PULSATIONS: 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.
PULSATIONS
Largest movements
- Tangible fixed assets +€53,035
up €53,035 (+53.9%), from €98,349 to €151,384
of which Other tangible fixed assets: +€50,799
- Receivables within one year +€43,881
up €43,881 (+43.8%), from €100,152 to €144,033
of which Trade receivables: +€44,240
- Intangible fixed assets +€4,204
up €4,204 (+57.1%), from €7,367 to €11,571
- Current portion of long-term debt +€58,885
up €58,885 (+357.2%), from €16,483 to €75,368
- Reserves +€48,430
up €48,430 (+221.0%), from €21,914 to €70,344
- Tax, wage and social debts +€18,660
up €18,660 (+166.0%), from €11,240 to €29,900
of which Taxes: +€12,463
- Debts after one year -€17,368
down €17,368 (-32.7%), from €53,057 to €35,689
- Trade debts +€9,312
up €9,312 (+21.7%), from €42,975 to €52,287
- Gross operating margin +€74,232
up €74,232 (+173.8%), from €42,714 to €116,946
- Staff costs +€12,649
new in 2025: €12,649
- Taxes +€12,325
up €12,325 (+405.6%), from €3,039 to €15,364
- Depreciation +€10,084
up €10,084 (+57.1%), from €17,645 to €27,729
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 | €208,600 | €311,846 | +€103,246 | +49.5% |
| Fixed assets | 21/28 | €105,797 | €163,201 | +€57,404 | +54.3% |
| Intangible fixed assets | 21 | €7,367 | €11,571 | +€4,204 | +57.1% |
| Tangible fixed assets | 22/27 | €98,349 | €151,384 | +€53,035 | +53.9% |
| Plant, machinery and equipment | 23 | €72,776 | €73,664 | +€888 | +1.2% |
| Furniture and vehicles | 24 | €11,531 | €17,115 | +€5,584 | +48.4% |
| Leasing and similar rights | 25 | €14,042 | €9,806 | -€4,236 | -30.2% |
| Other tangible fixed assets | 26 | - | €50,799 | +€50,799 | |
| Financial fixed assets | 28 | €81 | €246 | +€165 | +203.7% |
| Current assets | 29/58 | €102,803 | €148,645 | +€45,842 | +44.6% |
| Amounts receivable within one year | 40/41 | €100,152 | €144,033 | +€43,881 | +43.8% |
| Trade receivables | 40 | €99,793 | €144,033 | +€44,240 | +44.3% |
| Other amounts receivable | 41 | €359 | - | -€359 | |
| Cash at bank and in hand | 54/58 | €469 | €2,183 | +€1,714 | +365.5% |
| Deferred charges and accrued income | 490/1 | €2,182 | €2,429 | +€247 | +11.3% |
| Total equity and liabilities | 10/49 | €208,600 | €311,846 | +€103,246 | +49.5% |
| Equity | 10/15 | €26,914 | €75,344 | +€48,430 | +179.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €21,914 | €70,344 | +€48,430 | +221.0% |
| Distributable reserves | 133 | €21,914 | €70,344 | +€48,430 | +221.0% |
| Amounts payable | 17/49 | €181,686 | €236,502 | +€54,816 | +30.2% |
| Amounts payable after more than one year | 17 | €53,057 | €35,689 | -€17,368 | -32.7% |
| Financial debts | 170/4 | €53,057 | €35,689 | -€17,368 | -32.7% |
| Amounts payable within one year | 42/48 | €123,401 | €200,813 | +€77,412 | +62.7% |
| Current portion of amounts payable after more than one year | 42 | €16,483 | €75,368 | +€58,885 | +357.2% |
| Financial debts | 43 | €48,398 | €43,000 | -€5,398 | -11.2% |
| Credit institutions | 430/8 | €48,398 | €43,000 | -€5,398 | -11.2% |
| Trade debts | 44 | €42,975 | €52,287 | +€9,312 | +21.7% |
| Suppliers | 440/4 | €42,975 | €52,287 | +€9,312 | +21.7% |
| Taxes, remuneration and social security | 45 | €11,240 | €29,900 | +€18,660 | +166.0% |
| Taxes | 450/3 | €11,240 | €23,703 | +€12,463 | +110.9% |
| Remuneration and social security | 454/9 | - | €6,197 | +€6,197 | |
| Other amounts payable | 47/48 | €4,305 | €258 | -€4,047 | -94.0% |
| Accrued charges and deferred income | 492/3 | €5,228 | - | -€5,228 | |
| Remuneration, social security and pensions | 62 | - | €12,649 | +€12,649 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,645 | €27,729 | +€10,084 | +57.1% |
| Other operating charges | 640/8 | €2,164 | €1,346 | -€818 | -37.8% |
| Non-recurring operating charges | 66A | €330 | €404 | +€74 | +22.4% |
| Gross operating margin | 9900 | €42,714 | €116,946 | +€74,232 | +173.8% |
| Operating profit (loss) | 9901 | €22,575 | €74,818 | +€52,243 | +231.4% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €10,650 | €11,027 | +€377 | +3.5% |
| Recurring financial charges | 65 | €10,650 | €11,027 | +€377 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €11,925 | €63,794 | +€51,869 | +435.0% |
| Income taxes | 67/77 | €3,039 | €15,364 | +€12,325 | +405.6% |
| Profit (loss) for the period | 9904 | €8,886 | €48,430 | +€39,544 | +445.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,886 | €48,430 | +€39,544 | +445.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.