POLIGOON: 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.
POLIGOON
Largest movements
- Stocks and contracts -€412,605
down €412,605 (-43.8%), from €942,100 to €529,494
- Cash +€148,095
up €148,095 (+244.9%), from €60,468 to €208,562
mainly Stocks and contracts (+€412,605) and Net result for the year (+€28,177)
- Debts after one year -€294,000
down €294,000 (-32.0%), from €919,000 to €625,000
of which Financial debts: -€294,000
- Profit (loss) carried forward +€25,239
up €25,239, from -€25,239 to €0
- Gross operating margin -€88,345
down €88,345 (-55.4%), from €159,393 to €71,047
- Financial charges -€68,860
down €68,860 (-67.9%), from €101,348 to €32,488
- Taxes +€3,896
up €3,896 (+61.3%), from €6,353 to €10,250
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 | €1,002,902 | €738,129 | -€264,773 | -26.4% |
| Current assets | 29/58 | €1,002,902 | €738,129 | -€264,773 | -26.4% |
| Stocks and contracts in progress | 3 | €942,100 | €529,494 | -€412,605 | -43.8% |
| Stocks | 30/36 | €942,100 | €529,494 | -€412,605 | -43.8% |
| Cash at bank and in hand | 54/58 | €60,468 | €208,562 | +€148,095 | +244.9% |
| Deferred charges and accrued income | 490/1 | €335 | €73 | -€263 | -78.4% |
| Total equity and liabilities | 10/49 | €1,002,902 | €738,129 | -€264,773 | -26.4% |
| Equity | 10/15 | €74,761 | €102,938 | +€28,177 | +37.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Outside capital | 11 | €0 | - | = | |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | - | €2,938 | +€2,938 | |
| Non-distributable reserves | 130/1 | - | €2,938 | +€2,938 | |
| Legal reserve | 130 | - | €2,938 | +€2,938 | |
| Profit (loss) carried forward | 14 | -€25,239 | €0 | +€25,239 | |
| Amounts payable | 17/49 | €928,141 | €635,191 | -€292,950 | -31.6% |
| Amounts payable after more than one year | 17 | €919,000 | €625,000 | -€294,000 | -32.0% |
| Financial debts | 170/4 | €294,000 | €0 | -€294,000 | -100.0% |
| Other amounts payable | 178/9 | €625,000 | €625,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,135 | €10,170 | +€4,034 | +65.8% |
| Taxes, remuneration and social security | 45 | €6,135 | €10,170 | +€4,034 | +65.8% |
| Taxes | 450/3 | €6,135 | €10,170 | +€4,034 | +65.8% |
| Accrued charges and deferred income | 492/3 | €3,006 | €22 | -€2,984 | -99.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Other operating charges | 640/8 | €1,037 | €400 | -€637 | -61.5% |
| Gross operating margin | 9900 | €159,393 | €71,047 | -€88,345 | -55.4% |
| Operating profit (loss) | 9901 | €158,355 | €70,648 | -€87,708 | -55.4% |
| Financial income | 75/76B | €727 | €267 | -€460 | -63.3% |
| Recurring financial income | 75 | €727 | €267 | -€460 | -63.3% |
| Financial charges | 65/66B | €101,348 | €32,488 | -€68,860 | -67.9% |
| Recurring financial charges | 65 | €101,348 | €32,488 | -€68,860 | -67.9% |
| Profit (loss) for the period before taxes | 9903 | €57,734 | €38,426 | -€19,308 | -33.4% |
| Income taxes | 67/77 | €6,353 | €10,250 | +€3,896 | +61.3% |
| Profit (loss) for the period | 9904 | €51,380 | €28,177 | -€23,204 | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,380 | €28,177 | -€23,204 | -45.2% |
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 5 October 2026 via checked.be.