Pullmaflex Benelux: 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.
What changed
Pullmaflex Benelux
NACE 29.320, Manufacture of motor vehicles, trailers and semi-trailers
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.4m
2024 · €3.1m+€1.3m
Equity
€1.7m
2024 · €1.7m
Cash
€7.8m
2024 · €12.9m-€5.1m
Balance sheet total
€16.9m
2024 · €23.5m-€6.6m
Largest movements
Assets
- Cash -€5.1m
down €5.1m (-39.3%), from €12.9m to €7.8m
mainly Other debts (-€5.5m) and Contributions, distributions and other (-€4.4m)
- Receivables within one year -€999,045
down €999,045 (-18.5%), from €5.4m to €4.4m
of which Trade receivables: -€927,971
- Stocks and contracts -€339,004
down €339,004 (-9.7%), from €3.5m to €3.2m
of which Stocks: -€367,256
- Tangible fixed assets -€243,077
down €243,077 (-14.1%), from €1.7m to €1.5m
Equity and liabilities
- Other debts -€5.5m
down €5.5m (-55.9%), from €9.9m to €4.4m
- Trade debts -€1.9m
down €1.9m (-21.2%), from €9.1m to €7.2m
- Advances received +€610,655
up €610,655 (+426.6%), from €143,150 to €753,805
Income statement
- Turnover +€2.1m
up €2.1m (+6.2%), from €34.2m to €36.4m
- Goods and materials +€1.4m
up €1.4m (+8.6%), from €15.8m to €17.2m
of which Purchases: +€1.4m
- Services and other goods -€1.2m
down €1.2m (-22.1%), from €5.6m to €4.4m
- Taxes +€404,794
up €404,794 (+36.8%), from €1.1m to €1.5m
- Staff costs -€403,255
down €403,255 (-3.8%), from €10.5m to €10.1m
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.
Result 2024
€3.1m
Turnover
+€2.1m
Other operating income
-€167,428
Goods and materials
-€1.4m
Services and other goods
+€1.2m
Staff costs
+€403,255
Depreciation
+€41,667
Write-downs
+€65,355
Provisions
-€26,017
Other operating charges
-€47,139
Other operating items
-€471,243
Financial income
-€171,261
Financial charges
+€44,300
Taxes
-€404,794
Result 2025
€4.4m
Cash bridge derived
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.
From operations
-€348,470
Investment
-€355,909
Financing
-€4.4m
Cash 2024
€12.9m
From operations (derived)
-€348,470
Net result for the year
+€4.4m
Depreciation
+€598,986
Stocks and contracts
+€339,004
Receivables within one year
+€999,045
Deferred charges and accrued income
-€9,968
Provisions
+€18,718
Trade debts
-€1.9m
Tax, wage and social debts
+€187,001
Advances received
+€610,655
Other debts
-€5.5m
Investment (derived)
-€355,909
Investment in fixed assets (net)
-€355,909
Financing
-€4.4m
Contributions, distributions and other
-€4.4m
Cash 2025
€7.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,536,412 | €16,910,756 | -€6.6m | -28.2% |
| Fixed assets | 21/28 | €1,725,958 | €1,482,881 | -€243,077 | -14.1% |
| Tangible fixed assets | 22/27 | €1,725,784 | €1,482,707 | -€243,077 | -14.1% |
| Land and buildings | 22 | €345,952 | €317,059 | -€28,892 | -8.4% |
| Plant, machinery and equipment | 23 | €1,248,846 | €1,129,036 | -€119,810 | -9.6% |
| Furniture and vehicles | 24 | €2,421 | €3,921 | +€1,501 | +62.0% |
| Assets under construction and advance payments | 27 | €128,566 | €32,690 | -€95,876 | -74.6% |
| Financial fixed assets | 28 | €174 | €174 | = | 0.0% |
| Other financial fixed assets | 284/8 | €174 | €174 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €174 | €174 | = | 0.0% |
| Current assets | 29/58 | €21,810,454 | €15,427,875 | -€6.4m | -29.3% |
| Stocks and contracts in progress | 3 | €3,500,662 | €3,161,659 | -€339,004 | -9.7% |
| Stocks | 30/36 | €2,296,873 | €1,929,618 | -€367,256 | -16.0% |
| Raw materials and consumables | 30/31 | €1,653,965 | €1,517,003 | -€136,962 | -8.3% |
| Work in progress | 32 | €117,687 | €95,903 | -€21,784 | -18.5% |
| Finished goods | 33 | €525,221 | €316,712 | -€208,509 | -39.7% |
| Contracts in progress | 37 | €1,203,789 | €1,232,041 | +€28,252 | +2.3% |
| Amounts receivable within one year | 40/41 | €5,399,282 | €4,400,237 | -€999,045 | -18.5% |
| Trade receivables | 40 | €5,156,179 | €4,228,208 | -€927,971 | -18.0% |
| Other amounts receivable | 41 | €243,103 | €172,029 | -€71,074 | -29.2% |
| Cash at bank and in hand | 54/58 | €12,859,468 | €7,804,970 | -€5.1m | -39.3% |
| Deferred charges and accrued income | 490/1 | €51,041 | €61,009 | +€9,968 | +19.5% |
| Total equity and liabilities | 10/49 | €23,536,412 | €16,910,756 | -€6.6m | -28.2% |
| Equity | 10/15 | €1,732,624 | €1,732,624 | = | 0.0% |
| Contributions | 10/11 | €705,067 | €705,067 | = | 0.0% |
| Capital | 10 | €705,067 | €705,067 | = | 0.0% |
| Issued capital | 100 | €705,067 | €705,067 | = | 0.0% |
| Reserves | 13 | €930,804 | €930,804 | = | 0.0% |
| Non-distributable reserves | 130/1 | €440,507 | €440,507 | = | 0.0% |
| Legal reserve | 130 | €440,507 | €440,507 | = | 0.0% |
| Tax-exempt reserves | 132 | €107,533 | €107,533 | = | 0.0% |
| Distributable reserves | 133 | €382,764 | €382,764 | = | 0.0% |
| Profit (loss) carried forward | 14 | €96,754 | €96,754 | = | 0.0% |
| Provisions and deferred taxes | 16 | €736,868 | €755,586 | +€18,718 | +2.5% |
| Provisions for liabilities and charges | 160/5 | €736,868 | €755,586 | +€18,718 | +2.5% |
| Other liabilities and charges | 164/5 | €736,868 | €755,586 | +€18,718 | +2.5% |
| Amounts payable | 17/49 | €21,066,919 | €14,422,546 | -€6.6m | -31.5% |
| Amounts payable within one year | 42/48 | €21,066,919 | €14,422,546 | -€6.6m | -31.5% |
| Trade debts | 44 | €9,075,594 | €7,153,811 | -€1.9m | -21.2% |
| Suppliers | 440/4 | €9,075,594 | €7,153,811 | -€1.9m | -21.2% |
| Advances received on contracts in progress | 46 | €143,150 | €753,805 | +€610,655 | +426.6% |
| Taxes, remuneration and social security | 45 | €1,977,811 | €2,164,812 | +€187,001 | +9.5% |
| Taxes | 450/3 | €351,283 | €481,876 | +€130,593 | +37.2% |
| Remuneration and social security | 454/9 | €1,626,528 | €1,682,936 | +€56,408 | +3.5% |
| Other amounts payable | 47/48 | €9,870,364 | €4,350,119 | -€5.5m | -55.9% |
| Operating income | 70/76A | €37,483,392 | €38,232,936 | +€749,544 | +2.0% |
| Turnover | 70 | €34,219,961 | €36,353,977 | +€2.1m | +6.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€331,192 | -€202,042 | +€129,150 | +39.0% |
| Own construction capitalised | 72 | €127,988 | €111,100 | -€16,888 | -13.2% |
| Other operating income | 74 | €1,790,763 | €1,623,335 | -€167,428 | -9.3% |
| Non-recurring operating income | 76A | €1,675,872 | €346,566 | -€1.3m | -79.3% |
| Operating charges | 60/66A | €33,493,659 | €32,425,119 | -€1.1m | -3.2% |
| Goods for resale, raw materials and consumables | 60 | €15,845,459 | €17,201,103 | +€1.4m | +8.6% |
| Purchases | 600/8 | €15,669,007 | €17,064,141 | +€1.4m | +8.9% |
| Change in stocks: decrease (increase) | 609 | €176,452 | €136,962 | -€39,490 | -22.4% |
| Services and other goods | 61 | €5,618,817 | €4,377,556 | -€1.2m | -22.1% |
| Remuneration, social security and pensions | 62 | €10,539,644 | €10,136,389 | -€403,255 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €640,653 | €598,986 | -€41,667 | -6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €32,678 | -€32,678 | -€65,355 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€7,299 | €18,718 | +€26,017 | |
| Other operating charges | 640/8 | €77,907 | €125,046 | +€47,139 | +60.5% |
| Non-recurring operating charges | 66A | €745,800 | - | -€745,800 | |
| Operating profit (loss) | 9901 | €3,989,734 | €5,807,817 | +€1.8m | +45.6% |
| Financial income | 75/76B | €354,684 | €183,423 | -€171,261 | -48.3% |
| Recurring financial income | 75 | €354,684 | €183,423 | -€171,261 | -48.3% |
| Income from current assets | 751 | €333,945 | €117,511 | -€216,434 | -64.8% |
| Other financial income | 752/9 | €20,739 | €65,912 | +€45,173 | +217.8% |
| Financial charges | 65/66B | €179,605 | €135,304 | -€44,300 | -24.7% |
| Recurring financial charges | 65 | €179,605 | €135,304 | -€44,300 | -24.7% |
| Debt charges | 650 | €107,593 | €82,989 | -€24,604 | -22.9% |
| Other financial charges | 652/9 | €72,011 | €52,316 | -€19,696 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €4,164,813 | €5,855,936 | +€1.7m | +40.6% |
| Income taxes | 67/77 | €1,101,023 | €1,505,817 | +€404,794 | +36.8% |
| Taxes | 670/3 | €1,101,023 | €1,505,817 | +€404,794 | +36.8% |
| Profit (loss) for the period | 9904 | €3,063,790 | €4,350,119 | +€1.3m | +42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,063,790 | €4,350,119 | +€1.3m | +42.0% |
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 12 October 2026 via checked.be.