PULSE
InactiveFinancials · financial year 2025, full format, standalone accounts
Annual accounts 2025 filed on 03-03-2026 PDF all 13 filings
Turnover
€1.1m▼ 58.2%
2022 · €2.7m
EBIT margin
62.1%▲ 13.9pp
2022 · 48.1%
Net result
-€6,770▲ 28.5%
2024 · -€9,463
Working capital
€34,611▼ 16.4%
2024 · €41,380
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is a loss of €6,100, smaller than the loss of €7,952 in 2024.
Turnover€1.1m
2023
Operating result-€0.006m
2025
Net result-€0.007m
2025
Total assets€0.04m
2025
Equity€0.03m
2025
Debt€0.001m
2025
Working capital€0.03m
2025
EBIT margin62.1%
2023
Staff (FTE)1.4
2023
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€3.5m-€3.5m▲ 0.6%€3.3m▼ 7.7%€2.7m▼ 18.3%€1.1m▼ 58.2%
Operating result€1.4m-€1.4m▲ 1.9%€1.4m▲ 0.5%€1.3m▼ 9.3%€0.7m▼ 46.0%-€0.008m-€0.006m▲ 23.3%
Net result€1.7m-€0.3m▼ 84.0%€4.4m▲ 16×€0.4m▼ 90.8%€97.7m▲ 240×-€0.009m-€0.007m▲ 28.5%
EBIT margin39.4%-39.9%▲ 0.5pp43.4%▲ 3.5pp48.1%▲ 4.7pp62.1%▲ 13.9pp
Equity€33.2m-€33.4m▲ 0.8%€37.8m▲ 13.2%€38.2m▲ 1.1%€0.05m▼ 99.9%€0.04m▼ 18.6%€0.03m▼ 16.4%
Total assets€75.2m-€75.2m=€75.5m▲ 0.4%€76.0m▲ 0.6%€0.3m▼ 99.6%€0.04m▼ 86.5%€0.04m▼ 14.9%
Debt€41.5m-€41.3m▼ 0.5%€37.2m▼ 9.8%€37.7m▲ 1.2%€0.3m▼ 99.3%€0.001m▼ 99.7%€0.001m▲ 65.9%
Working capital-€7.2m--€9.6m▼ 33.3%-€9.6m▼ 0.2%-€11.5m▼ 19.6%€0.05m€0.04m▼ 23.5%€0.03m▼ 16.4%
Staff (FTE)9-8.7▼ 3.3%6.5▼ 25.3%4.9▼ 24.6%1.4▼ 71.4%
Large changes and their cause
- 2023 Equity -100%, Total assets -100% on 2022. Capital reduction of €29,938,500 (Official Gazette 05-01-2023).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €35,876
Equity
€34,611 ▼ 16.4%
Debt
€1,265 ▲ 65.9%
Debt's share of the balance-sheet total rises from 1.8% to 3.5%. Equity is lower and debt is higher.
Key figures and ratios
Current ratio
28.36▼
2024 · 55.26
Debt to equity
0.04▲
2024 · 0.02
ROE
-19.6%▲
2024 · -22.9%
ROA
-18.9%▲
2024 · -22.5%
Debt ≤ 1 year
€1,265▲
2024 · €763
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-08-2022 | 31-08-2023 |
|---|---|---|
| Employees at the balance-sheet date | 5 | - |
| full-time | 4 | - |
| part-time | 1 | - |
| in full-time equivalents | 4.9 | - |
| Average over the year, in full-time equivalents | 4.9 | 1.3 |
| On a permanent contract | 5 | - |
| Joined | - | 5 |
| Left | - | 5 |
| Training hours | 155 | - |
Source: social balance sheet in the 2022 to 2023 annual accounts
Securities and guarantees
| Item | 31-08-2022 | 31-08-2023 | 31-08-2024 | 31-08-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €800,000 | - | - | - |
| Mortgage mandates | €17.0m | - | - | - |
| Pledge on the business | €800,000 | - | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Auditor
| Item | 31-08-2022 | 31-08-2023 | 31-08-2024 | 31-08-2025 |
|---|---|---|---|---|
| Fee for the audit | €2,783 | €3,150 | €1,545 | €1,599 |
| Work by persons linked to the auditor | €1,971 | €2,627 | €1,044 | €829 |
Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)
Group figures
PULSE heads a group. The consolidated accounts add up the company and its subsidiaries.
| Item | 31-08-2020 | 31-08-2021 | 31-08-2022 |
|---|---|---|---|
| Turnover | €77.0m | €87.4m | €81.5m |
| Operating result | €11.4m | €14.8m | €13.8m |
| Result for the year | €7.0m | €10.4m | €9.5m |
| Equity | €44.1m | €54.5m | €64.0m |
| Total assets | €102.7m | €107.1m | €110.4m |
Source: 2020 to 2022 consolidated accounts
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €2.7m | €1.1m | - | - | - |
| Turnover70 | €3.5m | €3.5m | €3.3m | €2.7m | €1.1m | - | - | - |
| Other operating income74 | - | - | - | €0.03m | €0.006m | - | - | - |
| Operating charges60/66A | - | - | - | €1.4m | €0.4m | €0.008m | €0.006m | ▼ 23.3% |
| Services and other goods61 | - | - | - | €1.0m | €0.3m | €0.007m | €0.003m | ▼ 49.4% |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.2m | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €0.03m | €0.03m | €308 | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.4m | -€0.04m | - | - | - |
| Other operating charges640/8 | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | ▼ 11.9% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.002m | - |
| Operating profit (loss)9901 | €1.4m | €1.4m | €1.4m | €1.3m | €0.7m | -€0.008m | -€0.006m | ▲ 23.3% |
| Financial income75/76B | - | - | - | €0 | €97.3m | €19 | - | - |
| Recurring financial income75 | €1.5m | €110 | €4.0m | €0 | €29.1m | €19 | - | - |
| Income from financial fixed assets750 | - | - | - | - | €29.1m | €19 | - | - |
| Other financial income752/9 | - | - | - | €0 | €91 | - | - | - |
| Non-recurring financial income76B | - | - | - | - | €68.2m | - | - | - |
| Financial charges65/66B | - | - | - | €0.7m | €0.1m | €0.002m | €0.001m | ▼ 56.2% |
| Recurring financial charges65 | €1.1m | €1.0m | €0.9m | €0.7m | €0.1m | €0.002m | €0.001m | ▼ 56.2% |
| Debt charges650 | €1.1m | €1.0m | €0.9m | €0.7m | €0.1m | €0.002m | €0.001m | ▼ 56.2% |
| Other financial charges652/9 | - | - | - | €0.001m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €1.8m | €0.4m | €4.6m | €0.6m | €97.9m | -€0.009m | -€0.007m | ▲ 28.5% |
| Income taxes67/77 | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | - | - | - |
| Taxes670/3 | - | - | - | €0.2m | €0.1m | - | - | - |
| Profit (loss) for the period9904 | €1.7m | €0.3m | €4.4m | €0.4m | €97.7m | -€0.009m | -€0.007m | ▲ 28.5% |
| Profit (loss) for the period to be appropriated9905 | €1.7m | €0.3m | €4.4m | €0.4m | €97.7m | -€0.009m | -€0.007m | ▲ 28.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €75.2m | €75.2m | €75.5m | €76.0m | €0.3m | €0.04m | €0.04m | ▼ 14.9% |
| Formation expenses20 | €0.09m | €0.06m | €0.03m | €308 | - | - | - | - |
| Fixed assets21/28 | €75.0m | €74.8m | €74.8m | €74.8m | - | - | - | - |
| Financial fixed assets28 | €75.0m | €74.8m | €74.8m | €74.8m | - | - | - | - |
| Affiliated companies280/1 | - | - | - | €74.8m | - | - | - | - |
| Participating interests280 | - | - | - | €74.8m | - | - | - | - |
| Current assets29/58 | €0.1m | €0.3m | €0.6m | €1.1m | €0.3m | €0.04m | €0.04m | ▼ 14.9% |
| Amounts receivable within one year40/41 | €0.05m | €0.04m | €0.07m | €0.6m | €0.3m | €92 | €171 | ▲ 86.2% |
| Trade receivables40 | - | - | - | €0.6m | €0.3m | - | - | - |
| Other amounts receivable41 | - | - | - | €0.03m | €0.02m | €92 | €171 | ▲ 86.2% |
| Cash at bank and in hand54/58 | €0.07m | €0.3m | €0.5m | €0.5m | €0.009m | €0.04m | €0.04m | ▼ 15.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €75.2m | €75.2m | €75.5m | €76.0m | €0.3m | €0.04m | €0.04m | ▼ 14.9% |
| Equity10/15 | €33.2m | €33.4m | €37.8m | €38.2m | €0.05m | €0.04m | €0.03m | ▼ 16.4% |
| Contributions10/11 | €30.0m | €30.0m | €30.0m | €30.0m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €30.0m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €30.0m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €3.2m | €3.4m | €7.8m | €8.2m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.9m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.9m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €7.3m | - | - | - | - |
| Profit (loss) carried forward14 | - | - | - | - | -€0.02m | -€0.03m | -€0.03m | ▼ 25.8% |
| Provisions and deferred taxes16 | €0.5m | €0.5m | €0.4m | €0.04m | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.04m | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.04m | - | - | - | - |
| Amounts payable17/49 | €41.5m | €41.3m | €37.2m | €37.7m | €0.3m | €0.001m | €0.001m | ▲ 65.9% |
| Amounts payable after more than one year17 | €34.0m | €31.0m | €26.4m | €24.7m | - | - | - | - |
| Financial debts170/4 | - | - | - | €24.7m | - | - | - | - |
| Credit institutions173 | - | - | - | €24.7m | - | - | - | - |
| Amounts payable within one year42/48 | €7.3m | €9.9m | €10.2m | €12.6m | €0.3m | €0.001m | €0.001m | ▲ 65.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.7m | - | - | - | - |
| Trade debts44 | €0.2m | €0.08m | €0.3m | €0.6m | €0.1m | €0.001m | €0.001m | ▲ 65.9% |
| Suppliers440/4 | - | - | - | €0.6m | €0.1m | €0.001m | €0.001m | ▲ 65.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.2m | - | - | - |
| Taxes450/3 | - | - | - | €0.3m | €0.2m | - | - | - |
| Remuneration and social security454/9 | - | - | - | €0.09m | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €10.0m | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.3m | €0.003m | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.7m | €0.3m | €4.4m | €0.4m | €97.7m | -€0.009m | -€0.007m | ▲ 28.5% |
| + Depreciation and write-downs630 | €0.03m | €0.03m | €0.03m | €0.03m | €308 | - | - | - |
| Operating cash flow (approximation) | €1.7m | €0.3m | €4.4m | €0.4m | €97.7m | -€0.009m | -€0.007m | ▲ 28.5% |
| Investment in fixed assets (approximation) | - | €0.1m | -€0.03m | -€0.03m | - | - | - | - |
| Change in cash | - | €0.2m | €0.3m | -€0.03m | -€0.5m | €0.03m | -€0.006m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-08-2025 | full format | 03-03-2026 | 2026-00049329 | |
| 31-08-2024 | full format | 17-03-2025 | 2025-00051112 | |
| 31-08-2023 | full format | 27-02-2024 | 2024-00036039 | |
| 31-08-2022 | consolidated | 24-01-2023 | 2023-00010582 | |
| 31-08-2022 | full format | 13-01-2023 | 2023-00000310 | |
| 31-08-2021 | full format | 22-02-2022 | 2022-06100453 | |
| 31-08-2021 | consolidated | 22-02-2022 | 2022-06100501 | |
| 31-08-2020 | full format | 08-03-2021 | 2021-07100233 | |
| 31-08-2020 | consolidated | 08-03-2021 | 2021-07100160 | |
| 31-08-2019 | full format | 27-02-2020 | 2020-05800085 |