POLFRABEL: 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.
POLFRABEL
Largest movements
- Tangible fixed assets +€176,889
up €176,889 (+96.3%), from €183,764 to €360,653
of which Land and buildings: +€180,995
- Cash +€24,032
up €24,032 (+163.4%), from €14,707 to €38,739
mainly Other debts (+€118,555) and Debts after one year (+€88,356)
- Receivables within one year +€8,332
up €8,332 (+177.7%), from €4,689 to €13,020
of which Trade receivables: +€7,526
- Other debts +€118,555
up €118,555 (+679.1%), from €17,457 to €136,011
- Debts after one year +€88,356
up €88,356 (+160.5%), from €55,059 to €143,415
of which Financial debts: +€88,356
- Trade debts +€29,205
up €29,205 (+516.5%), from €5,655 to €34,860
- Profit (loss) carried forward -€16,797
new in 2025: -€16,797
- Current portion of long-term debt -€8,052
down €8,052 (-42.2%), from €19,074 to €11,022
- Depreciation +€24,102
up €24,102 (+77.8%), from €30,993 to €55,095
- Gross operating margin +€14,839
up €14,839 (+39.0%), from €38,089 to €52,928
- Other operating charges -€6,196
down €6,196 (-40.3%), from €15,376 to €9,181
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 | €204,026 | €416,572 | +€212,546 | +104.2% |
| Fixed assets | 21/28 | €184,014 | €360,903 | +€176,889 | +96.1% |
| Tangible fixed assets | 22/27 | €183,764 | €360,653 | +€176,889 | +96.3% |
| Land and buildings | 22 | €154,572 | €335,567 | +€180,995 | +117.1% |
| Plant, machinery and equipment | 23 | €8,663 | €5,374 | -€3,289 | -38.0% |
| Furniture and vehicles | 24 | €20,529 | €19,712 | -€817 | -4.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €20,012 | €55,669 | +€35,657 | +178.2% |
| Amounts receivable within one year | 40/41 | €4,689 | €13,020 | +€8,332 | +177.7% |
| Trade receivables | 40 | €4,689 | €12,214 | +€7,526 | +160.5% |
| Other amounts receivable | 41 | €0 | €806 | +€806 | |
| Cash at bank and in hand | 54/58 | €14,707 | €38,739 | +€24,032 | +163.4% |
| Deferred charges and accrued income | 490/1 | €617 | €3,910 | +€3,293 | +534.1% |
| Total equity and liabilities | 10/49 | €204,026 | €416,572 | +€212,546 | +104.2% |
| Equity | 10/15 | €106,053 | €89,255 | -€16,797 | -15.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €29,487 | €29,487 | = | 0.0% |
| Reserves | 13 | €15,066 | €15,066 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €8,916 | €8,916 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€16,797 | -€16,797 | |
| Amounts payable | 17/49 | €97,974 | €327,317 | +€229,343 | +234.1% |
| Amounts payable after more than one year | 17 | €55,059 | €143,415 | +€88,356 | +160.5% |
| Financial debts | 170/4 | €52,591 | €140,947 | +€88,356 | +168.0% |
| Other amounts payable | 178/9 | €2,469 | €2,469 | = | 0.0% |
| Amounts payable within one year | 42/48 | €42,914 | €183,902 | +€140,987 | +328.5% |
| Current portion of amounts payable after more than one year | 42 | €19,074 | €11,022 | -€8,052 | -42.2% |
| Trade debts | 44 | €5,655 | €34,860 | +€29,205 | +516.5% |
| Suppliers | 440/4 | €5,655 | €34,860 | +€29,205 | +516.5% |
| Taxes, remuneration and social security | 45 | €729 | €2,009 | +€1,279 | +175.5% |
| Taxes | 450/3 | €729 | €2,009 | +€1,279 | +175.5% |
| Other amounts payable | 47/48 | €17,457 | €136,011 | +€118,555 | +679.1% |
| Non-recurring operating income | 76A | - | €4,307 | +€4,307 | |
| Remuneration, social security and pensions | 62 | €24 | €250 | +€226 | +951.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,993 | €55,095 | +€24,102 | +77.8% |
| Other operating charges | 640/8 | €15,376 | €9,181 | -€6,196 | -40.3% |
| Gross operating margin | 9900 | €38,089 | €52,928 | +€14,839 | +39.0% |
| Operating profit (loss) | 9901 | -€8,304 | -€11,598 | -€3,294 | -39.7% |
| Financial income | 75/76B | - | €307 | +€307 | |
| Recurring financial income | 75 | - | €307 | +€307 | |
| Financial charges | 65/66B | €5,054 | €5,358 | +€303 | +6.0% |
| Recurring financial charges | 65 | €5,054 | €5,358 | +€303 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | -€13,358 | -€16,648 | -€3,290 | -24.6% |
| Income taxes | 67/77 | - | €150 | +€150 | |
| Profit (loss) for the period | 9904 | -€13,358 | -€16,797 | -€3,439 | -25.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,358 | -€16,797 | -€3,439 | -25.7% |
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 9 October 2026 via checked.be.