POLYPANEL BELGIQUE: 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.
POLYPANEL BELGIQUE
Largest movements
- Receivables within one year -€248,423
down €248,423 (-70.7%), from €351,573 to €103,151
of which Other amounts receivable: -€256,793
- Stocks and contracts +€21,555
up €21,555 (+41.2%), from €52,328 to €73,883
- Tangible fixed assets +€19,197
up €19,197 (+38.4%), from €50,021 to €69,218
of which Other tangible fixed assets: +€16,625
- Tax, wage and social debts -€121,723
down €121,723 (-46.0%), from €264,533 to €142,810
of which Remuneration and social security: -€70,598
- Other debts -€44,059
down €44,059 (-75.7%), from €58,190 to €14,131
- Profit (loss) carried forward -€25,104
down €25,104 (-36.1%), from -€69,446 to -€94,551
- Trade debts -€23,097
down €23,097 (-26.7%), from €86,414 to €63,317
- Gross operating margin -€146,749
down €146,749 (-47.5%), from €308,942 to €162,193
- Staff costs -€76,578
down €76,578 (-34.7%), from €220,915 to €144,336
- Other operating charges -€15,062
down €15,062 (-51.5%), from €29,219 to €14,157
- Taxes +€11,169
new in 2025: €11,169
- Financial charges -€5,803
down €5,803 (-56.0%), from €10,362 to €4,559
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 | €463,638 | €252,283 | -€211,355 | -45.6% |
| Fixed assets | 21/28 | €50,021 | €69,218 | +€19,197 | +38.4% |
| Tangible fixed assets | 22/27 | €50,021 | €69,218 | +€19,197 | +38.4% |
| Plant, machinery and equipment | 23 | €31,130 | €39,346 | +€8,216 | +26.4% |
| Furniture and vehicles | 24 | €15,456 | €9,812 | -€5,645 | -36.5% |
| Other tangible fixed assets | 26 | €3,434 | €20,060 | +€16,625 | +484.1% |
| Current assets | 29/58 | €413,617 | €183,065 | -€230,551 | -55.7% |
| Stocks and contracts in progress | 3 | €52,328 | €73,883 | +€21,555 | +41.2% |
| Stocks | 30/36 | €52,328 | €73,883 | +€21,555 | +41.2% |
| Amounts receivable within one year | 40/41 | €351,573 | €103,151 | -€248,423 | -70.7% |
| Trade receivables | 40 | €43,454 | €51,824 | +€8,370 | +19.3% |
| Other amounts receivable | 41 | €308,119 | €51,327 | -€256,793 | -83.3% |
| Cash at bank and in hand | 54/58 | €5,772 | €2,203 | -€3,569 | -61.8% |
| Deferred charges and accrued income | 490/1 | €3,943 | €3,828 | -€115 | -2.9% |
| Total equity and liabilities | 10/49 | €463,638 | €252,283 | -€211,355 | -45.6% |
| Equity | 10/15 | €54,500 | €29,396 | -€25,104 | -46.1% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,446 | -€94,551 | -€25,104 | -36.1% |
| Amounts payable | 17/49 | €409,137 | €222,887 | -€186,250 | -45.5% |
| Amounts payable within one year | 42/48 | €409,137 | €220,258 | -€188,880 | -46.2% |
| Trade debts | 44 | €86,414 | €63,317 | -€23,097 | -26.7% |
| Suppliers | 440/4 | €86,414 | €63,317 | -€23,097 | -26.7% |
| Taxes, remuneration and social security | 45 | €264,533 | €142,810 | -€121,723 | -46.0% |
| Taxes | 450/3 | €117,562 | €66,437 | -€51,125 | -43.5% |
| Remuneration and social security | 454/9 | €146,971 | €76,373 | -€70,598 | -48.0% |
| Other amounts payable | 47/48 | €58,190 | €14,131 | -€44,059 | -75.7% |
| Accrued charges and deferred income | 492/3 | - | €2,629 | +€2,629 | |
| Remuneration, social security and pensions | 62 | €220,915 | €144,336 | -€76,578 | -34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,541 | €17,475 | +€4,935 | +39.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€4,400 | -€4,400 | |
| Other operating charges | 640/8 | €29,219 | €14,157 | -€15,062 | -51.5% |
| Gross operating margin | 9900 | €308,942 | €162,193 | -€146,749 | -47.5% |
| Operating profit (loss) | 9901 | €46,268 | -€9,376 | -€55,644 | |
| Financial income | 75/76B | €5,476 | €0 | -€5,476 | -100.0% |
| Recurring financial income | 75 | €5,476 | €0 | -€5,476 | -100.0% |
| Financial charges | 65/66B | €10,362 | €4,559 | -€5,803 | -56.0% |
| Recurring financial charges | 65 | €10,362 | €4,559 | -€5,803 | -56.0% |
| Profit (loss) for the period before taxes | 9903 | €41,382 | -€13,935 | -€55,317 | |
| Income taxes | 67/77 | - | €11,169 | +€11,169 | |
| Profit (loss) for the period | 9904 | €41,382 | -€25,104 | -€66,486 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,382 | -€25,104 | -€66,486 |
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 10 October 2026 via checked.be.