POLYBOEA: 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.
POLYBOEA
Largest movements
- Financial fixed assets +€536,201
up €536,201 (+66.6%), from €804,678 to €1.3m
- Cash +€102,923
up €102,923 (+225%), from €45,766 to €148,689
mainly Other debts (+€439,565) and Current portion of long-term debt (+€73,712)
- Reserves +€642,841
new in 2025: €642,841
- Profit (loss) carried forward -€577,788
down €577,788 (-100%), from €577,788 to €0
- Other debts +€439,565
up €439,565 (+339%), from €129,838 to €569,403
- Current portion of long-term debt +€73,712
new in 2025: €73,712
- Accrued charges and deferred income +€34,456
new in 2025: €34,456
- Gross operating margin -€61,552
down €61,552 (-23.0%), from €267,779 to €206,227
- Taxes +€41,428
up €41,428 (+207%), from €19,969 to €61,396
- Financial charges +€30,080
up €30,080 (+164%), from €18,396 to €48,477
- Staff costs -€4,146
down €4,146 (-16.3%), from €25,429 to €21,283
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 | €913,351 | €1,558,050 | +€644,700 | +70.6% |
| Fixed assets | 21/28 | €814,890 | €1,342,184 | +€527,294 | +64.7% |
| Tangible fixed assets | 22/27 | €10,211 | €1,305 | -€8,907 | -87.2% |
| Land and buildings | 22 | €3,670 | €0 | -€3,670 | -100% |
| Furniture and vehicles | 24 | €6,541 | €1,305 | -€5,236 | -80.1% |
| Financial fixed assets | 28 | €804,678 | €1,340,879 | +€536,201 | +66.6% |
| Current assets | 29/58 | €98,461 | €215,866 | +€117,405 | +119% |
| Amounts receivable within one year | 40/41 | €52,503 | €66,308 | +€13,805 | +26.3% |
| Trade receivables | 40 | €47,471 | €52,266 | +€4,795 | +10.1% |
| Other amounts receivable | 41 | €5,031 | €14,041 | +€9,010 | +179% |
| Cash at bank and in hand | 54/58 | €45,766 | €148,689 | +€102,923 | +225% |
| Deferred charges and accrued income | 490/1 | €192 | €869 | +€677 | +353% |
| Total equity and liabilities | 10/49 | €913,351 | €1,558,050 | +€644,700 | +70.6% |
| Equity | 10/15 | €583,988 | €649,041 | +€65,053 | +11.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | - | €642,841 | +€642,841 | |
| Distributable reserves | 133 | - | €642,841 | +€642,841 | |
| Profit (loss) carried forward | 14 | €577,788 | €0 | -€577,788 | -100% |
| Amounts payable | 17/49 | €329,362 | €909,009 | +€579,647 | +176% |
| Amounts payable after more than one year | 17 | €166,667 | €196,871 | +€30,205 | +18.1% |
| Financial debts | 170/4 | - | €86,871 | +€86,871 | |
| Other amounts payable | 178/9 | €166,667 | €110,000 | -€56,667 | -34.0% |
| Amounts payable within one year | 42/48 | €162,696 | €677,682 | +€514,987 | +317% |
| Current portion of amounts payable after more than one year | 42 | - | €73,712 | +€73,712 | |
| Trade debts | 44 | €2,429 | €4,952 | +€2,524 | +104% |
| Suppliers | 440/4 | €2,429 | €4,952 | +€2,524 | +104% |
| Taxes, remuneration and social security | 45 | €30,428 | €29,614 | -€814 | -2.7% |
| Taxes | 450/3 | €12,213 | €26,411 | +€14,198 | +116% |
| Remuneration and social security | 454/9 | €18,215 | €3,203 | -€15,012 | -82.4% |
| Other amounts payable | 47/48 | €129,838 | €569,403 | +€439,565 | +339% |
| Accrued charges and deferred income | 492/3 | - | €34,456 | +€34,456 | |
| Remuneration, social security and pensions | 62 | €25,429 | €21,283 | -€4,146 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,518 | €8,907 | -€611 | -6.4% |
| Other operating charges | 640/8 | €1,563 | €1,112 | -€451 | -28.9% |
| Gross operating margin | 9900 | €267,779 | €206,227 | -€61,552 | -23.0% |
| Operating profit (loss) | 9901 | €231,269 | €174,926 | -€56,343 | -24.4% |
| Financial charges | 65/66B | €18,396 | €48,477 | +€30,080 | +164% |
| Recurring financial charges | 65 | €18,396 | €48,477 | +€30,080 | +164% |
| Profit (loss) for the period before taxes | 9903 | €212,873 | €126,449 | -€86,424 | -40.6% |
| Income taxes | 67/77 | €19,969 | €61,396 | +€41,428 | +207% |
| Profit (loss) for the period | 9904 | €192,904 | €65,053 | -€127,852 | -66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €192,904 | €65,053 | -€127,852 | -66.3% |
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 16 October 2026 via checked.be.