POLYGRAPH': 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.
POLYGRAPH'
Largest movements
- Tangible fixed assets -€792,005
down €792,005 (-98.1%), from €807,220 to €15,215
of which Land and buildings: -€738,411
- Cash +€374,149
up €374,149 (+511%), from €73,211 to €447,360
mainly Investment in fixed assets (net) (+€787,618) and Receivables within one year (+€181,704)
- Current investments +€200,000
new in 2025: €200,000
- Receivables within one year -€181,704
down €181,704 (-48.8%), from €372,668 to €190,963
of which Other amounts receivable: -€214,479
- Other debts -€303,636
down €303,636 (-99.1%), from €306,500 to €2,864
- Provisions -€237,753
no longer reported in 2025 (was €237,753)
- Tax, wage and social debts +€97,579
up €97,579 (+149%), from €65,320 to €162,899
of which Taxes: +€92,561
- Reserves +€70,604
up €70,604 (+12.6%), from €559,877 to €630,481
of which Distributable reserves: +€532,125
- Taxes +€228,621
up €228,621 (+100,338%), from €228 to €228,849
- Gross operating margin +€115,986
up €115,986 (+210%), from €55,220 to €171,206
- Depreciation -€51,982
down €51,982 (-88.1%), from €58,987 to €7,005
- Financial income -€13,993
down €13,993 (-84.6%), from €16,537 to €2,543
of which Financial income: -€11,532
- Other operating charges +€11,404
up €11,404 (+268%), from €4,254 to €15,658
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 | €1,259,999 | €862,887 | -€397,112 | -31.5% |
| Fixed assets | 21/28 | €812,163 | €17,539 | -€794,624 | -97.8% |
| Tangible fixed assets | 22/27 | €807,220 | €15,215 | -€792,005 | -98.1% |
| Land and buildings | 22 | €738,411 | - | -€738,411 | |
| Plant, machinery and equipment | 23 | €3,756 | €322 | -€3,434 | -91.4% |
| Furniture and vehicles | 24 | €65,053 | €14,893 | -€50,160 | -77.1% |
| Financial fixed assets | 28 | €4,943 | €2,324 | -€2,619 | -53.0% |
| Current assets | 29/58 | €447,837 | €845,348 | +€397,512 | +88.8% |
| Amounts receivable within one year | 40/41 | €372,668 | €190,963 | -€181,704 | -48.8% |
| Trade receivables | 40 | €153,203 | €185,977 | +€32,774 | +21.4% |
| Other amounts receivable | 41 | €219,465 | €4,986 | -€214,479 | -97.7% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €73,211 | €447,360 | +€374,149 | +511% |
| Deferred charges and accrued income | 490/1 | €1,958 | €7,025 | +€5,067 | +259% |
| Total equity and liabilities | 10/49 | €1,259,999 | €862,887 | -€397,112 | -31.5% |
| Equity | 10/15 | €581,249 | €651,853 | +€70,604 | +12.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €559,877 | €630,481 | +€70,604 | +12.6% |
| Tax-exempt reserves | 132 | €504,166 | €42,645 | -€461,521 | -91.5% |
| Distributable reserves | 133 | €55,711 | €587,836 | +€532,125 | +955% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €15,372 | €15,372 | = | 0.0% |
| Provisions and deferred taxes | 16 | €237,753 | - | -€237,753 | |
| Deferred taxes | 168 | €237,753 | - | -€237,753 | |
| Amounts payable | 17/49 | €440,997 | €211,034 | -€229,962 | -52.1% |
| Amounts payable after more than one year | 17 | €9,754 | - | -€9,754 | |
| Financial debts | 170/4 | €9,754 | - | -€9,754 | |
| Amounts payable within one year | 42/48 | €431,243 | €209,224 | -€222,019 | -51.5% |
| Current portion of amounts payable after more than one year | 42 | €6,617 | €0 | -€6,617 | -100% |
| Trade debts | 44 | €49,592 | €40,247 | -€9,345 | -18.8% |
| Suppliers | 440/4 | €49,592 | €40,247 | -€9,345 | -18.8% |
| Advances received on contracts in progress | 46 | €3,214 | €3,214 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €65,320 | €162,899 | +€97,579 | +149% |
| Taxes | 450/3 | €27,992 | €120,553 | +€92,561 | +331% |
| Remuneration and social security | 454/9 | €37,329 | €42,346 | +€5,017 | +13.4% |
| Other amounts payable | 47/48 | €306,500 | €2,864 | -€303,636 | -99.1% |
| Accrued charges and deferred income | 492/3 | - | €1,810 | +€1,810 | |
| Non-recurring operating income | 76A | €2,825 | - | -€2,825 | |
| Remuneration, social security and pensions | 62 | €68,978 | €67,587 | -€1,391 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,987 | €7,005 | -€51,982 | -88.1% |
| Other operating charges | 640/8 | €4,254 | €15,658 | +€11,404 | +268% |
| Gross operating margin | 9900 | €55,220 | €171,206 | +€115,986 | +210% |
| Operating profit (loss) | 9901 | -€76,998 | €80,956 | +€157,954 | |
| Financial income | 75/76B | €16,537 | €2,543 | -€13,993 | -84.6% |
| Recurring financial income | 75 | €14,075 | €2,543 | -€11,532 | -81.9% |
| Non-recurring financial income | 76B | €2,462 | - | -€2,462 | |
| Financial charges | 65/66B | €1,153 | €371 | -€782 | -67.8% |
| Recurring financial charges | 65 | €933 | €371 | -€562 | -60.2% |
| Non-recurring financial charges | 66B | €220 | - | -€220 | |
| Profit (loss) for the period before taxes | 9903 | -€61,615 | €83,128 | +€144,743 | |
| Transfer from deferred taxes | 780 | - | €237,753 | +€237,753 | |
| Income taxes | 67/77 | €228 | €228,849 | +€228,621 | +100,338% |
| Profit (loss) for the period | 9904 | -€61,842 | €92,032 | +€153,875 | |
| Transfer from tax-exempt reserves | 789 | - | €461,521 | +€461,521 | |
| Profit (loss) for the period to be appropriated | 9905 | -€61,842 | €553,553 | +€615,396 |
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 16 October 2026 via checked.be.