PULSO: 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.
PULSO
Largest movements
- Receivables within one year -€27,335
down €27,335 (-11.1%), from €246,881 to €219,546
of which Trade receivables: -€27,335
- Cash +€17,350
up €17,350 (+191.1%), from €9,079 to €26,429
mainly Advances received (+€49,691) and Receivables within one year (+€27,335)
- Tangible fixed assets -€12,586
down €12,586 (-35.1%), from €35,901 to €23,315
of which Plant, machinery and equipment: -€10,691
- Stocks and contracts +€6,956
up €6,956 (+11.5%), from €60,279 to €67,235
- Trade debts -€77,811
down €77,811 (-30.2%), from €257,723 to €179,912
- Advances received +€49,691
up €49,691 (+27.0%), from €184,038 to €233,729
- Accrued charges and deferred income +€15,458
up €15,458 (+60.8%), from €25,438 to €40,896
- Debts after one year -€9,259
down €9,259 (-9.6%), from €96,311 to €87,052
- Other debts +€9,000
up €9,000 (+23.9%), from €37,596 to €46,596
- Gross operating margin +€62,779
up €62,779 (+73.4%), from €85,570 to €148,348
- Other operating charges -€5,015
down €5,015 (-30.1%), from €16,668 to €11,653
- Financial charges +€3,741
up €3,741 (+114.4%), from €3,270 to €7,011
of which Financial charges: +€3,741
- Staff costs -€2,882
down €2,882 (-2.4%), from €122,597 to €119,715
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 | €358,676 | €343,265 | -€15,411 | -4.3% |
| Fixed assets | 21/28 | €38,133 | €25,047 | -€13,086 | -34.3% |
| Intangible fixed assets | 21 | €2,132 | €1,632 | -€500 | -23.4% |
| Tangible fixed assets | 22/27 | €35,901 | €23,315 | -€12,586 | -35.1% |
| Plant, machinery and equipment | 23 | €30,282 | €19,591 | -€10,691 | -35.3% |
| Furniture and vehicles | 24 | €5,619 | €3,724 | -€1,895 | -33.7% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €320,543 | €318,218 | -€2,326 | -0.7% |
| Stocks and contracts in progress | 3 | €60,279 | €67,235 | +€6,956 | +11.5% |
| Stocks | 30/36 | €60,279 | €67,235 | +€6,956 | +11.5% |
| Amounts receivable within one year | 40/41 | €246,881 | €219,546 | -€27,335 | -11.1% |
| Trade receivables | 40 | €246,881 | €219,546 | -€27,335 | -11.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €9,079 | €26,429 | +€17,350 | +191.1% |
| Deferred charges and accrued income | 490/1 | €4,305 | €5,009 | +€703 | +16.3% |
| Total equity and liabilities | 10/49 | €358,676 | €343,265 | -€15,411 | -4.3% |
| Equity | 10/15 | -€308,504 | -€311,238 | -€2,734 | -0.9% |
| Contributions | 10/11 | €206,280 | €206,280 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€514,783 | -€517,517 | -€2,734 | -0.5% |
| Amounts payable | 17/49 | €667,180 | €654,502 | -€12,677 | -1.9% |
| Amounts payable after more than one year | 17 | €96,311 | €87,052 | -€9,259 | -9.6% |
| Financial debts | 170/4 | €96,311 | €87,052 | -€9,259 | -9.6% |
| Amounts payable within one year | 42/48 | €545,431 | €526,555 | -€18,877 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €8,872 | €9,259 | +€387 | +4.4% |
| Trade debts | 44 | €257,723 | €179,912 | -€77,811 | -30.2% |
| Suppliers | 440/4 | €257,723 | €179,912 | -€77,811 | -30.2% |
| Advances received on contracts in progress | 46 | €184,038 | €233,729 | +€49,691 | +27.0% |
| Taxes, remuneration and social security | 45 | €57,202 | €57,058 | -€144 | -0.3% |
| Taxes | 450/3 | €22,812 | €27,366 | +€4,554 | +20.0% |
| Remuneration and social security | 454/9 | €34,390 | €29,692 | -€4,698 | -13.7% |
| Other amounts payable | 47/48 | €37,596 | €46,596 | +€9,000 | +23.9% |
| Accrued charges and deferred income | 492/3 | €25,438 | €40,896 | +€15,458 | +60.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €122,597 | €119,715 | -€2,882 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,018 | €13,086 | +€68 | +0.5% |
| Other operating charges | 640/8 | €16,668 | €11,653 | -€5,015 | -30.1% |
| Gross operating margin | 9900 | €85,570 | €148,348 | +€62,779 | +73.4% |
| Operating profit (loss) | 9901 | -€66,713 | €3,894 | +€70,607 | |
| Financial income | 75/76B | €194 | €776 | +€582 | +300.8% |
| Recurring financial income | 75 | €194 | €776 | +€582 | +300.8% |
| Financial charges | 65/66B | €3,270 | €7,011 | +€3,741 | +114.4% |
| Recurring financial charges | 65 | €3,270 | €7,011 | +€3,741 | +114.4% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€69,790 | -€2,341 | +€67,448 | +96.6% |
| Income taxes | 67/77 | €300 | €393 | +€93 | +30.8% |
| Profit (loss) for the period | 9904 | -€70,090 | -€2,734 | +€67,356 | +96.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€70,090 | -€2,734 | +€67,356 | +96.1% |
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 11 October 2026 via checked.be.