Pulsed: what changed
Pulsed
Largest movements
- Receivables within one year +€11,730
up €11,730 (+28.9%), from €40,528 to €52,258
of which Other amounts receivable: +€12,272
- Current investments +€5,445
up €5,445 (+15.6%), from €34,824 to €40,269
- Tangible fixed assets +€5,220
up €5,220 (+2.9%), from €178,437 to €183,657
of which Plant, machinery and equipment: +€9,382
- Other debts +€54,849
up €54,849 (+137%), from €40,075 to €94,923
- Tax, wage and social debts -€13,722
down €13,722 (-50.1%), from €27,410 to €13,688
of which Remuneration and social security: -€13,581
- Debts after one year -€10,100
down €10,100 (-11.8%), from €85,743 to €75,643
- Reserves -€4,556
down €4,556 (-5.7%), from €79,345 to €74,789
- Short-term financial debts +€3,634
up €3,634 (+38.7%), from €9,398 to €13,032
of which Credit institutions: +€3,634
- Staff costs -€35,439
down €35,439 (-100%), from €35,439 to €0
- Gross operating margin -€15,554
down €15,554 (-38.6%), from €40,265 to €24,711
- Financial income -€5,123
down €5,123 (-99.8%), from €5,134 to €10
- Taxes +€3,745
up €3,745 (+88.8%), from €4,219 to €7,964
- Depreciation +€3,003
up €3,003 (+73.7%), from €4,075 to €7,079
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €279,800 | €302,543 | +€22,744 | +8.1% |
| Fixed assets | 21/28 | €178,437 | €183,657 | +€5,220 | +2.9% |
| Tangible fixed assets | 22/27 | €178,437 | €183,657 | +€5,220 | +2.9% |
| Land and buildings | 22 | €110,362 | €105,937 | -€4,425 | -4.0% |
| Plant, machinery and equipment | 23 | €751 | €10,133 | +€9,382 | +1,249% |
| Furniture and vehicles | 24 | €2,573 | €2,837 | +€263 | +10.2% |
| Other tangible fixed assets | 26 | €64,750 | €64,750 | = | 0.0% |
| Current assets | 29/58 | €101,363 | €118,886 | +€17,523 | +17.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €40,528 | €52,258 | +€11,730 | +28.9% |
| Trade receivables | 40 | €23,252 | €22,711 | -€541 | -2.3% |
| Other amounts receivable | 41 | €17,275 | €29,547 | +€12,272 | +71.0% |
| Current investments | 50/53 | €34,824 | €40,269 | +€5,445 | +15.6% |
| Cash at bank and in hand | 54/58 | €20,604 | €19,622 | -€982 | -4.8% |
| Deferred charges and accrued income | 490/1 | €5,408 | €6,738 | +€1,330 | +24.6% |
| Total equity and liabilities | 10/49 | €279,800 | €302,543 | +€22,744 | +8.1% |
| Equity | 10/15 | €97,411 | €92,856 | -€4,556 | -4.7% |
| Contributions | 10/11 | €18,067 | €18,067 | = | 0.0% |
| Reserves | 13 | €79,345 | €74,789 | -€4,556 | -5.7% |
| Distributable reserves | 133 | €79,345 | €74,789 | -€4,556 | -5.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €182,388 | €209,688 | +€27,300 | +15.0% |
| Amounts payable after more than one year | 17 | €85,743 | €75,643 | -€10,100 | -11.8% |
| Financial debts | 170/4 | €85,743 | €75,643 | -€10,100 | -11.8% |
| Amounts payable within one year | 42/48 | €93,260 | €134,044 | +€40,784 | +43.7% |
| Current portion of amounts payable after more than one year | 42 | €10,741 | €10,100 | -€641 | -6.0% |
| Financial debts | 43 | €9,398 | €13,032 | +€3,634 | +38.7% |
| Credit institutions | 430/8 | €9,398 | €13,032 | +€3,634 | +38.7% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €5,636 | €2,301 | -€3,335 | -59.2% |
| Suppliers | 440/4 | €5,636 | €2,301 | -€3,335 | -59.2% |
| Taxes, remuneration and social security | 45 | €27,410 | €13,688 | -€13,722 | -50.1% |
| Taxes | 450/3 | €10,538 | €10,397 | -€141 | -1.3% |
| Remuneration and social security | 454/9 | €16,872 | €3,291 | -€13,581 | -80.5% |
| Other amounts payable | 47/48 | €40,075 | €94,923 | +€54,849 | +137% |
| Accrued charges and deferred income | 492/3 | €3,384 | €0 | -€3,384 | -100% |
| Non-recurring operating income | 76A | €1,596 | €0 | -€1,596 | -100% |
| Remuneration, social security and pensions | 62 | €35,439 | €0 | -€35,439 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,075 | €7,079 | +€3,003 | +73.7% |
| Other operating charges | 640/8 | €2,364 | €2,183 | -€181 | -7.7% |
| Gross operating margin | 9900 | €40,265 | €24,711 | -€15,554 | -38.6% |
| Operating profit (loss) | 9901 | -€1,614 | €15,449 | +€17,064 | |
| Financial income | 75/76B | €5,134 | €10 | -€5,123 | -99.8% |
| Recurring financial income | 75 | €5,134 | €10 | -€5,123 | -99.8% |
| Financial charges | 65/66B | €12,167 | €12,052 | -€115 | -0.9% |
| Recurring financial charges | 65 | €12,167 | €12,052 | -€115 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | -€8,648 | €3,408 | +€12,056 | |
| Income taxes | 67/77 | €4,219 | €7,964 | +€3,745 | +88.8% |
| Profit (loss) for the period | 9904 | -€12,866 | -€4,556 | +€8,311 | +64.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,866 | -€4,556 | +€8,311 | +64.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.