SolarPulse V: 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 V
Largest movements
- Tangible fixed assets -€459,238
down €459,238 (-14.9%), from €3.1m to €2.6m
- Cash +€158,557
up €158,557 (+22.8%), from €694,103 to €852,660
mainly Depreciation (+€459,238) and Net result for the year (+€332,756)
- Debts after one year -€531,126
down €531,126 (-29.1%), from €1.8m to €1.3m
- Other debts +€156,769
up €156,769 (+99.1%), from €158,231 to €315,000
- Gross operating margin +€209,401
up €209,401 (+26.3%), from €796,618 to €1.0m
- Taxes +€58,669
up €58,669 (+111%), from €52,744 to €111,412
- Financial charges -€23,795
down €23,795 (-18.9%), from €126,198 to €102,403
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 | €3,847,119 | €3,516,063 | -€331,056 | -8.6% |
| Fixed assets | 21/28 | €3,086,907 | €2,627,669 | -€459,238 | -14.9% |
| Tangible fixed assets | 22/27 | €3,086,907 | €2,627,669 | -€459,238 | -14.9% |
| Plant, machinery and equipment | 23 | €3,086,907 | €2,627,669 | -€459,238 | -14.9% |
| Current assets | 29/58 | €760,213 | €888,394 | +€128,182 | +16.9% |
| Amounts receivable within one year | 40/41 | €66,110 | €35,734 | -€30,375 | -45.9% |
| Trade receivables | 40 | €29,223 | €33,478 | +€4,255 | +14.6% |
| Other amounts receivable | 41 | €36,887 | €2,256 | -€34,630 | -93.9% |
| Cash at bank and in hand | 54/58 | €694,103 | €852,660 | +€158,557 | +22.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €3,847,119 | €3,516,063 | -€331,056 | -8.6% |
| Equity | 10/15 | €1,304,636 | €1,322,392 | +€17,756 | +1.4% |
| Contributions | 10/11 | €690,000 | €690,000 | = | 0.0% |
| Capital | 10 | €690,000 | €690,000 | = | 0.0% |
| Issued capital | 100 | €690,000 | €690,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €514,636 | €532,392 | +€17,756 | +3.5% |
| Amounts payable | 17/49 | €2,542,483 | €2,193,671 | -€348,812 | -13.7% |
| Amounts payable after more than one year | 17 | €1,822,183 | €1,291,056 | -€531,126 | -29.1% |
| Financial debts | 170/4 | €1,822,183 | €1,291,056 | -€531,126 | -29.1% |
| Amounts payable within one year | 42/48 | €708,691 | €890,679 | +€181,988 | +25.7% |
| Current portion of amounts payable after more than one year | 42 | €506,553 | €531,126 | +€24,573 | +4.9% |
| Trade debts | 44 | €3,636 | €2,921 | -€715 | -19.7% |
| Suppliers | 440/4 | €3,636 | €2,921 | -€715 | -19.7% |
| Taxes, remuneration and social security | 45 | €40,271 | €41,631 | +€1,361 | +3.4% |
| Taxes | 450/3 | €40,271 | €41,631 | +€1,361 | +3.4% |
| Other amounts payable | 47/48 | €158,231 | €315,000 | +€156,769 | +99.1% |
| Accrued charges and deferred income | 492/3 | €11,610 | €11,936 | +€326 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €459,238 | €459,238 | = | 0.0% |
| Other operating charges | 640/8 | €208 | €210 | +€2 | +1.0% |
| Gross operating margin | 9900 | €796,618 | €1,006,019 | +€209,401 | +26.3% |
| Operating profit (loss) | 9901 | €337,172 | €546,571 | +€209,399 | +62.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €126,198 | €102,403 | -€23,795 | -18.9% |
| Recurring financial charges | 65 | €126,198 | €102,403 | -€23,795 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €210,974 | €444,168 | +€233,194 | +111% |
| Income taxes | 67/77 | €52,744 | €111,412 | +€58,669 | +111% |
| Profit (loss) for the period | 9904 | €158,231 | €332,756 | +€174,525 | +110% |
| Profit (loss) for the period to be appropriated | 9905 | €158,231 | €332,756 | +€174,525 | +110% |
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 24 October 2026 via checked.be.