POLYGONE Solutions Modulaires: 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.
What changed
POLYGONE Solutions Modulaires
NACE 43.990, Other specialised construction activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€29,721
2024 · -€684,246+€654,525
Equity
-€579,730
2024 · -€550,009-€29,721
Cash
€75,507
2024 · €29,915+€45,592
Balance sheet total
€3.8m
2024 · €4.4m-€667,920
Largest movements
Assets
- Tangible fixed assets -€533,652
down €533,652 (-14.3%), from €3.7m to €3.2m
of which Plant, machinery and equipment: -€306,188
- Receivables within one year -€143,688
down €143,688 (-25.4%), from €564,752 to €421,064
of which Trade receivables: -€175,254
- Deferred charges and accrued income -€48,256
down €48,256 (-76.4%), from €63,182 to €14,926
- Cash +€45,592
up €45,592 (+152%), from €29,915 to €75,507
mainly Depreciation (+€543,693) and Receivables within one year (+€143,688)
Equity and liabilities
- Debts after one year -€445,926
down €445,926 (-17.5%), from €2.5m to €2.1m
- Trade debts -€132,763
down €132,763 (-56.6%), from €234,392 to €101,629
Income statement
- Gross operating margin +€464,753
up €464,753 (+95.2%), from €488,254 to €953,006
- Staff costs -€308,324
down €308,324 (-65.5%), from €470,928 to €162,604
- Depreciation +€70,313
up €70,313 (+14.9%), from €473,380 to €543,693
- Write-downs +€38,846
up €38,846 (+272%), from €14,301 to €53,147
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
-€684,246
Gross operating margin
+€464,753
Staff costs
+€308,324
Depreciation
-€70,313
Write-downs
-€38,846
Provisions
-€4,500
Other operating charges
+€192
Other operating items
-€273
Financial income
+€1,176
Financial charges
-€7,332
Taxes
+€1,344
Result 2025
-€29,721
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€486,897
Investment
-€10,041
Financing
-€431,264
Cash 2024
€29,915
From operations (derived)
+€486,897
Net result for the year
-€29,721
Depreciation
+€543,693
Stocks and contracts
-€12,085
Receivables within one year
+€143,688
Deferred charges and accrued income
+€48,256
Provisions
+€24,500
Trade debts
-€132,763
Tax, wage and social debts
-€33,448
Other debts
-€28,000
Accrued charges and deferred income
-€37,224
Investment (derived)
-€10,041
Investment in fixed assets (net)
-€10,041
Financing
-€431,264
Debts after one year
-€445,926
Current portion of long-term debt
+€14,662
Cash 2025
€75,507
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,436,589 | €3,768,670 | -€667,920 | -15.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €3,744,540 | €3,210,888 | -€533,652 | -14.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €3,744,540 | €3,210,888 | -€533,652 | -14.3% |
| Land and buildings | 22 | €5,714 | €3,983 | -€1,731 | -30.3% |
| Plant, machinery and equipment | 23 | €1,145,311 | €839,124 | -€306,188 | -26.7% |
| Furniture and vehicles | 24 | €193,235 | €147,234 | -€46,000 | -23.8% |
| Leasing and similar rights | 25 | €2,400,280 | €2,220,547 | -€179,733 | -7.5% |
| Current assets | 29/58 | €692,049 | €557,782 | -€134,267 | -19.4% |
| Stocks and contracts in progress | 3 | €34,200 | €46,285 | +€12,085 | +35.3% |
| Stocks | 30/36 | €34,200 | €46,285 | +€12,085 | +35.3% |
| Amounts receivable within one year | 40/41 | €564,752 | €421,064 | -€143,688 | -25.4% |
| Trade receivables | 40 | €564,715 | €389,461 | -€175,254 | -31.0% |
| Other amounts receivable | 41 | €37 | €31,603 | +€31,566 | +84,514% |
| Cash at bank and in hand | 54/58 | €29,915 | €75,507 | +€45,592 | +152% |
| Deferred charges and accrued income | 490/1 | €63,182 | €14,926 | -€48,256 | -76.4% |
| Total equity and liabilities | 10/49 | €4,436,589 | €3,768,670 | -€667,920 | -15.1% |
| Equity | 10/15 | -€550,009 | -€579,730 | -€29,721 | -5.4% |
| Contributions | 10/11 | €218,550 | €218,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€768,559 | -€798,280 | -€29,721 | -3.9% |
| Provisions and deferred taxes | 16 | €20,000 | €44,500 | +€24,500 | +123% |
| Provisions for liabilities and charges | 160/5 | €20,000 | €44,500 | +€24,500 | +123% |
| Environmental obligations | 163 | - | €44,500 | +€44,500 | |
| Other liabilities and charges | 164/5 | €20,000 | - | -€20,000 | |
| Amounts payable | 17/49 | €4,966,599 | €4,303,900 | -€662,699 | -13.3% |
| Amounts payable after more than one year | 17 | €2,544,756 | €2,098,829 | -€445,926 | -17.5% |
| Financial debts | 170/4 | €2,544,756 | €2,098,829 | -€445,926 | -17.5% |
| Amounts payable within one year | 42/48 | €2,377,693 | €2,198,144 | -€179,549 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €431,264 | €445,926 | +€14,662 | +3.4% |
| Trade debts | 44 | €234,392 | €101,629 | -€132,763 | -56.6% |
| Suppliers | 440/4 | €234,392 | €101,629 | -€132,763 | -56.6% |
| Taxes, remuneration and social security | 45 | €52,037 | €18,589 | -€33,448 | -64.3% |
| Taxes | 450/3 | €28,418 | €14,657 | -€13,762 | -48.4% |
| Remuneration and social security | 454/9 | €23,618 | €3,932 | -€19,686 | -83.4% |
| Other amounts payable | 47/48 | €1,660,000 | €1,632,000 | -€28,000 | -1.7% |
| Accrued charges and deferred income | 492/3 | €44,150 | €6,926 | -€37,224 | -84.3% |
| Non-recurring operating income | 76A | €599 | €394 | -€205 | -34.3% |
| Remuneration, social security and pensions | 62 | €470,928 | €162,604 | -€308,324 | -65.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €473,380 | €543,693 | +€70,313 | +14.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,301 | €53,147 | +€38,846 | +272% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €20,000 | €24,500 | +€4,500 | +22.5% |
| Other operating charges | 640/8 | €491 | €298 | -€192 | -39.2% |
| Non-recurring operating charges | 66A | €50 | €323 | +€273 | +547% |
| Gross operating margin | 9900 | €488,254 | €953,006 | +€464,753 | +95.2% |
| Operating profit (loss) | 9901 | -€490,896 | €168,440 | +€659,337 | |
| Financial income | 75/76B | €277 | €1,453 | +€1,176 | +425% |
| Recurring financial income | 75 | €277 | €1,453 | +€1,176 | +425% |
| Financial charges | 65/66B | €192,127 | €199,459 | +€7,332 | +3.8% |
| Recurring financial charges | 65 | €190,379 | €194,734 | +€4,355 | +2.3% |
| Non-recurring financial charges | 66B | €1,748 | €4,725 | +€2,977 | +170% |
| Profit (loss) for the period before taxes | 9903 | -€682,747 | -€29,566 | +€653,181 | +95.7% |
| Income taxes | 67/77 | €1,499 | €155 | -€1,344 | -89.7% |
| Profit (loss) for the period | 9904 | -€684,246 | -€29,721 | +€654,525 | +95.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€684,246 | -€29,721 | +€654,525 | +95.7% |
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 25 October 2026 via checked.be.