POLICARPO: 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.
POLICARPO
Largest movements
- Tangible fixed assets -€39,457
down €39,457 (-6.3%), from €622,345 to €582,888
of which Land and buildings: -€32,156
- Cash +€13,861
up €13,861 (+5.8%), from €240,287 to €254,148
mainly Net result for the year (+€108,480) and Depreciation (+€44,473)
- Stocks and contracts +€12,467
up €12,467 (+9.9%), from €125,802 to €138,269
- Reserves +€108,480
up €108,480 (+21.9%), from €495,634 to €604,114
- Other debts -€79,807
down €79,807 (-93.1%), from €85,695 to €5,888
- Debts after one year -€64,459
down €64,459 (-24.3%), from €264,988 to €200,529
- Trade debts +€25,234
up €25,234 (+105%), from €24,134 to €49,368
- Gross operating margin -€32,970
down €32,970 (-10.2%), from €322,769 to €289,799
- Taxes +€17,907
up €17,907 (+59.8%), from €29,965 to €47,872
- Write-downs -€5,593
no longer reported in 2025 (was €5,593)
- Depreciation -€3,433
down €3,433 (-7.2%), from €47,906 to €44,473
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 | €1,003,258 | €988,392 | -€14,865 | -1.5% |
| Fixed assets | 21/28 | €622,430 | €582,973 | -€39,457 | -6.3% |
| Tangible fixed assets | 22/27 | €622,345 | €582,888 | -€39,457 | -6.3% |
| Land and buildings | 22 | €582,949 | €550,793 | -€32,156 | -5.5% |
| Furniture and vehicles | 24 | €39,396 | €32,095 | -€7,301 | -18.5% |
| Financial fixed assets | 28 | €85 | €85 | = | 0.0% |
| Current assets | 29/58 | €380,827 | €405,419 | +€24,592 | +6.5% |
| Stocks and contracts in progress | 3 | €125,802 | €138,269 | +€12,467 | +9.9% |
| Stocks | 30/36 | €125,802 | €138,269 | +€12,467 | +9.9% |
| Amounts receivable within one year | 40/41 | €11,480 | €9,782 | -€1,698 | -14.8% |
| Trade receivables | 40 | €3,148 | €4,579 | +€1,431 | +45.4% |
| Other amounts receivable | 41 | €8,332 | €5,203 | -€3,128 | -37.5% |
| Cash at bank and in hand | 54/58 | €240,287 | €254,148 | +€13,861 | +5.8% |
| Deferred charges and accrued income | 490/1 | €3,259 | €3,220 | -€39 | -1.2% |
| Total equity and liabilities | 10/49 | €1,003,258 | €988,392 | -€14,865 | -1.5% |
| Equity | 10/15 | €514,384 | €622,864 | +€108,480 | +21.1% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €495,634 | €604,114 | +€108,480 | +21.9% |
| Distributable reserves | 133 | €495,634 | €604,114 | +€108,480 | +21.9% |
| Amounts payable | 17/49 | €488,873 | €365,528 | -€123,345 | -25.2% |
| Amounts payable after more than one year | 17 | €264,988 | €200,529 | -€64,459 | -24.3% |
| Financial debts | 170/4 | €264,988 | €200,529 | -€64,459 | -24.3% |
| Amounts payable within one year | 42/48 | €223,886 | €164,999 | -€58,886 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €73,347 | €64,459 | -€8,888 | -12.1% |
| Trade debts | 44 | €24,134 | €49,368 | +€25,234 | +105% |
| Suppliers | 440/4 | €24,134 | €49,368 | +€25,234 | +105% |
| Taxes, remuneration and social security | 45 | €40,710 | €45,284 | +€4,575 | +11.2% |
| Taxes | 450/3 | €23,322 | €30,685 | +€7,363 | +31.6% |
| Remuneration and social security | 454/9 | €17,388 | €14,600 | -€2,789 | -16.0% |
| Other amounts payable | 47/48 | €85,695 | €5,888 | -€79,807 | -93.1% |
| Remuneration, social security and pensions | 62 | €83,904 | €83,783 | -€121 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,906 | €44,473 | -€3,433 | -7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,593 | - | -€5,593 | |
| Other operating charges | 640/8 | €8,411 | €8,950 | +€540 | +6.4% |
| Non-recurring operating charges | 66A | €85,202 | €5,066 | -€80,136 | -94.1% |
| Gross operating margin | 9900 | €322,769 | €289,799 | -€32,970 | -10.2% |
| Operating profit (loss) | 9901 | €91,752 | €147,527 | +€55,774 | +60.8% |
| Financial income | 75/76B | €19,160 | €16,214 | -€2,946 | -15.4% |
| Recurring financial income | 75 | €19,160 | €16,214 | -€2,946 | -15.4% |
| Financial charges | 65/66B | €7,763 | €7,388 | -€376 | -4.8% |
| Recurring financial charges | 65 | €7,763 | €7,388 | -€376 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €103,148 | €156,352 | +€53,204 | +51.6% |
| Income taxes | 67/77 | €29,965 | €47,872 | +€17,907 | +59.8% |
| Profit (loss) for the period | 9904 | €73,183 | €108,480 | +€35,297 | +48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €73,183 | €108,480 | +€35,297 | +48.2% |
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 26 October 2026 via checked.be.