POLO: 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.
POLO
Largest movements
- Receivables within one year -€44,510
down €44,510 (-89.7%), from €49,603 to €5,094
of which Trade receivables: -€37,006
- Cash +€23,868
up €23,868 (+162.5%), from €14,686 to €38,554
mainly Receivables within one year (+€44,510) and Net result for the year (+€32,215)
- Tangible fixed assets -€9,395
down €9,395 (-2.6%), from €367,068 to €357,673
- Trade debts -€40,476
no longer reported in 2025 (was €40,476)
- Profit (loss) carried forward +€32,215
up €32,215, from -€30,513 to €1,703
- Debts after one year -€16,302
down €16,302 (-18.2%), from €89,563 to €73,261
- Reserves -€15,149
down €15,149 (-6.0%), from €252,113 to €236,964
of which Distributable reserves: -€15,149
- Other debts +€8,328
up €8,328 (+383.7%), from €2,170 to €10,498
- Depreciation +€2,032
up €2,032 (+13.8%), from €14,705 to €16,738
- Gross operating margin +€1,538
up €1,538 (+2.6%), from €58,817 to €60,355
- Financial income -€913
down €913 (-95.9%), from €952 to €39
- Financial charges -€686
down €686 (-12.7%), from €5,419 to €4,733
- Taxes +€619
new in 2025: €619
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 | €431,378 | €401,336 | -€30,042 | -7.0% |
| Fixed assets | 21/28 | €367,068 | €357,673 | -€9,395 | -2.6% |
| Tangible fixed assets | 22/27 | €367,068 | €357,673 | -€9,395 | -2.6% |
| Land and buildings | 22 | €367,068 | €357,673 | -€9,395 | -2.6% |
| Current assets | 29/58 | €64,310 | €43,662 | -€20,647 | -32.1% |
| Amounts receivable within one year | 40/41 | €49,603 | €5,094 | -€44,510 | -89.7% |
| Trade receivables | 40 | €37,006 | - | -€37,006 | |
| Other amounts receivable | 41 | €12,597 | €5,094 | -€7,504 | -59.6% |
| Cash at bank and in hand | 54/58 | €14,686 | €38,554 | +€23,868 | +162.5% |
| Deferred charges and accrued income | 490/1 | €21 | €15 | -€6 | -27.7% |
| Total equity and liabilities | 10/49 | €431,378 | €401,336 | -€30,042 | -7.0% |
| Equity | 10/15 | €283,600 | €300,666 | +€17,066 | +6.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €252,113 | €236,964 | -€15,149 | -6.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €245,913 | €230,764 | -€15,149 | -6.2% |
| Profit (loss) carried forward | 14 | -€30,513 | €1,703 | +€32,215 | |
| Amounts payable | 17/49 | €147,778 | €100,670 | -€47,109 | -31.9% |
| Amounts payable after more than one year | 17 | €89,563 | €73,261 | -€16,302 | -18.2% |
| Financial debts | 170/4 | €89,563 | €73,261 | -€16,302 | -18.2% |
| Amounts payable within one year | 42/48 | €58,215 | €27,408 | -€30,806 | -52.9% |
| Current portion of amounts payable after more than one year | 42 | €15,569 | €16,302 | +€734 | +4.7% |
| Trade debts | 44 | €40,476 | - | -€40,476 | |
| Suppliers | 440/4 | €40,476 | - | -€40,476 | |
| Taxes, remuneration and social security | 45 | - | €608 | +€608 | |
| Taxes | 450/3 | - | €608 | +€608 | |
| Other amounts payable | 47/48 | €2,170 | €10,498 | +€8,328 | +383.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,705 | €16,738 | +€2,032 | +13.8% |
| Other operating charges | 640/8 | €5,915 | €6,088 | +€173 | +2.9% |
| Gross operating margin | 9900 | €58,817 | €60,355 | +€1,538 | +2.6% |
| Operating profit (loss) | 9901 | €38,196 | €37,529 | -€667 | -1.7% |
| Financial income | 75/76B | €952 | €39 | -€913 | -95.9% |
| Recurring financial income | 75 | €952 | €39 | -€913 | -95.9% |
| Financial charges | 65/66B | €5,419 | €4,733 | -€686 | -12.7% |
| Recurring financial charges | 65 | €5,419 | €4,733 | -€686 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €33,729 | €32,834 | -€895 | -2.7% |
| Income taxes | 67/77 | - | €619 | +€619 | |
| Profit (loss) for the period | 9904 | €33,729 | €32,215 | -€1,514 | -4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,729 | €32,215 | -€1,514 | -4.5% |
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.