PULSAR IMMO: 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 IMMO
Largest movements
- Cash +€128,561
up €128,561 (+663.9%), from €19,363 to €147,924
mainly Other debts (+€149,000) and Current investments (+€120,000)
- Current investments -€120,000
no longer reported in 2025 (was €120,000)
- Tangible fixed assets -€12,216
down €12,216 (-6.2%), from €197,413 to €185,196
of which Land and buildings: -€11,497
- Reserves -€149,736
down €149,736 (-48.8%), from €306,816 to €157,080
- Other debts +€149,000
new in 2025: €149,000
- Gross operating margin -€4,497
down €4,497 (-4.8%), from €94,360 to €89,863
- Financial income +€1,845
new in 2025: €1,845
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 | €338,690 | €338,089 | -€601 | -0.2% |
| Fixed assets | 21/28 | €197,413 | €185,196 | -€12,216 | -6.2% |
| Tangible fixed assets | 22/27 | €197,413 | €185,196 | -€12,216 | -6.2% |
| Land and buildings | 22 | €191,696 | €180,199 | -€11,497 | -6.0% |
| Other tangible fixed assets | 26 | €5,717 | €4,998 | -€719 | -12.6% |
| Current assets | 29/58 | €141,278 | €152,893 | +€11,615 | +8.2% |
| Amounts receivable within one year | 40/41 | €1,474 | €3,124 | +€1,650 | +111.9% |
| Trade receivables | 40 | €627 | €846 | +€219 | +34.9% |
| Other amounts receivable | 41 | €846 | €2,277 | +€1,431 | +169.0% |
| Current investments | 50/53 | €120,000 | - | -€120,000 | |
| Cash at bank and in hand | 54/58 | €19,363 | €147,924 | +€128,561 | +663.9% |
| Deferred charges and accrued income | 490/1 | €441 | €1,845 | +€1,405 | +318.8% |
| Total equity and liabilities | 10/49 | €338,690 | €338,089 | -€601 | -0.2% |
| Equity | 10/15 | €337,368 | €187,632 | -€149,736 | -44.4% |
| Contributions | 10/11 | €30,552 | €30,552 | = | 0.0% |
| Reserves | 13 | €306,816 | €157,080 | -€149,736 | -48.8% |
| Distributable reserves | 133 | €306,816 | €157,080 | -€149,736 | -48.8% |
| Amounts payable | 17/49 | €1,323 | €150,458 | +€149,135 | +11275.3% |
| Amounts payable within one year | 42/48 | €1,168 | €150,368 | +€149,200 | +12770.2% |
| Trade debts | 44 | €1,168 | €1,368 | +€200 | +17.1% |
| Suppliers | 440/4 | €1,168 | €1,368 | +€200 | +17.1% |
| Other amounts payable | 47/48 | - | €149,000 | +€149,000 | |
| Accrued charges and deferred income | 492/3 | €154 | €89 | -€65 | -42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,216 | €12,216 | = | 0.0% |
| Other operating charges | 640/8 | €8,844 | €9,121 | +€277 | +3.1% |
| Gross operating margin | 9900 | €94,360 | €89,863 | -€4,497 | -4.8% |
| Operating profit (loss) | 9901 | €73,299 | €68,525 | -€4,774 | -6.5% |
| Financial income | 75/76B | - | €1,845 | +€1,845 | |
| Recurring financial income | 75 | - | €1,845 | +€1,845 | |
| Financial charges | 65/66B | €531 | €359 | -€172 | -32.4% |
| Recurring financial charges | 65 | €531 | €359 | -€172 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | €72,768 | €70,011 | -€2,757 | -3.8% |
| Income taxes | 67/77 | €23,154 | €22,276 | -€877 | -3.8% |
| Profit (loss) for the period | 9904 | €49,615 | €47,735 | -€1,880 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €49,615 | €47,735 | -€1,880 | -3.8% |
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 3 October 2026 via checked.be.