PUL CORP: 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.
PUL CORP
Largest movements
- Stocks and contracts -€211,997
no longer reported in 2025 (was €211,997)
- Current investments +€199,700
new in 2025: €199,700
- Tangible fixed assets +€85,183
up €85,183 (+21.8%), from €390,177 to €475,360
of which Land and buildings: +€95,439
- Cash +€48,559
up €48,559 (+469%), from €10,359 to €58,918
mainly Stocks and contracts (+€211,997) and Contributions, distributions and other (+€104,085)
- Receivables within one year -€15,177
down €15,177 (-83.2%), from €18,235 to €3,058
of which Trade receivables: -€11,491
- Debts after one year -€116,000
down €116,000 (-67.8%), from €171,000 to €55,000
- Revaluation surpluses +€98,575
new in 2025: €98,575
- Reserves +€72,503
up €72,503 (+81.4%), from €89,033 to €161,535
of which Distributable reserves: +€72,503
- Provisions +€32,858
new in 2025: €32,858
- Other debts +€20,198
up €20,198 (+11.7%), from €171,912 to €192,110
- Gross operating margin +€115,749
up €115,749 (+500%), from €23,161 to €138,909
- Depreciation +€28,313
up €28,313 (+92.9%), from €30,492 to €58,806
- Taxes +€27,484
up €27,484 (+14,354%), from €191 to €27,676
- Financial income +€8,044
up €8,044 (+63.9%), from €12,584 to €20,628
- Financial charges -€4,422
down €4,422 (-72.0%), from €6,137 to €1,715
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 | €635,353 | €737,041 | +€101,688 | +16.0% |
| Fixed assets | 21/28 | €390,177 | €475,360 | +€85,183 | +21.8% |
| Tangible fixed assets | 22/27 | €390,177 | €475,360 | +€85,183 | +21.8% |
| Land and buildings | 22 | €338,746 | €434,185 | +€95,439 | +28.2% |
| Plant, machinery and equipment | 23 | - | €1,794 | +€1,794 | |
| Furniture and vehicles | 24 | €51,432 | €39,381 | -€12,051 | -23.4% |
| Current assets | 29/58 | €245,176 | €261,681 | +€16,505 | +6.7% |
| Stocks and contracts in progress | 3 | €211,997 | - | -€211,997 | |
| Stocks | 30/36 | €211,997 | - | -€211,997 | |
| Amounts receivable within one year | 40/41 | €18,235 | €3,058 | -€15,177 | -83.2% |
| Trade receivables | 40 | €12,966 | €1,475 | -€11,491 | -88.6% |
| Other amounts receivable | 41 | €5,269 | €1,584 | -€3,685 | -69.9% |
| Current investments | 50/53 | - | €199,700 | +€199,700 | |
| Cash at bank and in hand | 54/58 | €10,359 | €58,918 | +€48,559 | +469% |
| Deferred charges and accrued income | 490/1 | €4,585 | €5 | -€4,580 | -99.9% |
| Total equity and liabilities | 10/49 | €635,353 | €737,041 | +€101,688 | +16.0% |
| Equity | 10/15 | €269,100 | €440,178 | +€171,077 | +63.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €98,575 | +€98,575 | |
| Reserves | 13 | €89,033 | €161,535 | +€72,503 | +81.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €87,173 | €159,675 | +€72,503 | +83.2% |
| Profit (loss) carried forward | 14 | €161,468 | €161,468 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €32,858 | +€32,858 | |
| Deferred taxes | 168 | - | €32,858 | +€32,858 | |
| Amounts payable | 17/49 | €366,253 | €264,005 | -€102,248 | -27.9% |
| Amounts payable after more than one year | 17 | €171,000 | €55,000 | -€116,000 | -67.8% |
| Financial debts | 170/4 | €171,000 | €55,000 | -€116,000 | -67.8% |
| Amounts payable within one year | 42/48 | €195,253 | €209,005 | +€13,752 | +7.0% |
| Trade debts | 44 | €21,316 | €14,409 | -€6,907 | -32.4% |
| Suppliers | 440/4 | €21,316 | €14,409 | -€6,907 | -32.4% |
| Taxes, remuneration and social security | 45 | €2,024 | €2,486 | +€462 | +22.8% |
| Taxes | 450/3 | €2,024 | €2,486 | +€462 | +22.8% |
| Other amounts payable | 47/48 | €171,912 | €192,110 | +€20,198 | +11.7% |
| Remuneration, social security and pensions | 62 | €988 | €991 | +€2 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,492 | €58,806 | +€28,313 | +92.9% |
| Other operating charges | 640/8 | €2,375 | €3,357 | +€981 | +41.3% |
| Gross operating margin | 9900 | €23,161 | €138,909 | +€115,749 | +500% |
| Operating profit (loss) | 9901 | -€10,695 | €75,756 | +€86,452 | |
| Financial income | 75/76B | €12,584 | €20,628 | +€8,044 | +63.9% |
| Recurring financial income | 75 | €12,584 | €20,628 | +€8,044 | +63.9% |
| Financial charges | 65/66B | €6,137 | €1,715 | -€4,422 | -72.0% |
| Recurring financial charges | 65 | €6,137 | €1,715 | -€4,422 | -72.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,248 | €94,669 | +€98,917 | |
| Income taxes | 67/77 | €191 | €27,676 | +€27,484 | +14,354% |
| Profit (loss) for the period | 9904 | -€4,440 | €66,993 | +€71,433 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,440 | €66,993 | +€71,433 |
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 20 October 2026 via checked.be.