POLYGONALE: 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.
POLYGONALE
Largest movements
- Receivables within one year -€28,792
down €28,792 (-39.2%), from €73,423 to €44,631
of which Trade receivables: -€18,792
- Cash +€23,912
up €23,912 (+80.2%), from €29,832 to €53,744
mainly Net result for the year (+€45,979) and Receivables within one year (+€28,792)
- Tangible fixed assets -€12,485
down €12,485 (-24.6%), from €50,763 to €38,278
of which Furniture and vehicles: -€7,072
- Deferred charges and accrued income -€4,029
down €4,029 (-90.5%), from €4,454 to €425
- Other debts +€15,738
up €15,738 (+19.7%), from €79,716 to €95,454
- Debts after one year -€15,585
down €15,585 (-82.3%), from €18,928 to €3,343
- Trade debts -€11,663
down €11,663 (-79.6%), from €14,647 to €2,984
- Tax, wage and social debts -€9,360
down €9,360 (-36.1%), from €25,920 to €16,560
of which Remuneration and social security: -€25,920
- Depreciation -€10,775
down €10,775 (-38.1%), from €28,260 to €17,485
- Taxes +€1,938
up €1,938 (+18.8%), from €10,317 to €12,255
- Gross operating margin +€1,458
up €1,458 (+1.9%), from €76,413 to €77,871
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 | €161,320 | €139,926 | -€21,394 | -13.3% |
| Fixed assets | 21/28 | €50,963 | €38,478 | -€12,485 | -24.5% |
| Tangible fixed assets | 22/27 | €50,763 | €38,278 | -€12,485 | -24.6% |
| Plant, machinery and equipment | 23 | €14,408 | €8,995 | -€5,413 | -37.6% |
| Furniture and vehicles | 24 | €36,355 | €29,283 | -€7,072 | -19.5% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €110,357 | €101,448 | -€8,909 | -8.1% |
| Stocks and contracts in progress | 3 | €2,648 | €2,648 | = | 0.0% |
| Stocks | 30/36 | €2,648 | €2,648 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €73,423 | €44,631 | -€28,792 | -39.2% |
| Trade receivables | 40 | €63,154 | €44,362 | -€18,792 | -29.8% |
| Other amounts receivable | 41 | €10,269 | €269 | -€10,000 | -97.4% |
| Cash at bank and in hand | 54/58 | €29,832 | €53,744 | +€23,912 | +80.2% |
| Deferred charges and accrued income | 490/1 | €4,454 | €425 | -€4,029 | -90.5% |
| Total equity and liabilities | 10/49 | €161,320 | €139,926 | -€21,394 | -13.3% |
| Equity | 10/15 | €6,000 | €6,000 | = | 0.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Amounts payable | 17/49 | €155,320 | €133,926 | -€21,394 | -13.8% |
| Amounts payable after more than one year | 17 | €18,928 | €3,343 | -€15,585 | -82.3% |
| Financial debts | 170/4 | €18,928 | €3,343 | -€15,585 | -82.3% |
| Amounts payable within one year | 42/48 | €136,392 | €130,583 | -€5,809 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €16,109 | €15,585 | -€524 | -3.3% |
| Trade debts | 44 | €14,647 | €2,984 | -€11,663 | -79.6% |
| Suppliers | 440/4 | €14,647 | €2,984 | -€11,663 | -79.6% |
| Taxes, remuneration and social security | 45 | €25,920 | €16,560 | -€9,360 | -36.1% |
| Taxes | 450/3 | - | €16,560 | +€16,560 | |
| Remuneration and social security | 454/9 | €25,920 | - | -€25,920 | |
| Other amounts payable | 47/48 | €79,716 | €95,454 | +€15,738 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,260 | €17,485 | -€10,775 | -38.1% |
| Other operating charges | 640/8 | €597 | €963 | +€366 | +61.3% |
| Gross operating margin | 9900 | €76,413 | €77,871 | +€1,458 | +1.9% |
| Operating profit (loss) | 9901 | €47,556 | €59,423 | +€11,867 | +25.0% |
| Financial income | 75/76B | €36 | - | -€36 | |
| Recurring financial income | 75 | €36 | - | -€36 | |
| Financial charges | 65/66B | €1,254 | €1,189 | -€65 | -5.2% |
| Recurring financial charges | 65 | €1,254 | €1,189 | -€65 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €46,338 | €58,234 | +€11,896 | +25.7% |
| Income taxes | 67/77 | €10,317 | €12,255 | +€1,938 | +18.8% |
| Profit (loss) for the period | 9904 | €36,021 | €45,979 | +€9,958 | +27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,021 | €45,979 | +€9,958 | +27.6% |
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 5 October 2026 via checked.be.