Polycalor: 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.
Polycalor
Largest movements
- Cash +€50,077
up €50,077 (+145.3%), from €34,461 to €84,538
mainly Current investments (+€50,000) and Net result for the year (+€42,378)
- Current investments -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Stocks and contracts -€8,688
down €8,688 (-49.5%), from €17,563 to €8,875
- Receivables within one year +€4,951
up €4,951 (+7.3%), from €68,020 to €72,971
of which Trade receivables: +€6,653
- Reserves +€39,378
up €39,378 (+38.4%), from €102,662 to €142,039
- Other debts -€28,336
down €28,336 (-77.8%), from €36,438 to €8,102
- Tax, wage and social debts -€5,645
down €5,645 (-50.2%), from €11,248 to €5,602
- Trade debts -€4,719
down €4,719 (-33.9%), from €13,908 to €9,188
- Gross operating margin +€11,203
up €11,203 (+19.9%), from €56,211 to €67,414
- Depreciation -€7,902
down €7,902 (-44.6%), from €17,731 to €9,830
- Taxes +€4,724
up €4,724 (+44.7%), from €10,579 to €15,303
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 | €196,092 | €193,261 | -€2,831 | -1.4% |
| Fixed assets | 21/28 | €21,901 | €20,960 | -€941 | -4.3% |
| Tangible fixed assets | 22/27 | €19,579 | €18,514 | -€1,065 | -5.4% |
| Plant, machinery and equipment | 23 | €7,853 | €11,876 | +€4,023 | +51.2% |
| Furniture and vehicles | 24 | €11,726 | €6,638 | -€5,088 | -43.4% |
| Financial fixed assets | 28 | €2,322 | €2,446 | +€124 | +5.3% |
| Current assets | 29/58 | €174,191 | €172,301 | -€1,890 | -1.1% |
| Stocks and contracts in progress | 3 | €17,563 | €8,875 | -€8,688 | -49.5% |
| Stocks | 30/36 | €17,563 | €8,875 | -€8,688 | -49.5% |
| Amounts receivable within one year | 40/41 | €68,020 | €72,971 | +€4,951 | +7.3% |
| Trade receivables | 40 | €55,646 | €62,299 | +€6,653 | +12.0% |
| Other amounts receivable | 41 | €12,375 | €10,672 | -€1,703 | -13.8% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €34,461 | €84,538 | +€50,077 | +145.3% |
| Deferred charges and accrued income | 490/1 | €4,147 | €5,917 | +€1,770 | +42.7% |
| Total equity and liabilities | 10/49 | €196,092 | €193,261 | -€2,831 | -1.4% |
| Equity | 10/15 | €132,690 | €170,368 | +€37,678 | +28.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €102,662 | €142,039 | +€39,378 | +38.4% |
| Distributable reserves | 133 | €102,662 | €142,039 | +€39,378 | +38.4% |
| Profit (loss) carried forward | 14 | €11,437 | €9,737 | -€1,700 | -14.9% |
| Amounts payable | 17/49 | €63,402 | €22,893 | -€40,509 | -63.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €63,402 | €22,893 | -€40,509 | -63.9% |
| Current portion of amounts payable after more than one year | 42 | €1,809 | €0 | -€1,809 | -100.0% |
| Trade debts | 44 | €13,908 | €9,188 | -€4,719 | -33.9% |
| Suppliers | 440/4 | €13,908 | €9,188 | -€4,719 | -33.9% |
| Taxes, remuneration and social security | 45 | €11,248 | €5,602 | -€5,645 | -50.2% |
| Taxes | 450/3 | €11,248 | €5,602 | -€5,645 | -50.2% |
| Other amounts payable | 47/48 | €36,438 | €8,102 | -€28,336 | -77.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,731 | €9,830 | -€7,902 | -44.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €552 | €0 | -€552 | -100.0% |
| Other operating charges | 640/8 | €1,649 | €1,858 | +€209 | +12.7% |
| Gross operating margin | 9900 | €56,211 | €67,414 | +€11,203 | +19.9% |
| Operating profit (loss) | 9901 | €36,278 | €55,726 | +€19,448 | +53.6% |
| Financial income | 75/76B | €1,815 | €2,238 | +€423 | +23.3% |
| Recurring financial income | 75 | €1,815 | €2,238 | +€423 | +23.3% |
| Financial charges | 65/66B | €325 | €284 | -€42 | -12.8% |
| Recurring financial charges | 65 | €325 | €284 | -€42 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €37,768 | €57,680 | +€19,912 | +52.7% |
| Income taxes | 67/77 | €10,579 | €15,303 | +€4,724 | +44.7% |
| Profit (loss) for the period | 9904 | €27,189 | €42,378 | +€15,188 | +55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,189 | €42,378 | +€15,188 | +55.9% |
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 10 October 2026 via checked.be.