PROXY POEL: 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.
PROXY POEL
Largest movements
- Tangible fixed assets -€84,965
down €84,965 (-19.7%), from €431,903 to €346,937
- Cash +€34,821
up €34,821 (+75.2%), from €46,309 to €81,130
mainly Depreciation (+€84,965) and Stocks and contracts (+€7,782)
- Stocks and contracts -€7,782
down €7,782 (-4.4%), from €176,046 to €168,264
- Debts after one year -€54,449
down €54,449 (-24.0%), from €226,821 to €172,372
- Trade debts -€18,512
down €18,512 (-5.9%), from €312,032 to €293,520
- Gross operating margin +€36,845
up €36,845 (+11.8%), from €312,619 to €349,464
- Staff costs +€34,002
up €34,002 (+16.5%), from €206,178 to €240,180
- Financial charges -€12,992
down €12,992 (-71.4%), from €18,204 to €5,212
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 | €708,637 | €649,989 | -€58,648 | -8.3% |
| Fixed assets | 21/28 | €434,984 | €350,019 | -€84,965 | -19.5% |
| Tangible fixed assets | 22/27 | €431,903 | €346,937 | -€84,965 | -19.7% |
| Plant, machinery and equipment | 23 | €211,915 | €169,614 | -€42,301 | -20.0% |
| Furniture and vehicles | 24 | €7,549 | €5,671 | -€1,878 | -24.9% |
| Other tangible fixed assets | 26 | €212,439 | €171,652 | -€40,786 | -19.2% |
| Financial fixed assets | 28 | €3,081 | €3,081 | = | 0.0% |
| Current assets | 29/58 | €273,653 | €299,970 | +€26,317 | +9.6% |
| Stocks and contracts in progress | 3 | €176,046 | €168,264 | -€7,782 | -4.4% |
| Stocks | 30/36 | €176,046 | €168,264 | -€7,782 | -4.4% |
| Amounts receivable within one year | 40/41 | €41,011 | €35,477 | -€5,534 | -13.5% |
| Trade receivables | 40 | €14,895 | €13,983 | -€912 | -6.1% |
| Other amounts receivable | 41 | €26,116 | €21,494 | -€4,622 | -17.7% |
| Cash at bank and in hand | 54/58 | €46,309 | €81,130 | +€34,821 | +75.2% |
| Deferred charges and accrued income | 490/1 | €10,287 | €15,099 | +€4,812 | +46.8% |
| Total equity and liabilities | 10/49 | €708,637 | €649,989 | -€58,648 | -8.3% |
| Equity | 10/15 | €84,508 | €88,773 | +€4,265 | +5.0% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€165,492 | -€161,227 | +€4,265 | +2.6% |
| Amounts payable | 17/49 | €624,129 | €561,216 | -€62,913 | -10.1% |
| Amounts payable after more than one year | 17 | €226,821 | €172,372 | -€54,449 | -24.0% |
| Financial debts | 170/4 | €226,821 | €172,372 | -€54,449 | -24.0% |
| Amounts payable within one year | 42/48 | €396,992 | €388,587 | -€8,405 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €58,199 | €58,955 | +€755 | +1.3% |
| Trade debts | 44 | €312,032 | €293,520 | -€18,512 | -5.9% |
| Suppliers | 440/4 | €312,032 | €293,520 | -€18,512 | -5.9% |
| Taxes, remuneration and social security | 45 | €26,760 | €31,112 | +€4,352 | +16.3% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €26,760 | €31,112 | +€4,352 | +16.3% |
| Other amounts payable | 47/48 | €0 | €5,000 | +€5,000 | |
| Accrued charges and deferred income | 492/3 | €317 | €257 | -€60 | -18.8% |
| Remuneration, social security and pensions | 62 | €206,178 | €240,180 | +€34,002 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,315 | €84,965 | -€349 | -0.4% |
| Other operating charges | 640/8 | €7,251 | €10,520 | +€3,269 | +45.1% |
| Non-recurring operating charges | 66A | €0 | €4,750 | +€4,750 | |
| Gross operating margin | 9900 | €312,619 | €349,464 | +€36,845 | +11.8% |
| Operating profit (loss) | 9901 | €13,875 | €9,049 | -€4,826 | -34.8% |
| Financial income | 75/76B | €518 | €428 | -€90 | -17.4% |
| Recurring financial income | 75 | €518 | €428 | -€90 | -17.4% |
| Financial charges | 65/66B | €18,204 | €5,212 | -€12,992 | -71.4% |
| Recurring financial charges | 65 | €18,204 | €5,212 | -€12,992 | -71.4% |
| Profit (loss) for the period before taxes | 9903 | -€3,811 | €4,265 | +€8,076 | |
| Profit (loss) for the period | 9904 | -€3,811 | €4,265 | +€8,076 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,811 | €4,265 | +€8,076 |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.