Poly V Construct: 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.
Poly V Construct
Largest movements
- Tangible fixed assets +€259,273
up €259,273 (+68.8%), from €376,644 to €635,917
of which Plant, machinery and equipment: +€149,776
- Current investments -€122,444
down €122,444 (-20.0%), from €611,408 to €488,964
- Cash -€97,042
down €97,042 (-28.6%), from €339,709 to €242,667
mainly Investment in fixed assets (net) (-€328,598) and Tax, wage and social debts (-€94,501)
- Stocks and contracts +€55,650
up €55,650 (+30.8%), from €180,965 to €236,615
of which Contracts in progress: +€35,221
- Reserves +€231,543
up €231,543 (+18.9%), from €1.2m to €1.5m
- Tax, wage and social debts -€94,501
down €94,501 (-78.1%), from €121,072 to €26,571
of which Taxes: -€95,536
- Debts after one year -€28,728
down €28,728 (-14.7%), from €195,881 to €167,153
- Current portion of long-term debt -€20,008
down €20,008 (-46.1%), from €43,411 to €23,403
- Gross operating margin -€86,584
down €86,584 (-15.0%), from €578,094 to €491,510
- Taxes -€39,250
down €39,250 (-28.5%), from €137,483 to €98,233
- Depreciation +€27,637
up €27,637 (+66.1%), from €41,797 to €69,434
- Financial income +€8,757
up €8,757 (+55.5%), from €15,789 to €24,546
- Write-downs +€8,285
up €8,285, from €0 to €8,285
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 | €1,794,461 | €1,890,111 | +€95,650 | +5.3% |
| Fixed assets | 21/28 | €376,753 | €635,917 | +€259,164 | +68.8% |
| Intangible fixed assets | 21 | €109 | €0 | -€109 | -100.0% |
| Tangible fixed assets | 22/27 | €376,644 | €635,917 | +€259,273 | +68.8% |
| Land and buildings | 22 | €274,476 | €256,281 | -€18,195 | -6.6% |
| Plant, machinery and equipment | 23 | €88,415 | €238,191 | +€149,776 | +169.4% |
| Furniture and vehicles | 24 | €13,753 | €141,445 | +€127,693 | +928.5% |
| Current assets | 29/58 | €1,417,708 | €1,254,194 | -€163,514 | -11.5% |
| Amounts receivable after more than one year | 29 | - | €8,000 | +€8,000 | |
| Other amounts receivable | 291 | - | €8,000 | +€8,000 | |
| Stocks and contracts in progress | 3 | €180,965 | €236,615 | +€55,650 | +30.8% |
| Stocks | 30/36 | €127,960 | €148,389 | +€20,429 | +16.0% |
| Contracts in progress | 37 | €53,005 | €88,226 | +€35,221 | +66.4% |
| Amounts receivable within one year | 40/41 | €285,281 | €276,153 | -€9,128 | -3.2% |
| Trade receivables | 40 | €285,281 | €271,052 | -€14,229 | -5.0% |
| Other amounts receivable | 41 | €0 | €5,101 | +€5,101 | |
| Current investments | 50/53 | €611,408 | €488,964 | -€122,444 | -20.0% |
| Cash at bank and in hand | 54/58 | €339,709 | €242,667 | -€97,042 | -28.6% |
| Deferred charges and accrued income | 490/1 | €345 | €1,795 | +€1,450 | +420.2% |
| Total equity and liabilities | 10/49 | €1,794,461 | €1,890,111 | +€95,650 | +5.3% |
| Equity | 10/15 | €1,325,936 | €1,557,478 | +€231,543 | +17.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,225,936 | €1,457,478 | +€231,543 | +18.9% |
| Distributable reserves | 133 | €1,225,936 | €1,457,478 | +€231,543 | +18.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €468,526 | €332,632 | -€135,893 | -29.0% |
| Amounts payable after more than one year | 17 | €195,881 | €167,153 | -€28,728 | -14.7% |
| Financial debts | 170/4 | €195,881 | €167,153 | -€28,728 | -14.7% |
| Amounts payable within one year | 42/48 | €272,645 | €165,461 | -€107,184 | -39.3% |
| Current portion of amounts payable after more than one year | 42 | €43,411 | €23,403 | -€20,008 | -46.1% |
| Trade debts | 44 | €65,489 | €78,313 | +€12,823 | +19.6% |
| Suppliers | 440/4 | €65,489 | €78,313 | +€12,823 | +19.6% |
| Taxes, remuneration and social security | 45 | €121,072 | €26,571 | -€94,501 | -78.1% |
| Taxes | 450/3 | €110,363 | €14,827 | -€95,536 | -86.6% |
| Remuneration and social security | 454/9 | €10,709 | €11,744 | +€1,035 | +9.7% |
| Other amounts payable | 47/48 | €42,673 | €37,174 | -€5,498 | -12.9% |
| Accrued charges and deferred income | 492/3 | - | €19 | +€19 | |
| Remuneration, social security and pensions | 62 | €94,284 | €93,469 | -€815 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,797 | €69,434 | +€27,637 | +66.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €8,285 | +€8,285 | |
| Other operating charges | 640/8 | €7,710 | €5,250 | -€2,460 | -31.9% |
| Gross operating margin | 9900 | €578,094 | €491,510 | -€86,584 | -15.0% |
| Operating profit (loss) | 9901 | €434,303 | €315,072 | -€119,231 | -27.5% |
| Financial income | 75/76B | €15,789 | €24,546 | +€8,757 | +55.5% |
| Recurring financial income | 75 | €15,789 | €24,546 | +€8,757 | +55.5% |
| Financial charges | 65/66B | €9,480 | €9,842 | +€363 | +3.8% |
| Recurring financial charges | 65 | €9,480 | €9,842 | +€363 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €440,612 | €329,776 | -€110,836 | -25.2% |
| Income taxes | 67/77 | €137,483 | €98,233 | -€39,250 | -28.5% |
| Profit (loss) for the period | 9904 | €303,129 | €231,543 | -€71,586 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €303,129 | €231,543 | -€71,586 | -23.6% |
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.