PULSUS X: 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.
PULSUS X
Largest movements
- Tangible fixed assets -€31,966
down €31,966 (-10.1%), from €316,671 to €284,705
of which Land and buildings: -€26,364
- Cash +€26,970
up €26,970 (+25.5%), from €105,914 to €132,884
mainly Net result for the year (+€59,647) and Depreciation (+€41,704)
- Receivables within one year +€19,016
up €19,016 (+44.6%), from €42,650 to €61,666
of which Other amounts receivable: +€22,223
- Other debts +€15,153
up €15,153 (+10.3%), from €147,792 to €162,945
- Tax, wage and social debts +€10,539
up €10,539 (+59.9%), from €17,601 to €28,141
- Debts after one year -€9,467
down €9,467 (-9.9%), from €95,687 to €86,220
- Depreciation +€8,835
up €8,835 (+26.9%), from €32,869 to €41,704
- Financial charges +€3,657
up €3,657 (+108.9%), from €3,359 to €7,016
- Gross operating margin -€2,901
down €2,901 (-2.2%), from €130,402 to €127,501
- Taxes -€2,529
down €2,529 (-12.7%), from €19,975 to €17,445
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 | €469,525 | €484,440 | +€14,916 | +3.2% |
| Fixed assets | 21/28 | €316,671 | €284,705 | -€31,966 | -10.1% |
| Tangible fixed assets | 22/27 | €316,671 | €284,705 | -€31,966 | -10.1% |
| Land and buildings | 22 | €278,307 | €251,943 | -€26,364 | -9.5% |
| Plant, machinery and equipment | 23 | €1,588 | €1,392 | -€196 | -12.3% |
| Furniture and vehicles | 24 | €36,776 | €31,370 | -€5,406 | -14.7% |
| Current assets | 29/58 | €152,854 | €199,735 | +€46,882 | +30.7% |
| Amounts receivable within one year | 40/41 | €42,650 | €61,666 | +€19,016 | +44.6% |
| Trade receivables | 40 | €22,264 | €19,058 | -€3,207 | -14.4% |
| Other amounts receivable | 41 | €20,386 | €42,609 | +€22,223 | +109.0% |
| Cash at bank and in hand | 54/58 | €105,914 | €132,884 | +€26,970 | +25.5% |
| Deferred charges and accrued income | 490/1 | €4,289 | €5,185 | +€895 | +20.9% |
| Total equity and liabilities | 10/49 | €469,525 | €484,440 | +€14,916 | +3.2% |
| Equity | 10/15 | €184,161 | €184,161 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €165,561 | €165,561 | = | 0.0% |
| Distributable reserves | 133 | €165,561 | €165,561 | = | 0.0% |
| Amounts payable | 17/49 | €285,363 | €300,279 | +€14,916 | +5.2% |
| Amounts payable after more than one year | 17 | €95,687 | €86,220 | -€9,467 | -9.9% |
| Financial debts | 170/4 | €95,687 | €86,220 | -€9,467 | -9.9% |
| Amounts payable within one year | 42/48 | €189,676 | €214,059 | +€24,383 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €9,352 | €9,467 | +€115 | +1.2% |
| Financial debts | 43 | €13,403 | €12,881 | -€522 | -3.9% |
| Credit institutions | 430/8 | €13,403 | €12,881 | -€522 | -3.9% |
| Trade debts | 44 | €1,528 | €625 | -€902 | -59.1% |
| Suppliers | 440/4 | €1,528 | €625 | -€902 | -59.1% |
| Taxes, remuneration and social security | 45 | €17,601 | €28,141 | +€10,539 | +59.9% |
| Taxes | 450/3 | €17,601 | €28,141 | +€10,539 | +59.9% |
| Other amounts payable | 47/48 | €147,792 | €162,945 | +€15,153 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,869 | €41,704 | +€8,835 | +26.9% |
| Other operating charges | 640/8 | €2,186 | €2,082 | -€104 | -4.8% |
| Gross operating margin | 9900 | €130,402 | €127,501 | -€2,901 | -2.2% |
| Operating profit (loss) | 9901 | €95,347 | €83,715 | -€11,632 | -12.2% |
| Financial income | 75/76B | €3 | €394 | +€391 | +12804.9% |
| Recurring financial income | 75 | €3 | €394 | +€391 | +12804.9% |
| Financial charges | 65/66B | €3,359 | €7,016 | +€3,657 | +108.9% |
| Recurring financial charges | 65 | €3,359 | €7,016 | +€3,657 | +108.9% |
| Profit (loss) for the period before taxes | 9903 | €91,991 | €77,092 | -€14,899 | -16.2% |
| Income taxes | 67/77 | €19,975 | €17,445 | -€2,529 | -12.7% |
| Profit (loss) for the period | 9904 | €72,017 | €59,647 | -€12,369 | -17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €72,017 | €59,647 | -€12,369 | -17.2% |
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 9 October 2026 via checked.be.