PULS-E
InactiveFinancials · financial year 2025, micro format
Equity
€248,151▲ 17.5%
2024 · €211,160
Total assets
€292,504▲ 5.1%
2024 · €278,357
Net result
€36,991▼ 37.9%
2024 · €59,559
Working capital
€241,956▲ 24.5%
2024 · €194,279
Trend over the years
2021 to 2025, 5 financial years 2020 to 2025, 6 financial years
The operating result has fallen two years in a row; 2025 is 30% below 2024 and is the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€58,984
2025
Net result€36,991
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€292,504
2025
Equity€248,151
2025
Debt€44,353
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€241,956
2025
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€59,181-€114,090▲ 92.8%€61,553▼ 46.0%€85,388▲ 38.7%€84,717▼ 0.8%€58,984▼ 30.4%
Net result€43,090-€81,949▲ 90.2%€46,380▼ 43.4%€67,183▲ 44.9%€59,559▼ 11.3%€36,991▼ 37.9%
Equity€48,090-€130,039▲ 170%€151,419▲ 16.4%€151,602▲ 0.1%€211,160▲ 39.3%€248,151▲ 17.5%
Total assets€63,537-€158,387▲ 149%€189,443▲ 19.6%€232,535▲ 22.7%€278,357▲ 19.7%€292,504▲ 5.1%
Debt€15,447-€28,348▲ 83.5%€38,024▲ 34.1%€80,934▲ 113%€67,196▼ 17.0%€44,353▼ 34.0%
Working capital€46,139-€101,290▲ 120%€129,309▲ 27.7%€136,008▲ 5.2%€194,279▲ 42.8%€241,956▲ 24.5%
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €292,504
Fixed assets
€9,505 ▼ 43.7%
Current assets
€282,999 ▲ 8.2%
Equity and liabilities €292,504
Equity
€248,151 ▲ 17.5%
Debt
€44,353 ▼ 34.0%
Debt's share of the balance-sheet total falls from 24.1% to 15.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€66,360▼
2024 · €91,802
Cash flow
€44,367▼
2024 · €66,644
Current ratio
6.90▲
2024 · 3.89
Debt to equity
0.18▼
2024 · 0.32
ROE
14.9%▼
2024 · 28.2%
ROA
12.6%▼
2024 · 21.4%
Interest coverage
11.55▼
2024 · over 100
Debt ≤ 1 year
€41,043▼
2024 · €67,196
Income taxes
€17,484▼
2024 · €27,813
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €710 | €4,207 | €6,638 | €6,497 | €7,085 | €7,376 | ▲ 4.1% |
| Other operating charges640/8 | - | €266 | €356 | €738 | €842 | €925 | ▲ 9.8% |
| Gross operating margin9900 | €59,941 | €118,563 | €68,547 | €92,624 | €92,644 | €67,285 | ▼ 27.4% |
| Operating profit (loss)9901 | €59,181 | €114,090 | €61,553 | €85,388 | €84,717 | €58,984 | ▼ 30.4% |
| Financial income75/76B | - | - | - | €0 | €2,948 | €1,234 | ▼ 58.1% |
| Recurring financial income75 | €0 | - | - | €0 | €2,948 | €1,234 | ▼ 58.1% |
| Financial charges65/66B | - | €475 | €766 | €1,256 | €294 | €5,744 | ▲ 20× |
| Recurring financial charges65 | €30 | €475 | €766 | €1,256 | €294 | €5,744 | ▲ 20× |
| Profit (loss) for the period before taxes9903 | €59,152 | €113,615 | €60,788 | €84,132 | €87,372 | €54,474 | ▼ 37.7% |
| Income taxes67/77 | €16,062 | €31,666 | €14,407 | €16,950 | €27,813 | €17,484 | ▼ 37.1% |
| Profit (loss) for the period9904 | €43,090 | €81,949 | €46,380 | €67,183 | €59,559 | €36,991 | ▼ 37.9% |
| Profit (loss) for the period to be appropriated9905 | €43,090 | €81,949 | €46,380 | €67,183 | €59,559 | €36,991 | ▼ 37.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €63,537 | €158,387 | €189,443 | €232,535 | €278,357 | €292,504 | ▲ 5.1% |
| Formation expenses20 | €515 | - | - | - | - | - | - |
| Fixed assets21/28 | €1,436 | €28,748 | €22,110 | €15,613 | €16,881 | €9,505 | ▼ 43.7% |
| Tangible fixed assets22/27 | €1,436 | €28,748 | €22,110 | €15,613 | €16,881 | €9,505 | ▼ 43.7% |
| Furniture and vehicles24 | - | €28,748 | €22,110 | €15,613 | €11,007 | €4,254 | ▼ 61.4% |
| Other tangible fixed assets26 | - | - | - | - | €5,874 | €5,251 | ▼ 10.6% |
| Current assets29/58 | €61,586 | €129,639 | €167,333 | €216,922 | €261,475 | €282,999 | ▲ 8.2% |
| Amounts receivable within one year40/41 | €13,600 | €14,996 | €21,151 | €30,012 | €12,342 | €3,766 | ▼ 69.5% |
| Trade receivables40 | - | €14,520 | €13,295 | €11,931 | €12,342 | - | - |
| Other amounts receivable41 | - | €476 | €7,857 | €18,082 | - | €3,766 | - |
| Current investments50/53 | - | - | - | - | - | €200,000 | - |
| Cash at bank and in hand54/58 | €47,882 | €113,341 | €145,539 | €186,238 | €249,052 | €77,542 | ▼ 68.9% |
| Deferred charges and accrued income490/1 | - | €1,302 | €642 | €671 | €82 | €1,690 | ▲ 21× |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €63,537 | €158,387 | €189,443 | €232,535 | €278,357 | €292,504 | ▲ 5.1% |
| Equity10/15 | €48,090 | €130,039 | €151,419 | €151,602 | €211,160 | €248,151 | ▲ 17.5% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €43,000 | €124,900 | €146,250 | €146,250 | €205,750 | €242,700 | ▲ 18.0% |
| Distributable reserves133 | - | €124,900 | €146,250 | €146,250 | €205,750 | €242,700 | ▲ 18.0% |
| Profit (loss) carried forward14 | €90 | €139 | €169 | €352 | €410 | €451 | ▲ 9.9% |
| Amounts payable17/49 | €15,447 | €28,348 | €38,024 | €80,934 | €67,196 | €44,353 | ▼ 34.0% |
| Amounts payable within one year42/48 | €15,447 | €28,348 | €38,024 | €80,914 | €67,196 | €41,043 | ▼ 38.9% |
| Financial debts43 | - | €3,750 | €5,544 | €8,851 | - | - | - |
| Credit institutions430/8 | - | €3,750 | €5,544 | €8,851 | - | - | - |
| Trade debts44 | €251 | €1,697 | €2,183 | €921 | €1,296 | €1,477 | ▲ 14.0% |
| Suppliers440/4 | - | €1,697 | €2,183 | €921 | €1,296 | €1,477 | ▲ 14.0% |
| Taxes, remuneration and social security45 | - | €22,901 | €5,297 | €4,142 | €8,952 | €4,611 | ▼ 48.5% |
| Taxes450/3 | - | €22,901 | €3,722 | €4,142 | €8,952 | €4,611 | ▼ 48.5% |
| Remuneration and social security454/9 | - | - | €1,575 | - | - | - | - |
| Other amounts payable47/48 | - | - | €25,000 | €67,000 | €56,948 | €34,955 | ▼ 38.6% |
| Accrued charges and deferred income492/3 | - | - | - | €20 | - | €3,310 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43,090 | €81,949 | €46,380 | €67,183 | €59,559 | €36,991 | ▼ 37.9% |
| + Depreciation and write-downs630 | €710 | €4,207 | €6,638 | €6,497 | €7,085 | €7,376 | ▲ 4.1% |
| Operating cash flow (approximation) | €43,799 | €86,156 | €53,018 | €73,680 | €66,644 | €44,367 | ▼ 33.4% |
| Investment in fixed assets (approximation) | - | -€31,519 | €0 | €0 | -€8,353 | €0 | - |
| Change in cash | - | €65,460 | €32,198 | €40,699 | €62,813 | -€171,509 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00261904 |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00222848 |
| 31-12-2023 | micro format | 07-07-2024 | 2024-00217171 |
| 31-12-2022 | micro format | 23-07-2023 | 2023-00260296 |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20132376 |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37700313 |
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €278 awarded · €278 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €0 | €278 |
| 2022 | 1 | €278 | €0 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.