Dr. T. Puls: 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.
Dr. T. Puls
Largest movements
- Current investments +€74,816
up €74,816 (+213%), from €35,108 to €109,924
- Tangible fixed assets -€55,706
down €55,706 (-26.0%), from €213,941 to €158,235
- Cash -€10,190
down €10,190 (-14.1%), from €72,442 to €62,252
mainly Current investments (-€74,816) and Current portion of long-term debt (-€24,442)
- Reserves +€44,033
up €44,033 (+22.9%), from €192,432 to €236,465
- Current portion of long-term debt -€24,442
down €24,442 (-83.0%), from €29,433 to €4,991
- Trade debts -€6,601
down €6,601 (-53.3%), from €12,384 to €5,782
- Debts after one year -€4,991
no longer reported in 2025 (was €4,991)
- Gross operating margin -€141,172
down €141,172 (-44.3%), from €318,536 to €177,364
- Staff costs -€47,885
down €47,885 (-49.3%), from €97,105 to €49,220
- Depreciation +€10,065
up €10,065 (+21.0%), from €48,002 to €58,067
- Taxes +€3,325
up €3,325 (+18.0%), from €18,490 to €21,815
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 | €321,491 | €330,411 | +€8,921 | +2.8% |
| Fixed assets | 21/28 | €213,941 | €158,235 | -€55,706 | -26.0% |
| Tangible fixed assets | 22/27 | €213,941 | €158,235 | -€55,706 | -26.0% |
| Plant, machinery and equipment | 23 | €68,447 | €43,092 | -€25,355 | -37.0% |
| Furniture and vehicles | 24 | €118,733 | €93,485 | -€25,247 | -21.3% |
| Other tangible fixed assets | 26 | €26,762 | €21,658 | -€5,103 | -19.1% |
| Current assets | 29/58 | €107,550 | €172,176 | +€64,627 | +60.1% |
| Current investments | 50/53 | €35,108 | €109,924 | +€74,816 | +213% |
| Cash at bank and in hand | 54/58 | €72,442 | €62,252 | -€10,190 | -14.1% |
| Total equity and liabilities | 10/49 | €321,491 | €330,411 | +€8,921 | +2.8% |
| Equity | 10/15 | €204,830 | €248,863 | +€44,033 | +21.5% |
| Contributions | 10/11 | €12,397 | €12,397 | = | 0.0% |
| Reserves | 13 | €192,432 | €236,465 | +€44,033 | +22.9% |
| Distributable reserves | 133 | €192,432 | €236,465 | +€44,033 | +22.9% |
| Amounts payable | 17/49 | €116,661 | €81,549 | -€35,112 | -30.1% |
| Amounts payable after more than one year | 17 | €4,991 | - | -€4,991 | |
| Financial debts | 170/4 | €4,991 | - | -€4,991 | |
| Amounts payable within one year | 42/48 | €111,670 | €81,549 | -€30,121 | -27.0% |
| Current portion of amounts payable after more than one year | 42 | €29,433 | €4,991 | -€24,442 | -83.0% |
| Trade debts | 44 | €12,384 | €5,782 | -€6,601 | -53.3% |
| Suppliers | 440/4 | €12,384 | €5,782 | -€6,601 | -53.3% |
| Taxes, remuneration and social security | 45 | €13,025 | €13,242 | +€218 | +1.7% |
| Taxes | 450/3 | €5,774 | €7,129 | +€1,354 | +23.5% |
| Remuneration and social security | 454/9 | €7,250 | €6,114 | -€1,136 | -15.7% |
| Other amounts payable | 47/48 | €56,829 | €57,532 | +€704 | +1.2% |
| Remuneration, social security and pensions | 62 | €97,105 | €49,220 | -€47,885 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,002 | €58,067 | +€10,065 | +21.0% |
| Other operating charges | 640/8 | €1,542 | €902 | -€640 | -41.5% |
| Non-recurring operating charges | 66A | €114,774 | - | -€114,774 | |
| Gross operating margin | 9900 | €318,536 | €177,364 | -€141,172 | -44.3% |
| Operating profit (loss) | 9901 | €57,114 | €69,175 | +€12,061 | +21.1% |
| Financial income | 75/76B | €720 | €1,537 | +€817 | +113% |
| Recurring financial income | 75 | €720 | €1,537 | +€817 | +113% |
| Financial charges | 65/66B | €6,752 | €4,864 | -€1,889 | -28.0% |
| Recurring financial charges | 65 | €6,752 | €4,864 | -€1,889 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €51,082 | €65,848 | +€14,766 | +28.9% |
| Income taxes | 67/77 | €18,490 | €21,815 | +€3,325 | +18.0% |
| Profit (loss) for the period | 9904 | €32,591 | €44,033 | +€11,442 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,591 | €44,033 | +€11,442 | +35.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.