I-PULSE: what changed
Two fiscal 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.
I-PULSE
Largest movements
- Tangible fixed assets +€412,259
up €412,259 (+297.7%), from €138,473 to €550,732
of which Land and buildings: +€415,161
- Cash -€169,517
down €169,517 (-96.3%), from €175,984 to €6,468
mainly Investment in fixed assets (net) (-€418,415) and Tax, wage and social debts (-€137,767)
- Debts after one year +€340,198
new in 2025: €340,198
- Tax, wage and social debts -€137,767
down €137,767 (-88.1%), from €156,356 to €18,589
- Other debts +€27,555
new in 2025: €27,555
- Profit (loss) carried forward +€11,980
up €11,980 (+8.3%), from €144,986 to €156,966
- Short-term financial debts -€10,000
no longer reported in 2025 (was €10,000)
- Gross operating margin -€101,634
down €101,634 (-69.2%), from €146,922 to €45,287
- Taxes -€20,587
down €20,587 (-83.7%), from €24,588 to €4,001
- Financial charges -€18,195
down €18,195 (-49.6%), from €36,714 to €18,519
- Depreciation +€2,324
up €2,324 (+60.6%), from €3,832 to €6,156
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.
Cash bridge derived
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 | €331,417 | €572,200 | +€240,783 | +72.7% |
| Fixed assets | 21/28 | €143,473 | €555,732 | +€412,259 | +287.3% |
| Tangible fixed assets | 22/27 | €138,473 | €550,732 | +€412,259 | +297.7% |
| Land and buildings | 22 | €130,480 | €545,641 | +€415,161 | +318.2% |
| Plant, machinery and equipment | 23 | €2,231 | €436 | -€1,795 | -80.5% |
| Furniture and vehicles | 24 | €2,667 | €2,245 | -€422 | -15.8% |
| Other tangible fixed assets | 26 | €3,095 | €2,410 | -€685 | -22.1% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €187,944 | €16,468 | -€171,476 | -91.2% |
| Amounts receivable within one year | 40/41 | €11,445 | €10,000 | -€1,445 | -12.6% |
| Trade receivables | 40 | €29 | €10,000 | +€9,971 | +34018.0% |
| Other amounts receivable | 41 | €11,416 | - | -€11,416 | |
| Cash at bank and in hand | 54/58 | €175,984 | €6,468 | -€169,517 | -96.3% |
| Deferred charges and accrued income | 490/1 | €515 | - | -€515 | |
| Total equity and liabilities | 10/49 | €331,417 | €572,200 | +€240,783 | +72.7% |
| Equity | 10/15 | €163,586 | €175,566 | +€11,980 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,986 | €156,966 | +€11,980 | +8.3% |
| Amounts payable | 17/49 | €167,831 | €396,633 | +€228,802 | +136.3% |
| Amounts payable after more than one year | 17 | - | €340,198 | +€340,198 | |
| Financial debts | 170/4 | - | €340,198 | +€340,198 | |
| Amounts payable within one year | 42/48 | €167,831 | €55,855 | -€111,976 | -66.7% |
| Current portion of amounts payable after more than one year | 42 | - | €8,060 | +€8,060 | |
| Financial debts | 43 | €10,000 | - | -€10,000 | |
| Credit institutions | 430/8 | €10,000 | - | -€10,000 | |
| Trade debts | 44 | €1,475 | €1,651 | +€176 | +11.9% |
| Suppliers | 440/4 | €1,475 | €1,651 | +€176 | +11.9% |
| Taxes, remuneration and social security | 45 | €156,356 | €18,589 | -€137,767 | -88.1% |
| Taxes | 450/3 | €156,356 | €18,589 | -€137,767 | -88.1% |
| Other amounts payable | 47/48 | - | €27,555 | +€27,555 | |
| Accrued charges and deferred income | 492/3 | - | €581 | +€581 | |
| Non-recurring operating income | 76A | - | €12,290 | +€12,290 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,832 | €6,156 | +€2,324 | +60.6% |
| Other operating charges | 640/8 | €3,875 | €3,953 | +€78 | +2.0% |
| Non-recurring operating charges | 66A | - | €763 | +€763 | |
| Gross operating margin | 9900 | €146,922 | €45,287 | -€101,634 | -69.2% |
| Operating profit (loss) | 9901 | €139,214 | €34,415 | -€104,800 | -75.3% |
| Financial income | 75/76B | €1,307 | €86 | -€1,221 | -93.4% |
| Recurring financial income | 75 | €1,307 | €86 | -€1,221 | -93.4% |
| Financial charges | 65/66B | €36,714 | €18,519 | -€18,195 | -49.6% |
| Recurring financial charges | 65 | €36,714 | €18,519 | -€18,195 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €103,807 | €15,981 | -€87,826 | -84.6% |
| Income taxes | 67/77 | €24,588 | €4,001 | -€20,587 | -83.7% |
| Profit (loss) for the period | 9904 | €79,219 | €11,980 | -€67,239 | -84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €79,219 | €11,980 | -€67,239 | -84.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.