P.PULINCKX: 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.
P.PULINCKX
Largest movements
- Receivables within one year +€361,678
up €361,678 (+34.4%), from €1.1m to €1.4m
of which Trade receivables: +€485,181
- Cash -€263,680
down €263,680 (-52.9%), from €498,546 to €234,866
mainly Receivables within one year (-€361,678) and Investment in fixed assets (net) (-€300,571)
- Tangible fixed assets +€236,208
up €236,208 (+441%), from €53,595 to €289,802
of which Leasing and similar rights: +€198,607
- Receivables after one year +€156,916
up €156,916 (+15.7%), from €1.0m to €1.2m
- Current investments +€101,227
new in 2025: €101,227
- Trade debts +€644,500
up €644,500 (+138%), from €465,880 to €1.1m
- Debts after one year -€148,554
down €148,554 (-13.4%), from €1.1m to €960,376
- Profit (loss) carried forward +€82,146
up €82,146 (+7.8%), from €1.0m to €1.1m
- Other debts +€76,476
up €76,476 (+30.9%), from €247,629 to €324,105
- Depreciation +€54,441
up €54,441 (+549%), from €9,922 to €64,363
- Staff costs -€25,480
down €25,480 (-8.6%), from €297,028 to €271,548
- Gross operating margin +€20,057
up €20,057 (+3.7%), from €534,974 to €555,031
- Write-downs +€7,217
new in 2025: €7,217
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 | €3,925,153 | €4,563,108 | +€637,956 | +16.3% |
| Fixed assets | 21/28 | €177,905 | €414,112 | +€236,208 | +133% |
| Tangible fixed assets | 22/27 | €53,595 | €289,802 | +€236,208 | +441% |
| Plant, machinery and equipment | 23 | €34,729 | €33,033 | -€1,696 | -4.9% |
| Furniture and vehicles | 24 | €7,577 | €46,874 | +€39,297 | +519% |
| Leasing and similar rights | 25 | €11,289 | €209,896 | +€198,607 | +1,759% |
| Financial fixed assets | 28 | €124,310 | €124,310 | = | 0.0% |
| Current assets | 29/58 | €3,747,248 | €4,148,996 | +€401,748 | +10.7% |
| Amounts receivable after more than one year | 29 | €1,001,420 | €1,158,336 | +€156,916 | +15.7% |
| Other amounts receivable | 291 | €1,001,420 | €1,158,336 | +€156,916 | +15.7% |
| Stocks and contracts in progress | 3 | €1,196,102 | €1,241,710 | +€45,608 | +3.8% |
| Stocks | 30/36 | €1,196,102 | €1,241,710 | +€45,608 | +3.8% |
| Amounts receivable within one year | 40/41 | €1,051,179 | €1,412,858 | +€361,678 | +34.4% |
| Trade receivables | 40 | €891,216 | €1,376,396 | +€485,181 | +54.4% |
| Other amounts receivable | 41 | €159,964 | €36,461 | -€123,502 | -77.2% |
| Current investments | 50/53 | - | €101,227 | +€101,227 | |
| Cash at bank and in hand | 54/58 | €498,546 | €234,866 | -€263,680 | -52.9% |
| Total equity and liabilities | 10/49 | €3,925,153 | €4,563,108 | +€637,956 | +16.3% |
| Equity | 10/15 | €1,137,026 | €1,219,172 | +€82,146 | +7.2% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €8,000 | €8,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Legal reserve | 130 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,049,026 | €1,131,172 | +€82,146 | +7.8% |
| Amounts payable | 17/49 | €2,788,127 | €3,343,937 | +€555,810 | +19.9% |
| Amounts payable after more than one year | 17 | €1,108,930 | €960,376 | -€148,554 | -13.4% |
| Financial debts | 170/4 | €1,108,930 | €960,376 | -€148,554 | -13.4% |
| Amounts payable within one year | 42/48 | €1,679,197 | €2,382,957 | +€703,761 | +41.9% |
| Current portion of amounts payable after more than one year | 42 | €119,968 | €107,556 | -€12,412 | -10.3% |
| Financial debts | 43 | €700,000 | €700,000 | = | 0.0% |
| Credit institutions | 430/8 | €700,000 | €700,000 | = | 0.0% |
| Trade debts | 44 | €465,880 | €1,110,379 | +€644,500 | +138% |
| Suppliers | 440/4 | €465,880 | €1,110,379 | +€644,500 | +138% |
| Taxes, remuneration and social security | 45 | €145,720 | €140,917 | -€4,804 | -3.3% |
| Taxes | 450/3 | €105,262 | €102,856 | -€2,405 | -2.3% |
| Remuneration and social security | 454/9 | €40,458 | €38,060 | -€2,398 | -5.9% |
| Other amounts payable | 47/48 | €247,629 | €324,105 | +€76,476 | +30.9% |
| Accrued charges and deferred income | 492/3 | - | €604 | +€604 | |
| Remuneration, social security and pensions | 62 | €297,028 | €271,548 | -€25,480 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,922 | €64,363 | +€54,441 | +549% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,217 | +€7,217 | |
| Other operating charges | 640/8 | €1,366 | €1,427 | +€61 | +4.5% |
| Gross operating margin | 9900 | €534,974 | €555,031 | +€20,057 | +3.7% |
| Operating profit (loss) | 9901 | €226,658 | €210,477 | -€16,181 | -7.1% |
| Financial income | 75/76B | €358 | €1,926 | +€1,568 | +438% |
| Recurring financial income | 75 | €358 | €1,926 | +€1,568 | +438% |
| Financial charges | 65/66B | €46,129 | €44,788 | -€1,341 | -2.9% |
| Recurring financial charges | 65 | €46,129 | €44,788 | -€1,341 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €180,887 | €167,615 | -€13,272 | -7.3% |
| Income taxes | 67/77 | €28,086 | €25,470 | -€2,616 | -9.3% |
| Profit (loss) for the period | 9904 | €152,800 | €142,145 | -€10,656 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €152,800 | €142,145 | -€10,656 | -7.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.