POLYGONWOOD: 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.
POLYGONWOOD
Largest movements
- Cash +€24,335
up €24,335 (+21.1%), from €115,131 to €139,465
mainly Net result for the year (+€39,150) and Receivables within one year (+€2,992)
- Receivables within one year -€2,992
down €2,992 (-20.3%), from €14,717 to €11,725
of which Trade receivables: -€7,883
- Reserves +€39,150
up €39,150 (+41.6%), from €94,023 to €133,173
- Trade debts -€19,027
down €19,027 (-91.8%), from €20,735 to €1,708
- Gross operating margin -€19,149
down €19,149 (-29.1%), from €65,849 to €46,699
- Taxes -€11,270
down €11,270 (-64.3%), from €17,530 to €6,261
- Staff costs -€1,322
down €1,322 (-84.1%), from €1,572 to €250
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 | €130,489 | €151,473 | +€20,984 | +16.1% |
| Formation expenses | 20 | €76 | €0 | -€76 | -100% |
| Fixed assets | 21/28 | €565 | €282 | -€282 | -50.0% |
| Tangible fixed assets | 22/27 | €565 | €282 | -€282 | -50.0% |
| Furniture and vehicles | 24 | €565 | €282 | -€282 | -50.0% |
| Current assets | 29/58 | €129,848 | €151,190 | +€21,343 | +16.4% |
| Amounts receivable within one year | 40/41 | €14,717 | €11,725 | -€2,992 | -20.3% |
| Trade receivables | 40 | €14,717 | €6,834 | -€7,883 | -53.6% |
| Other amounts receivable | 41 | - | €4,891 | +€4,891 | |
| Cash at bank and in hand | 54/58 | €115,131 | €139,465 | +€24,335 | +21.1% |
| Total equity and liabilities | 10/49 | €130,489 | €151,473 | +€20,984 | +16.1% |
| Equity | 10/15 | €98,023 | €137,173 | +€39,150 | +39.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €94,023 | €133,173 | +€39,150 | +41.6% |
| Distributable reserves | 133 | €94,023 | €133,173 | +€39,150 | +41.6% |
| Amounts payable | 17/49 | €32,465 | €14,299 | -€18,166 | -56.0% |
| Amounts payable within one year | 42/48 | €32,465 | €14,299 | -€18,166 | -56.0% |
| Trade debts | 44 | €20,735 | €1,708 | -€19,027 | -91.8% |
| Suppliers | 440/4 | €20,735 | €1,708 | -€19,027 | -91.8% |
| Taxes, remuneration and social security | 45 | €8,777 | €8,789 | +€12 | +0.1% |
| Taxes | 450/3 | €8,777 | €8,789 | +€12 | +0.1% |
| Other amounts payable | 47/48 | €2,953 | €3,803 | +€850 | +28.8% |
| Remuneration, social security and pensions | 62 | €1,572 | €250 | -€1,322 | -84.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €282 | €359 | +€76 | +27.0% |
| Other operating charges | 640/8 | €613 | €628 | +€14 | +2.3% |
| Gross operating margin | 9900 | €65,849 | €46,699 | -€19,149 | -29.1% |
| Operating profit (loss) | 9901 | €63,380 | €45,463 | -€17,918 | -28.3% |
| Financial income | 75/76B | €2 | €5 | +€3 | +169% |
| Recurring financial income | 75 | €2 | €5 | +€3 | +169% |
| Financial charges | 65/66B | €66 | €57 | -€9 | -13.9% |
| Recurring financial charges | 65 | €66 | €57 | -€9 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €63,316 | €45,411 | -€17,905 | -28.3% |
| Income taxes | 67/77 | €17,530 | €6,261 | -€11,270 | -64.3% |
| Profit (loss) for the period | 9904 | €45,786 | €39,150 | -€6,635 | -14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,786 | €39,150 | -€6,635 | -14.5% |
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 20 October 2026 via checked.be.