POLYTAPE: 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.
POLYTAPE
Largest movements
- Receivables within one year +€61,800
up €61,800 (+76.0%), from €81,362 to €143,163
of which Trade receivables: +€62,730
- Cash -€55,997
down €55,997 (-77.4%), from €72,313 to €16,316
mainly Other debts (-€67,938) and Receivables within one year (-€61,800)
- Tangible fixed assets -€12,820
down €12,820 (-6.7%), from €191,809 to €178,989
of which Land and buildings: -€11,021
- Other debts -€67,938
down €67,938 (-46.4%), from €146,570 to €78,632
- Debts after one year +€27,784
up €27,784 (+23.1%), from €120,364 to €148,149
- Trade debts +€19,358
up €19,358 (+132%), from €14,697 to €34,055
- Current portion of long-term debt +€14,114
up €14,114 (+61.0%), from €23,131 to €37,246
- Reserves +€5,037
up €5,037 (+3.9%), from €128,193 to €133,230
- Gross operating margin +€11,356
up €11,356 (+23.6%), from €48,162 to €59,518
- Depreciation +€7,706
up €7,706 (+43.1%), from €17,884 to €25,590
- Write-downs +€3,191
new in 2025: €3,191
- Financial charges -€2,543
down €2,543 (-8.9%), from €28,450 to €25,907
- Taxes +€1,985
up €1,985 (+486%), from €408 to €2,393
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 | €470,993 | €466,798 | -€4,195 | -0.9% |
| Fixed assets | 21/28 | €191,809 | €178,989 | -€12,820 | -6.7% |
| Tangible fixed assets | 22/27 | €191,809 | €178,989 | -€12,820 | -6.7% |
| Land and buildings | 22 | €141,458 | €130,437 | -€11,021 | -7.8% |
| Plant, machinery and equipment | 23 | €3,066 | €4,485 | +€1,419 | +46.3% |
| Furniture and vehicles | 24 | €35,110 | €34,748 | -€362 | -1.0% |
| Other tangible fixed assets | 26 | €12,176 | €9,319 | -€2,857 | -23.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €279,183 | €287,809 | +€8,625 | +3.1% |
| Stocks and contracts in progress | 3 | €125,507 | €127,993 | +€2,485 | +2.0% |
| Stocks | 30/36 | €125,507 | €127,993 | +€2,485 | +2.0% |
| Amounts receivable within one year | 40/41 | €81,362 | €143,163 | +€61,800 | +76.0% |
| Trade receivables | 40 | €79,858 | €142,588 | +€62,730 | +78.6% |
| Other amounts receivable | 41 | €1,504 | €575 | -€929 | -61.8% |
| Cash at bank and in hand | 54/58 | €72,313 | €16,316 | -€55,997 | -77.4% |
| Deferred charges and accrued income | 490/1 | - | €337 | +€337 | |
| Total equity and liabilities | 10/49 | €470,993 | €466,798 | -€4,195 | -0.9% |
| Equity | 10/15 | €140,593 | €145,630 | +€5,037 | +3.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €128,193 | €133,230 | +€5,037 | +3.9% |
| Distributable reserves | 133 | €128,193 | €133,230 | +€5,037 | +3.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €330,399 | €321,167 | -€9,232 | -2.8% |
| Amounts payable after more than one year | 17 | €120,364 | €148,149 | +€27,784 | +23.1% |
| Financial debts | 170/4 | €120,364 | €148,149 | +€27,784 | +23.1% |
| Amounts payable within one year | 42/48 | €210,035 | €173,019 | -€37,016 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €23,131 | €37,246 | +€14,114 | +61.0% |
| Trade debts | 44 | €14,697 | €34,055 | +€19,358 | +132% |
| Suppliers | 440/4 | €14,697 | €34,055 | +€19,358 | +132% |
| Taxes, remuneration and social security | 45 | €25,636 | €23,086 | -€2,550 | -9.9% |
| Taxes | 450/3 | €23,236 | €20,686 | -€2,550 | -11.0% |
| Remuneration and social security | 454/9 | €2,400 | €2,400 | = | 0.0% |
| Other amounts payable | 47/48 | €146,570 | €78,632 | -€67,938 | -46.4% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,884 | €25,590 | +€7,706 | +43.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,191 | +€3,191 | |
| Other operating charges | 640/8 | €3,112 | €3,019 | -€92 | -3.0% |
| Non-recurring operating charges | 66A | €2,574 | €0 | -€2,574 | -100% |
| Gross operating margin | 9900 | €48,162 | €59,518 | +€11,356 | +23.6% |
| Operating profit (loss) | 9901 | €24,592 | €27,718 | +€3,126 | +12.7% |
| Financial income | 75/76B | €5,686 | €5,619 | -€67 | -1.2% |
| Recurring financial income | 75 | €5,686 | €5,619 | -€67 | -1.2% |
| Financial charges | 65/66B | €28,450 | €25,907 | -€2,543 | -8.9% |
| Recurring financial charges | 65 | €28,450 | €25,907 | -€2,543 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €1,828 | €7,430 | +€5,602 | +307% |
| Income taxes | 67/77 | €408 | €2,393 | +€1,985 | +486% |
| Profit (loss) for the period | 9904 | €1,419 | €5,037 | +€3,617 | +255% |
| Profit (loss) for the period to be appropriated | 9905 | €1,419 | €5,037 | +€3,617 | +255% |
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 14 October 2026 via checked.be.