I-PULSES: 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.
I-PULSES
Largest movements
- Tangible fixed assets +€823,881
up €823,881 (+19.6%), from €4.2m to €5.0m
of which Assets under construction and advance payments: +€841,517
- Cash +€364,294
up €364,294 (+389%), from €93,649 to €457,943
mainly Contributions, distributions and other (+€2.7m) and Tax, wage and social debts (+€252,509)
- Intangible fixed assets +€135,082
up €135,082 (+35.3%), from €383,115 to €518,197
- Contributions +€2.7m
up €2.7m (+1,875%), from €144,000 to €2.8m
- Debts after one year -€1.4m
down €1.4m (-52.8%), from €2.6m to €1.2m
- Tax, wage and social debts +€252,509
up €252,509 (+286%), from €88,162 to €340,670
of which Remuneration and social security: +€218,763
- Trade debts -€188,335
down €188,335 (-34.0%), from €553,398 to €365,063
- Profit (loss) carried forward -€78,203
down €78,203 (-24.8%), from €314,782 to €236,579
- Depreciation +€111,055
up €111,055 (+171%), from €65,074 to €176,129
- Staff costs -€95,789
down €95,789 (-10.5%), from €914,156 to €818,367
- Other operating charges +€62,584
up €62,584 (+933%), from €6,711 to €69,295
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 | €5,302,141 | €6,676,488 | +€1.4m | +25.9% |
| Fixed assets | 21/28 | €4,844,040 | €5,803,003 | +€958,963 | +19.8% |
| Intangible fixed assets | 21 | €383,115 | €518,197 | +€135,082 | +35.3% |
| Tangible fixed assets | 22/27 | €4,208,863 | €5,032,744 | +€823,881 | +19.6% |
| Plant, machinery and equipment | 23 | €2,928 | €397 | -€2,531 | -86.5% |
| Furniture and vehicles | 24 | €21,821 | €7,495 | -€14,326 | -65.7% |
| Other tangible fixed assets | 26 | €2,525 | €1,746 | -€779 | -30.9% |
| Assets under construction and advance payments | 27 | €4,181,589 | €5,023,106 | +€841,517 | +20.1% |
| Financial fixed assets | 28 | €252,063 | €252,063 | = | 0.0% |
| Current assets | 29/58 | €458,101 | €873,485 | +€415,384 | +90.7% |
| Amounts receivable within one year | 40/41 | €352,056 | €401,669 | +€49,614 | +14.1% |
| Trade receivables | 40 | €326,930 | €374,537 | +€47,607 | +14.6% |
| Other amounts receivable | 41 | €25,126 | €27,133 | +€2,007 | +8.0% |
| Cash at bank and in hand | 54/58 | €93,649 | €457,943 | +€364,294 | +389% |
| Deferred charges and accrued income | 490/1 | €12,396 | €13,873 | +€1,477 | +11.9% |
| Total equity and liabilities | 10/49 | €5,302,141 | €6,676,488 | +€1.4m | +25.9% |
| Equity | 10/15 | €1,502,940 | €4,124,737 | +€2.6m | +174% |
| Contributions | 10/11 | €144,000 | €2,844,000 | +€2.7m | +1,875% |
| Profit (loss) carried forward | 14 | €314,782 | €236,579 | -€78,203 | -24.8% |
| Investment grants | 15 | €1,044,158 | €1,044,158 | = | 0.0% |
| Provisions and deferred taxes | 16 | €70,000 | €70,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €70,000 | €70,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €70,000 | €70,000 | = | 0.0% |
| Amounts payable | 17/49 | €3,729,202 | €2,481,751 | -€1.2m | -33.5% |
| Amounts payable after more than one year | 17 | €2,582,380 | €1,218,847 | -€1.4m | -52.8% |
| Financial debts | 170/4 | €2,582,380 | €1,218,847 | -€1.4m | -52.8% |
| Amounts payable within one year | 42/48 | €1,139,710 | €1,235,913 | +€96,204 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €352,318 | €315,120 | -€37,198 | -10.6% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €553,398 | €365,063 | -€188,335 | -34.0% |
| Suppliers | 440/4 | €553,398 | €365,063 | -€188,335 | -34.0% |
| Taxes, remuneration and social security | 45 | €88,162 | €340,670 | +€252,509 | +286% |
| Taxes | 450/3 | €16,696 | €50,441 | +€33,745 | +202% |
| Remuneration and social security | 454/9 | €71,466 | €290,229 | +€218,763 | +306% |
| Other amounts payable | 47/48 | €20,832 | €90,060 | +€69,228 | +332% |
| Accrued charges and deferred income | 492/3 | €7,112 | €26,991 | +€19,879 | +280% |
| Remuneration, social security and pensions | 62 | €914,156 | €818,367 | -€95,789 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,074 | €176,129 | +€111,055 | +171% |
| Other operating charges | 640/8 | €6,711 | €69,295 | +€62,584 | +933% |
| Gross operating margin | 9900 | €1,101,478 | €1,094,982 | -€6,496 | -0.6% |
| Operating profit (loss) | 9901 | €115,536 | €31,190 | -€84,347 | -73.0% |
| Financial income | 75/76B | €8 | €47 | +€39 | +468% |
| Recurring financial income | 75 | €8 | €47 | +€39 | +468% |
| Financial charges | 65/66B | €103,246 | €106,683 | +€3,436 | +3.3% |
| Recurring financial charges | 65 | €103,246 | €106,683 | +€3,436 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €12,299 | -€75,446 | -€87,744 | |
| Income taxes | 67/77 | €8,003 | €2,757 | -€5,245 | -65.5% |
| Profit (loss) for the period | 9904 | €4,296 | -€78,203 | -€82,499 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,296 | -€78,203 | -€82,499 |
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 22 October 2026 via checked.be.