THE POLAR BEAR: what changed
THE POLAR BEAR
Largest movements
- Cash +€10,534
up €10,534 (+32.7%), from €32,216 to €42,750
mainly Net result for the year (+€12,710) and Other debts (+€9,211)
- Receivables within one year -€5,812
down €5,812 (-20.5%), from €28,357 to €22,544
of which Trade receivables: -€8,523
- Tangible fixed assets -€4,534
down €4,534 (-24.9%), from €18,231 to €13,697
of which Furniture and vehicles: -€4,548
- Other debts +€9,211
up €9,211 (+92.3%), from €9,981 to €19,191
- Reserves -€7,626
down €7,626 (-14.6%), from €52,277 to €44,652
of which Distributable reserves: -€7,626
- Trade debts -€1,398
down €1,398 (-95.9%), from €1,458 to €60
- Gross operating margin -€787
down €787 (-2.9%), from €27,037 to €26,250
- Taxes -€389
down €389 (-6.0%), from €6,506 to €6,117
- Other operating charges +€321
up €321 (+92.2%), from €348 to €670
- Depreciation +€272
up €272 (+4.2%), from €6,443 to €6,715
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €78,803 | €79,158 | +€355 | +0.5% |
| Fixed assets | 21/28 | €18,231 | €13,697 | -€4,534 | -24.9% |
| Tangible fixed assets | 22/27 | €18,231 | €13,697 | -€4,534 | -24.9% |
| Land and buildings | 22 | €8,447 | €6,927 | -€1,520 | -18.0% |
| Plant, machinery and equipment | 23 | €127 | €1,661 | +€1,534 | +1,208% |
| Furniture and vehicles | 24 | €9,656 | €5,109 | -€4,548 | -47.1% |
| Current assets | 29/58 | €60,573 | €65,461 | +€4,889 | +8.1% |
| Amounts receivable within one year | 40/41 | €28,357 | €22,544 | -€5,812 | -20.5% |
| Trade receivables | 40 | €28,300 | €19,777 | -€8,523 | -30.1% |
| Other amounts receivable | 41 | €57 | €2,767 | +€2,710 | +4,748% |
| Cash at bank and in hand | 54/58 | €32,216 | €42,750 | +€10,534 | +32.7% |
| Deferred charges and accrued income | 490/1 | - | €167 | +€167 | |
| Total equity and liabilities | 10/49 | €78,803 | €79,158 | +€355 | +0.5% |
| Equity | 10/15 | €65,117 | €57,492 | -€7,626 | -11.7% |
| Contributions | 10/11 | €12,840 | €12,840 | = | 0.0% |
| Contributions outside capital | 11 | €12,840 | - | -€12,840 | |
| Share premium | 1100/10 | €12,840 | - | -€12,840 | |
| Reserves | 13 | €52,277 | €44,652 | -€7,626 | -14.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €50,417 | €42,792 | -€7,626 | -15.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €13,686 | €21,667 | +€7,981 | +58.3% |
| Amounts payable within one year | 42/48 | €13,686 | €21,667 | +€7,981 | +58.3% |
| Trade debts | 44 | €1,458 | €60 | -€1,398 | -95.9% |
| Suppliers | 440/4 | €1,458 | €60 | -€1,398 | -95.9% |
| Taxes, remuneration and social security | 45 | €2,247 | €2,415 | +€168 | +7.5% |
| Taxes | 450/3 | €2,247 | €2,415 | +€168 | +7.5% |
| Other amounts payable | 47/48 | €9,981 | €19,191 | +€9,211 | +92.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,443 | €6,715 | +€272 | +4.2% |
| Other operating charges | 640/8 | €348 | €670 | +€321 | +92.2% |
| Gross operating margin | 9900 | €27,037 | €26,250 | -€787 | -2.9% |
| Operating profit (loss) | 9901 | €20,245 | €18,865 | -€1,380 | -6.8% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Non-recurring financial income | 76B | - | €9 | +€9 | |
| Financial charges | 65/66B | €52 | €47 | -€4 | -8.5% |
| Recurring financial charges | 65 | €52 | €47 | -€4 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €20,193 | €18,827 | -€1,367 | -6.8% |
| Income taxes | 67/77 | €6,506 | €6,117 | -€389 | -6.0% |
| Profit (loss) for the period | 9904 | €13,687 | €12,710 | -€977 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,687 | €12,710 | -€977 | -7.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.