POLMANS: 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.
POLMANS
Largest movements
- Financial fixed assets +€2.5m
up €2.5m (+518,448%), from €484 to €2.5m
- Cash -€868,702
down €868,702 (-81.8%), from €1.1m to €193,249
mainly Investment in fixed assets (net) (-€3.1m) and Receivables within one year (-€591,474)
- Receivables within one year +€591,474
up €591,474 (+34.8%), from €1.7m to €2.3m
of which Trade receivables: +€473,286
- Tangible fixed assets +€130,929
up €130,929 (+5.7%), from €2.3m to €2.4m
of which Plant, machinery and equipment: +€379,515
- Debts after one year +€1.9m
up €1.9m (+110%), from €1.7m to €3.5m
of which Financial debts: +€1.8m
- Profit (loss) carried forward +€257,202
up €257,202 (+25.0%), from €1.0m to €1.3m
- Current portion of long-term debt +€198,640
up €198,640 (+57.1%), from €347,946 to €546,586
- Trade debts +€113,936
up €113,936 (+15.4%), from €739,056 to €852,992
of which Suppliers: +€109,954
- Tax, wage and social debts -€101,220
down €101,220 (-18.1%), from €559,280 to €458,060
of which Taxes: -€53,233
- Gross operating margin -€326,681
down €326,681 (-7.0%), from €4.7m to €4.3m
- Financial income +€186,991
up €186,991 (+260%), from €72,017 to €259,008
- Taxes -€140,488
down €140,488 (-57.8%), from €242,860 to €102,372
- Staff costs +€116,739
up €116,739 (+3.6%), from €3.2m to €3.3m
- Depreciation +€70,023
up €70,023 (+18.3%), from €382,058 to €452,081
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 | €5,879,407 | €8,192,803 | +€2.3m | +39.3% |
| Fixed assets | 21/28 | €2,335,416 | €4,954,728 | +€2.6m | +112% |
| Intangible fixed assets | 21 | €28,106 | €9,014 | -€19,092 | -67.9% |
| Tangible fixed assets | 22/27 | €2,306,826 | €2,437,755 | +€130,929 | +5.7% |
| Land and buildings | 22 | €1,088,628 | €1,038,713 | -€49,915 | -4.6% |
| Plant, machinery and equipment | 23 | €494,098 | €873,613 | +€379,515 | +76.8% |
| Furniture and vehicles | 24 | €16,752 | €11,131 | -€5,621 | -33.6% |
| Leasing and similar rights | 25 | €707,348 | €514,298 | -€193,050 | -27.3% |
| Financial fixed assets | 28 | €484 | €2,507,959 | +€2.5m | +518,448% |
| Current assets | 29/58 | €3,543,991 | €3,238,074 | -€305,916 | -8.6% |
| Stocks and contracts in progress | 3 | €101,650 | €81,867 | -€19,783 | -19.5% |
| Stocks | 30/36 | €60,655 | €61,267 | +€612 | +1.0% |
| Contracts in progress | 37 | €40,995 | €20,600 | -€20,395 | -49.7% |
| Amounts receivable within one year | 40/41 | €1,700,878 | €2,292,352 | +€591,474 | +34.8% |
| Trade receivables | 40 | €1,605,737 | €2,079,023 | +€473,286 | +29.5% |
| Other amounts receivable | 41 | €95,141 | €213,329 | +€118,188 | +124% |
| Current investments | 50/53 | €650,000 | €639,759 | -€10,241 | -1.6% |
| Cash at bank and in hand | 54/58 | €1,061,951 | €193,249 | -€868,702 | -81.8% |
| Deferred charges and accrued income | 490/1 | €29,511 | €30,848 | +€1,336 | +4.5% |
| Total equity and liabilities | 10/49 | €5,879,407 | €8,192,803 | +€2.3m | +39.3% |
| Equity | 10/15 | €1,958,321 | €2,213,573 | +€255,252 | +13.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €822,120 | €822,120 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €172,220 | €172,220 | = | 0.0% |
| Distributable reserves | 133 | €642,400 | €642,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,028,584 | €1,285,786 | +€257,202 | +25.0% |
| Investment grants | 15 | €32,617 | €30,667 | -€1,950 | -6.0% |
| Amounts payable | 17/49 | €3,921,085 | €5,979,230 | +€2.1m | +52.5% |
| Amounts payable after more than one year | 17 | €1,684,155 | €3,538,942 | +€1.9m | +110% |
| Financial debts | 170/4 | €1,684,155 | €3,488,942 | +€1.8m | +107% |
| Other amounts payable | 178/9 | - | €50,000 | +€50,000 | |
| Amounts payable within one year | 42/48 | €2,236,930 | €2,435,066 | +€198,136 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €347,946 | €546,586 | +€198,640 | +57.1% |
| Financial debts | 43 | €230,648 | €177,428 | -€53,220 | -23.1% |
| Credit institutions | 430/8 | €230,648 | €177,428 | -€53,220 | -23.1% |
| Trade debts | 44 | €739,056 | €852,992 | +€113,936 | +15.4% |
| Suppliers | 440/4 | €739,056 | €849,010 | +€109,954 | +14.9% |
| Bills of exchange payable | 441 | - | €3,982 | +€3,982 | |
| Taxes, remuneration and social security | 45 | €559,280 | €458,060 | -€101,220 | -18.1% |
| Taxes | 450/3 | €150,457 | €97,223 | -€53,233 | -35.4% |
| Remuneration and social security | 454/9 | €408,824 | €360,837 | -€47,987 | -11.7% |
| Other amounts payable | 47/48 | €360,000 | €400,000 | +€40,000 | +11.1% |
| Accrued charges and deferred income | 492/3 | - | €5,222 | +€5,222 | |
| Remuneration, social security and pensions | 62 | €3,220,679 | €3,337,419 | +€116,739 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €382,058 | €452,081 | +€70,023 | +18.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€4,212 | -€4,212 | |
| Other operating charges | 640/8 | €66,130 | €51,727 | -€14,403 | -21.8% |
| Gross operating margin | 9900 | €4,665,135 | €4,338,454 | -€326,681 | -7.0% |
| Operating profit (loss) | 9901 | €996,268 | €501,439 | -€494,829 | -49.7% |
| Financial income | 75/76B | €72,017 | €259,008 | +€186,991 | +260% |
| Recurring financial income | 75 | €72,017 | €259,008 | +€186,991 | +260% |
| Financial charges | 65/66B | €67,168 | €100,873 | +€33,705 | +50.2% |
| Recurring financial charges | 65 | €67,168 | €100,873 | +€33,705 | +50.2% |
| Profit (loss) for the period before taxes | 9903 | €1,001,117 | €659,573 | -€341,544 | -34.1% |
| Income taxes | 67/77 | €242,860 | €102,372 | -€140,488 | -57.8% |
| Profit (loss) for the period | 9904 | €758,258 | €557,202 | -€201,056 | -26.5% |
| Transfer to tax-exempt reserves | 689 | €134,720 | - | -€134,720 | |
| Profit (loss) for the period to be appropriated | 9905 | €623,538 | €557,202 | -€66,336 | -10.6% |
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 21 October 2026 via checked.be.