REDPULSAR: 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.
REDPULSAR
Largest movements
- Tangible fixed assets -€78,803
down €78,803 (-11.9%), from €661,066 to €582,263
of which Furniture and vehicles: -€45,404
- Cash -€10,346
down €10,346 (-22.8%), from €45,375 to €35,029
mainly Debts after one year (-€84,771) and Advances received (-€73,369)
- Debts after one year -€84,771
down €84,771 (-24.3%), from €349,348 to €264,577
- Reserves +€80,000
up €80,000 (+474.5%), from €16,860 to €96,860
of which Distributable reserves: +€80,000
- Advances received -€73,369
no longer reported in 2025 (was €73,369)
- Other debts -€41,959
down €41,959 (-98.2%), from €42,714 to €755
- Tax, wage and social debts +€22,727
up €22,727 (+47.3%), from €48,083 to €70,810
of which Taxes: +€31,053
- Staff costs -€130,024
down €130,024 (-94.1%), from €138,246 to €8,222
- Gross operating margin -€38,458
down €38,458 (-16.4%), from €235,002 to €196,545
- Taxes +€26,766
up €26,766 (+266.9%), from €10,030 to €36,796
- Depreciation -€14,264
down €14,264 (-28.9%), from €49,338 to €35,074
- Financial charges +€11,796
up €11,796 (+110.1%), from €10,709 to €22,506
of which Non-recurring financial charges: +€14,000
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 | €776,416 | €680,132 | -€96,284 | -12.4% |
| Fixed assets | 21/28 | €661,454 | €582,651 | -€78,803 | -11.9% |
| Tangible fixed assets | 22/27 | €661,066 | €582,263 | -€78,803 | -11.9% |
| Land and buildings | 22 | €610,466 | €577,067 | -€33,399 | -5.5% |
| Furniture and vehicles | 24 | €50,600 | €5,196 | -€45,404 | -89.7% |
| Financial fixed assets | 28 | €388 | €388 | = | 0.0% |
| Current assets | 29/58 | €114,962 | €97,481 | -€17,481 | -15.2% |
| Stocks and contracts in progress | 3 | €2,174 | - | -€2,174 | |
| Stocks | 30/36 | €2,174 | - | -€2,174 | |
| Amounts receivable within one year | 40/41 | €66,663 | €61,926 | -€4,737 | -7.1% |
| Trade receivables | 40 | €63,163 | €61,926 | -€1,237 | -2.0% |
| Other amounts receivable | 41 | €3,500 | - | -€3,500 | |
| Cash at bank and in hand | 54/58 | €45,375 | €35,029 | -€10,346 | -22.8% |
| Deferred charges and accrued income | 490/1 | €750 | €526 | -€224 | -29.9% |
| Total equity and liabilities | 10/49 | €776,416 | €680,132 | -€96,284 | -12.4% |
| Equity | 10/15 | €164,324 | €250,312 | +€85,988 | +52.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €16,860 | €96,860 | +€80,000 | +474.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €95,000 | +€80,000 | +533.3% |
| Profit (loss) carried forward | 14 | €128,864 | €134,852 | +€5,988 | +4.6% |
| Amounts payable | 17/49 | €612,092 | €429,820 | -€182,272 | -29.8% |
| Amounts payable after more than one year | 17 | €349,348 | €264,577 | -€84,771 | -24.3% |
| Financial debts | 170/4 | €349,348 | €264,577 | -€84,771 | -24.3% |
| Amounts payable within one year | 42/48 | €262,744 | €165,243 | -€97,501 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | €92,061 | €90,724 | -€1,338 | -1.5% |
| Trade debts | 44 | €6,517 | €2,954 | -€3,562 | -54.7% |
| Suppliers | 440/4 | €6,517 | €2,954 | -€3,562 | -54.7% |
| Advances received on contracts in progress | 46 | €73,369 | - | -€73,369 | |
| Taxes, remuneration and social security | 45 | €48,083 | €70,810 | +€22,727 | +47.3% |
| Taxes | 450/3 | €29,235 | €60,289 | +€31,053 | +106.2% |
| Remuneration and social security | 454/9 | €18,848 | €10,521 | -€8,327 | -44.2% |
| Other amounts payable | 47/48 | €42,714 | €755 | -€41,959 | -98.2% |
| Remuneration, social security and pensions | 62 | €138,246 | €8,222 | -€130,024 | -94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,338 | €35,074 | -€14,264 | -28.9% |
| Other operating charges | 640/8 | €10,574 | €7,298 | -€3,276 | -31.0% |
| Non-recurring operating charges | 66A | - | €661 | +€661 | |
| Gross operating margin | 9900 | €235,002 | €196,545 | -€38,458 | -16.4% |
| Operating profit (loss) | 9901 | €36,844 | €145,289 | +€108,446 | +294.3% |
| Financial income | 75/76B | €27 | - | -€27 | |
| Recurring financial income | 75 | €27 | - | -€27 | |
| Financial charges | 65/66B | €10,709 | €22,506 | +€11,796 | +110.1% |
| Recurring financial charges | 65 | €10,709 | €8,506 | -€2,204 | -20.6% |
| Non-recurring financial charges | 66B | - | €14,000 | +€14,000 | |
| Profit (loss) for the period before taxes | 9903 | €26,162 | €122,784 | +€96,622 | +369.3% |
| Income taxes | 67/77 | €10,030 | €36,796 | +€26,766 | +266.9% |
| Profit (loss) for the period | 9904 | €16,132 | €85,988 | +€69,856 | +433.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,132 | €85,988 | +€69,856 | +433.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.