Pupa: 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.
Pupa
Largest movements
- Intangible fixed assets -€13,740
down €13,740 (-100.0%), from €13,740 to €0
- Cash -€13,190
down €13,190 (-18.0%), from €73,140 to €59,949
mainly Net result for the year (-€25,971) and Current portion of long-term debt (-€5,834)
- Tangible fixed assets -€6,282
down €6,282 (-22.4%), from €28,084 to €21,802
of which Land and buildings: -€4,411
- Profit (loss) carried forward -€25,971
down €25,971, from €707 to -€25,264
- Current portion of long-term debt -€5,834
down €5,834 (-74.6%), from €7,822 to €1,989
- Tax, wage and social debts +€5,831
up €5,831 (+79.6%), from €7,321 to €13,152
of which Remuneration and social security: +€5,158
- Trade debts -€3,737
down €3,737 (-9.7%), from €38,514 to €34,777
- Debts after one year -€1,989
no longer reported in 2025 (was €1,989)
- Financial charges +€18,480
up €18,480 (+393.8%), from €4,692 to €23,172
of which Non-recurring financial charges: +€13,397
- Staff costs +€10,713
up €10,713 (+24.5%), from €43,662 to €54,375
- Depreciation -€8,603
down €8,603 (-29.6%), from €29,086 to €20,483
- Other operating charges +€3,280
up €3,280 (+445.2%), from €737 to €4,017
- Gross operating margin -€787
down €787 (-1.1%), from €73,905 to €73,118
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 | €167,036 | €135,381 | -€31,655 | -19.0% |
| Fixed assets | 21/28 | €41,824 | €21,802 | -€20,022 | -47.9% |
| Intangible fixed assets | 21 | €13,740 | €0 | -€13,740 | -100.0% |
| Tangible fixed assets | 22/27 | €28,084 | €21,802 | -€6,282 | -22.4% |
| Land and buildings | 22 | €21,661 | €17,250 | -€4,411 | -20.4% |
| Plant, machinery and equipment | 23 | €1,903 | €1,726 | -€177 | -9.3% |
| Furniture and vehicles | 24 | €4,521 | €2,826 | -€1,695 | -37.5% |
| Current assets | 29/58 | €125,213 | €113,580 | -€11,633 | -9.3% |
| Stocks and contracts in progress | 3 | €4,020 | €5,271 | +€1,251 | +31.1% |
| Stocks | 30/36 | €4,020 | €5,271 | +€1,251 | +31.1% |
| Amounts receivable within one year | 40/41 | €43,916 | €44,715 | +€799 | +1.8% |
| Other amounts receivable | 41 | €43,916 | €44,715 | +€799 | +1.8% |
| Cash at bank and in hand | 54/58 | €73,140 | €59,949 | -€13,190 | -18.0% |
| Deferred charges and accrued income | 490/1 | €4,136 | €3,644 | -€493 | -11.9% |
| Total equity and liabilities | 10/49 | €167,036 | €135,381 | -€31,655 | -19.0% |
| Equity | 10/15 | €108,017 | €82,046 | -€25,971 | -24.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €86,850 | €86,850 | = | 0.0% |
| Distributable reserves | 133 | €86,850 | €86,850 | = | 0.0% |
| Profit (loss) carried forward | 14 | €707 | -€25,264 | -€25,971 | |
| Amounts payable | 17/49 | €59,019 | €53,335 | -€5,684 | -9.6% |
| Amounts payable after more than one year | 17 | €1,989 | - | -€1,989 | |
| Financial debts | 170/4 | €1,989 | - | -€1,989 | |
| Amounts payable within one year | 42/48 | €57,031 | €53,335 | -€3,695 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €7,822 | €1,989 | -€5,834 | -74.6% |
| Financial debts | 43 | €3,373 | €3,418 | +€45 | +1.3% |
| Credit institutions | 430/8 | €3,373 | €3,418 | +€45 | +1.3% |
| Trade debts | 44 | €38,514 | €34,777 | -€3,737 | -9.7% |
| Suppliers | 440/4 | €38,514 | €34,777 | -€3,737 | -9.7% |
| Taxes, remuneration and social security | 45 | €7,321 | €13,152 | +€5,831 | +79.6% |
| Taxes | 450/3 | - | €673 | +€673 | |
| Remuneration and social security | 454/9 | €7,321 | €12,479 | +€5,158 | +70.5% |
| Remuneration, social security and pensions | 62 | €43,662 | €54,375 | +€10,713 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,086 | €20,483 | -€8,603 | -29.6% |
| Other operating charges | 640/8 | €737 | €4,017 | +€3,280 | +445.2% |
| Gross operating margin | 9900 | €73,905 | €73,118 | -€787 | -1.1% |
| Operating profit (loss) | 9901 | €420 | -€5,757 | -€6,177 | |
| Financial income | 75/76B | €3,177 | €3,633 | +€455 | +14.3% |
| Recurring financial income | 75 | €3,177 | €3,633 | +€455 | +14.3% |
| Financial charges | 65/66B | €4,692 | €23,172 | +€18,480 | +393.8% |
| Recurring financial charges | 65 | €4,692 | €9,775 | +€5,083 | +108.3% |
| Non-recurring financial charges | 66B | - | €13,397 | +€13,397 | |
| Profit (loss) for the period before taxes | 9903 | -€1,095 | -€25,296 | -€24,201 | -2210.3% |
| Income taxes | 67/77 | -€30 | €674 | +€705 | |
| Profit (loss) for the period | 9904 | -€1,065 | -€25,971 | -€24,906 | -2339.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,065 | -€25,971 | -€24,906 | -2339.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.