PULSE INVEST: 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.
PULSE INVEST
Largest movements
- Tangible fixed assets -€48,392
down €48,392 (-5.2%), from €930,901 to €882,509
of which Land and buildings: -€48,241
- Receivables within one year -€43,519
down €43,519 (-96.9%), from €44,933 to €1,414
of which Trade receivables: -€32,002
- Cash +€13,086
up €13,086 (+522%), from €2,507 to €15,592
mainly Depreciation (+€48,392) and Receivables within one year (+€43,519)
- Debts after one year -€92,606
down €92,606 (-66.5%), from €139,259 to €46,653
- Other debts +€42,716
up €42,716 (+6.6%), from €643,403 to €686,118
- Trade debts -€32,844
down €32,844 (-46.9%), from €70,093 to €37,249
- Gross operating margin +€10,087
up €10,087 (+20.0%), from €50,311 to €60,397
- Depreciation +€6,056
up €6,056 (+14.3%), from €42,336 to €48,392
- Financial income +€1,082
up €1,082 (+55,227%), from €2 to €1,084
- Financial charges -€872
down €872 (-28.4%), from €3,066 to €2,195
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 | €978,340 | €899,516 | -€78,825 | -8.1% |
| Fixed assets | 21/28 | €930,901 | €882,509 | -€48,392 | -5.2% |
| Tangible fixed assets | 22/27 | €930,901 | €882,509 | -€48,392 | -5.2% |
| Land and buildings | 22 | €930,684 | €882,443 | -€48,241 | -5.2% |
| Plant, machinery and equipment | 23 | €217 | €66 | -€150 | -69.4% |
| Current assets | 29/58 | €47,440 | €17,006 | -€30,433 | -64.2% |
| Amounts receivable within one year | 40/41 | €44,933 | €1,414 | -€43,519 | -96.9% |
| Trade receivables | 40 | €32,824 | €822 | -€32,002 | -97.5% |
| Other amounts receivable | 41 | €12,110 | €593 | -€11,517 | -95.1% |
| Cash at bank and in hand | 54/58 | €2,507 | €15,592 | +€13,086 | +522% |
| Total equity and liabilities | 10/49 | €978,340 | €899,516 | -€78,825 | -8.1% |
| Equity | 10/15 | €33,904 | €35,987 | +€2,083 | +6.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €28,017 | €28,017 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €26,157 | €26,157 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€313 | €1,770 | +€2,083 | |
| Amounts payable | 17/49 | €944,436 | €863,528 | -€80,908 | -8.6% |
| Amounts payable after more than one year | 17 | €139,259 | €46,653 | -€92,606 | -66.5% |
| Financial debts | 170/4 | €139,259 | €46,653 | -€92,606 | -66.5% |
| Amounts payable within one year | 42/48 | €805,177 | €816,875 | +€11,698 | +1.5% |
| Financial debts | 43 | €91,682 | €92,606 | +€925 | +1.0% |
| Credit institutions | 430/8 | €91,682 | €92,606 | +€925 | +1.0% |
| Trade debts | 44 | €70,093 | €37,249 | -€32,844 | -46.9% |
| Suppliers | 440/4 | €70,093 | €37,249 | -€32,844 | -46.9% |
| Taxes, remuneration and social security | 45 | - | €902 | +€902 | |
| Taxes | 450/3 | - | €902 | +€902 | |
| Other amounts payable | 47/48 | €643,403 | €686,118 | +€42,716 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,336 | €48,392 | +€6,056 | +14.3% |
| Other operating charges | 640/8 | €8,547 | €8,765 | +€218 | +2.5% |
| Gross operating margin | 9900 | €50,311 | €60,397 | +€10,087 | +20.0% |
| Operating profit (loss) | 9901 | -€573 | €3,241 | +€3,814 | |
| Financial income | 75/76B | €2 | €1,084 | +€1,082 | +55,227% |
| Recurring financial income | 75 | €2 | €1,084 | +€1,082 | +55,227% |
| Financial charges | 65/66B | €3,066 | €2,195 | -€872 | -28.4% |
| Recurring financial charges | 65 | €3,066 | €2,195 | -€872 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | -€3,637 | €2,130 | +€5,768 | |
| Income taxes | 67/77 | - | €47 | +€47 | |
| Profit (loss) for the period | 9904 | -€3,637 | €2,083 | +€5,720 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,637 | €2,083 | +€5,720 |
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 29 October 2026 via checked.be.