PULINX: 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.
PULINX
Largest movements
- Receivables within one year -€32,049
down €32,049 (-91.2%), from €35,131 to €3,082
of which Trade receivables: -€34,551
- Cash +€29,064
up €29,064 (+45.4%), from €64,046 to €93,110
mainly Receivables within one year (+€32,049) and Depreciation (+€19,948)
- Stocks and contracts +€24,975
new in 2025: €24,975
of which Contracts in progress: +€17,455
- Tangible fixed assets -€18,750
down €18,750 (-23.8%), from €78,920 to €60,170
- Deferred charges and accrued income -€2,483
down €2,483 (-28.5%), from €8,715 to €6,232
- Debts after one year -€16,134
down €16,134 (-31.3%), from €51,547 to €35,413
- Reserves +€7,249
up €7,249 (+13.6%), from €53,201 to €60,450
- Tax, wage and social debts +€6,575
up €6,575 (+159%), from €4,141 to €10,715
of which Taxes: +€5,407
- Other debts +€3,884
up €3,884 (+7.5%), from €51,762 to €55,645
- Gross operating margin -€10,631
down €10,631 (-11.7%), from €90,732 to €80,102
- Staff costs -€3,715
down €3,715 (-7.9%), from €46,828 to €43,113
- Taxes -€2,265
down €2,265 (-42.2%), from €5,366 to €3,102
- Depreciation +€1,184
up €1,184 (+6.3%), from €18,764 to €19,948
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 | €186,812 | €187,569 | +€757 | +0.4% |
| Fixed assets | 21/28 | €78,920 | €60,170 | -€18,750 | -23.8% |
| Tangible fixed assets | 22/27 | €78,920 | €60,170 | -€18,750 | -23.8% |
| Land and buildings | 22 | €419 | - | -€419 | |
| Plant, machinery and equipment | 23 | €46,389 | €39,706 | -€6,683 | -14.4% |
| Furniture and vehicles | 24 | €6,249 | €3,857 | -€2,392 | -38.3% |
| Leasing and similar rights | 25 | €21,937 | €13,437 | -€8,500 | -38.7% |
| Other tangible fixed assets | 26 | €3,926 | €3,170 | -€757 | -19.3% |
| Current assets | 29/58 | €107,892 | €127,400 | +€19,507 | +18.1% |
| Stocks and contracts in progress | 3 | - | €24,975 | +€24,975 | |
| Stocks | 30/36 | - | €7,520 | +€7,520 | |
| Contracts in progress | 37 | - | €17,455 | +€17,455 | |
| Amounts receivable within one year | 40/41 | €35,131 | €3,082 | -€32,049 | -91.2% |
| Trade receivables | 40 | €34,551 | - | -€34,551 | |
| Other amounts receivable | 41 | €580 | €3,082 | +€2,502 | +431% |
| Cash at bank and in hand | 54/58 | €64,046 | €93,110 | +€29,064 | +45.4% |
| Deferred charges and accrued income | 490/1 | €8,715 | €6,232 | -€2,483 | -28.5% |
| Total equity and liabilities | 10/49 | €186,812 | €187,569 | +€757 | +0.4% |
| Equity | 10/15 | €59,401 | €66,650 | +€7,249 | +12.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €53,201 | €60,450 | +€7,249 | +13.6% |
| Distributable reserves | 133 | €53,201 | €60,450 | +€7,249 | +13.6% |
| Amounts payable | 17/49 | €127,411 | €120,919 | -€6,492 | -5.1% |
| Amounts payable after more than one year | 17 | €51,547 | €35,413 | -€16,134 | -31.3% |
| Financial debts | 170/4 | €51,547 | €35,413 | -€16,134 | -31.3% |
| Amounts payable within one year | 42/48 | €75,864 | €85,506 | +€9,642 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €15,652 | €16,134 | +€483 | +3.1% |
| Trade debts | 44 | €4,310 | €3,011 | -€1,299 | -30.1% |
| Suppliers | 440/4 | €4,310 | €3,011 | -€1,299 | -30.1% |
| Taxes, remuneration and social security | 45 | €4,141 | €10,715 | +€6,575 | +159% |
| Taxes | 450/3 | €2,488 | €7,896 | +€5,407 | +217% |
| Remuneration and social security | 454/9 | €1,652 | €2,820 | +€1,168 | +70.7% |
| Other amounts payable | 47/48 | €51,762 | €55,645 | +€3,884 | +7.5% |
| Remuneration, social security and pensions | 62 | €46,828 | €43,113 | -€3,715 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,764 | €19,948 | +€1,184 | +6.3% |
| Other operating charges | 640/8 | €1,293 | €1,734 | +€441 | +34.1% |
| Gross operating margin | 9900 | €90,732 | €80,102 | -€10,631 | -11.7% |
| Operating profit (loss) | 9901 | €23,847 | €15,307 | -€8,540 | -35.8% |
| Financial income | 75/76B | €511 | €632 | +€121 | +23.6% |
| Recurring financial income | 75 | €511 | €632 | +€121 | +23.6% |
| Financial charges | 65/66B | €5,987 | €5,588 | -€399 | -6.7% |
| Recurring financial charges | 65 | €5,987 | €5,588 | -€399 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €18,371 | €10,351 | -€8,021 | -43.7% |
| Income taxes | 67/77 | €5,366 | €3,102 | -€2,265 | -42.2% |
| Profit (loss) for the period | 9904 | €13,005 | €7,249 | -€5,756 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,005 | €7,249 | -€5,756 | -44.3% |
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 14 October 2026 via checked.be.