SolarPulse VII: 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 VII
Largest movements
- Cash -€1.3m
down €1.3m (-56.7%), from €2.3m to €987,654
mainly Investment in fixed assets (net) (-€1.1m) and Debts after one year (-€647,036)
- Tangible fixed assets +€397,507
up €397,507 (+8.8%), from €4.5m to €4.9m
of which Plant, machinery and equipment: +€1.5m
- Receivables within one year -€98,853
down €98,853 (-30.1%), from €328,514 to €229,661
of which Trade receivables: -€61,659
- Debts after one year -€647,036
down €647,036 (-12.5%), from €5.2m to €4.5m
- Trade debts -€451,184
down €451,184 (-86.9%), from €518,957 to €67,773
- Profit (loss) carried forward +€90,418
up €90,418 (+20.7%), from €437,337 to €527,755
- Depreciation +€45,501
up €45,501 (+7.2%), from €627,812 to €673,313
- Services and other goods -€35,915
down €35,915 (-23.4%), from €153,266 to €117,351
- Turnover +€14,495
up €14,495 (+1.2%), from €1.2m to €1.2m
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 | €7,201,815 | €6,159,217 | -€1.0m | -14.5% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €4,517,853 | €4,915,360 | +€397,507 | +8.8% |
| Tangible fixed assets | 22/27 | €4,517,853 | €4,915,360 | +€397,507 | +8.8% |
| Plant, machinery and equipment | 23 | - | €1,462,395 | +€1.5m | |
| Leasing and similar rights | 25 | €4,080,778 | €3,452,966 | -€627,812 | -15.4% |
| Assets under construction and advance payments | 27 | €437,075 | - | -€437,075 | |
| Current assets | 29/58 | €2,683,962 | €1,243,857 | -€1.4m | -53.7% |
| Amounts receivable within one year | 40/41 | €328,514 | €229,661 | -€98,853 | -30.1% |
| Trade receivables | 40 | €115,734 | €54,075 | -€61,659 | -53.3% |
| Other amounts receivable | 41 | €212,780 | €175,586 | -€37,194 | -17.5% |
| Cash at bank and in hand | 54/58 | €2,283,321 | €987,654 | -€1.3m | -56.7% |
| Deferred charges and accrued income | 490/1 | €72,127 | €26,542 | -€45,585 | -63.2% |
| Total equity and liabilities | 10/49 | €7,201,815 | €6,159,217 | -€1.0m | -14.5% |
| Equity | 10/15 | €759,418 | €849,836 | +€90,418 | +11.9% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Capital | 10 | €270,000 | €270,000 | = | 0.0% |
| Issued capital | 100 | €270,000 | €270,000 | = | 0.0% |
| Reserves | 13 | €52,082 | €52,082 | = | 0.0% |
| Non-distributable reserves | 130/1 | €52,082 | €52,082 | = | 0.0% |
| Legal reserve | 130 | €52,082 | €52,082 | = | 0.0% |
| Profit (loss) carried forward | 14 | €437,337 | €527,755 | +€90,418 | +20.7% |
| Amounts payable | 17/49 | €6,442,397 | €5,309,381 | -€1.1m | -17.6% |
| Amounts payable after more than one year | 17 | €5,180,288 | €4,533,253 | -€647,036 | -12.5% |
| Financial debts | 170/4 | €5,180,288 | €4,533,253 | -€647,036 | -12.5% |
| Subordinated loans | 170 | €1,250,000 | €1,250,000 | = | 0.0% |
| Leasing and similar obligations | 172 | €3,930,288 | €3,283,253 | -€647,036 | -16.5% |
| Amounts payable within one year | 42/48 | €1,262,109 | €760,156 | -€501,953 | -39.8% |
| Current portion of amounts payable after more than one year | 42 | €626,373 | €647,036 | +€20,663 | +3.3% |
| Trade debts | 44 | €518,957 | €67,773 | -€451,184 | -86.9% |
| Suppliers | 440/4 | €518,957 | €67,773 | -€451,184 | -86.9% |
| Taxes, remuneration and social security | 45 | €116,780 | €45,347 | -€71,432 | -61.2% |
| Taxes | 450/3 | €116,780 | €45,347 | -€71,432 | -61.2% |
| Accrued charges and deferred income | 492/3 | - | €15,972 | +€15,972 | |
| Operating income | 70/76A | €1,159,844 | €1,174,339 | +€14,495 | +1.2% |
| Turnover | 70 | €1,159,844 | €1,174,339 | +€14,495 | +1.2% |
| Operating charges | 60/66A | €782,253 | €800,938 | +€18,685 | +2.4% |
| Services and other goods | 61 | €153,266 | €117,351 | -€35,915 | -23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €627,812 | €673,313 | +€45,501 | +7.2% |
| Other operating charges | 640/8 | €1,176 | €10,274 | +€9,099 | +774.0% |
| Operating profit (loss) | 9901 | €377,591 | €373,402 | -€4,189 | -1.1% |
| Financial income | 75/76B | €3,343 | €3,356 | +€13 | +0.4% |
| Recurring financial income | 75 | €3,343 | €3,356 | +€13 | +0.4% |
| Income from current assets | 751 | €3,343 | €3,356 | +€13 | +0.4% |
| Financial charges | 65/66B | €252,052 | €255,318 | +€3,266 | +1.3% |
| Recurring financial charges | 65 | €252,052 | €255,318 | +€3,266 | +1.3% |
| Debt charges | 650 | €252,000 | €255,140 | +€3,140 | +1.2% |
| Other financial charges | 652/9 | €52 | €178 | +€126 | +242.9% |
| Profit (loss) for the period before taxes | 9903 | €128,881 | €121,439 | -€7,442 | -5.8% |
| Income taxes | 67/77 | €33,170 | €31,021 | -€2,149 | -6.5% |
| Taxes | 670/3 | €33,170 | €31,021 | -€2,149 | -6.5% |
| Profit (loss) for the period | 9904 | €95,711 | €90,418 | -€5,293 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €95,711 | €90,418 | -€5,293 | -5.5% |
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 11 October 2026 via checked.be.