POLYGEST: 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.
POLYGEST
Largest movements
- Receivables within one year +€37,812
up €37,812 (+180.8%), from €20,910 to €58,723
of which Trade receivables: +€54,552
- Tangible fixed assets -€14,648
down €14,648 (-13.8%), from €106,486 to €91,839
of which Land and buildings: -€21,720
- Cash +€8,714
up €8,714 (+566.9%), from €1,537 to €10,251
mainly Net result for the year (+€89,170) and Depreciation (+€22,126)
- Reserves +€20,598
up €20,598 (+11.2%), from €183,160 to €203,758
of which Distributable reserves: +€22,458
- Short-term financial debts -€15,056
down €15,056 (-100.0%), from €15,056 to €0
- Current portion of long-term debt +€13,907
up €13,907 (+82.7%), from €16,820 to €30,727
- Tax, wage and social debts +€8,558
up €8,558 (+190.2%), from €4,500 to €13,058
- Gross operating margin +€65,764
up €65,764 (+85.2%), from €77,178 to €142,942
- Depreciation +€21,556
up €21,556 (+3781.9%), from €570 to €22,126
- Financial income +€18,114
up €18,114 (+362288.8%), from €5 to €18,119
- Taxes +€13,697
up €13,697 (+55.3%), from €24,759 to €38,456
- Other operating charges -€1,956
down €1,956 (-41.8%), from €4,679 to €2,723
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 | €348,028 | €380,465 | +€32,437 | +9.3% |
| Fixed assets | 21/28 | €323,806 | €309,159 | -€14,648 | -4.5% |
| Tangible fixed assets | 22/27 | €106,486 | €91,839 | -€14,648 | -13.8% |
| Land and buildings | 22 | €106,177 | €84,457 | -€21,720 | -20.5% |
| Other tangible fixed assets | 26 | €309 | €7,382 | +€7,073 | +2289.9% |
| Financial fixed assets | 28 | €217,320 | €217,320 | = | 0.0% |
| Current assets | 29/58 | €24,221 | €71,306 | +€47,085 | +194.4% |
| Amounts receivable within one year | 40/41 | €20,910 | €58,723 | +€37,812 | +180.8% |
| Trade receivables | 40 | - | €54,552 | +€54,552 | |
| Other amounts receivable | 41 | €20,910 | €4,171 | -€16,739 | -80.1% |
| Cash at bank and in hand | 54/58 | €1,537 | €10,251 | +€8,714 | +566.9% |
| Deferred charges and accrued income | 490/1 | €1,774 | €2,333 | +€559 | +31.5% |
| Total equity and liabilities | 10/49 | €348,028 | €380,465 | +€32,437 | +9.3% |
| Equity | 10/15 | €248,079 | €268,677 | +€20,598 | +8.3% |
| Contributions | 10/11 | €10,700 | €10,700 | = | 0.0% |
| Reserves | 13 | €183,160 | €203,758 | +€20,598 | +11.2% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €181,300 | €203,758 | +€22,458 | +12.4% |
| Profit (loss) carried forward | 14 | €54,219 | €54,219 | = | 0.0% |
| Amounts payable | 17/49 | €99,949 | €111,788 | +€11,839 | +11.8% |
| Amounts payable after more than one year | 17 | €50,773 | €52,335 | +€1,562 | +3.1% |
| Financial debts | 170/4 | €44,168 | €32,506 | -€11,662 | -26.4% |
| Other amounts payable | 178/9 | €6,605 | €19,829 | +€13,223 | +200.2% |
| Amounts payable within one year | 42/48 | €49,176 | €58,971 | +€9,795 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €16,820 | €30,727 | +€13,907 | +82.7% |
| Financial debts | 43 | €15,056 | €0 | -€15,056 | -100.0% |
| Credit institutions | 430/8 | €15,056 | €0 | -€15,056 | -100.0% |
| Trade debts | 44 | €4,228 | €6,453 | +€2,225 | +52.6% |
| Suppliers | 440/4 | €4,228 | €6,453 | +€2,225 | +52.6% |
| Taxes, remuneration and social security | 45 | €4,500 | €13,058 | +€8,558 | +190.2% |
| Taxes | 450/3 | €4,500 | €13,058 | +€8,558 | +190.2% |
| Other amounts payable | 47/48 | €8,571 | €8,733 | +€162 | +1.9% |
| Accrued charges and deferred income | 492/3 | - | €482 | +€482 | |
| Non-recurring operating income | 76A | €1,838 | €0 | -€1,838 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €570 | €22,126 | +€21,556 | +3781.9% |
| Other operating charges | 640/8 | €4,679 | €2,723 | -€1,956 | -41.8% |
| Gross operating margin | 9900 | €77,178 | €142,942 | +€65,764 | +85.2% |
| Operating profit (loss) | 9901 | €71,928 | €118,093 | +€46,165 | +64.2% |
| Financial income | 75/76B | €5 | €18,119 | +€18,114 | +362288.8% |
| Recurring financial income | 75 | €5 | €18,119 | +€18,114 | +362288.8% |
| Financial charges | 65/66B | €7,194 | €8,586 | +€1,393 | +19.4% |
| Recurring financial charges | 65 | €7,194 | €8,586 | +€1,393 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €64,740 | €127,626 | +€62,886 | +97.1% |
| Income taxes | 67/77 | €24,759 | €38,456 | +€13,697 | +55.3% |
| Profit (loss) for the period | 9904 | €39,981 | €89,170 | +€49,189 | +123.0% |
| Transfer from tax-exempt reserves | 789 | €451 | €0 | -€451 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,432 | €89,170 | +€48,738 | +120.5% |
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 12 October 2026 via checked.be.