Polygon Belgium: 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
Polygon Belgium
NACE 28.250, Manufacture of machinery and equipment not elsewhere classified
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€146,096
2024 · €425,430-€571,526
Equity
€2.6m
2024 · €2.8m-€146,096
Cash
€207,032
2024 · €420,949-€213,917
Balance sheet total
€13.2m
2024 · €7.1m+€6.1m
Largest movements
Assets
- Financial fixed assets +€6.2m
up €6.2m (+126.5%), from €4.9m to €11.1m
of which Affiliated companies: +€6.2m
- Cash -€213,917
down €213,917 (-50.8%), from €420,949 to €207,032
mainly Investment in fixed assets (net) (-€6.6m) and Other debts (-€1.1m)
Equity and liabilities
- Debts after one year +€5.0m
up €5.0m (+333.3%), from €1.5m to €6.5m
- Short-term financial debts +€2.6m
up €2.6m, from €0 to €2.6m
of which Credit institutions: +€1.5m
- Other debts -€1.1m
no longer reported in 2025 (was €1.1m)
- Tax, wage and social debts -€211,830
down €211,830 (-19.8%), from €1.1m to €856,361
of which Taxes: -€248,390
- Profit (loss) carried forward -€146,096
down €146,096 (-6.8%), from €2.2m to €2.0m
Income statement
- Turnover +€788,748
up €788,748 (+11.0%), from €7.2m to €8.0m
- Goods and materials +€523,424
up €523,424 (+67.2%), from €778,554 to €1.3m
- Services and other goods +€429,321
up €429,321 (+24.5%), from €1.8m to €2.2m
- Financial charges +€429,187
up €429,187 (+244.1%), from €175,841 to €605,027
- Staff costs +€234,075
up €234,075 (+6.2%), from €3.8m to €4.0m
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
€425,430
Turnover
+€788,748
Other operating income
+€154,218
Goods and materials
-€523,424
Services and other goods
-€429,321
Staff costs
-€234,075
Depreciation
-€76,743
Write-downs
+€13,467
Other operating charges
+€4,740
Other operating items
+€36,500
Financial income
-€1,990
Financial charges
-€429,187
Taxes
+€125,541
Result 2025
-€146,096
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
-€1.2m
Investment
-€6.6m
Financing
+€7.6m
Cash 2024
€420,949
From operations (derived)
-€1.2m
Net result for the year
-€146,096
Depreciation
+€400,864
Receivables within one year
-€114,249
Deferred charges and accrued income
+€19,941
Trade debts
-€20,585
Tax, wage and social debts
-€211,830
Other debts
-€1.1m
Accrued charges and deferred income
-€31,186
Investment (derived)
-€6.6m
Investment in fixed assets (net)
-€6.6m
Financing
+€7.6m
Debts after one year
+€5.0m
Short-term financial debts
+€2.6m
Contributions, distributions and other
+€0
Cash 2025
€207,032
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,128,223 | €13,247,515 | +€6.1m | +85.8% |
| Fixed assets | 21/28 | €5,884,139 | €12,123,039 | +€6.2m | +106.0% |
| Tangible fixed assets | 22/27 | €970,424 | €994,184 | +€23,761 | +2.4% |
| Plant, machinery and equipment | 23 | €739,536 | €809,547 | +€70,011 | +9.5% |
| Furniture and vehicles | 24 | €211,145 | €171,762 | -€39,383 | -18.7% |
| Other tangible fixed assets | 26 | €19,743 | €12,875 | -€6,868 | -34.8% |
| Financial fixed assets | 28 | €4,913,715 | €11,128,855 | +€6.2m | +126.5% |
| Affiliated companies | 280/1 | €4,877,000 | €11,090,940 | +€6.2m | +127.4% |
| Participating interests | 280 | €4,877,000 | €11,090,940 | +€6.2m | +127.4% |
| Other financial fixed assets | 284/8 | €36,715 | €37,915 | +€1,200 | +3.3% |
| Amounts receivable and cash guarantees | 285/8 | €36,715 | €37,915 | +€1,200 | +3.3% |
| Current assets | 29/58 | €1,244,084 | €1,124,476 | -€119,608 | -9.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €740,042 | €854,292 | +€114,249 | +15.4% |
| Trade receivables | 40 | €740,042 | €854,292 | +€114,249 | +15.4% |
| Cash at bank and in hand | 54/58 | €420,949 | €207,032 | -€213,917 | -50.8% |
| Deferred charges and accrued income | 490/1 | €83,093 | €63,152 | -€19,941 | -24.0% |
| Total equity and liabilities | 10/49 | €7,128,223 | €13,247,515 | +€6.1m | +85.8% |
| Equity | 10/15 | €2,757,706 | €2,611,609 | -€146,096 | -5.3% |
| Contributions | 10/11 | €547,000 | €547,000 | = | 0.0% |
| Capital | 10 | €547,000 | €547,000 | = | 0.0% |
| Issued capital | 100 | €547,000 | €547,000 | = | 0.0% |
| Reserves | 13 | €54,700 | €54,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €54,700 | €54,700 | = | 0.0% |
| Legal reserve | 130 | €54,700 | €54,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,156,006 | €2,009,909 | -€146,096 | -6.8% |
| Amounts payable | 17/49 | €4,370,517 | €10,635,906 | +€6.3m | +143.4% |
| Amounts payable after more than one year | 17 | €1,500,000 | €6,500,000 | +€5.0m | +333.3% |
| Financial debts | 170/4 | €1,500,000 | €6,500,000 | +€5.0m | +333.3% |
| Other loans | 174 | €1,500,000 | €6,500,000 | +€5.0m | +333.3% |
| Amounts payable within one year | 42/48 | €2,773,835 | €4,070,410 | +€1.3m | +46.7% |
| Financial debts | 43 | €0 | €2,628,990 | +€2.6m | |
| Credit institutions | 430/8 | €0 | €1,534,990 | +€1.5m | |
| Other loans | 439 | - | €1,094,000 | +€1.1m | |
| Trade debts | 44 | €605,644 | €585,059 | -€20,585 | -3.4% |
| Suppliers | 440/4 | €605,644 | €585,059 | -€20,585 | -3.4% |
| Taxes, remuneration and social security | 45 | €1,068,191 | €856,361 | -€211,830 | -19.8% |
| Taxes | 450/3 | €459,821 | €211,432 | -€248,390 | -54.0% |
| Remuneration and social security | 454/9 | €608,370 | €644,929 | +€36,559 | +6.0% |
| Other amounts payable | 47/48 | €1,100,000 | - | -€1.1m | |
| Accrued charges and deferred income | 492/3 | €96,682 | €65,496 | -€31,186 | -32.3% |
| Operating income | 70/76A | €7,388,583 | €8,368,049 | +€979,466 | +13.3% |
| Turnover | 70 | €7,193,150 | €7,981,898 | +€788,748 | +11.0% |
| Other operating income | 74 | €195,433 | €349,651 | +€154,218 | +78.9% |
| Non-recurring operating income | 76A | - | €36,500 | +€36,500 | |
| Operating charges | 60/66A | €6,650,455 | €7,895,811 | +€1.2m | +18.7% |
| Goods for resale, raw materials and consumables | 60 | €778,554 | €1,301,978 | +€523,424 | +67.2% |
| Purchases | 600/8 | €778,554 | €1,301,978 | +€523,424 | +67.2% |
| Services and other goods | 61 | €1,750,066 | €2,179,387 | +€429,321 | +24.5% |
| Remuneration, social security and pensions | 62 | €3,771,021 | €4,005,096 | +€234,075 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €324,121 | €400,864 | +€76,743 | +23.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,331 | -€9,136 | -€13,467 | |
| Other operating charges | 640/8 | €22,362 | €17,622 | -€4,740 | -21.2% |
| Operating profit (loss) | 9901 | €738,128 | €472,238 | -€265,890 | -36.0% |
| Financial income | 75/76B | €1,990 | - | -€1,990 | |
| Recurring financial income | 75 | €1,990 | - | -€1,990 | |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €1,950 | - | -€1,950 | |
| Other financial income | 752/9 | €40 | - | -€40 | |
| Financial charges | 65/66B | €175,841 | €605,027 | +€429,187 | +244.1% |
| Recurring financial charges | 65 | €175,841 | €605,027 | +€429,187 | +244.1% |
| Debt charges | 650 | €169,564 | €604,226 | +€434,662 | +256.3% |
| Other financial charges | 652/9 | €6,277 | €801 | -€5,475 | -87.2% |
| Profit (loss) for the period before taxes | 9903 | €564,278 | -€132,789 | -€697,067 | |
| Income taxes | 67/77 | €138,848 | €13,307 | -€125,541 | -90.4% |
| Taxes | 670/3 | €150,000 | €13,307 | -€136,693 | -91.1% |
| Tax adjustments and reversals of tax provisions | 77 | €11,152 | - | -€11,152 | |
| Profit (loss) for the period | 9904 | €425,430 | -€146,096 | -€571,526 | |
| Profit (loss) for the period to be appropriated | 9905 | €425,430 | -€146,096 | -€571,526 |
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 6 October 2026 via checked.be.