Pulse!: 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.
Pulse!
Largest movements
- Receivables within one year -€277,650
down €277,650 (-41.6%), from €668,035 to €390,385
of which Other amounts receivable: -€191,278
- Trade debts -€228,738
down €228,738 (-66.7%), from €342,805 to €114,067
- Tax, wage and social debts -€59,641
down €59,641 (-32.2%), from €185,243 to €125,602
of which Remuneration and social security: -€43,587
- Reserves +€12,000
up €12,000 (+11.2%), from €107,250 to €119,250
of which Distributable reserves: +€12,000
- Turnover -€170,073
down €170,073 (-7.6%), from €2.2m to €2.1m
- Staff costs -€149,421
down €149,421 (-10.9%), from €1.4m to €1.2m
- Gross operating margin -€148,910
down €148,910 (-10.3%), from €1.4m to €1.3m
- Purchases and services -€27,602
down €27,602 (-3.2%), from €850,530 to €822,928
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 | €697,520 | €421,103 | -€276,417 | -39.6% |
| Fixed assets | 21/28 | €1,167 | - | -€1,167 | |
| Tangible fixed assets | 22/27 | €1,167 | - | -€1,167 | |
| Plant, machinery and equipment | 23 | €1,167 | - | -€1,167 | |
| Current assets | 29/58 | €696,353 | €421,103 | -€275,250 | -39.5% |
| Amounts receivable within one year | 40/41 | €668,035 | €390,385 | -€277,650 | -41.6% |
| Trade receivables | 40 | €278,036 | €191,664 | -€86,372 | -31.1% |
| Other amounts receivable | 41 | €389,999 | €198,721 | -€191,278 | -49.0% |
| Cash at bank and in hand | 54/58 | €9,717 | €9,211 | -€506 | -5.2% |
| Deferred charges and accrued income | 490/1 | €18,601 | €21,507 | +€2,906 | +15.6% |
| Total equity and liabilities | 10/49 | €697,520 | €421,103 | -€276,417 | -39.6% |
| Equity | 10/15 | €169,404 | €181,370 | +€11,966 | +7.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €107,250 | €119,250 | +€12,000 | +11.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,050 | €21,050 | = | 0.0% |
| Distributable reserves | 133 | €80,000 | €92,000 | +€12,000 | +15.0% |
| Profit (loss) carried forward | 14 | €154 | €120 | -€34 | -21.9% |
| Provisions and deferred taxes | 16 | - | €47 | +€47 | |
| Provisions for liabilities and charges | 160/5 | - | €47 | +€47 | |
| Pensions and similar obligations | 160 | - | €47 | +€47 | |
| Amounts payable | 17/49 | €528,116 | €239,685 | -€288,431 | -54.6% |
| Amounts payable within one year | 42/48 | €528,048 | €239,669 | -€288,379 | -54.6% |
| Trade debts | 44 | €342,805 | €114,067 | -€228,738 | -66.7% |
| Suppliers | 440/4 | €342,805 | €114,067 | -€228,738 | -66.7% |
| Taxes, remuneration and social security | 45 | €185,243 | €125,602 | -€59,641 | -32.2% |
| Taxes | 450/3 | €56,788 | €40,733 | -€16,055 | -28.3% |
| Remuneration and social security | 454/9 | €128,455 | €84,869 | -€43,587 | -33.9% |
| Accrued charges and deferred income | 492/3 | €68 | €16 | -€51 | -75.8% |
| Turnover | 70 | €2,237,727 | €2,067,655 | -€170,073 | -7.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €850,530 | €822,928 | -€27,602 | -3.2% |
| Remuneration, social security and pensions | 62 | €1,373,240 | €1,223,818 | -€149,421 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €610 | €180 | -€430 | -70.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €47 | +€47 | |
| Other operating charges | 640/8 | €863 | €697 | -€166 | -19.3% |
| Non-recurring operating charges | 66A | - | €804 | +€804 | |
| Gross operating margin | 9900 | €1,444,211 | €1,295,300 | -€148,910 | -10.3% |
| Operating profit (loss) | 9901 | €69,498 | €69,754 | +€256 | +0.4% |
| Financial income | 75/76B | €2,740 | €2,163 | -€577 | -21.1% |
| Recurring financial income | 75 | €2,567 | €2,163 | -€404 | -15.7% |
| Non-recurring financial income | 76B | €173 | - | -€173 | |
| Financial charges | 65/66B | €22,919 | €28,932 | +€6,013 | +26.2% |
| Recurring financial charges | 65 | €22,919 | €28,932 | +€6,013 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €49,320 | €42,986 | -€6,334 | -12.8% |
| Income taxes | 67/77 | €33,683 | €31,020 | -€2,663 | -7.9% |
| Profit (loss) for the period | 9904 | €15,637 | €11,966 | -€3,671 | -23.5% |
| Transfer to tax-exempt reserves | 689 | €21,050 | - | -€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,413 | €11,966 | +€17,379 |
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.