PULSAR - IT: 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.
PULSAR - IT
Largest movements
- Intangible fixed assets +€136,289
up €136,289 (+25.3%), from €538,371 to €674,660
- Deferred charges and accrued income +€73,476
up €73,476 (+995%), from €7,382 to €80,858
- Receivables within one year +€46,094
up €46,094 (+32.1%), from €143,633 to €189,727
of which Trade receivables: +€34,728
- Cash -€30,834
down €30,834 (-21.7%), from €141,951 to €111,117
mainly Debts after one year (-€1.4m) and Net result for the year (-€694,790)
- Debts after one year -€1.4m
down €1.4m (-100%), from €1.4m to €0
- Contributions +€862,100
up €862,100 (+2,324%), from €37,100 to €899,200
- Profit (loss) carried forward +€443,110
up €443,110 (+38.9%), from -€1.1m to -€694,790
- Trade debts +€241,145
up €241,145 (+145%), from €166,270 to €407,415
- Accrued charges and deferred income +€77,767
up €77,767 (+29.5%), from €263,765 to €341,532
- Turnover +€259,674
up €259,674 (+26.8%), from €967,430 to €1.2m
- Gross operating margin +€170,200
up €170,200 (+35.6%), from -€478,627 to -€308,426
- Depreciation +€124,790
up €124,790 (+62.2%), from €200,679 to €325,468
- Purchases and services +€89,474
up €89,474 (+6.2%), from €1.4m to €1.5m
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.
Derived cash bridge
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 | €833,744 | €1,057,865 | +€224,121 | +26.9% |
| Fixed assets | 21/28 | €540,777 | €676,163 | +€135,386 | +25.0% |
| Intangible fixed assets | 21 | €538,371 | €674,660 | +€136,289 | +25.3% |
| Tangible fixed assets | 22/27 | €2,406 | €1,503 | -€903 | -37.5% |
| Plant, machinery and equipment | 23 | €2,406 | €1,503 | -€903 | -37.5% |
| Current assets | 29/58 | €292,966 | €381,702 | +€88,736 | +30.3% |
| Amounts receivable within one year | 40/41 | €143,633 | €189,727 | +€46,094 | +32.1% |
| Trade receivables | 40 | €131,207 | €165,935 | +€34,728 | +26.5% |
| Other amounts receivable | 41 | €12,426 | €23,792 | +€11,366 | +91.5% |
| Cash at bank and in hand | 54/58 | €141,951 | €111,117 | -€30,834 | -21.7% |
| Deferred charges and accrued income | 490/1 | €7,382 | €80,858 | +€73,476 | +995% |
| Total equity and liabilities | 10/49 | €833,744 | €1,057,865 | +€224,121 | +26.9% |
| Equity | 10/15 | -€996,292 | €308,918 | +€1.3m | |
| Contributions | 10/11 | €37,100 | €899,200 | +€862,100 | +2,324% |
| Reserves | 13 | €104,507 | €104,507 | = | 0.0% |
| Distributable reserves | 133 | €104,507 | €104,507 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,137,900 | -€694,790 | +€443,110 | +38.9% |
| Amounts payable | 17/49 | €1,830,036 | €748,947 | -€1.1m | -59.1% |
| Amounts payable after more than one year | 17 | €1,400,000 | €0 | -€1.4m | -100% |
| Financial debts | 170/4 | €1,400,000 | €0 | -€1.4m | -100% |
| Amounts payable within one year | 42/48 | €166,270 | €407,415 | +€241,145 | +145% |
| Trade debts | 44 | €166,270 | €407,415 | +€241,145 | +145% |
| Suppliers | 440/4 | €166,270 | €407,415 | +€241,145 | +145% |
| Accrued charges and deferred income | 492/3 | €263,765 | €341,532 | +€77,767 | +29.5% |
| Turnover | 70 | €967,430 | €1,227,104 | +€259,674 | +26.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,446,057 | €1,535,530 | +€89,474 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200,679 | €325,468 | +€124,790 | +62.2% |
| Other operating charges | 640/8 | €387 | €511 | +€124 | +32.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€478,627 | -€308,426 | +€170,200 | +35.6% |
| Operating profit (loss) | 9901 | -€679,693 | -€634,406 | +€45,287 | +6.7% |
| Financial income | 75/76B | €0 | €6 | +€5 | +1,146% |
| Recurring financial income | 75 | €0 | €6 | +€5 | +1,146% |
| Financial charges | 65/66B | €55,100 | €60,390 | +€5,290 | +9.6% |
| Recurring financial charges | 65 | €55,100 | €60,390 | +€5,290 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | -€734,792 | -€694,790 | +€40,002 | +5.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€734,792 | -€694,790 | +€40,002 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€734,792 | -€694,790 | +€40,002 | +5.4% |
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 14 October 2026 via checked.be.