PULP: what changed
Two fiscal 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.
PULP
Largest movements
- Cash +€217,732
up €217,732 (+46.0%), from €473,845 to €691,577
mainly Net result for the year (+€224,824) and Depreciation (+€127,562)
- Tangible fixed assets -€50,915
down €50,915 (-4.4%), from €1.2m to €1.1m
of which Land and buildings: -€44,830
- Receivables within one year -€34,009
down €34,009 (-23.4%), from €145,039 to €111,030
of which Trade receivables: -€34,004
- Reserves +€224,824
up €224,824 (+57.6%), from €389,990 to €614,815
of which Distributable reserves: +€224,824
- Short-term financial debts -€40,512
down €40,512 (-99.9%), from €40,561 to €49
- Current portion of long-term debt -€33,325
down €33,325 (-26.3%), from €126,570 to €93,245
- Debts after one year -€31,386
down €31,386 (-3.8%), from €836,560 to €805,174
of which Financial debts: -€66,486
- Accrued charges and deferred income +€22,614
up €22,614 (+923.0%), from €2,450 to €25,064
- Gross operating margin +€153,849
up €153,849 (+10.2%), from €1.5m to €1.7m
- Staff costs +€64,140
up €64,140 (+5.4%), from €1.2m to €1.3m
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,925,150 | €2,071,013 | +€145,863 | +7.6% |
| Fixed assets | 21/28 | €1,174,018 | €1,121,521 | -€52,497 | -4.5% |
| Tangible fixed assets | 22/27 | €1,167,720 | €1,116,805 | -€50,915 | -4.4% |
| Land and buildings | 22 | €987,512 | €942,682 | -€44,830 | -4.5% |
| Plant, machinery and equipment | 23 | €118,102 | €75,908 | -€42,193 | -35.7% |
| Furniture and vehicles | 24 | €41,465 | €66,292 | +€24,827 | +59.9% |
| Other tangible fixed assets | 26 | €20,641 | €31,923 | +€11,281 | +54.7% |
| Financial fixed assets | 28 | €6,299 | €4,716 | -€1,582 | -25.1% |
| Current assets | 29/58 | €751,132 | €949,492 | +€198,360 | +26.4% |
| Stocks and contracts in progress | 3 | €19,596 | €20,455 | +€859 | +4.4% |
| Stocks | 30/36 | €19,596 | €20,455 | +€859 | +4.4% |
| Amounts receivable within one year | 40/41 | €145,039 | €111,030 | -€34,009 | -23.4% |
| Trade receivables | 40 | €145,033 | €111,030 | -€34,004 | -23.4% |
| Other amounts receivable | 41 | €6 | - | -€6 | |
| Current investments | 50/53 | €66,448 | €66,506 | +€58 | +0.1% |
| Cash at bank and in hand | 54/58 | €473,845 | €691,577 | +€217,732 | +46.0% |
| Deferred charges and accrued income | 490/1 | €46,205 | €59,925 | +€13,720 | +29.7% |
| Total equity and liabilities | 10/49 | €1,925,150 | €2,071,013 | +€145,863 | +7.6% |
| Equity | 10/15 | €592,339 | €804,235 | +€211,896 | +35.8% |
| Contributions | 10/11 | €80,592 | €80,592 | = | 0.0% |
| Reserves | 13 | €389,990 | €614,815 | +€224,824 | +57.6% |
| Tax-exempt reserves | 132 | €6,940 | €6,940 | = | 0.0% |
| Distributable reserves | 133 | €383,050 | €607,875 | +€224,824 | +58.7% |
| Investment grants | 15 | €121,757 | €108,828 | -€12,929 | -10.6% |
| Amounts payable | 17/49 | €1,332,811 | €1,266,779 | -€66,033 | -5.0% |
| Amounts payable after more than one year | 17 | €836,560 | €805,174 | -€31,386 | -3.8% |
| Financial debts | 170/4 | €836,560 | €770,074 | -€66,486 | -7.9% |
| Other amounts payable | 178/9 | - | €35,100 | +€35,100 | |
| Amounts payable within one year | 42/48 | €493,801 | €436,540 | -€57,261 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €126,570 | €93,245 | -€33,325 | -26.3% |
| Financial debts | 43 | €40,561 | €49 | -€40,512 | -99.9% |
| Credit institutions | 430/8 | €40,561 | €49 | -€40,512 | -99.9% |
| Trade debts | 44 | €142,658 | €150,363 | +€7,705 | +5.4% |
| Suppliers | 440/4 | €142,658 | €150,363 | +€7,705 | +5.4% |
| Taxes, remuneration and social security | 45 | €184,013 | €192,884 | +€8,871 | +4.8% |
| Taxes | 450/3 | €52,659 | €46,531 | -€6,128 | -11.6% |
| Remuneration and social security | 454/9 | €131,354 | €146,352 | +€14,999 | +11.4% |
| Accrued charges and deferred income | 492/3 | €2,450 | €25,064 | +€22,614 | +923.0% |
| Remuneration, social security and pensions | 62 | €1,193,798 | €1,257,938 | +€64,140 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,050 | €127,562 | -€489 | -0.4% |
| Other operating charges | 640/8 | €18,548 | €18,954 | +€406 | +2.2% |
| Non-recurring operating charges | 66A | - | €12,100 | +€12,100 | |
| Gross operating margin | 9900 | €1,510,005 | €1,663,854 | +€153,849 | +10.2% |
| Operating profit (loss) | 9901 | €169,609 | €247,300 | +€77,691 | +45.8% |
| Financial income | 75/76B | €13,162 | €13,413 | +€251 | +1.9% |
| Recurring financial income | 75 | €13,162 | €13,413 | +€251 | +1.9% |
| Financial charges | 65/66B | €17,155 | €15,217 | -€1,938 | -11.3% |
| Recurring financial charges | 65 | €17,155 | €15,217 | -€1,938 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €165,615 | €245,496 | +€79,881 | +48.2% |
| Transfer from deferred taxes | 780 | €1,750 | - | -€1,750 | |
| Income taxes | 67/77 | €16,180 | €20,671 | +€4,491 | +27.8% |
| Profit (loss) for the period | 9904 | €151,185 | €224,824 | +€73,639 | +48.7% |
| Transfer from tax-exempt reserves | 789 | €7,000 | - | -€7,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €158,185 | €224,824 | +€66,639 | +42.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.