POLEM: 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.
POLEM
Largest movements
- Tangible fixed assets +€573,544
up €573,544 (+2104.1%), from €27,258 to €600,803
of which Land and buildings: +€587,099
- Cash +€409,948
up €409,948 (+51.8%), from €791,376 to €1.2m
mainly Net result for the year (+€993,305) and Other debts (+€300,287)
- Reserves +€693,305
up €693,305 (+16.2%), from €4.3m to €5.0m
- Other debts +€300,287
up €300,287 (+1415.8%), from €21,210 to €321,497
- Financial income +€969,170
up €969,170 (+2875.8%), from €33,701 to €1.0m
- Gross operating margin -€34,155
down €34,155 (-74.8%), from €45,663 to €11,507
- Financial charges -€26,351
down €26,351 (-90.2%), from €29,225 to €2,874
- Taxes -€8,803
down €8,803 (-97.7%), from €9,015 to €211
- Depreciation +€2,958
up €2,958 (+21.8%), from €13,555 to €16,513
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,366,887 | €5,360,649 | +€993,762 | +22.8% |
| Fixed assets | 21/28 | €2,546,166 | €3,119,710 | +€573,544 | +22.5% |
| Tangible fixed assets | 22/27 | €27,258 | €600,803 | +€573,544 | +2104.1% |
| Land and buildings | 22 | - | €587,099 | +€587,099 | |
| Furniture and vehicles | 24 | €27,258 | €13,703 | -€13,555 | -49.7% |
| Financial fixed assets | 28 | €2,518,907 | €2,518,907 | = | 0.0% |
| Current assets | 29/58 | €1,820,722 | €2,240,939 | +€420,217 | +23.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,871 | €10,965 | +€9,094 | +486.2% |
| Other amounts receivable | 41 | €1,871 | €10,965 | +€9,094 | +486.2% |
| Current investments | 50/53 | €1,025,639 | €1,025,639 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €791,376 | €1,201,324 | +€409,948 | +51.8% |
| Deferred charges and accrued income | 490/1 | €1,836 | €3,012 | +€1,175 | +64.0% |
| Total equity and liabilities | 10/49 | €4,366,887 | €5,360,649 | +€993,762 | +22.8% |
| Equity | 10/15 | €4,345,169 | €5,038,474 | +€693,305 | +16.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €4,283,169 | €4,976,474 | +€693,305 | +16.2% |
| Distributable reserves | 133 | €4,283,169 | €4,976,474 | +€693,305 | +16.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €21,718 | €322,175 | +€300,457 | +1383.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €21,718 | €322,092 | +€300,373 | +1383.0% |
| Trade debts | 44 | €115 | €227 | +€113 | +98.2% |
| Suppliers | 440/4 | €115 | €227 | +€113 | +98.2% |
| Taxes, remuneration and social security | 45 | €393 | €367 | -€27 | -6.8% |
| Taxes | 450/3 | €393 | €367 | -€27 | -6.8% |
| Other amounts payable | 47/48 | €21,210 | €321,497 | +€300,287 | +1415.8% |
| Accrued charges and deferred income | 492/3 | - | €84 | +€84 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,555 | €16,513 | +€2,958 | +21.8% |
| Other operating charges | 640/8 | €1,432 | €1,476 | +€44 | +3.1% |
| Gross operating margin | 9900 | €45,663 | €11,507 | -€34,155 | -74.8% |
| Operating profit (loss) | 9901 | €30,676 | -€6,482 | -€37,158 | |
| Financial income | 75/76B | €33,701 | €1,002,872 | +€969,170 | +2875.8% |
| Recurring financial income | 75 | €33,701 | €1,002,872 | +€969,170 | +2875.8% |
| Financial charges | 65/66B | €29,225 | €2,874 | -€26,351 | -90.2% |
| Recurring financial charges | 65 | €29,225 | €2,874 | -€26,351 | -90.2% |
| Profit (loss) for the period before taxes | 9903 | €35,152 | €993,516 | +€958,364 | +2726.3% |
| Income taxes | 67/77 | €9,015 | €211 | -€8,803 | -97.7% |
| Profit (loss) for the period | 9904 | €26,137 | €993,305 | +€967,168 | +3700.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,137 | €993,305 | +€967,168 | +3700.3% |
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 12 October 2026 via checked.be.