POLYCONSTRUCT: what changed
POLYCONSTRUCT
Largest movements
- Receivables within one year -€106,976
down €106,976 (-32.5%), from €328,824 to €221,848
of which Trade receivables: -€107,636
- Cash -€47,485
down €47,485 (-59.0%), from €80,552 to €33,066
mainly Trade debts (-€91,274) and Stocks and contracts (-€25,774)
- Stocks and contracts +€25,774
up €25,774 (+23.4%), from €110,076 to €135,850
- Tangible fixed assets -€14,557
down €14,557 (-38.3%), from €37,967 to €23,410
of which Furniture and vehicles: -€13,895
- Trade debts -€91,274
down €91,274 (-53.2%), from €171,504 to €80,230
of which Bills of exchange payable: -€67,863
- Other debts -€16,903
down €16,903 (-11.7%), from €144,463 to €127,561
- Current portion of long-term debt -€14,535
down €14,535 (-84.8%), from €17,134 to €2,599
- Profit (loss) carried forward -€11,138
down €11,138 (-45.5%), from -€24,489 to -€35,626
- Tax, wage and social debts -€10,996
down €10,996 (-62.1%), from €17,701 to €6,705
of which Taxes: -€8,175
- Gross operating margin -€52,121
down €52,121 (-22.7%), from €229,283 to €177,163
- Staff costs -€45,644
down €45,644 (-21.0%), from €217,323 to €171,678
- Depreciation -€8,596
down €8,596 (-53.8%), from €15,973 to €7,377
- Financial income +€6,690
up €6,690 (+575%), from €1,164 to €7,854
of which Non-recurring financial income: +€6,773
- Financial charges +€2,676
up €2,676 (+147%), from €1,820 to €4,497
of which Non-recurring financial charges: +€3,224
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €567,842 | €420,398 | -€147,443 | -26.0% |
| Fixed assets | 21/28 | €40,117 | €25,635 | -€14,482 | -36.1% |
| Tangible fixed assets | 22/27 | €37,967 | €23,410 | -€14,557 | -38.3% |
| Plant, machinery and equipment | 23 | €2,002 | €1,340 | -€662 | -33.1% |
| Furniture and vehicles | 24 | €35,965 | €22,070 | -€13,895 | -38.6% |
| Financial fixed assets | 28 | €2,150 | €2,225 | +€75 | +3.5% |
| Current assets | 29/58 | €527,725 | €394,763 | -€132,962 | -25.2% |
| Stocks and contracts in progress | 3 | €110,076 | €135,850 | +€25,774 | +23.4% |
| Contracts in progress | 37 | €110,076 | €135,850 | +€25,774 | +23.4% |
| Amounts receivable within one year | 40/41 | €328,824 | €221,848 | -€106,976 | -32.5% |
| Trade receivables | 40 | €304,715 | €197,079 | -€107,636 | -35.3% |
| Other amounts receivable | 41 | €24,109 | €24,769 | +€660 | +2.7% |
| Cash at bank and in hand | 54/58 | €80,552 | €33,066 | -€47,485 | -59.0% |
| Deferred charges and accrued income | 490/1 | €8,273 | €4,000 | -€4,274 | -51.7% |
| Total equity and liabilities | 10/49 | €567,842 | €420,398 | -€147,443 | -26.0% |
| Equity | 10/15 | €208,190 | €197,052 | -€11,138 | -5.3% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €195,478 | €195,478 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,720 | €3,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,720 | €3,720 | = | 0.0% |
| Distributable reserves | 133 | €191,758 | €191,758 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,489 | -€35,626 | -€11,138 | -45.5% |
| Amounts payable | 17/49 | €359,652 | €223,346 | -€136,306 | -37.9% |
| Amounts payable after more than one year | 17 | €8,851 | €6,252 | -€2,599 | -29.4% |
| Financial debts | 170/4 | €8,851 | €6,252 | -€2,599 | -29.4% |
| Amounts payable within one year | 42/48 | €350,801 | €217,094 | -€133,707 | -38.1% |
| Current portion of amounts payable after more than one year | 42 | €17,134 | €2,599 | -€14,535 | -84.8% |
| Trade debts | 44 | €171,504 | €80,230 | -€91,274 | -53.2% |
| Suppliers | 440/4 | €103,641 | €80,230 | -€23,411 | -22.6% |
| Bills of exchange payable | 441 | €67,863 | - | -€67,863 | |
| Taxes, remuneration and social security | 45 | €17,701 | €6,705 | -€10,996 | -62.1% |
| Taxes | 450/3 | €14,588 | €6,412 | -€8,175 | -56.0% |
| Remuneration and social security | 454/9 | €3,113 | €292 | -€2,821 | -90.6% |
| Other amounts payable | 47/48 | €144,463 | €127,561 | -€16,903 | -11.7% |
| Remuneration, social security and pensions | 62 | €217,323 | €171,678 | -€45,644 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,973 | €7,377 | -€8,596 | -53.8% |
| Other operating charges | 640/8 | €5,888 | €5,254 | -€634 | -10.8% |
| Non-recurring operating charges | 66A | - | €7,180 | +€7,180 | |
| Gross operating margin | 9900 | €229,283 | €177,163 | -€52,121 | -22.7% |
| Operating profit (loss) | 9901 | -€9,901 | -€14,327 | -€4,426 | -44.7% |
| Financial income | 75/76B | €1,164 | €7,854 | +€6,690 | +575% |
| Recurring financial income | 75 | €1,164 | €1,082 | -€83 | -7.1% |
| Non-recurring financial income | 76B | - | €6,773 | +€6,773 | |
| Financial charges | 65/66B | €1,820 | €4,497 | +€2,676 | +147% |
| Recurring financial charges | 65 | €1,820 | €1,273 | -€548 | -30.1% |
| Non-recurring financial charges | 66B | - | €3,224 | +€3,224 | |
| Profit (loss) for the period before taxes | 9903 | -€10,557 | -€10,969 | -€412 | -3.9% |
| Income taxes | 67/77 | -€22 | €168 | +€190 | |
| Profit (loss) for the period | 9904 | -€10,535 | -€11,138 | -€602 | -5.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,535 | -€11,138 | -€602 | -5.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.