POY OPERATIONS: 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 OPERATIONS
Largest movements
- Receivables within one year -€1.4m
down €1.4m (-17.3%), from €8.2m to €6.8m
of which Trade receivables: -€1.3m
- Trade debts -€974,712
down €974,712 (-36.7%), from €2.7m to €1.7m
- Current portion of long-term debt -€365,762
down €365,762 (-91.4%), from €400,000 to €34,238
- Gross operating margin -€555,305
down €555,305 (-35.9%), from €1.5m to €992,614
- Financial charges -€186,801
down €186,801 (-71.0%), from €263,250 to €76,449
of which Non-recurring financial charges: -€173,486
- Taxes +€174,594
new in 2026: €174,594
- Other operating charges +€93,309
up €93,309 (+830%), from €11,238 to €104,547
- Staff costs -€75,059
down €75,059 (-9.3%), from €803,379 to €728,320
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,423,956 | €6,932,863 | -€1.5m | -17.7% |
| Fixed assets | 21/28 | €70,572 | €59,402 | -€11,170 | -15.8% |
| Intangible fixed assets | 21 | €6,850 | €4,620 | -€2,230 | -32.6% |
| Tangible fixed assets | 22/27 | €40,446 | €31,506 | -€8,940 | -22.1% |
| Furniture and vehicles | 24 | €27,846 | €18,906 | -€8,940 | -32.1% |
| Other tangible fixed assets | 26 | €12,600 | €12,600 | = | 0.0% |
| Financial fixed assets | 28 | €23,276 | €23,276 | = | 0.0% |
| Current assets | 29/58 | €8,353,384 | €6,873,461 | -€1.5m | -17.7% |
| Amounts receivable within one year | 40/41 | €8,166,164 | €6,751,673 | -€1.4m | -17.3% |
| Trade receivables | 40 | €1,586,965 | €273,718 | -€1.3m | -82.8% |
| Other amounts receivable | 41 | €6,579,199 | €6,477,955 | -€101,244 | -1.5% |
| Cash at bank and in hand | 54/58 | €125,011 | €100,930 | -€24,081 | -19.3% |
| Deferred charges and accrued income | 490/1 | €62,209 | €20,858 | -€41,351 | -66.5% |
| Total equity and liabilities | 10/49 | €8,423,956 | €6,932,863 | -€1.5m | -17.7% |
| Equity | 10/15 | €2,782,290 | €2,732,604 | -€49,686 | -1.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,762,290 | €2,712,604 | -€49,686 | -1.8% |
| Amounts payable | 17/49 | €5,641,666 | €4,200,259 | -€1.4m | -25.5% |
| Amounts payable within one year | 42/48 | €5,641,666 | €4,200,259 | -€1.4m | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €400,000 | €34,238 | -€365,762 | -91.4% |
| Trade debts | 44 | €2,655,804 | €1,681,092 | -€974,712 | -36.7% |
| Suppliers | 440/4 | €2,655,804 | €1,681,092 | -€974,712 | -36.7% |
| Taxes, remuneration and social security | 45 | €360,887 | €296,413 | -€64,474 | -17.9% |
| Taxes | 450/3 | €149,865 | €62,068 | -€87,797 | -58.6% |
| Remuneration and social security | 454/9 | €211,022 | €234,345 | +€23,323 | +11.1% |
| Other amounts payable | 47/48 | €2,224,975 | €2,188,516 | -€36,459 | -1.6% |
| Remuneration, social security and pensions | 62 | €803,379 | €728,320 | -€75,059 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,225 | €12,322 | -€5,903 | -32.4% |
| Other operating charges | 640/8 | €11,238 | €104,547 | +€93,309 | +830% |
| Gross operating margin | 9900 | €1,547,919 | €992,614 | -€555,305 | -35.9% |
| Operating profit (loss) | 9901 | €715,077 | €147,425 | -€567,652 | -79.4% |
| Financial income | 75/76B | €41,620 | €53,932 | +€12,312 | +29.6% |
| Recurring financial income | 75 | €41,620 | €53,932 | +€12,312 | +29.6% |
| Non-recurring financial income | 76B | €41,620 | €53,932 | +€12,312 | +29.6% |
| Financial charges | 65/66B | €263,250 | €76,449 | -€186,801 | -71.0% |
| Recurring financial charges | 65 | €89,764 | €76,449 | -€13,315 | -14.8% |
| Non-recurring financial charges | 66B | €173,486 | - | -€173,486 | |
| Profit (loss) for the period before taxes | 9903 | €493,447 | €124,908 | -€368,539 | -74.7% |
| Income taxes | 67/77 | - | €174,594 | +€174,594 | |
| Profit (loss) for the period | 9904 | €493,447 | -€49,686 | -€543,133 | |
| Profit (loss) for the period to be appropriated | 9905 | €493,447 | -€49,686 | -€543,133 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.