PULSAR: 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.
PULSAR
Largest movements
- Tangible fixed assets +€65,956
up €65,956 (+2466.9%), from €2,674 to €68,629
of which Leasing and similar rights: +€59,069
- Receivables within one year +€61,161
up €61,161 (+37.4%), from €163,659 to €224,820
of which Trade receivables: +€65,936
- Deferred charges and accrued income -€47,196
down €47,196 (-41.2%), from €114,588 to €67,391
- Debts after one year +€54,226
new in 2025: €54,226
- Short-term financial debts +€28,634
up €28,634 (+687.0%), from €4,168 to €32,802
- Tax, wage and social debts -€7,807
down €7,807 (-12.9%), from €60,491 to €52,684
of which Remuneration and social security: -€5,351
- Purchases and services -€154,455
down €154,455 (-39.4%), from €392,211 to €237,756
- Gross operating margin +€82,732
up €82,732 (+30.1%), from €274,699 to €357,430
- Turnover -€73,332
down €73,332 (-11.0%), from €664,656 to €591,324
- Staff costs +€50,976
up €50,976 (+20.7%), from €246,570 to €297,546
- Other operating charges +€26,127
up €26,127 (+1860.1%), from €1,405 to €27,531
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 | €283,789 | €363,243 | +€79,455 | +28.0% |
| Fixed assets | 21/28 | €4,205 | €70,161 | +€65,956 | +1568.5% |
| Tangible fixed assets | 22/27 | €2,674 | €68,629 | +€65,956 | +2466.9% |
| Furniture and vehicles | 24 | €2,674 | €9,560 | +€6,886 | +257.6% |
| Leasing and similar rights | 25 | - | €59,069 | +€59,069 | |
| Financial fixed assets | 28 | €1,531 | €1,531 | = | 0.0% |
| Current assets | 29/58 | €279,584 | €293,083 | +€13,499 | +4.8% |
| Amounts receivable within one year | 40/41 | €163,659 | €224,820 | +€61,161 | +37.4% |
| Trade receivables | 40 | €66,525 | €132,461 | +€65,936 | +99.1% |
| Other amounts receivable | 41 | €97,134 | €92,360 | -€4,775 | -4.9% |
| Cash at bank and in hand | 54/58 | €1,337 | €871 | -€466 | -34.8% |
| Deferred charges and accrued income | 490/1 | €114,588 | €67,391 | -€47,196 | -41.2% |
| Total equity and liabilities | 10/49 | €283,789 | €363,243 | +€79,455 | +28.0% |
| Equity | 10/15 | €192,576 | €192,959 | +€383 | +0.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €30,460 | €30,460 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,600 | €28,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €149,716 | €150,099 | +€383 | +0.3% |
| Amounts payable | 17/49 | €91,213 | €170,284 | +€79,072 | +86.7% |
| Amounts payable after more than one year | 17 | - | €54,226 | +€54,226 | |
| Financial debts | 170/4 | - | €54,226 | +€54,226 | |
| Amounts payable within one year | 42/48 | €91,213 | €116,058 | +€24,846 | +27.2% |
| Current portion of amounts payable after more than one year | 42 | €13,540 | €15,697 | +€2,157 | +15.9% |
| Financial debts | 43 | €4,168 | €32,802 | +€28,634 | +687.0% |
| Credit institutions | 430/8 | €4,168 | €32,802 | +€28,634 | +687.0% |
| Trade debts | 44 | €13,014 | €14,876 | +€1,862 | +14.3% |
| Suppliers | 440/4 | €7,022 | €14,876 | +€7,853 | +111.8% |
| Bills of exchange payable | 441 | €5,991 | - | -€5,991 | |
| Taxes, remuneration and social security | 45 | €60,491 | €52,684 | -€7,807 | -12.9% |
| Taxes | 450/3 | €21,636 | €19,179 | -€2,456 | -11.4% |
| Remuneration and social security | 454/9 | €38,855 | €33,505 | -€5,351 | -13.8% |
| Turnover | 70 | €664,656 | €591,324 | -€73,332 | -11.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €392,211 | €237,756 | -€154,455 | -39.4% |
| Remuneration, social security and pensions | 62 | €246,570 | €297,546 | +€50,976 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,567 | €22,870 | +€21,303 | +1359.5% |
| Other operating charges | 640/8 | €1,405 | €27,531 | +€26,127 | +1860.1% |
| Non-recurring operating charges | 66A | - | €241 | +€241 | |
| Gross operating margin | 9900 | €274,699 | €357,430 | +€82,732 | +30.1% |
| Operating profit (loss) | 9901 | €25,157 | €9,242 | -€15,916 | -63.3% |
| Financial income | 75/76B | €3,751 | €5,202 | +€1,451 | +38.7% |
| Recurring financial income | 75 | €3,751 | €5,202 | +€1,451 | +38.7% |
| Financial charges | 65/66B | €1,588 | €5,937 | +€4,349 | +274.0% |
| Recurring financial charges | 65 | €1,588 | €5,937 | +€4,349 | +274.0% |
| Profit (loss) for the period before taxes | 9903 | €27,321 | €8,506 | -€18,815 | -68.9% |
| Income taxes | 67/77 | €6,456 | €8,124 | +€1,668 | +25.8% |
| Profit (loss) for the period | 9904 | €20,865 | €383 | -€20,483 | -98.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,865 | €383 | -€20,483 | -98.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.