Polo II: 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.
Polo II
Largest movements
- Cash +€22,756
up €22,756 (+21.7%), from €104,991 to €127,747
mainly Net result for the year (+€11,409) and Trade debts (+€6,526)
- Reserves +€27,440
up €27,440 (+20.7%), from €132,359 to €159,799
- Profit (loss) carried forward -€16,030
no longer reported in 2025 (was €16,030)
- Trade debts +€6,526
up €6,526 (+502%), from €1,299 to €7,826
- Tax, wage and social debts +€4,267
up €4,267 (+17.9%), from €23,785 to €28,052
of which Taxes: +€3,552
- Other debts +€2,406
up €2,406 (+43.7%), from €5,501 to €7,907
- Staff costs +€5,885
up €5,885 (+17.8%), from €33,074 to €38,959
- Gross operating margin +€2,642
up €2,642 (+4.8%), from €55,195 to €57,837
- Financial charges +€2,065
up €2,065 (+273%), from €758 to €2,823
- Financial income +€683
up €683 (+15.7%), from €4,338 to €5,021
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 | €212,153 | €237,952 | +€25,799 | +12.2% |
| Fixed assets | 21/28 | €5,640 | €4,958 | -€682 | -12.1% |
| Tangible fixed assets | 22/27 | €3,682 | €3,000 | -€682 | -18.5% |
| Plant, machinery and equipment | 23 | €184 | €97 | -€87 | -47.5% |
| Other tangible fixed assets | 26 | €3,498 | €2,903 | -€595 | -17.0% |
| Financial fixed assets | 28 | €1,958 | €1,958 | = | 0.0% |
| Current assets | 29/58 | €206,513 | €232,995 | +€26,482 | +12.8% |
| Stocks and contracts in progress | 3 | €90,980 | €92,101 | +€1,121 | +1.2% |
| Stocks | 30/36 | €90,980 | €92,101 | +€1,121 | +1.2% |
| Amounts receivable within one year | 40/41 | €9,268 | €9,564 | +€295 | +3.2% |
| Trade receivables | 40 | €97 | €3,507 | +€3,410 | +3,516% |
| Other amounts receivable | 41 | €9,171 | €6,057 | -€3,115 | -34.0% |
| Cash at bank and in hand | 54/58 | €104,991 | €127,747 | +€22,756 | +21.7% |
| Deferred charges and accrued income | 490/1 | €1,274 | €3,584 | +€2,310 | +181% |
| Total equity and liabilities | 10/49 | €212,153 | €237,952 | +€25,799 | +12.2% |
| Equity | 10/15 | €181,389 | €192,799 | +€11,409 | +6.3% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €132,359 | €159,799 | +€27,440 | +20.7% |
| Distributable reserves | 133 | €132,359 | €159,799 | +€27,440 | +20.7% |
| Profit (loss) carried forward | 14 | €16,030 | - | -€16,030 | |
| Amounts payable | 17/49 | €30,764 | €45,154 | +€14,390 | +46.8% |
| Amounts payable within one year | 42/48 | €30,586 | €43,785 | +€13,199 | +43.2% |
| Trade debts | 44 | €1,299 | €7,826 | +€6,526 | +502% |
| Suppliers | 440/4 | €1,299 | €7,826 | +€6,526 | +502% |
| Taxes, remuneration and social security | 45 | €23,785 | €28,052 | +€4,267 | +17.9% |
| Taxes | 450/3 | €19,820 | €23,372 | +€3,552 | +17.9% |
| Remuneration and social security | 454/9 | €3,965 | €4,680 | +€715 | +18.0% |
| Other amounts payable | 47/48 | €5,501 | €7,907 | +€2,406 | +43.7% |
| Accrued charges and deferred income | 492/3 | €178 | €1,369 | +€1,191 | +668% |
| Remuneration, social security and pensions | 62 | €33,074 | €38,959 | +€5,885 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €816 | €682 | -€133 | -16.3% |
| Other operating charges | 640/8 | €2,388 | €2,275 | -€113 | -4.7% |
| Gross operating margin | 9900 | €55,195 | €57,837 | +€2,642 | +4.8% |
| Operating profit (loss) | 9901 | €18,918 | €15,920 | -€2,998 | -15.8% |
| Financial income | 75/76B | €4,338 | €5,021 | +€683 | +15.7% |
| Recurring financial income | 75 | €4,338 | €5,021 | +€683 | +15.7% |
| Financial charges | 65/66B | €758 | €2,823 | +€2,065 | +273% |
| Recurring financial charges | 65 | €758 | €2,823 | +€2,065 | +273% |
| Profit (loss) for the period before taxes | 9903 | €22,498 | €18,118 | -€4,380 | -19.5% |
| Income taxes | 67/77 | €6,468 | €6,708 | +€241 | +3.7% |
| Profit (loss) for the period | 9904 | €16,030 | €11,409 | -€4,621 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,030 | €11,409 | -€4,621 | -28.8% |
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 23 October 2026 via checked.be.