TULPEN: 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.
TULPEN
Largest movements
- Cash +€34,341
up €34,341 (+20.0%), from €171,414 to €205,754
mainly Net result for the year (+€70,316) and Stocks and contracts (+€10,053)
- Stocks and contracts -€10,053
down €10,053 (-100%), from €10,053 to €0
- Receivables within one year -€7,180
down €7,180 (-80.0%), from €8,980 to €1,800
- Tangible fixed assets -€6,444
down €6,444 (-11.5%), from €56,221 to €49,776
- Reserves +€70,316
up €70,316 (+88.2%), from €79,740 to €150,056
of which Distributable reserves: +€69,666
- Other debts -€33,910
down €33,910 (-75.6%), from €44,883 to €10,973
- Tax, wage and social debts -€11,420
down €11,420 (-34.8%), from €32,840 to €21,420
of which Remuneration and social security: -€9,495
- Trade debts -€6,300
down €6,300 (-31.4%), from €20,095 to €13,795
- Current portion of long-term debt -€3,060
down €3,060 (-74.3%), from €4,120 to €1,060
- Staff costs -€48,371
down €48,371 (-26.1%), from €185,675 to €137,303
- Taxes +€16,963
up €16,963 (+354%), from €4,796 to €21,759
- Gross operating margin -€8,094
down €8,094 (-3.2%), from €250,414 to €242,319
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 | €247,163 | €259,278 | +€12,115 | +4.9% |
| Fixed assets | 21/28 | €56,716 | €50,272 | -€6,444 | -11.4% |
| Tangible fixed assets | 22/27 | €56,221 | €49,776 | -€6,444 | -11.5% |
| Land and buildings | 22 | €37,926 | €37,533 | -€393 | -1.0% |
| Plant, machinery and equipment | 23 | €11,137 | €8,200 | -€2,937 | -26.4% |
| Leasing and similar rights | 25 | €7,158 | €4,044 | -€3,114 | -43.5% |
| Financial fixed assets | 28 | €496 | €496 | = | 0.0% |
| Current assets | 29/58 | €190,446 | €209,006 | +€18,559 | +9.7% |
| Stocks and contracts in progress | 3 | €10,053 | €0 | -€10,053 | -100% |
| Stocks | 30/36 | €10,053 | €0 | -€10,053 | -100% |
| Amounts receivable within one year | 40/41 | €8,980 | €1,800 | -€7,180 | -80.0% |
| Other amounts receivable | 41 | €8,980 | €1,800 | -€7,180 | -80.0% |
| Cash at bank and in hand | 54/58 | €171,414 | €205,754 | +€34,341 | +20.0% |
| Deferred charges and accrued income | 490/1 | - | €1,451 | +€1,451 | |
| Total equity and liabilities | 10/49 | €247,163 | €259,278 | +€12,115 | +4.9% |
| Equity | 10/15 | €141,713 | €212,030 | +€70,316 | +49.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €79,740 | €150,056 | +€70,316 | +88.2% |
| Non-distributable reserves | 130/1 | €5,547 | €6,197 | +€650 | +11.7% |
| Legal reserve | 130 | €5,547 | €6,197 | +€650 | +11.7% |
| Distributable reserves | 133 | €74,193 | €143,859 | +€69,666 | +93.9% |
| Amounts payable | 17/49 | €105,449 | €47,248 | -€58,201 | -55.2% |
| Amounts payable after more than one year | 17 | €1,060 | €0 | -€1,060 | -100% |
| Financial debts | 170/4 | €1,060 | €0 | -€1,060 | -100% |
| Amounts payable within one year | 42/48 | €104,389 | €47,248 | -€57,141 | -54.7% |
| Current portion of amounts payable after more than one year | 42 | €4,120 | €1,060 | -€3,060 | -74.3% |
| Financial debts | 43 | €2,451 | €0 | -€2,451 | -100% |
| Credit institutions | 430/8 | €2,451 | €0 | -€2,451 | -100% |
| Trade debts | 44 | €20,095 | €13,795 | -€6,300 | -31.4% |
| Suppliers | 440/4 | €20,095 | €13,795 | -€6,300 | -31.4% |
| Taxes, remuneration and social security | 45 | €32,840 | €21,420 | -€11,420 | -34.8% |
| Taxes | 450/3 | €11,534 | €9,609 | -€1,925 | -16.7% |
| Remuneration and social security | 454/9 | €21,306 | €11,811 | -€9,495 | -44.6% |
| Other amounts payable | 47/48 | €44,883 | €10,973 | -€33,910 | -75.6% |
| Remuneration, social security and pensions | 62 | €185,675 | €137,303 | -€48,371 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,084 | €6,444 | +€360 | +5.9% |
| Other operating charges | 640/8 | €4,310 | €4,239 | -€70 | -1.6% |
| Non-recurring operating charges | 66A | €113 | €113 | = | 0.0% |
| Gross operating margin | 9900 | €250,414 | €242,319 | -€8,094 | -3.2% |
| Operating profit (loss) | 9901 | €54,232 | €94,219 | +€39,987 | +73.7% |
| Financial income | 75/76B | €4 | €1 | -€4 | -86.4% |
| Recurring financial income | 75 | €4 | €1 | -€4 | -86.4% |
| Financial charges | 65/66B | €1,481 | €2,144 | +€664 | +44.8% |
| Recurring financial charges | 65 | €1,481 | €2,144 | +€664 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €52,756 | €92,076 | +€39,320 | +74.5% |
| Income taxes | 67/77 | €4,796 | €21,759 | +€16,963 | +354% |
| Profit (loss) for the period | 9904 | €47,960 | €70,316 | +€22,356 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,960 | €70,316 | +€22,356 | +46.6% |
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 14 October 2026 via checked.be.