PULIMMEX: 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.
PULIMMEX
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+342%), from €339,269 to €1.5m
of which Land and buildings: +€1.2m
- Receivables within one year +€389,180
up €389,180 (+38.9%), from €1.0m to €1.4m
of which Other amounts receivable: +€573,332
- Deferred charges and accrued income +€110,681
up €110,681 (+642%), from €17,228 to €127,909
- Intangible fixed assets -€62,500
down €62,500 (-13.1%), from €476,575 to €414,075
- Debts after one year +€945,625
new in 2025: €945,625
- Current portion of long-term debt +€523,778
up €523,778 (+52,378%), from €1,000 to €524,778
- Reserves +€436,544
up €436,544 (+90.8%), from €480,791 to €917,335
of which Distributable reserves: +€280,296
- Other debts -€388,657
down €388,657 (-39.8%), from €975,479 to €586,822
- Provisions +€52,083
new in 2025: €52,083
- Financial income +€418,423
up €418,423 (+2,092,115,900%), from €0 to €418,423
of which Non-recurring financial income: +€405,484
- Depreciation +€186,225
up €186,225 (+289%), from €64,450 to €250,675
- Write-downs +€31,096
up €31,096 (+100%), from €31,014 to €62,110
- Gross operating margin +€19,933
up €19,933 (+16.1%), from €123,486 to €143,419
- Other operating charges +€11,098
up €11,098 (+82.1%), from €13,510 to €24,608
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,001,437 | €3,569,276 | +€1.6m | +78.3% |
| Fixed assets | 21/28 | €921,678 | €2,020,757 | +€1.1m | +119% |
| Intangible fixed assets | 21 | €476,575 | €414,075 | -€62,500 | -13.1% |
| Tangible fixed assets | 22/27 | €339,269 | €1,500,848 | +€1.2m | +342% |
| Land and buildings | 22 | €337,849 | €1,500,848 | +€1.2m | +344% |
| Plant, machinery and equipment | 23 | €1,420 | - | -€1,420 | |
| Financial fixed assets | 28 | €105,834 | €105,834 | = | 0.0% |
| Current assets | 29/58 | €1,079,759 | €1,548,519 | +€468,759 | +43.4% |
| Amounts receivable within one year | 40/41 | €1,001,165 | €1,390,345 | +€389,180 | +38.9% |
| Trade receivables | 40 | €627,392 | €443,240 | -€184,152 | -29.4% |
| Other amounts receivable | 41 | €373,773 | €947,105 | +€573,332 | +153% |
| Cash at bank and in hand | 54/58 | €61,366 | €30,264 | -€31,102 | -50.7% |
| Deferred charges and accrued income | 490/1 | €17,228 | €127,909 | +€110,681 | +642% |
| Total equity and liabilities | 10/49 | €2,001,437 | €3,569,276 | +€1.6m | +78.3% |
| Equity | 10/15 | €1,013,611 | €1,449,248 | +€435,637 | +43.0% |
| Contributions | 10/11 | €531,912 | €531,912 | = | 0.0% |
| Capital | 10 | €531,912 | €531,912 | = | 0.0% |
| Issued capital | 100 | €531,912 | €531,912 | = | 0.0% |
| Reserves | 13 | €480,791 | €917,335 | +€436,544 | +90.8% |
| Non-distributable reserves | 130/1 | €53,191 | €53,191 | = | 0.0% |
| Legal reserve | 130 | €53,191 | €53,191 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €156,248 | +€156,248 | |
| Distributable reserves | 133 | €427,600 | €707,896 | +€280,296 | +65.6% |
| Profit (loss) carried forward | 14 | €907 | - | -€907 | |
| Provisions and deferred taxes | 16 | - | €52,083 | +€52,083 | |
| Deferred taxes | 168 | - | €52,083 | +€52,083 | |
| Amounts payable | 17/49 | €987,826 | €2,067,945 | +€1.1m | +109% |
| Amounts payable after more than one year | 17 | - | €945,625 | +€945,625 | |
| Financial debts | 170/4 | - | €945,625 | +€945,625 | |
| Amounts payable within one year | 42/48 | €980,098 | €1,115,121 | +€135,023 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €1,000 | €524,778 | +€523,778 | +52,378% |
| Trade debts | 44 | - | €3,362 | +€3,362 | |
| Suppliers | 440/4 | - | €3,362 | +€3,362 | |
| Taxes, remuneration and social security | 45 | €3,620 | €159 | -€3,461 | -95.6% |
| Taxes | 450/3 | €3,620 | €159 | -€3,461 | -95.6% |
| Other amounts payable | 47/48 | €975,479 | €586,822 | -€388,657 | -39.8% |
| Accrued charges and deferred income | 492/3 | €7,728 | €7,199 | -€529 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,450 | €250,675 | +€186,225 | +289% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €31,014 | €62,110 | +€31,096 | +100% |
| Other operating charges | 640/8 | €13,510 | €24,608 | +€11,098 | +82.1% |
| Gross operating margin | 9900 | €123,486 | €143,419 | +€19,933 | +16.1% |
| Operating profit (loss) | 9901 | €14,512 | -€193,974 | -€208,486 | |
| Financial income | 75/76B | €0 | €418,423 | +€418,423 | +2,092,115,900% |
| Recurring financial income | 75 | €0 | €12,939 | +€12,939 | +64,693,550% |
| Non-recurring financial income | 76B | - | €405,484 | +€405,484 | |
| Financial charges | 65/66B | €1,146 | €3,570 | +€2,424 | +211% |
| Recurring financial charges | 65 | €1,146 | €3,570 | +€2,424 | +211% |
| Profit (loss) for the period before taxes | 9903 | €13,365 | €220,879 | +€207,514 | +1,553% |
| Transfer from deferred taxes | 780 | - | €5,208 | +€5,208 | |
| Transfer to deferred taxes | 680 | - | €57,290 | +€57,290 | |
| Income taxes | 67/77 | €3,058 | €3,160 | +€102 | +3.3% |
| Profit (loss) for the period | 9904 | €10,308 | €165,637 | +€155,330 | +1,507% |
| Transfer from tax-exempt reserves | 789 | - | €15,622 | +€15,622 | |
| Transfer to tax-exempt reserves | 689 | - | €171,870 | +€171,870 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,308 | €9,389 | -€918 | -8.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.