POLYBAD: what changed
What changed
POLYBAD
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€11,519
2024 · -€3,173+€14,692
Equity
€247,534
2024 · €236,015+€11,519
Cash
€194,957
2024 · €138,467+€56,491
Balance sheet total
€1.2m
2024 · €1.0m+€104,037
Largest movements
Assets
- Cash +€56,491
up €56,491 (+40.8%), from €138,467 to €194,957
mainly Trade debts (+€126,178) and Depreciation (+€35,438)
- Receivables within one year +€52,959
up €52,959 (+43.0%), from €123,044 to €176,003
of which Trade receivables: +€58,061
- Stocks and contracts -€21,455
down €21,455 (-16.9%), from €126,594 to €105,139
- Tangible fixed assets +€16,766
up €16,766 (+2.6%), from €652,779 to €669,545
of which Land and buildings: +€18,565
Equity and liabilities
- Trade debts +€126,178
up €126,178 (+276%), from €45,647 to €171,824
- Debts after one year -€27,778
down €27,778 (-6.9%), from €402,778 to €375,000
- Profit (loss) carried forward +€11,519
up €11,519 (+11.0%), from €104,512 to €116,030
Income statement
- Gross operating margin +€19,630
up €19,630 (+41.1%), from €47,752 to €67,382
- Financial charges +€6,164
up €6,164 (+114%), from €5,416 to €11,580
- Other operating charges -€2,198
down €2,198 (-25.1%), from €8,773 to €6,575
- Financial income -€776
down €776 (-100%), from €776 to €0
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€3,173
Gross operating margin
+€19,630
Depreciation
-€16
Other operating charges
+€2,198
Financial income
-€776
Financial charges
-€6,164
Taxes
-€181
Result 2025
€11,519
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€136,472
Investment
-€52,204
Financing
-€27,778
Cash 2024
€138,467
From operations (derived)
+€136,472
Net result for the year
+€11,519
Depreciation
+€35,438
Stocks and contracts
+€21,455
Receivables within one year
-€52,959
Deferred charges and accrued income
+€723
Trade debts
+€126,178
Tax, wage and social debts
+€3,435
Other debts
-€9,317
Investment (derived)
-€52,204
Investment in fixed assets (net)
-€52,204
Financing
-€27,778
Debts after one year
-€27,778
Cash 2025
€194,957
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,046,107 | €1,150,144 | +€104,037 | +9.9% |
| Fixed assets | 21/28 | €652,779 | €669,545 | +€16,766 | +2.6% |
| Tangible fixed assets | 22/27 | €652,779 | €669,545 | +€16,766 | +2.6% |
| Land and buildings | 22 | €645,068 | €663,633 | +€18,565 | +2.9% |
| Plant, machinery and equipment | 23 | €4,375 | €2,875 | -€1,500 | -34.3% |
| Furniture and vehicles | 24 | €3,337 | €3,037 | -€299 | -9.0% |
| Current assets | 29/58 | €393,327 | €480,599 | +€87,271 | +22.2% |
| Stocks and contracts in progress | 3 | €126,594 | €105,139 | -€21,455 | -16.9% |
| Stocks | 30/36 | €126,594 | €105,139 | -€21,455 | -16.9% |
| Amounts receivable within one year | 40/41 | €123,044 | €176,003 | +€52,959 | +43.0% |
| Trade receivables | 40 | €117,807 | €175,868 | +€58,061 | +49.3% |
| Other amounts receivable | 41 | €5,237 | €135 | -€5,102 | -97.4% |
| Cash at bank and in hand | 54/58 | €138,467 | €194,957 | +€56,491 | +40.8% |
| Deferred charges and accrued income | 490/1 | €5,222 | €4,499 | -€723 | -13.8% |
| Total equity and liabilities | 10/49 | €1,046,107 | €1,150,144 | +€104,037 | +9.9% |
| Equity | 10/15 | €236,015 | €247,534 | +€11,519 | +4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €112,903 | €112,903 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,705 | €3,705 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,705 | €3,705 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,584 | €31,584 | = | 0.0% |
| Distributable reserves | 133 | €77,614 | €77,614 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,512 | €116,030 | +€11,519 | +11.0% |
| Amounts payable | 17/49 | €810,092 | €902,611 | +€92,519 | +11.4% |
| Amounts payable after more than one year | 17 | €402,778 | €375,000 | -€27,778 | -6.9% |
| Financial debts | 170/4 | €402,778 | €375,000 | -€27,778 | -6.9% |
| Amounts payable within one year | 42/48 | €407,314 | €527,610 | +€120,296 | +29.5% |
| Current portion of amounts payable after more than one year | 42 | €27,778 | €27,778 | = | 0.0% |
| Trade debts | 44 | €45,647 | €171,824 | +€126,178 | +276% |
| Suppliers | 440/4 | €45,647 | €171,824 | +€126,178 | +276% |
| Taxes, remuneration and social security | 45 | €23,847 | €27,282 | +€3,435 | +14.4% |
| Taxes | 450/3 | €21,308 | €24,623 | +€3,315 | +15.6% |
| Remuneration and social security | 454/9 | €2,538 | €2,659 | +€120 | +4.7% |
| Other amounts payable | 47/48 | €310,043 | €300,726 | -€9,317 | -3.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,422 | €35,438 | +€16 | 0.0% |
| Other operating charges | 640/8 | €8,773 | €6,575 | -€2,198 | -25.1% |
| Gross operating margin | 9900 | €47,752 | €67,382 | +€19,630 | +41.1% |
| Operating profit (loss) | 9901 | €3,557 | €25,369 | +€21,812 | +613% |
| Financial income | 75/76B | €776 | €0 | -€776 | -100% |
| Recurring financial income | 75 | €776 | €0 | -€776 | -100% |
| Financial charges | 65/66B | €5,416 | €11,580 | +€6,164 | +114% |
| Recurring financial charges | 65 | €5,416 | €11,580 | +€6,164 | +114% |
| Profit (loss) for the period before taxes | 9903 | -€1,084 | €13,789 | +€14,873 | |
| Income taxes | 67/77 | €2,089 | €2,270 | +€181 | +8.7% |
| Profit (loss) for the period | 9904 | -€3,173 | €11,519 | +€14,692 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,173 | €11,519 | +€14,692 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.