PULS8: 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.
PULS8
Largest movements
- Cash +€27,257
up €27,257 (+13.5%), from €202,360 to €229,617
mainly Net result for the year (+€61,567) and Other debts (+€57,208)
- Receivables within one year +€9,986
up €9,986 (+19.3%), from €51,737 to €61,723
of which Trade receivables: +€7,986
- Other debts +€57,208
up €57,208 (+411.4%), from €13,905 to €71,113
- Reserves -€18,433
down €18,433 (-9.0%), from €203,834 to €185,401
- Gross operating margin +€14,334
up €14,334 (+19.9%), from €72,172 to €86,507
- Depreciation +€1,406
up €1,406 (+63.8%), from €2,205 to €3,612
- Taxes +€912
up €912 (+4.7%), from €19,396 to €20,308
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 | €262,539 | €300,095 | +€37,556 | +14.3% |
| Fixed assets | 21/28 | €8,443 | €8,756 | +€313 | +3.7% |
| Tangible fixed assets | 22/27 | €8,443 | €8,756 | +€313 | +3.7% |
| Furniture and vehicles | 24 | €5,234 | €6,960 | +€1,726 | +33.0% |
| Other tangible fixed assets | 26 | €3,209 | €1,796 | -€1,413 | -44.0% |
| Current assets | 29/58 | €254,096 | €291,339 | +€37,243 | +14.7% |
| Amounts receivable within one year | 40/41 | €51,737 | €61,723 | +€9,986 | +19.3% |
| Trade receivables | 40 | €38,732 | €46,718 | +€7,986 | +20.6% |
| Other amounts receivable | 41 | €13,005 | €15,005 | +€2,000 | +15.4% |
| Cash at bank and in hand | 54/58 | €202,360 | €229,617 | +€27,257 | +13.5% |
| Total equity and liabilities | 10/49 | €262,539 | €300,095 | +€37,556 | +14.3% |
| Equity | 10/15 | €216,234 | €197,801 | -€18,433 | -8.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €203,834 | €185,401 | -€18,433 | -9.0% |
| Distributable reserves | 133 | €203,834 | €185,401 | -€18,433 | -9.0% |
| Amounts payable | 17/49 | €46,305 | €102,294 | +€55,989 | +120.9% |
| Amounts payable within one year | 42/48 | €46,305 | €101,886 | +€55,581 | +120.0% |
| Trade debts | 44 | €2,811 | - | -€2,811 | |
| Suppliers | 440/4 | €2,811 | - | -€2,811 | |
| Taxes, remuneration and social security | 45 | €29,589 | €30,773 | +€1,184 | +4.0% |
| Taxes | 450/3 | €29,589 | €30,773 | +€1,184 | +4.0% |
| Other amounts payable | 47/48 | €13,905 | €71,113 | +€57,208 | +411.4% |
| Accrued charges and deferred income | 492/3 | - | €408 | +€408 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,205 | €3,612 | +€1,406 | +63.8% |
| Other operating charges | 640/8 | €1,014 | €947 | -€66 | -6.5% |
| Gross operating margin | 9900 | €72,172 | €86,507 | +€14,334 | +19.9% |
| Operating profit (loss) | 9901 | €68,953 | €81,948 | +€12,994 | +18.8% |
| Financial charges | 65/66B | €68 | €72 | +€5 | +6.7% |
| Recurring financial charges | 65 | €68 | €72 | +€5 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €68,886 | €81,875 | +€12,990 | +18.9% |
| Income taxes | 67/77 | €19,396 | €20,308 | +€912 | +4.7% |
| Profit (loss) for the period | 9904 | €49,489 | €61,567 | +€12,078 | +24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,489 | €61,567 | +€12,078 | +24.4% |
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.