POLYCASA: 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.
What changed
POLYCASA
NACE 46.900, Non-specialised wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.5m
2024 · €5.8m-€1.3m
Equity
€100.4m
2024 · €101.3m-€892,972
Cash
€2.7m
2024 · €2.5m+€209,295
Balance sheet total
€110.3m
2024 · €112.8m-€2.4m
Largest movements
Assets
- Receivables within one year -€2.7m
down €2.7m (-40.9%), from €6.7m to €4.0m
of which Trade receivables: -€2.6m
Equity and liabilities
- Trade debts -€2.0m
down €2.0m (-38.3%), from €5.3m to €3.3m
Income statement
- Goods and materials -€21.0m
down €21.0m (-39.6%), from €52.9m to €32.0m
of which Purchases: -€20.9m
- Turnover -€20.9m
down €20.9m (-33.6%), from €62.4m to €41.5m
- Financial income -€1.6m
down €1.6m (-21.7%), from €7.2m to €5.6m
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.
Result 2024
€5.8m
Turnover
-€20.9m
Other operating income
+€150,217
Goods and materials
+€21.0m
Services and other goods
+€449,842
Staff costs
+€215,361
Depreciation
+€13,083
Write-downs
-€89,407
Provisions
-€34,000
Other operating charges
-€66
Other operating items
-€708,528
Financial income
-€1.6m
Financial charges
+€204,743
Taxes
+€59,550
Result 2025
€4.5m
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.
From operations
+€5.6m
Investment
-€429,117
Financing
-€5.0m
Cash 2024
€2.5m
From operations (derived)
+€5.6m
Net result for the year
+€4.5m
Depreciation
+€17,081
Stocks and contracts
+€352,864
Receivables within one year
+€2.7m
Deferred charges and accrued income
-€23,040
Trade debts
-€2.0m
Tax, wage and social debts
+€73,968
Investment (derived)
-€429,117
Investment in fixed assets (net)
-€429,117
Financing
-€5.0m
Debts after one year
+€400,001
Contributions, distributions and other
-€5.4m
Cash 2025
€2.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €112,768,836 | €110,324,874 | -€2.4m | -2.2% |
| Fixed assets | 21/28 | €97,839,066 | €98,251,102 | +€412,036 | +0.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €67,599 | €76,850 | +€9,251 | +13.7% |
| Land and buildings | 22 | €242 | €0 | -€242 | -100.0% |
| Plant, machinery and equipment | 23 | €30,719 | €24,281 | -€6,438 | -21.0% |
| Furniture and vehicles | 24 | €9,022 | €24,953 | +€15,931 | +176.6% |
| Assets under construction and advance payments | 27 | €27,616 | €27,616 | = | 0.0% |
| Financial fixed assets | 28 | €97,771,467 | €98,174,252 | +€402,785 | +0.4% |
| Affiliated companies | 280/1 | €97,721,137 | €98,123,711 | +€402,574 | +0.4% |
| Participating interests | 280 | €40,883,899 | €40,883,899 | = | 0.0% |
| Amounts receivable | 281 | €56,837,238 | €57,239,812 | +€402,574 | +0.7% |
| Other financial fixed assets | 284/8 | €50,330 | €50,541 | +€211 | +0.4% |
| Amounts receivable and cash guarantees | 285/8 | €50,330 | €50,541 | +€211 | +0.4% |
| Current assets | 29/58 | €14,929,770 | €12,073,772 | -€2.9m | -19.1% |
| Stocks and contracts in progress | 3 | €5,717,083 | €5,364,219 | -€352,864 | -6.2% |
| Stocks | 30/36 | €5,717,083 | €5,364,219 | -€352,864 | -6.2% |
| Raw materials and consumables | 30/31 | €2,145,851 | €1,642,180 | -€503,671 | -23.5% |
| Finished goods | 33 | €3,571,232 | €3,722,039 | +€150,807 | +4.2% |
| Amounts receivable within one year | 40/41 | €6,686,832 | €3,951,363 | -€2.7m | -40.9% |
| Trade receivables | 40 | €6,190,632 | €3,603,894 | -€2.6m | -41.8% |
| Other amounts receivable | 41 | €496,200 | €347,469 | -€148,731 | -30.0% |
| Cash at bank and in hand | 54/58 | €2,519,469 | €2,728,764 | +€209,295 | +8.3% |
| Deferred charges and accrued income | 490/1 | €6,386 | €29,426 | +€23,040 | +360.8% |
| Total equity and liabilities | 10/49 | €112,768,836 | €110,324,874 | -€2.4m | -2.2% |
| Equity | 10/15 | €101,314,922 | €100,421,950 | -€892,972 | -0.9% |
| Contributions | 10/11 | €93,972,202 | €93,972,202 | = | 0.0% |
| Capital | 10 | €91,708,833 | €91,708,833 | = | 0.0% |
| Issued capital | 100 | €91,708,833 | €91,708,833 | = | 0.0% |
| Outside capital | 11 | €2,263,369 | €2,263,369 | = | 0.0% |
| Share premium | 1100/10 | €2,263,369 | €2,263,369 | = | 0.0% |
| Reserves | 13 | €1,846,231 | €2,071,582 | +€225,351 | +12.2% |
| Non-distributable reserves | 130/1 | €961,348 | €1,186,699 | +€225,351 | +23.4% |
| Legal reserve | 130 | €961,348 | €1,186,699 | +€225,351 | +23.4% |
| Tax-exempt reserves | 132 | €75,820 | €75,820 | = | 0.0% |
| Distributable reserves | 133 | €809,063 | €809,063 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,496,489 | €4,378,166 | -€1.1m | -20.3% |
| Amounts payable | 17/49 | €11,453,914 | €9,902,924 | -€1.6m | -13.5% |
| Amounts payable after more than one year | 17 | €5,209,889 | €5,609,890 | +€400,001 | +7.7% |
| Financial debts | 170/4 | €5,209,889 | €5,609,890 | +€400,001 | +7.7% |
| Other loans | 174 | €5,209,889 | €5,609,890 | +€400,001 | +7.7% |
| Amounts payable within one year | 42/48 | €6,244,025 | €4,293,034 | -€2.0m | -31.2% |
| Trade debts | 44 | €5,293,897 | €3,268,938 | -€2.0m | -38.3% |
| Suppliers | 440/4 | €5,293,897 | €3,268,938 | -€2.0m | -38.3% |
| Taxes, remuneration and social security | 45 | €950,128 | €1,024,096 | +€73,968 | +7.8% |
| Taxes | 450/3 | €135,982 | €288,429 | +€152,447 | +112.1% |
| Remuneration and social security | 454/9 | €814,146 | €735,667 | -€78,479 | -9.6% |
| Operating income | 70/76A | €65,872,188 | €44,368,365 | -€21.5m | -32.6% |
| Turnover | 70 | €62,422,962 | €41,477,450 | -€20.9m | -33.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €805,127 | €96,599 | -€708,528 | -88.0% |
| Other operating income | 74 | €2,644,099 | €2,794,316 | +€150,217 | +5.7% |
| Operating charges | 60/66A | €66,277,753 | €44,761,001 | -€21.5m | -32.5% |
| Goods for resale, raw materials and consumables | 60 | €52,926,027 | €31,964,088 | -€21.0m | -39.6% |
| Purchases | 600/8 | €52,233,000 | €31,373,078 | -€20.9m | -39.9% |
| Change in stocks: decrease (increase) | 609 | €693,027 | €591,010 | -€102,017 | -14.7% |
| Services and other goods | 61 | €9,818,142 | €9,368,300 | -€449,842 | -4.6% |
| Remuneration, social security and pensions | 62 | €3,751,673 | €3,536,312 | -€215,361 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,164 | €17,081 | -€13,083 | -43.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€218,022 | -€128,615 | +€89,407 | +41.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€34,000 | - | +€34,000 | |
| Other operating charges | 640/8 | €3,769 | €3,835 | +€66 | +1.8% |
| Operating profit (loss) | 9901 | -€405,565 | -€392,636 | +€12,929 | +3.2% |
| Financial income | 75/76B | €7,193,162 | €5,634,200 | -€1.6m | -21.7% |
| Recurring financial income | 75 | €7,193,162 | €5,634,200 | -€1.6m | -21.7% |
| Income from financial fixed assets | 750 | €4,097,426 | €2,502,572 | -€1.6m | -38.9% |
| Income from current assets | 751 | €2,826,534 | €2,935,494 | +€108,960 | +3.9% |
| Other financial income | 752/9 | €269,202 | €196,134 | -€73,068 | -27.1% |
| Financial charges | 65/66B | €874,944 | €670,201 | -€204,743 | -23.4% |
| Recurring financial charges | 65 | €874,944 | €670,201 | -€204,743 | -23.4% |
| Debt charges | 650 | €143,849 | €111,966 | -€31,883 | -22.2% |
| Other financial charges | 652/9 | €731,095 | €558,235 | -€172,860 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €5,912,653 | €4,571,363 | -€1.3m | -22.7% |
| Income taxes | 67/77 | €123,885 | €64,335 | -€59,550 | -48.1% |
| Taxes | 670/3 | €123,885 | €64,335 | -€59,550 | -48.1% |
| Profit (loss) for the period | 9904 | €5,788,768 | €4,507,028 | -€1.3m | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,788,768 | €4,507,028 | -€1.3m | -22.1% |
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 1 October 2026 via checked.be.