POLYGONOS: 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.
POLYGONOS
Largest movements
- Cash +€241,601
up €241,601 (+804%), from €30,055 to €271,656
mainly Receivables after one year (+€138,400) and Other debts (+€112,912)
- Receivables after one year -€138,400
no longer reported in 2025 (was €138,400)
- Tangible fixed assets -€25,091
down €25,091 (-10.9%), from €230,797 to €205,706
of which Land and buildings: -€24,109
- Other debts +€112,912
up €112,912 (+176%), from €64,020 to €176,932
- Profit (loss) carried forward -€107,667
no longer reported in 2025 (was €107,667)
- Reserves +€59,841
up €59,841 (+24.2%), from €246,832 to €306,673
of which Distributable reserves: +€59,841
- Contributions +€12,400
up €12,400 (+200%), from €6,200 to €18,600
- Gross operating margin -€7,680
down €7,680 (-6.4%), from €120,450 to €112,770
- Taxes +€2,524
up €2,524 (+12.0%), from €21,011 to €23,535
- Financial charges +€2,398
up €2,398 (+1,329%), from €180 to €2,578
- Financial income -€1,792
no longer reported in 2025 (was €1,792)
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €440,503 | €520,496 | +€79,993 | +18.2% |
| Fixed assets | 21/28 | €230,852 | €205,761 | -€25,091 | -10.9% |
| Tangible fixed assets | 22/27 | €230,797 | €205,706 | -€25,091 | -10.9% |
| Land and buildings | 22 | €227,171 | €203,062 | -€24,109 | -10.6% |
| Plant, machinery and equipment | 23 | €3,344 | €2,334 | -€1,011 | -30.2% |
| Furniture and vehicles | 24 | €281 | €310 | +€29 | +10.3% |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €209,651 | €314,734 | +€105,084 | +50.1% |
| Amounts receivable after more than one year | 29 | €138,400 | - | -€138,400 | |
| Other amounts receivable | 291 | €138,400 | - | -€138,400 | |
| Amounts receivable within one year | 40/41 | €38,731 | €42,493 | +€3,762 | +9.7% |
| Trade receivables | 40 | €33,372 | €42,348 | +€8,976 | +26.9% |
| Other amounts receivable | 41 | €5,359 | €145 | -€5,214 | -97.3% |
| Cash at bank and in hand | 54/58 | €30,055 | €271,656 | +€241,601 | +804% |
| Deferred charges and accrued income | 490/1 | €2,465 | €586 | -€1,879 | -76.2% |
| Total equity and liabilities | 10/49 | €440,503 | €520,496 | +€79,993 | +18.2% |
| Equity | 10/15 | €360,699 | €325,273 | -€35,426 | -9.8% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €246,832 | €306,673 | +€59,841 | +24.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,271 | €19,271 | = | 0.0% |
| Distributable reserves | 133 | €225,701 | €285,542 | +€59,841 | +26.5% |
| Profit (loss) carried forward | 14 | €107,667 | - | -€107,667 | |
| Amounts payable | 17/49 | €79,803 | €195,222 | +€115,419 | +145% |
| Amounts payable within one year | 42/48 | €79,803 | €194,822 | +€115,019 | +144% |
| Trade debts | 44 | - | €614 | +€614 | |
| Suppliers | 440/4 | - | €614 | +€614 | |
| Taxes, remuneration and social security | 45 | €15,784 | €17,276 | +€1,492 | +9.5% |
| Taxes | 450/3 | €15,784 | €17,276 | +€1,492 | +9.5% |
| Other amounts payable | 47/48 | €64,020 | €176,932 | +€112,912 | +176% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,071 | €25,454 | -€618 | -2.4% |
| Other operating charges | 640/8 | €1,206 | €1,362 | +€156 | +12.9% |
| Gross operating margin | 9900 | €120,450 | €112,770 | -€7,680 | -6.4% |
| Operating profit (loss) | 9901 | €93,173 | €85,954 | -€7,219 | -7.7% |
| Financial income | 75/76B | €1,792 | - | -€1,792 | |
| Recurring financial income | 75 | €1,792 | - | -€1,792 | |
| Financial charges | 65/66B | €180 | €2,578 | +€2,398 | +1,329% |
| Recurring financial charges | 65 | €180 | €2,578 | +€2,398 | +1,329% |
| Profit (loss) for the period before taxes | 9903 | €94,785 | €83,376 | -€11,409 | -12.0% |
| Income taxes | 67/77 | €21,011 | €23,535 | +€2,524 | +12.0% |
| Profit (loss) for the period | 9904 | €73,774 | €59,841 | -€13,933 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €73,774 | €59,841 | -€13,933 | -18.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.