PULS-E: 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.
PULS-E
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€171,509
down €171,509 (-68.9%), from €249,052 to €77,542
mainly Current investments (-€200,000) and Other debts (-€21,994)
- Receivables within one year -€8,576
down €8,576 (-69.5%), from €12,342 to €3,766
of which Trade receivables: -€12,342
- Tangible fixed assets -€7,376
down €7,376 (-43.7%), from €16,881 to €9,505
of which Furniture and vehicles: -€6,753
- Reserves +€36,950
up €36,950 (+18.0%), from €205,750 to €242,700
- Other debts -€21,994
down €21,994 (-38.6%), from €56,948 to €34,955
- Tax, wage and social debts -€4,341
down €4,341 (-48.5%), from €8,952 to €4,611
- Accrued charges and deferred income +€3,310
new in 2025: €3,310
- Gross operating margin -€25,359
down €25,359 (-27.4%), from €92,644 to €67,285
- Taxes -€10,330
down €10,330 (-37.1%), from €27,813 to €17,484
- Financial charges +€5,450
up €5,450 (+1856.7%), from €294 to €5,744
- Financial income -€1,714
down €1,714 (-58.1%), from €2,948 to €1,234
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 | €278,357 | €292,504 | +€14,147 | +5.1% |
| Fixed assets | 21/28 | €16,881 | €9,505 | -€7,376 | -43.7% |
| Tangible fixed assets | 22/27 | €16,881 | €9,505 | -€7,376 | -43.7% |
| Furniture and vehicles | 24 | €11,007 | €4,254 | -€6,753 | -61.4% |
| Other tangible fixed assets | 26 | €5,874 | €5,251 | -€623 | -10.6% |
| Current assets | 29/58 | €261,475 | €282,999 | +€21,524 | +8.2% |
| Amounts receivable within one year | 40/41 | €12,342 | €3,766 | -€8,576 | -69.5% |
| Trade receivables | 40 | €12,342 | - | -€12,342 | |
| Other amounts receivable | 41 | - | €3,766 | +€3,766 | |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €249,052 | €77,542 | -€171,509 | -68.9% |
| Deferred charges and accrued income | 490/1 | €82 | €1,690 | +€1,609 | +1968.4% |
| Total equity and liabilities | 10/49 | €278,357 | €292,504 | +€14,147 | +5.1% |
| Equity | 10/15 | €211,160 | €248,151 | +€36,991 | +17.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €205,750 | €242,700 | +€36,950 | +18.0% |
| Distributable reserves | 133 | €205,750 | €242,700 | +€36,950 | +18.0% |
| Profit (loss) carried forward | 14 | €410 | €451 | +€41 | +9.9% |
| Amounts payable | 17/49 | €67,196 | €44,353 | -€22,843 | -34.0% |
| Amounts payable within one year | 42/48 | €67,196 | €41,043 | -€26,153 | -38.9% |
| Trade debts | 44 | €1,296 | €1,477 | +€182 | +14.0% |
| Suppliers | 440/4 | €1,296 | €1,477 | +€182 | +14.0% |
| Taxes, remuneration and social security | 45 | €8,952 | €4,611 | -€4,341 | -48.5% |
| Taxes | 450/3 | €8,952 | €4,611 | -€4,341 | -48.5% |
| Other amounts payable | 47/48 | €56,948 | €34,955 | -€21,994 | -38.6% |
| Accrued charges and deferred income | 492/3 | - | €3,310 | +€3,310 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,085 | €7,376 | +€291 | +4.1% |
| Other operating charges | 640/8 | €842 | €925 | +€83 | +9.8% |
| Gross operating margin | 9900 | €92,644 | €67,285 | -€25,359 | -27.4% |
| Operating profit (loss) | 9901 | €84,717 | €58,984 | -€25,733 | -30.4% |
| Financial income | 75/76B | €2,948 | €1,234 | -€1,714 | -58.1% |
| Recurring financial income | 75 | €2,948 | €1,234 | -€1,714 | -58.1% |
| Financial charges | 65/66B | €294 | €5,744 | +€5,450 | +1856.7% |
| Recurring financial charges | 65 | €294 | €5,744 | +€5,450 | +1856.7% |
| Profit (loss) for the period before taxes | 9903 | €87,372 | €54,474 | -€32,898 | -37.7% |
| Income taxes | 67/77 | €27,813 | €17,484 | -€10,330 | -37.1% |
| Profit (loss) for the period | 9904 | €59,559 | €36,991 | -€22,568 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,559 | €36,991 | -€22,568 | -37.9% |
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 30 September 2026 via checked.be.