PULPEO: 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.
PULPEO
Largest movements
- Cash -€9,622
down €9,622 (-67.0%), from €14,351 to €4,729
mainly Net result for the year (-€13,771) and Tax, wage and social debts (-€2,202)
- Tangible fixed assets -€3,015
down €3,015 (-50.6%), from €5,963 to €2,948
of which Furniture and vehicles: -€2,693
- Profit (loss) carried forward -€13,771
down €13,771, from €1,193 to -€12,578
- Other debts +€3,470
up €3,470 (+110.0%), from €3,155 to €6,625
- Tax, wage and social debts -€2,202
no longer reported in 2025 (was €2,202)
- Gross operating margin -€12,663
down €12,663, from €2,453 to -€10,210
- Taxes -€470
down €470 (-100.0%), from €470 to €0
- Other operating charges -€288
down €288 (-41.8%), from €687 to €400
- Depreciation -€148
down €148 (-4.7%), from €3,163 to €3,015
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 | €21,102 | €8,412 | -€12,691 | -60.1% |
| Fixed assets | 21/28 | €6,113 | €3,098 | -€3,015 | -49.3% |
| Tangible fixed assets | 22/27 | €5,963 | €2,948 | -€3,015 | -50.6% |
| Plant, machinery and equipment | 23 | €932 | €611 | -€322 | -34.5% |
| Furniture and vehicles | 24 | €5,031 | €2,338 | -€2,693 | -53.5% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €14,990 | €5,313 | -€9,676 | -64.6% |
| Amounts receivable within one year | 40/41 | €638 | €584 | -€54 | -8.4% |
| Trade receivables | 40 | €371 | €413 | +€42 | +11.2% |
| Other amounts receivable | 41 | €267 | €172 | -€95 | -35.7% |
| Cash at bank and in hand | 54/58 | €14,351 | €4,729 | -€9,622 | -67.0% |
| Total equity and liabilities | 10/49 | €21,102 | €8,412 | -€12,691 | -60.1% |
| Equity | 10/15 | €15,557 | €1,786 | -€13,771 | -88.5% |
| Contributions | 10/11 | €14,364 | €14,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,193 | -€12,578 | -€13,771 | |
| Amounts payable | 17/49 | €5,545 | €6,625 | +€1,081 | +19.5% |
| Amounts payable within one year | 42/48 | €5,545 | €6,625 | +€1,081 | +19.5% |
| Financial debts | 43 | €187 | - | -€187 | |
| Credit institutions | 430/8 | €187 | - | -€187 | |
| Taxes, remuneration and social security | 45 | €2,202 | - | -€2,202 | |
| Taxes | 450/3 | €2,202 | - | -€2,202 | |
| Other amounts payable | 47/48 | €3,155 | €6,625 | +€3,470 | +110.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,163 | €3,015 | -€148 | -4.7% |
| Other operating charges | 640/8 | €687 | €400 | -€288 | -41.8% |
| Gross operating margin | 9900 | €2,453 | -€10,210 | -€12,663 | |
| Operating profit (loss) | 9901 | -€1,397 | -€13,625 | -€12,228 | -875.3% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €135 | €150 | +€15 | +10.7% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,532 | -€13,771 | -€12,239 | -798.6% |
| Income taxes | 67/77 | €470 | €0 | -€470 | -100.0% |
| Profit (loss) for the period | 9904 | -€2,003 | -€13,771 | -€11,769 | -587.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,003 | -€13,771 | -€11,769 | -587.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.