PURSUIT: 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.
PURSUIT
Largest movements
- Deferred charges and accrued income +€24,550
up €24,550 (+213%), from €11,506 to €36,056
- Receivables within one year +€18,139
up €18,139 (+54.3%), from €33,410 to €51,549
of which Trade receivables: +€17,564
- Intangible fixed assets -€9,000
down €9,000 (-25.0%), from €36,000 to €27,000
- Stocks and contracts +€7,459
up €7,459 (+37.9%), from €19,687 to €27,146
- Financial fixed assets -€4,450
down €4,450 (-58.6%), from €7,600 to €3,150
- Profit (loss) carried forward +€39,321
up €39,321 (+38.5%), from -€102,144 to -€62,824
- Debts after one year -€20,000
down €20,000 (-11.4%), from €176,000 to €156,000
- Advances received +€13,824
up €13,824 (+53.0%), from €26,068 to €39,891
- Tax, wage and social debts +€7,909
up €7,909 (+46.7%), from €16,939 to €24,847
- Other debts -€2,637
no longer reported in 2025 (was €2,637)
- Gross operating margin +€13,407
up €13,407 (+26.4%), from €50,854 to €64,261
- Other operating charges -€2,062
down €2,062 (-51.3%), from €4,017 to €1,955
- Financial income +€774
up €774 (+254%), from €305 to €1,079
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 | €162,656 | €201,412 | +€38,756 | +23.8% |
| Fixed assets | 21/28 | €51,889 | €39,279 | -€12,610 | -24.3% |
| Intangible fixed assets | 21 | €36,000 | €27,000 | -€9,000 | -25.0% |
| Tangible fixed assets | 22/27 | €8,289 | €9,129 | +€840 | +10.1% |
| Plant, machinery and equipment | 23 | €1,790 | €0 | -€1,790 | -100.0% |
| Furniture and vehicles | 24 | €4,949 | €3,402 | -€1,548 | -31.3% |
| Other tangible fixed assets | 26 | €1,550 | €5,727 | +€4,177 | +270% |
| Financial fixed assets | 28 | €7,600 | €3,150 | -€4,450 | -58.6% |
| Current assets | 29/58 | €110,767 | €162,133 | +€51,366 | +46.4% |
| Stocks and contracts in progress | 3 | €19,687 | €27,146 | +€7,459 | +37.9% |
| Stocks | 30/36 | €19,687 | €27,146 | +€7,459 | +37.9% |
| Amounts receivable within one year | 40/41 | €33,410 | €51,549 | +€18,139 | +54.3% |
| Trade receivables | 40 | €33,410 | €50,974 | +€17,564 | +52.6% |
| Other amounts receivable | 41 | - | €575 | +€575 | |
| Cash at bank and in hand | 54/58 | €46,165 | €47,383 | +€1,218 | +2.6% |
| Deferred charges and accrued income | 490/1 | €11,506 | €36,056 | +€24,550 | +213% |
| Total equity and liabilities | 10/49 | €162,656 | €201,412 | +€38,756 | +23.8% |
| Equity | 10/15 | -€102,044 | -€62,724 | +€39,321 | +38.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,144 | -€62,824 | +€39,321 | +38.5% |
| Amounts payable | 17/49 | €264,700 | €264,135 | -€565 | -0.2% |
| Amounts payable after more than one year | 17 | €176,000 | €156,000 | -€20,000 | -11.4% |
| Financial debts | 170/4 | €176,000 | €156,000 | -€20,000 | -11.4% |
| Amounts payable within one year | 42/48 | €88,700 | €108,136 | +€19,436 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €23,057 | €23,397 | +€340 | +1.5% |
| Suppliers | 440/4 | €23,057 | €23,397 | +€340 | +1.5% |
| Advances received on contracts in progress | 46 | €26,068 | €39,891 | +€13,824 | +53.0% |
| Taxes, remuneration and social security | 45 | €16,939 | €24,847 | +€7,909 | +46.7% |
| Taxes | 450/3 | €16,939 | €24,847 | +€7,909 | +46.7% |
| Other amounts payable | 47/48 | €2,637 | - | -€2,637 | |
| Non-recurring operating income | 76A | - | €174 | +€174 | |
| Remuneration, social security and pensions | 62 | €33 | - | -€33 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,352 | €14,948 | +€596 | +4.2% |
| Other operating charges | 640/8 | €4,017 | €1,955 | -€2,062 | -51.3% |
| Non-recurring operating charges | 66A | €4,820 | €384 | -€4,436 | -92.0% |
| Gross operating margin | 9900 | €50,854 | €64,261 | +€13,407 | +26.4% |
| Operating profit (loss) | 9901 | €27,631 | €46,973 | +€19,342 | +70.0% |
| Financial income | 75/76B | €305 | €1,079 | +€774 | +254% |
| Recurring financial income | 75 | €305 | €1,079 | +€774 | +254% |
| Financial charges | 65/66B | €9,045 | €8,731 | -€313 | -3.5% |
| Recurring financial charges | 65 | €9,045 | €8,731 | -€313 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €18,891 | €39,321 | +€20,429 | +108% |
| Profit (loss) for the period | 9904 | €18,891 | €39,321 | +€20,429 | +108% |
| Profit (loss) for the period to be appropriated | 9905 | €18,891 | €39,321 | +€20,429 | +108% |
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 15 October 2026 via checked.be.