POY: 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.
POY
Largest movements
- Current investments -€600,000
down €600,000 (-100%), from €600,000 to €0
- Tangible fixed assets +€365,588
up €365,588 (+63.7%), from €573,712 to €939,300
of which Land and buildings: +€352,618
- Receivables within one year +€339,259
up €339,259 (+44.6%), from €760,759 to €1.1m
of which Other amounts receivable: +€205,593
- Cash +€161,423
up €161,423 (+375%), from €42,991 to €204,414
mainly Other debts (+€962,089) and Net result for the year (+€876,471)
- Short-term financial debts -€2.2m
down €2.2m (-46.0%), from €4.8m to €2.6m
- Other debts +€962,089
up €962,089 (+24.0%), from €4.0m to €5.0m
- Reserves +€876,471
up €876,471 (+24.2%), from €3.6m to €4.5m
- Trade debts +€595,987
up €595,987 (+580%), from €102,823 to €698,810
- Gross operating margin +€530,146
up €530,146 (+82.5%), from €642,560 to €1.2m
- Financial income +€302,748
up €302,748 (+140%), from €215,987 to €518,735
- Taxes +€247,851
up €247,851 (+464%), from €53,425 to €301,276
- Financial charges -€100,520
down €100,520 (-22.6%), from €445,685 to €345,165
- Depreciation +€73,780
up €73,780 (+201%), from €36,669 to €110,448
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 | €13,601,387 | €13,878,836 | +€277,448 | +2.0% |
| Fixed assets | 21/28 | €631,764 | €1,004,352 | +€372,588 | +59.0% |
| Tangible fixed assets | 22/27 | €573,712 | €939,300 | +€365,588 | +63.7% |
| Land and buildings | 22 | €560,333 | €912,951 | +€352,618 | +62.9% |
| Other tangible fixed assets | 26 | €13,379 | €26,349 | +€12,970 | +96.9% |
| Financial fixed assets | 28 | €58,052 | €65,052 | +€7,000 | +12.1% |
| Current assets | 29/58 | €12,969,624 | €12,874,484 | -€95,140 | -0.7% |
| Stocks and contracts in progress | 3 | €11,547,749 | €11,551,491 | +€3,743 | 0.0% |
| Stocks | 30/36 | €11,547,749 | €11,551,491 | +€3,743 | 0.0% |
| Amounts receivable within one year | 40/41 | €760,759 | €1,100,017 | +€339,259 | +44.6% |
| Trade receivables | 40 | €102,260 | €235,926 | +€133,666 | +131% |
| Other amounts receivable | 41 | €658,499 | €864,092 | +€205,593 | +31.2% |
| Current investments | 50/53 | €600,000 | €0 | -€600,000 | -100% |
| Cash at bank and in hand | 54/58 | €42,991 | €204,414 | +€161,423 | +375% |
| Deferred charges and accrued income | 490/1 | €18,125 | €18,561 | +€436 | +2.4% |
| Total equity and liabilities | 10/49 | €13,601,387 | €13,878,836 | +€277,448 | +2.0% |
| Equity | 10/15 | €3,635,189 | €4,511,660 | +€876,471 | +24.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €3,616,639 | €4,493,110 | +€876,471 | +24.2% |
| Distributable reserves | 133 | €3,616,639 | €4,493,110 | +€876,471 | +24.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,966,198 | €9,367,176 | -€599,023 | -6.0% |
| Amounts payable after more than one year | 17 | €901,250 | €867,810 | -€33,441 | -3.7% |
| Financial debts | 170/4 | €898,850 | €865,410 | -€33,441 | -3.7% |
| Other amounts payable | 178/9 | €2,400 | €2,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,913,538 | €8,355,218 | -€558,320 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €33,192 | €33,441 | +€248 | +0.7% |
| Financial debts | 43 | €4,752,000 | €2,567,540 | -€2.2m | -46.0% |
| Credit institutions | 430/8 | €4,752,000 | €2,567,540 | -€2.2m | -46.0% |
| Trade debts | 44 | €102,823 | €698,810 | +€595,987 | +580% |
| Suppliers | 440/4 | €102,823 | €698,810 | +€595,987 | +580% |
| Advances received on contracts in progress | 46 | €60 | €0 | -€60 | -100% |
| Taxes, remuneration and social security | 45 | €20,393 | €88,269 | +€67,875 | +333% |
| Taxes | 450/3 | €20,393 | €88,269 | +€67,875 | +333% |
| Other amounts payable | 47/48 | €4,005,069 | €4,967,159 | +€962,089 | +24.0% |
| Accrued charges and deferred income | 492/3 | €151,410 | €144,148 | -€7,262 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,669 | €110,448 | +€73,780 | +201% |
| Other operating charges | 640/8 | €52,925 | €58,081 | +€5,156 | +9.7% |
| Gross operating margin | 9900 | €642,560 | €1,172,706 | +€530,146 | +82.5% |
| Operating profit (loss) | 9901 | €552,967 | €1,004,177 | +€451,210 | +81.6% |
| Financial income | 75/76B | €215,987 | €518,735 | +€302,748 | +140% |
| Recurring financial income | 75 | €215,987 | €518,735 | +€302,748 | +140% |
| Financial charges | 65/66B | €445,685 | €345,165 | -€100,520 | -22.6% |
| Recurring financial charges | 65 | €445,685 | €345,165 | -€100,520 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €323,268 | €1,177,747 | +€854,478 | +264% |
| Income taxes | 67/77 | €53,425 | €301,276 | +€247,851 | +464% |
| Profit (loss) for the period | 9904 | €269,844 | €876,471 | +€606,627 | +225% |
| Profit (loss) for the period to be appropriated | 9905 | €269,844 | €876,471 | +€606,627 | +225% |
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 21 October 2026 via checked.be.