POLYWAL: 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.
POLYWAL
Largest movements
- Receivables within one year -€72,630
down €72,630 (-49.7%), from €146,111 to €73,481
of which Trade receivables: -€48,988
- Tangible fixed assets +€8,537
up €8,537 (+177%), from €4,816 to €13,353
- Cash -€4,426
down €4,426 (-92.4%), from €4,793 to €366
mainly Trade debts (-€28,434) and Net result for the year (-€25,240)
- Trade debts -€28,434
down €28,434 (-66.4%), from €42,836 to €14,402
- Profit (loss) carried forward -€25,240
down €25,240 (-25.0%), from €100,872 to €75,632
- Contributions -€17,951
no longer reported in 2025 (was €17,951)
- Tax, wage and social debts +€3,032
new in 2025: €3,032
of which Remuneration and social security: +€2,734
- Staff costs +€30,999
new in 2025: €30,999
- Gross operating margin -€28,961
down €28,961 (-53.5%), from €54,137 to €25,176
- Purchases and services +€25,177
up €25,177 (+7.2%), from €350,975 to €376,152
- Turnover +€4,225
new in 2025: €4,225
- Depreciation +€3,796
up €3,796 (+158%), from €2,407 to €6,203
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 | €164,159 | €95,566 | -€68,593 | -41.8% |
| Fixed assets | 21/28 | €7,666 | €16,656 | +€8,991 | +117% |
| Tangible fixed assets | 22/27 | €4,816 | €13,353 | +€8,537 | +177% |
| Furniture and vehicles | 24 | €4,816 | €13,353 | +€8,537 | +177% |
| Financial fixed assets | 28 | €2,850 | €3,304 | +€454 | +15.9% |
| Current assets | 29/58 | €156,494 | €78,910 | -€77,584 | -49.6% |
| Amounts receivable within one year | 40/41 | €146,111 | €73,481 | -€72,630 | -49.7% |
| Trade receivables | 40 | €54,987 | €5,999 | -€48,988 | -89.1% |
| Other amounts receivable | 41 | €91,124 | €67,482 | -€23,642 | -25.9% |
| Cash at bank and in hand | 54/58 | €4,793 | €366 | -€4,426 | -92.4% |
| Deferred charges and accrued income | 490/1 | €5,590 | €5,063 | -€527 | -9.4% |
| Total equity and liabilities | 10/49 | €164,159 | €95,566 | -€68,593 | -41.8% |
| Equity | 10/15 | €121,324 | €78,132 | -€43,191 | -35.6% |
| Contributions | 10/11 | €17,951 | - | -€17,951 | |
| Capital | 10 | €17,951 | - | -€17,951 | |
| Issued capital | 100 | €17,951 | - | -€17,951 | |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,872 | €75,632 | -€25,240 | -25.0% |
| Amounts payable | 17/49 | €42,836 | €17,434 | -€25,402 | -59.3% |
| Amounts payable within one year | 42/48 | €42,836 | €17,434 | -€25,402 | -59.3% |
| Trade debts | 44 | €42,836 | €14,402 | -€28,434 | -66.4% |
| Suppliers | 440/4 | €42,836 | €14,402 | -€28,434 | -66.4% |
| Taxes, remuneration and social security | 45 | - | €3,032 | +€3,032 | |
| Taxes | 450/3 | - | €298 | +€298 | |
| Remuneration and social security | 454/9 | - | €2,734 | +€2,734 | |
| Turnover | 70 | - | €4,225 | +€4,225 | |
| Goods, raw materials, services and sundry goods | 60/61 | €350,975 | €376,152 | +€25,177 | +7.2% |
| Remuneration, social security and pensions | 62 | - | €30,999 | +€30,999 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,407 | €6,203 | +€3,796 | +158% |
| Other operating charges | 640/8 | €1,632 | €4,883 | +€3,251 | +199% |
| Gross operating margin | 9900 | €54,137 | €25,176 | -€28,961 | -53.5% |
| Operating profit (loss) | 9901 | €50,098 | -€16,910 | -€67,008 | |
| Financial income | 75/76B | €5,088 | €4,226 | -€862 | -16.9% |
| Recurring financial income | 75 | €5,088 | €4,226 | -€862 | -16.9% |
| Financial charges | 65/66B | €4,513 | €5,513 | +€1,000 | +22.2% |
| Recurring financial charges | 65 | €4,513 | €5,513 | +€1,000 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | €50,673 | -€18,197 | -€68,870 | |
| Income taxes | 67/77 | €9,161 | €7,044 | -€2,117 | -23.1% |
| Profit (loss) for the period | 9904 | €41,512 | -€25,240 | -€66,753 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,512 | -€25,240 | -€66,753 |
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 27 October 2026 via checked.be.