Pulsar Power: 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 Power
Largest movements
- Receivables within one year -€503,458
down €503,458 (-76.4%), from €659,018 to €155,560
of which Other amounts receivable: -€367,705
- Tangible fixed assets +€473,759
up €473,759 (+2,744%), from €17,267 to €491,025
of which Assets under construction and advance payments: +€484,935
- Intangible fixed assets -€153,664
down €153,664 (-47.6%), from €322,708 to €169,045
- Debts after one year -€1.0m
down €1.0m (-83.9%), from €1.2m to €197,379
- Contributions +€1.0m
up €1.0m (+356%), from €281,000 to €1.3m
- Profit (loss) carried forward -€577,893
down €577,893 (-57.6%), from -€1.0m to -€1.6m
- Other debts +€423,192
up €423,192, from €0 to €423,192
- Short-term financial debts -€250,000
down €250,000 (-100%), from €250,000 to €0
- Gross operating margin -€439,815
down €439,815, from €239,386 to -€200,429
- Staff costs -€302,656
down €302,656 (-79.0%), from €383,015 to €80,360
- Financial income -€20,355
down €20,355 (-94.7%), from €21,504 to €1,149
- Financial charges -€12,871
down €12,871 (-20.3%), from €63,326 to €50,455
- Depreciation -€5,193
down €5,193 (-3.1%), from €167,846 to €162,653
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 | €1,048,986 | €852,392 | -€196,594 | -18.7% |
| Fixed assets | 21/28 | €352,513 | €672,608 | +€320,095 | +90.8% |
| Intangible fixed assets | 21 | €322,708 | €169,045 | -€153,664 | -47.6% |
| Tangible fixed assets | 22/27 | €17,267 | €491,025 | +€473,759 | +2,744% |
| Plant, machinery and equipment | 23 | €9,801 | €6,091 | -€3,710 | -37.9% |
| Furniture and vehicles | 24 | €7,466 | €0 | -€7,466 | -100% |
| Assets under construction and advance payments | 27 | - | €484,935 | +€484,935 | |
| Financial fixed assets | 28 | €12,538 | €12,538 | = | 0.0% |
| Current assets | 29/58 | €696,473 | €179,784 | -€516,689 | -74.2% |
| Amounts receivable within one year | 40/41 | €659,018 | €155,560 | -€503,458 | -76.4% |
| Trade receivables | 40 | €201,305 | €65,552 | -€135,753 | -67.4% |
| Other amounts receivable | 41 | €457,713 | €90,008 | -€367,705 | -80.3% |
| Cash at bank and in hand | 54/58 | €27,609 | €24,224 | -€3,384 | -12.3% |
| Deferred charges and accrued income | 490/1 | €9,847 | €0 | -€9,847 | -100% |
| Total equity and liabilities | 10/49 | €1,048,986 | €852,392 | -€196,594 | -18.7% |
| Equity | 10/15 | -€722,443 | -€300,336 | +€422,107 | +58.4% |
| Contributions | 10/11 | €281,000 | €1,281,000 | +€1.0m | +356% |
| Profit (loss) carried forward | 14 | -€1,003,443 | -€1,581,336 | -€577,893 | -57.6% |
| Amounts payable | 17/49 | €1,771,428 | €1,152,728 | -€618,701 | -34.9% |
| Amounts payable after more than one year | 17 | €1,224,832 | €197,379 | -€1.0m | -83.9% |
| Financial debts | 170/4 | €1,224,832 | €197,379 | -€1.0m | -83.9% |
| Amounts payable within one year | 42/48 | €541,218 | €955,348 | +€414,130 | +76.5% |
| Current portion of amounts payable after more than one year | 42 | €56,886 | €126,389 | +€69,503 | +122% |
| Financial debts | 43 | €250,000 | €0 | -€250,000 | -100% |
| Credit institutions | 430/8 | €250,000 | €0 | -€250,000 | -100% |
| Trade debts | 44 | €198,282 | €379,215 | +€180,932 | +91.2% |
| Suppliers | 440/4 | €198,282 | €379,215 | +€180,932 | +91.2% |
| Taxes, remuneration and social security | 45 | €36,050 | €26,553 | -€9,497 | -26.3% |
| Taxes | 450/3 | €1,916 | €17,056 | +€15,139 | +790% |
| Remuneration and social security | 454/9 | €34,134 | €9,497 | -€24,637 | -72.2% |
| Other amounts payable | 47/48 | €0 | €423,192 | +€423,192 | |
| Accrued charges and deferred income | 492/3 | €5,378 | €0 | -€5,378 | -100% |
| Remuneration, social security and pensions | 62 | €383,015 | €80,360 | -€302,656 | -79.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,846 | €162,653 | -€5,193 | -3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €7,070 | €3,185 | -€3,884 | -54.9% |
| Non-recurring operating charges | 66A | €715 | €81,768 | +€81,053 | +11,335% |
| Gross operating margin | 9900 | €239,386 | -€200,429 | -€439,815 | |
| Operating profit (loss) | 9901 | -€319,259 | -€528,395 | -€209,136 | -65.5% |
| Financial income | 75/76B | €21,504 | €1,149 | -€20,355 | -94.7% |
| Recurring financial income | 75 | €21,504 | €1,149 | -€20,355 | -94.7% |
| Financial charges | 65/66B | €63,326 | €50,455 | -€12,871 | -20.3% |
| Recurring financial charges | 65 | €63,326 | €50,455 | -€12,871 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | -€361,081 | -€577,702 | -€216,620 | -60.0% |
| Income taxes | 67/77 | €612 | €192 | -€420 | -68.7% |
| Profit (loss) for the period | 9904 | -€361,693 | -€577,893 | -€216,200 | -59.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€361,693 | -€577,893 | -€216,200 | -59.8% |
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 18 October 2026 via checked.be.