POLYTAPE: what changed
POLYTAPE
Largest movements
- Receivables within one year +€61,800
up €61,800 (+76.0%), from €81,362 to €143,163
of which Trade receivables: +€62,730
- Cash -€55,997
down €55,997 (-77.4%), from €72,313 to €16,316
mainly Other debts (-€67,938) and Receivables within one year (-€61,800)
- Tangible fixed assets -€12,820
down €12,820 (-6.7%), from €191,809 to €178,989
of which Land and buildings: -€11,021
- Other debts -€67,938
down €67,938 (-46.4%), from €146,570 to €78,632
- Debts after one year +€27,784
up €27,784 (+23.1%), from €120,364 to €148,149
- Trade debts +€19,358
up €19,358 (+132%), from €14,697 to €34,055
- Current portion of long-term debt +€14,114
up €14,114 (+61.0%), from €23,131 to €37,246
- Reserves +€5,037
up €5,037 (+3.9%), from €128,193 to €133,230
- Gross operating margin +€11,356
up €11,356 (+23.6%), from €48,162 to €59,518
- Depreciation +€7,706
up €7,706 (+43.1%), from €17,884 to €25,590
- Write-downs +€3,191
new in 2025: €3,191
- Financial charges -€2,543
down €2,543 (-8.9%), from €28,450 to €25,907
- Taxes +€1,985
up €1,985 (+486%), from €408 to €2,393
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 | €470,993 | €466,798 | -€4,195 | -0.9% |
| Fixed assets | 21/28 | €191,809 | €178,989 | -€12,820 | -6.7% |
| Tangible fixed assets | 22/27 | €191,809 | €178,989 | -€12,820 | -6.7% |
| Land and buildings | 22 | €141,458 | €130,437 | -€11,021 | -7.8% |
| Plant, machinery and equipment | 23 | €3,066 | €4,485 | +€1,419 | +46.3% |
| Furniture and vehicles | 24 | €35,110 | €34,748 | -€362 | -1.0% |
| Other tangible fixed assets | 26 | €12,176 | €9,319 | -€2,857 | -23.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €279,183 | €287,809 | +€8,625 | +3.1% |
| Stocks and contracts in progress | 3 | €125,507 | €127,993 | +€2,485 | +2.0% |
| Stocks | 30/36 | €125,507 | €127,993 | +€2,485 | +2.0% |
| Amounts receivable within one year | 40/41 | €81,362 | €143,163 | +€61,800 | +76.0% |
| Trade receivables | 40 | €79,858 | €142,588 | +€62,730 | +78.6% |
| Other amounts receivable | 41 | €1,504 | €575 | -€929 | -61.8% |
| Cash at bank and in hand | 54/58 | €72,313 | €16,316 | -€55,997 | -77.4% |
| Deferred charges and accrued income | 490/1 | - | €337 | +€337 | |
| Total equity and liabilities | 10/49 | €470,993 | €466,798 | -€4,195 | -0.9% |
| Equity | 10/15 | €140,593 | €145,630 | +€5,037 | +3.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €128,193 | €133,230 | +€5,037 | +3.9% |
| Distributable reserves | 133 | €128,193 | €133,230 | +€5,037 | +3.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €330,399 | €321,167 | -€9,232 | -2.8% |
| Amounts payable after more than one year | 17 | €120,364 | €148,149 | +€27,784 | +23.1% |
| Financial debts | 170/4 | €120,364 | €148,149 | +€27,784 | +23.1% |
| Amounts payable within one year | 42/48 | €210,035 | €173,019 | -€37,016 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €23,131 | €37,246 | +€14,114 | +61.0% |
| Trade debts | 44 | €14,697 | €34,055 | +€19,358 | +132% |
| Suppliers | 440/4 | €14,697 | €34,055 | +€19,358 | +132% |
| Taxes, remuneration and social security | 45 | €25,636 | €23,086 | -€2,550 | -9.9% |
| Taxes | 450/3 | €23,236 | €20,686 | -€2,550 | -11.0% |
| Remuneration and social security | 454/9 | €2,400 | €2,400 | = | 0.0% |
| Other amounts payable | 47/48 | €146,570 | €78,632 | -€67,938 | -46.4% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,884 | €25,590 | +€7,706 | +43.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,191 | +€3,191 | |
| Other operating charges | 640/8 | €3,112 | €3,019 | -€92 | -3.0% |
| Non-recurring operating charges | 66A | €2,574 | €0 | -€2,574 | -100% |
| Gross operating margin | 9900 | €48,162 | €59,518 | +€11,356 | +23.6% |
| Operating profit (loss) | 9901 | €24,592 | €27,718 | +€3,126 | +12.7% |
| Financial income | 75/76B | €5,686 | €5,619 | -€67 | -1.2% |
| Recurring financial income | 75 | €5,686 | €5,619 | -€67 | -1.2% |
| Financial charges | 65/66B | €28,450 | €25,907 | -€2,543 | -8.9% |
| Recurring financial charges | 65 | €28,450 | €25,907 | -€2,543 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €1,828 | €7,430 | +€5,602 | +307% |
| Income taxes | 67/77 | €408 | €2,393 | +€1,985 | +486% |
| Profit (loss) for the period | 9904 | €1,419 | €5,037 | +€3,617 | +255% |
| Profit (loss) for the period to be appropriated | 9905 | €1,419 | €5,037 | +€3,617 | +255% |
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 1 November 2026 via checked.be.