PULGRÉ: what changed
PULGRÉ
Largest movements
- Cash -€115,716
down €115,716 (-89.1%), from €129,860 to €14,144
mainly Net result for the year (-€230,090) and Investment in fixed assets (net) (-€146,619)
- Receivables within one year -€91,415
down €91,415 (-61.8%), from €147,949 to €56,534
of which Trade receivables: -€115,460
- Intangible fixed assets +€26,293
up €26,293 (+588%), from €4,468 to €30,761
- Financial fixed assets +€14,973
up €14,973 (+200%), from €7,500 to €22,473
- Tangible fixed assets +€7,709
up €7,709 (+3.0%), from €258,085 to €265,793
of which Plant, machinery and equipment: +€47,050
- Profit (loss) carried forward -€230,090
new in 2025: -€230,090
- Debts after one year +€52,584
up €52,584 (+46.7%), from €112,571 to €165,155
- Trade debts +€44,518
up €44,518 (+461%), from €9,655 to €54,174
- Tax, wage and social debts -€15,621
down €15,621 (-75.2%), from €20,765 to €5,144
of which Taxes: -€19,820
- Gross operating margin -€336,671
down €336,671, from €312,735 to -€23,936
- Taxes -€18,949
down €18,949 (-86.9%), from €21,803 to €2,854
- Financial income +€16,071
up €16,071 (+3,332%), from €482 to €16,554
of which Non-recurring financial income: +€8,984
- Financial charges +€3,898
up €3,898 (+109%), from €3,583 to €7,482
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €589,079 | €434,769 | -€154,310 | -26.2% |
| Fixed assets | 21/28 | €270,052 | €319,028 | +€48,976 | +18.1% |
| Intangible fixed assets | 21 | €4,468 | €30,761 | +€26,293 | +588% |
| Tangible fixed assets | 22/27 | €258,085 | €265,793 | +€7,709 | +3.0% |
| Land and buildings | 22 | - | €1,595 | +€1,595 | |
| Plant, machinery and equipment | 23 | €158,758 | €205,808 | +€47,050 | +29.6% |
| Furniture and vehicles | 24 | €99,326 | €58,391 | -€40,935 | -41.2% |
| Financial fixed assets | 28 | €7,500 | €22,473 | +€14,973 | +200% |
| Current assets | 29/58 | €319,027 | €115,741 | -€203,286 | -63.7% |
| Stocks and contracts in progress | 3 | €34,202 | €34,876 | +€673 | +2.0% |
| Stocks | 30/36 | €34,202 | €34,876 | +€673 | +2.0% |
| Amounts receivable within one year | 40/41 | €147,949 | €56,534 | -€91,415 | -61.8% |
| Trade receivables | 40 | €136,750 | €21,290 | -€115,460 | -84.4% |
| Other amounts receivable | 41 | €11,198 | €35,244 | +€24,046 | +215% |
| Cash at bank and in hand | 54/58 | €129,860 | €14,144 | -€115,716 | -89.1% |
| Deferred charges and accrued income | 490/1 | €7,016 | €10,187 | +€3,171 | +45.2% |
| Total equity and liabilities | 10/49 | €589,079 | €434,769 | -€154,310 | -26.2% |
| Equity | 10/15 | €402,964 | €172,875 | -€230,090 | -57.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €397,964 | €397,964 | = | 0.0% |
| Distributable reserves | 133 | €397,964 | €397,964 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€230,090 | -€230,090 | |
| Amounts payable | 17/49 | €186,115 | €261,894 | +€75,779 | +40.7% |
| Amounts payable after more than one year | 17 | €112,571 | €165,155 | +€52,584 | +46.7% |
| Financial debts | 170/4 | €112,571 | €165,155 | +€52,584 | +46.7% |
| Amounts payable within one year | 42/48 | €73,544 | €96,739 | +€23,195 | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €36,111 | €32,307 | -€3,804 | -10.5% |
| Trade debts | 44 | €9,655 | €54,174 | +€44,518 | +461% |
| Suppliers | 440/4 | €9,655 | €54,174 | +€44,518 | +461% |
| Taxes, remuneration and social security | 45 | €20,765 | €5,144 | -€15,621 | -75.2% |
| Taxes | 450/3 | €20,765 | €945 | -€19,820 | -95.5% |
| Remuneration and social security | 454/9 | - | €4,199 | +€4,199 | |
| Other amounts payable | 47/48 | €7,013 | €5,115 | -€1,898 | -27.1% |
| Remuneration, social security and pensions | 62 | €109,246 | €111,943 | +€2,697 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,448 | €97,643 | -€805 | -0.8% |
| Other operating charges | 640/8 | €3,886 | €2,786 | -€1,100 | -28.3% |
| Gross operating margin | 9900 | €312,735 | -€23,936 | -€336,671 | |
| Operating profit (loss) | 9901 | €101,155 | -€236,308 | -€337,462 | |
| Financial income | 75/76B | €482 | €16,554 | +€16,071 | +3,332% |
| Recurring financial income | 75 | €482 | €7,087 | +€6,605 | +1,369% |
| Non-recurring financial income | 76B | €482 | €9,466 | +€8,984 | +1,863% |
| Financial charges | 65/66B | €3,583 | €7,482 | +€3,898 | +109% |
| Recurring financial charges | 65 | €3,583 | €7,482 | +€3,898 | +109% |
| Profit (loss) for the period before taxes | 9903 | €98,054 | -€227,236 | -€325,289 | |
| Income taxes | 67/77 | €21,803 | €2,854 | -€18,949 | -86.9% |
| Profit (loss) for the period | 9904 | €76,250 | -€230,090 | -€306,340 | |
| Profit (loss) for the period to be appropriated | 9905 | €76,250 | -€230,090 | -€306,340 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.