PULCINELLA: 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.
PULCINELLA
Largest movements
- Receivables within one year +€2,263
up €2,263 (+313%), from €724 to €2,987
of which Other amounts receivable: +€2,968
- Cash -€936
down €936 (-1.8%), from €52,531 to €51,594
mainly Receivables within one year (-€2,263) and Investment in fixed assets (net) (-€1,465)
- Profit (loss) carried forward +€1,436
up €1,436 (+4.1%), from €35,133 to €36,569
- Trade debts +€959
up €959 (+43.8%), from €2,190 to €3,149
of which Suppliers: +€1,705
- Tax, wage and social debts -€627
down €627 (-39.7%), from €1,580 to €953
- Gross operating margin -€6,621
down €6,621 (-62.2%), from €10,646 to €4,025
- Depreciation +€827
up €827 (+96.3%), from €859 to €1,685
- Financial income +€158
up €158 (+1,576,100%), from €0 to €158
- Other operating charges -€138
down €138 (-25.6%), from €537 to €400
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 | €58,864 | €60,072 | +€1,208 | +2.1% |
| Fixed assets | 21/28 | €3,218 | €2,998 | -€220 | -6.8% |
| Tangible fixed assets | 22/27 | €3,151 | €2,931 | -€220 | -7.0% |
| Plant, machinery and equipment | 23 | €0 | €554 | +€554 | +5,536,300% |
| Furniture and vehicles | 24 | €2,875 | €2,222 | -€653 | -22.7% |
| Other tangible fixed assets | 26 | €276 | €155 | -€120 | -43.7% |
| Financial fixed assets | 28 | €67 | €67 | = | 0.0% |
| Current assets | 29/58 | €55,646 | €57,074 | +€1,428 | +2.6% |
| Stocks and contracts in progress | 3 | €880 | €1,020 | +€140 | +15.9% |
| Stocks | 30/36 | €880 | €1,020 | +€140 | +15.9% |
| Amounts receivable within one year | 40/41 | €724 | €2,987 | +€2,263 | +313% |
| Trade receivables | 40 | €704 | - | -€704 | |
| Other amounts receivable | 41 | €20 | €2,987 | +€2,968 | +15,034% |
| Cash at bank and in hand | 54/58 | €52,531 | €51,594 | -€936 | -1.8% |
| Deferred charges and accrued income | 490/1 | €1,512 | €1,472 | -€39 | -2.6% |
| Total equity and liabilities | 10/49 | €58,864 | €60,072 | +€1,208 | +2.1% |
| Equity | 10/15 | €54,529 | €55,965 | +€1,436 | +2.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €804 | €804 | = | 0.0% |
| Non-distributable reserves | 130/1 | €804 | €804 | = | 0.0% |
| Reserves not available under the articles | 1311 | €804 | €804 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,133 | €36,569 | +€1,436 | +4.1% |
| Amounts payable | 17/49 | €4,335 | €4,107 | -€228 | -5.3% |
| Amounts payable within one year | 42/48 | €4,335 | €4,102 | -€234 | -5.4% |
| Trade debts | 44 | €2,190 | €3,149 | +€959 | +43.8% |
| Suppliers | 440/4 | €1,444 | €3,149 | +€1,705 | +118% |
| Bills of exchange payable | 441 | €746 | - | -€746 | |
| Taxes, remuneration and social security | 45 | €1,580 | €953 | -€627 | -39.7% |
| Taxes | 450/3 | €1,580 | €953 | -€627 | -39.7% |
| Other amounts payable | 47/48 | €565 | - | -€565 | |
| Accrued charges and deferred income | 492/3 | - | €6 | +€6 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €859 | €1,685 | +€827 | +96.3% |
| Other operating charges | 640/8 | €537 | €400 | -€138 | -25.6% |
| Gross operating margin | 9900 | €10,646 | €4,025 | -€6,621 | -62.2% |
| Operating profit (loss) | 9901 | €9,250 | €1,940 | -€7,310 | -79.0% |
| Financial income | 75/76B | €0 | €158 | +€158 | +1,576,100% |
| Recurring financial income | 75 | €0 | €158 | +€158 | +1,576,100% |
| Financial charges | 65/66B | €600 | €662 | +€61 | +10.2% |
| Recurring financial charges | 65 | €600 | €662 | +€61 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | €8,650 | €1,436 | -€7,214 | -83.4% |
| Profit (loss) for the period | 9904 | €8,650 | €1,436 | -€7,214 | -83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,650 | €1,436 | -€7,214 | -83.4% |
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 21 October 2026 via checked.be.