| Total equity and liabilities | 10/49 | €193,749 | €183,716 | -€10,034 | -5.2% |
| Equity | 10/15 | €161,579 | €144,428 | -€17,152 | -10.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €154,360 | €154,360 | = | 0.0% |
| Distributable reserves | 133 | €154,360 | €154,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,019 | -€16,132 | -€17,152 | |
| Amounts payable | 17/49 | €32,170 | €39,288 | +€7,118 | +22.1% |
| Amounts payable within one year | 42/48 | €32,170 | €38,776 | +€6,605 | +20.5% |
| Trade debts | 44 | €822 | €17,256 | +€16,434 | +1,999% |
| Suppliers | 440/4 | €822 | €17,256 | +€16,434 | +1,999% |
| Advances received on contracts in progress | 46 | €739 | €344 | -€396 | -53.5% |
| Taxes, remuneration and social security | 45 | €3,392 | €31 | -€3,361 | -99.1% |
| Taxes | 450/3 | €3,392 | €31 | -€3,361 | -99.1% |
| Other amounts payable | 47/48 | €27,217 | €21,145 | -€6,072 | -22.3% |
| Accrued charges and deferred income | 492/3 | - | €513 | +€513 | |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,965 | €4,239 | +€274 | +6.9% |
| Other operating charges | 640/8 | €682 | €1,628 | +€945 | +139% |
| Gross operating margin | 9900 | €22,127 | -€11,011 | -€33,138 | |
| Operating profit (loss) | 9901 | €17,480 | -€16,877 | -€34,357 | |
| Financial income | 75/76B | €478 | €931 | +€453 | +94.8% |
| Recurring financial income | 75 | €478 | €931 | +€453 | +94.8% |
| Financial charges | 65/66B | €1,136 | €1,205 | +€70 | +6.2% |
| Recurring financial charges | 65 | €1,136 | €1,205 | +€70 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €16,822 | -€17,152 | -€33,974 | |
| Income taxes | 67/77 | €4,637 | - | -€4,637 | |
| Profit (loss) for the period | 9904 | €12,185 | -€17,152 | -€29,337 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,185 | -€17,152 | -€29,337 |
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 14 October 2026 via checked.be.