POLITEIA: 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.
POLITEIA
Largest movements
- Receivables within one year +€571,594
up €571,594 (+32.7%), from €1.7m to €2.3m
of which Other amounts receivable: +€443,066
- Receivables after one year -€415,000
no longer reported in 2025 (was €415,000)
- Stocks and contracts +€111,711
up €111,711 (+58.3%), from €191,592 to €303,303
- Cash +€72,442
up €72,442 (+22.6%), from €320,895 to €393,337
mainly Receivables after one year (+€415,000) and Net result for the year (+€279,634)
- Deferred charges and accrued income +€55,617
up €55,617 (+107%), from €52,081 to €107,698
- Tax, wage and social debts +€155,334
up €155,334 (+105%), from €147,345 to €302,679
of which Taxes: +€93,138
- Short-term financial debts +€89,000
up €89,000 (+11.7%), from €761,000 to €850,000
- Other debts +€72,334
up €72,334 (+20.7%), from €349,296 to €421,630
- Other operating charges -€332,118
down €332,118 (-99.5%), from €333,814 to €1,696
- Gross operating margin -€316,646
down €316,646 (-16.6%), from €1.9m to €1.6m
- Staff costs +€231,778
up €231,778 (+23.1%), from €1.0m to €1.2m
- Financial income +€47,256
up €47,256 (+295%), from €16,033 to €63,289
- Taxes -€37,145
down €37,145 (-47.1%), from €78,934 to €41,788
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 | €2,957,435 | €3,319,312 | +€361,878 | +12.2% |
| Fixed assets | 21/28 | €228,340 | €193,853 | -€34,487 | -15.1% |
| Intangible fixed assets | 21 | €148,241 | €103,755 | -€44,487 | -30.0% |
| Tangible fixed assets | 22/27 | - | €10,000 | +€10,000 | |
| Assets under construction and advance payments | 27 | - | €10,000 | +€10,000 | |
| Financial fixed assets | 28 | €80,099 | €80,099 | = | 0.0% |
| Current assets | 29/58 | €2,729,095 | €3,125,459 | +€396,364 | +14.5% |
| Amounts receivable after more than one year | 29 | €415,000 | - | -€415,000 | |
| Other amounts receivable | 291 | €415,000 | - | -€415,000 | |
| Stocks and contracts in progress | 3 | €191,592 | €303,303 | +€111,711 | +58.3% |
| Stocks | 30/36 | €191,592 | €303,303 | +€111,711 | +58.3% |
| Amounts receivable within one year | 40/41 | €1,749,527 | €2,321,121 | +€571,594 | +32.7% |
| Trade receivables | 40 | €534,566 | €663,094 | +€128,528 | +24.0% |
| Other amounts receivable | 41 | €1,214,960 | €1,658,027 | +€443,066 | +36.5% |
| Cash at bank and in hand | 54/58 | €320,895 | €393,337 | +€72,442 | +22.6% |
| Deferred charges and accrued income | 490/1 | €52,081 | €107,698 | +€55,617 | +107% |
| Total equity and liabilities | 10/49 | €2,957,435 | €3,319,312 | +€361,878 | +12.2% |
| Equity | 10/15 | €1,258,590 | €1,255,594 | -€2,996 | -0.2% |
| Contributions | 10/11 | €419,932 | €419,932 | = | 0.0% |
| Capital | 10 | €419,932 | €419,932 | = | 0.0% |
| Issued capital | 100 | €419,932 | €419,932 | = | 0.0% |
| Reserves | 13 | €71,998 | €71,998 | = | 0.0% |
| Non-distributable reserves | 130/1 | €61,998 | €61,998 | = | 0.0% |
| Legal reserve | 130 | €61,998 | €61,998 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €766,660 | €763,664 | -€2,996 | -0.4% |
| Amounts payable | 17/49 | €1,698,845 | €2,063,718 | +€364,874 | +21.5% |
| Amounts payable within one year | 42/48 | €1,695,261 | €2,041,093 | +€345,832 | +20.4% |
| Financial debts | 43 | €761,000 | €850,000 | +€89,000 | +11.7% |
| Credit institutions | 430/8 | €761,000 | €850,000 | +€89,000 | +11.7% |
| Trade debts | 44 | €436,587 | €447,677 | +€11,090 | +2.5% |
| Suppliers | 440/4 | €436,587 | €447,677 | +€11,090 | +2.5% |
| Advances received on contracts in progress | 46 | €1,034 | €19,107 | +€18,074 | +1,749% |
| Taxes, remuneration and social security | 45 | €147,345 | €302,679 | +€155,334 | +105% |
| Taxes | 450/3 | €54,224 | €147,362 | +€93,138 | +172% |
| Remuneration and social security | 454/9 | €93,121 | €155,317 | +€62,196 | +66.8% |
| Other amounts payable | 47/48 | €349,296 | €421,630 | +€72,334 | +20.7% |
| Accrued charges and deferred income | 492/3 | €3,584 | €22,625 | +€19,041 | +531% |
| Non-recurring operating income | 76A | €18,376 | - | -€18,376 | |
| Remuneration, social security and pensions | 62 | €1,002,746 | €1,234,523 | +€231,778 | +23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,045 | €55,452 | -€28,593 | -34.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€22,372 | -€4,597 | +€17,775 | +79.5% |
| Other operating charges | 640/8 | €333,814 | €1,696 | -€332,118 | -99.5% |
| Non-recurring operating charges | 66A | - | €12,049 | +€12,049 | |
| Gross operating margin | 9900 | €1,909,059 | €1,592,414 | -€316,646 | -16.6% |
| Operating profit (loss) | 9901 | €510,827 | €293,289 | -€217,538 | -42.6% |
| Financial income | 75/76B | €16,033 | €63,289 | +€47,256 | +295% |
| Recurring financial income | 75 | €16,033 | €63,289 | +€47,256 | +295% |
| Financial charges | 65/66B | €29,143 | €35,156 | +€6,014 | +20.6% |
| Recurring financial charges | 65 | €29,143 | €35,156 | +€6,014 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €497,718 | €321,422 | -€176,296 | -35.4% |
| Income taxes | 67/77 | €78,934 | €41,788 | -€37,145 | -47.1% |
| Profit (loss) for the period | 9904 | €418,784 | €279,634 | -€139,150 | -33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €418,784 | €279,634 | -€139,150 | -33.2% |
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 19 October 2026 via checked.be.