Polsec: 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.
Polsec
Largest movements
- Cash +€22,000
up €22,000 (+36.8%), from €59,713 to €81,712
mainly Net result for the year (+€23,474) and Receivables within one year (+€7,678)
- Current investments +€15,000
up €15,000 (+13.0%), from €115,312 to €130,312
- Receivables within one year -€7,678
down €7,678 (-85.6%), from €8,965 to €1,287
of which Trade receivables: -€7,950
- Reserves +€23,474
up €23,474 (+13.5%), from €174,232 to €197,706
- Tax, wage and social debts +€5,181
up €5,181 (+81.4%), from €6,368 to €11,550
- Gross operating margin -€25,077
down €25,077 (-40.6%), from €61,779 to €36,702
- Taxes -€4,742
down €4,742 (-28.4%), from €16,702 to €11,960
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 | €186,854 | €215,499 | +€28,645 | +15.3% |
| Fixed assets | 21/28 | €2,353 | €1,739 | -€613 | -26.1% |
| Tangible fixed assets | 22/27 | €2,353 | €1,739 | -€613 | -26.1% |
| Furniture and vehicles | 24 | €2,353 | €1,739 | -€613 | -26.1% |
| Current assets | 29/58 | €184,501 | €213,759 | +€29,259 | +15.9% |
| Amounts receivable within one year | 40/41 | €8,965 | €1,287 | -€7,678 | -85.6% |
| Trade receivables | 40 | €7,950 | - | -€7,950 | |
| Other amounts receivable | 41 | €1,015 | €1,287 | +€272 | +26.8% |
| Current investments | 50/53 | €115,312 | €130,312 | +€15,000 | +13.0% |
| Cash at bank and in hand | 54/58 | €59,713 | €81,712 | +€22,000 | +36.8% |
| Deferred charges and accrued income | 490/1 | €511 | €448 | -€63 | -12.3% |
| Total equity and liabilities | 10/49 | €186,854 | €215,499 | +€28,645 | +15.3% |
| Equity | 10/15 | €180,432 | €203,906 | +€23,474 | +13.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €174,232 | €197,706 | +€23,474 | +13.5% |
| Distributable reserves | 133 | €174,232 | €197,706 | +€23,474 | +13.5% |
| Amounts payable | 17/49 | €6,422 | €11,593 | +€5,171 | +80.5% |
| Amounts payable within one year | 42/48 | €6,422 | €11,593 | +€5,171 | +80.5% |
| Trade debts | 44 | €54 | €43 | -€10 | -19.0% |
| Suppliers | 440/4 | €54 | €43 | -€10 | -19.0% |
| Taxes, remuneration and social security | 45 | €6,368 | €11,550 | +€5,181 | +81.4% |
| Taxes | 450/3 | €6,368 | €11,550 | +€5,181 | +81.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €965 | €613 | -€351 | -36.4% |
| Other operating charges | 640/8 | €750 | €770 | +€20 | +2.6% |
| Gross operating margin | 9900 | €61,779 | €36,702 | -€25,077 | -40.6% |
| Operating profit (loss) | 9901 | €60,064 | €35,319 | -€24,745 | -41.2% |
| Financial income | 75/76B | €165 | €440 | +€275 | +167.1% |
| Recurring financial income | 75 | €165 | €440 | +€275 | +167.1% |
| Financial charges | 65/66B | €198 | €325 | +€127 | +64.2% |
| Recurring financial charges | 65 | €198 | €325 | +€127 | +64.2% |
| Profit (loss) for the period before taxes | 9903 | €60,031 | €35,433 | -€24,597 | -41.0% |
| Income taxes | 67/77 | €16,702 | €11,960 | -€4,742 | -28.4% |
| Profit (loss) for the period | 9904 | €43,329 | €23,474 | -€19,855 | -45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €43,329 | €23,474 | -€19,855 | -45.8% |
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 4 October 2026 via checked.be.