SolarPulse II: 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.
What changed
SolarPulse II
NACE 35.110, Production of electricity from non-renewable sources
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€101,976
2024 · €55,860+€46,115
Equity
€122,188
2024 · €127,858-€5,670
Cash
€190,796
2024 · €188,079+€2,717
Balance sheet total
€595,844
2024 · €701,261-€105,417
Largest movements
Assets
- Tangible fixed assets -€102,652
down €102,652 (-20.7%), from €496,826 to €394,174
Equity and liabilities
- Debts after one year -€133,079
down €133,079 (-36.3%), from €366,204 to €233,125
- Other debts +€46,115
up €46,115 (+82.6%), from €55,860 to €101,976
- Accrued charges and deferred income -€19,577
down €19,577 (-97.6%), from €20,057 to €480
Income statement
- Gross operating margin +€55,363
up €55,363 (+27.8%), from €199,089 to €254,452
- Taxes +€15,497
up €15,497 (+82.9%), from €18,703 to €34,200
- Financial charges -€6,250
down €6,250 (-22.4%), from €27,904 to €21,654
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.
Result 2024
€55,860
Gross operating margin
+€55,363
Other operating charges
-€2
Financial income
+€2
Financial charges
+€6,250
Taxes
-€15,497
Result 2025
€101,976
raises the resultlowers the result
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.
From operations
+€236,862
Investment
€0
Financing
-€234,145
Cash 2024
€188,079
From operations (derived)
+€236,862
Net result for the year
+€101,976
Depreciation
+€102,652
Receivables within one year
+€5,482
Trade debts
-€793
Tax, wage and social debts
+€1,006
Other debts
+€46,115
Accrued charges and deferred income
-€19,577
Financing
-€234,145
Debts after one year
-€133,079
Current portion of long-term debt
+€6,580
Contributions, distributions and other
-€107,646
Cash 2025
€190,796
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €701,261 | €595,844 | -€105,417 | -15.0% |
| Fixed assets | 21/28 | €496,826 | €394,174 | -€102,652 | -20.7% |
| Tangible fixed assets | 22/27 | €496,826 | €394,174 | -€102,652 | -20.7% |
| Plant, machinery and equipment | 23 | €496,826 | €394,174 | -€102,652 | -20.7% |
| Current assets | 29/58 | €204,435 | €201,670 | -€2,765 | -1.4% |
| Amounts receivable within one year | 40/41 | €16,357 | €10,875 | -€5,482 | -33.5% |
| Trade receivables | 40 | €8,624 | €9,407 | +€783 | +9.1% |
| Other amounts receivable | 41 | €7,733 | €1,467 | -€6,265 | -81.0% |
| Cash at bank and in hand | 54/58 | €188,079 | €190,796 | +€2,717 | +1.4% |
| Total equity and liabilities | 10/49 | €701,261 | €595,844 | -€105,417 | -15.0% |
| Equity | 10/15 | €127,858 | €122,188 | -€5,670 | -4.4% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Capital | 10 | €90,000 | €90,000 | = | 0.0% |
| Issued capital | 100 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €10,453 | €10,453 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Legal reserve | 130 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €1,453 | €1,453 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €27,405 | €21,735 | -€5,670 | -20.7% |
| Amounts payable | 17/49 | €573,403 | €473,656 | -€99,747 | -17.4% |
| Amounts payable after more than one year | 17 | €366,204 | €233,125 | -€133,079 | -36.3% |
| Financial debts | 170/4 | €366,204 | €233,125 | -€133,079 | -36.3% |
| Amounts payable within one year | 42/48 | €187,142 | €240,051 | +€52,909 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €126,499 | €133,079 | +€6,580 | +5.2% |
| Trade debts | 44 | €793 | €0 | -€793 | -100% |
| Suppliers | 440/4 | €793 | €0 | -€793 | -100% |
| Taxes, remuneration and social security | 45 | €3,990 | €4,997 | +€1,006 | +25.2% |
| Taxes | 450/3 | €3,990 | €4,997 | +€1,006 | +25.2% |
| Other amounts payable | 47/48 | €55,860 | €101,976 | +€46,115 | +82.6% |
| Accrued charges and deferred income | 492/3 | €20,057 | €480 | -€19,577 | -97.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,652 | €102,652 | = | 0.0% |
| Other operating charges | 640/8 | €208 | €210 | +€2 | +1.0% |
| Gross operating margin | 9900 | €199,089 | €254,452 | +€55,363 | +27.8% |
| Operating profit (loss) | 9901 | €96,228 | €151,589 | +€55,361 | +57.5% |
| Financial income | 75/76B | €6,239 | €6,240 | +€2 | 0.0% |
| Recurring financial income | 75 | €6,239 | €6,240 | +€2 | 0.0% |
| Financial charges | 65/66B | €27,904 | €21,654 | -€6,250 | -22.4% |
| Recurring financial charges | 65 | €27,904 | €21,654 | -€6,250 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €74,564 | €136,176 | +€61,612 | +82.6% |
| Income taxes | 67/77 | €18,703 | €34,200 | +€15,497 | +82.9% |
| Profit (loss) for the period | 9904 | €55,860 | €101,976 | +€46,115 | +82.6% |
| Profit (loss) for the period to be appropriated | 9905 | €55,860 | €101,976 | +€46,115 | +82.6% |
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 13 October 2026 via checked.be.