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 -€13,365
down €13,365 (-30.2%), from €44,222 to €30,857
of which Trade receivables: -€13,366
- Tangible fixed assets -€4,984
down €4,984 (-14.9%), from €33,543 to €28,560
of which Plant, machinery and equipment: -€3,900
- Cash -€4,841
down €4,841 (-13.5%), from €35,779 to €30,938
mainly Other debts (-€19,579) and Investment in fixed assets (net) (-€7,804)
- Stocks and contracts +€1,341
up €1,341 (+17.5%), from €7,659 to €9,000
- Other debts -€19,579
down €19,579 (-10.1%), from €194,458 to €174,879
- Profit (loss) carried forward -€6,456
down €6,456 (-2.6%), from -€247,464 to -€253,920
- Trade debts +€2,790
up €2,790 (+43.6%), from €6,401 to €9,191
- Tax, wage and social debts +€1,890
up €1,890 (+31.6%), from €5,990 to €7,880
- Gross operating margin -€14,996
down €14,996 (-65.3%), from €22,964 to €7,967
- Depreciation +€416
up €416 (+3.4%), from €12,372 to €12,787
- Other operating charges +€320
up €320 (+29.0%), from €1,103 to €1,423
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 | €130,589 | €109,234 | -€21,355 | -16.4% |
| Fixed assets | 21/28 | €33,990 | €29,006 | -€4,984 | -14.7% |
| Tangible fixed assets | 22/27 | €33,543 | €28,560 | -€4,984 | -14.9% |
| Plant, machinery and equipment | 23 | €27,613 | €23,713 | -€3,900 | -14.1% |
| Furniture and vehicles | 24 | €4,204 | €3,961 | -€243 | -5.8% |
| Other tangible fixed assets | 26 | €1,726 | €886 | -€840 | -48.7% |
| Financial fixed assets | 28 | €446 | €446 | = | 0.0% |
| Current assets | 29/58 | €96,600 | €80,228 | -€16,372 | -16.9% |
| Stocks and contracts in progress | 3 | €7,659 | €9,000 | +€1,341 | +17.5% |
| Stocks | 30/36 | €7,659 | €9,000 | +€1,341 | +17.5% |
| Amounts receivable within one year | 40/41 | €44,222 | €30,857 | -€13,365 | -30.2% |
| Trade receivables | 40 | €44,206 | €30,841 | -€13,366 | -30.2% |
| Other amounts receivable | 41 | €16 | €16 | +€0 | +1.6% |
| Current investments | 50/53 | €8,939 | €8,977 | +€38 | +0.4% |
| Cash at bank and in hand | 54/58 | €35,779 | €30,938 | -€4,841 | -13.5% |
| Deferred charges and accrued income | 490/1 | - | €457 | +€457 | |
| Total equity and liabilities | 10/49 | €130,589 | €109,234 | -€21,355 | -16.4% |
| Equity | 10/15 | -€200,838 | -€207,294 | -€6,456 | -3.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €28,034 | €28,034 | = | 0.0% |
| Distributable reserves | 133 | €28,034 | €28,034 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€247,464 | -€253,920 | -€6,456 | -2.6% |
| Amounts payable | 17/49 | €331,427 | €316,528 | -€14,899 | -4.5% |
| Amounts payable after more than one year | 17 | €124,579 | €124,579 | = | 0.0% |
| Financial debts | 170/4 | €124,579 | €124,579 | = | 0.0% |
| Amounts payable within one year | 42/48 | €206,849 | €191,949 | -€14,899 | -7.2% |
| Trade debts | 44 | €6,401 | €9,191 | +€2,790 | +43.6% |
| Suppliers | 440/4 | €6,401 | €9,191 | +€2,790 | +43.6% |
| Taxes, remuneration and social security | 45 | €5,990 | €7,880 | +€1,890 | +31.6% |
| Taxes | 450/3 | €5,990 | €7,880 | +€1,890 | +31.6% |
| Other amounts payable | 47/48 | €194,458 | €174,879 | -€19,579 | -10.1% |
| Non-recurring operating income | 76A | €1,000 | - | -€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,372 | €12,787 | +€416 | +3.4% |
| Other operating charges | 640/8 | €1,103 | €1,423 | +€320 | +29.0% |
| Gross operating margin | 9900 | €22,964 | €7,967 | -€14,996 | -65.3% |
| Operating profit (loss) | 9901 | €9,489 | -€6,243 | -€15,732 | |
| Financial income | 75/76B | €239 | €129 | -€110 | -46.1% |
| Recurring financial income | 75 | €239 | €129 | -€110 | -46.1% |
| Financial charges | 65/66B | €428 | €342 | -€86 | -20.1% |
| Recurring financial charges | 65 | €428 | €342 | -€86 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €9,300 | -€6,456 | -€15,755 | |
| Profit (loss) for the period | 9904 | €9,300 | -€6,456 | -€15,755 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,300 | -€6,456 | -€15,755 |
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 1 October 2026 via checked.be.