SolarPulse III: 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.
SolarPulse III
Largest movements
- Tangible fixed assets -€327,294
down €327,294 (-19.0%), from €1.7m to €1.4m
- Receivables within one year -€25,439
down €25,439 (-48.1%), from €52,884 to €27,445
of which Other amounts receivable: -€30,580
- Debts after one year -€416,572
down €416,572 (-34.0%), from €1.2m to €806,852
- Other debts +€76,314
up €76,314 (+41.9%), from €182,173 to €258,487
- Gross operating margin +€84,759
up €84,759 (+12.7%), from €668,693 to €753,451
- Taxes +€25,438
up €25,438 (+41.9%), from €60,724 to €86,162
- Financial charges -€18,386
down €18,386 (-20.8%), from €88,182 to €69,796
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 | €2,403,158 | €2,073,501 | -€329,658 | -13.7% |
| Fixed assets | 21/28 | €1,726,709 | €1,399,415 | -€327,294 | -19.0% |
| Tangible fixed assets | 22/27 | €1,726,709 | €1,399,415 | -€327,294 | -19.0% |
| Plant, machinery and equipment | 23 | €1,726,709 | €1,399,415 | -€327,294 | -19.0% |
| Current assets | 29/58 | €676,449 | €674,086 | -€2,364 | -0.3% |
| Amounts receivable within one year | 40/41 | €52,884 | €27,445 | -€25,439 | -48.1% |
| Trade receivables | 40 | €16,691 | €21,832 | +€5,141 | +30.8% |
| Other amounts receivable | 41 | €36,193 | €5,613 | -€30,580 | -84.5% |
| Cash at bank and in hand | 54/58 | €612,428 | €635,049 | +€22,621 | +3.7% |
| Deferred charges and accrued income | 490/1 | €11,137 | €11,592 | +€455 | +4.1% |
| Total equity and liabilities | 10/49 | €2,403,158 | €2,073,501 | -€329,658 | -13.7% |
| Equity | 10/15 | €541,421 | €541,421 | = | 0.0% |
| Contributions | 10/11 | €280,511 | €280,511 | = | 0.0% |
| Capital | 10 | €280,511 | €280,511 | = | 0.0% |
| Issued capital | 100 | €280,511 | €280,511 | = | 0.0% |
| Reserves | 13 | €58,051 | €58,051 | = | 0.0% |
| Non-distributable reserves | 130/1 | €58,051 | €58,051 | = | 0.0% |
| Legal reserve | 130 | €58,051 | €58,051 | = | 0.0% |
| Profit (loss) carried forward | 14 | €202,859 | €202,859 | = | 0.0% |
| Amounts payable | 17/49 | €1,861,738 | €1,532,080 | -€329,658 | -17.7% |
| Amounts payable after more than one year | 17 | €1,223,424 | €806,852 | -€416,572 | -34.0% |
| Financial debts | 170/4 | €1,223,424 | €806,852 | -€416,572 | -34.0% |
| Amounts payable within one year | 42/48 | €609,418 | €701,648 | +€92,230 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €397,852 | €416,572 | +€18,720 | +4.7% |
| Trade debts | 44 | €3,092 | €2,355 | -€737 | -23.8% |
| Suppliers | 440/4 | €3,092 | €2,355 | -€737 | -23.8% |
| Taxes, remuneration and social security | 45 | €26,301 | €24,235 | -€2,066 | -7.9% |
| Taxes | 450/3 | €26,301 | €24,235 | -€2,066 | -7.9% |
| Other amounts payable | 47/48 | €182,173 | €258,487 | +€76,314 | +41.9% |
| Accrued charges and deferred income | 492/3 | €28,895 | €23,580 | -€5,316 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €327,294 | €327,294 | = | 0.0% |
| Other operating charges | 640/8 | €11,432 | €11,711 | +€279 | +2.4% |
| Gross operating margin | 9900 | €668,693 | €753,451 | +€84,759 | +12.7% |
| Operating profit (loss) | 9901 | €329,967 | €414,446 | +€84,479 | +25.6% |
| Financial income | 75/76B | €1,113 | €0 | -€1,113 | -100% |
| Recurring financial income | 75 | €1,113 | €0 | -€1,113 | -100% |
| Financial charges | 65/66B | €88,182 | €69,796 | -€18,386 | -20.8% |
| Recurring financial charges | 65 | €88,182 | €69,796 | -€18,386 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | €242,897 | €344,650 | +€101,752 | +41.9% |
| Income taxes | 67/77 | €60,724 | €86,162 | +€25,438 | +41.9% |
| Profit (loss) for the period | 9904 | €182,173 | €258,487 | +€76,314 | +41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €182,173 | €258,487 | +€76,314 | +41.9% |
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 17 October 2026 via checked.be.