POLYMATH: 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.
POLYMATH
Largest movements
- Cash +€19,360
up €19,360 (+17.0%), from €113,651 to €133,011
mainly Other debts (+€86,816) and Net result for the year (+€45,906)
- Receivables within one year +€11,996
up €11,996 (+114.9%), from €10,443 to €22,439
of which Trade receivables: +€14,621
- Other debts +€86,816
new in 2025: €86,816
- Reserves -€60,000
down €60,000 (-56.7%), from €105,900 to €45,900
- Trade debts +€2,143
up €2,143 (+185.0%), from €1,158 to €3,301
- Gross operating margin +€10,305
up €10,305 (+19.1%), from €53,840 to €64,145
- Depreciation -€1,600
down €1,600 (-22.1%), from €7,236 to €5,636
- Taxes +€1,189
up €1,189 (+11.3%), from €10,492 to €11,682
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 | €134,721 | €164,165 | +€29,444 | +21.9% |
| Fixed assets | 21/28 | €9,635 | €8,031 | -€1,604 | -16.6% |
| Tangible fixed assets | 22/27 | €9,635 | €8,031 | -€1,604 | -16.6% |
| Plant, machinery and equipment | 23 | - | €1,728 | +€1,728 | |
| Furniture and vehicles | 24 | €9,635 | €6,303 | -€3,332 | -34.6% |
| Current assets | 29/58 | €125,086 | €156,134 | +€31,048 | +24.8% |
| Amounts receivable within one year | 40/41 | €10,443 | €22,439 | +€11,996 | +114.9% |
| Trade receivables | 40 | €0 | €14,621 | +€14,621 | |
| Other amounts receivable | 41 | €10,443 | €7,818 | -€2,624 | -25.1% |
| Cash at bank and in hand | 54/58 | €113,651 | €133,011 | +€19,360 | +17.0% |
| Deferred charges and accrued income | 490/1 | €993 | €684 | -€309 | -31.1% |
| Total equity and liabilities | 10/49 | €134,721 | €164,165 | +€29,444 | +21.9% |
| Equity | 10/15 | €124,558 | €64,564 | -€59,994 | -48.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €105,900 | €45,900 | -€60,000 | -56.7% |
| Distributable reserves | 133 | €105,900 | €45,900 | -€60,000 | -56.7% |
| Profit (loss) carried forward | 14 | €58 | €64 | +€6 | +10.8% |
| Amounts payable | 17/49 | €10,164 | €99,601 | +€89,438 | +880.0% |
| Amounts payable within one year | 42/48 | €10,164 | €99,601 | +€89,438 | +880.0% |
| Trade debts | 44 | €1,158 | €3,301 | +€2,143 | +185.0% |
| Suppliers | 440/4 | €1,158 | €3,301 | +€2,143 | +185.0% |
| Taxes, remuneration and social security | 45 | €9,005 | €9,484 | +€479 | +5.3% |
| Taxes | 450/3 | €6,680 | €7,146 | +€466 | +7.0% |
| Remuneration and social security | 454/9 | €2,325 | €2,338 | +€13 | +0.6% |
| Other amounts payable | 47/48 | - | €86,816 | +€86,816 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,236 | €5,636 | -€1,600 | -22.1% |
| Other operating charges | 640/8 | €961 | €993 | +€32 | +3.3% |
| Gross operating margin | 9900 | €53,840 | €64,145 | +€10,305 | +19.1% |
| Operating profit (loss) | 9901 | €45,642 | €57,516 | +€11,874 | +26.0% |
| Financial income | 75/76B | €146 | €167 | +€21 | +14.1% |
| Recurring financial income | 75 | €146 | €167 | +€21 | +14.1% |
| Financial charges | 65/66B | €89 | €95 | +€6 | +6.9% |
| Recurring financial charges | 65 | €89 | €95 | +€6 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | €45,700 | €57,588 | +€11,888 | +26.0% |
| Income taxes | 67/77 | €10,492 | €11,682 | +€1,189 | +11.3% |
| Profit (loss) for the period | 9904 | €35,207 | €45,906 | +€10,699 | +30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,207 | €45,906 | +€10,699 | +30.4% |
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 4 October 2026 via checked.be.