TULPIN: 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.
TULPIN
Largest movements
- Cash +€791,342
up €791,342 (+399%), from €198,377 to €989,718
- Receivables within one year -€624,685
down €624,685 (-46.5%), from €1.3m to €719,310
of which Trade receivables: -€607,743
- Tangible fixed assets +€146,990
up €146,990 (+17.7%), from €831,774 to €978,764
of which Land and buildings: +€135,980
- Debts after one year +€167,700
up €167,700 (+172%), from €97,450 to €265,150
- Reserves +€93,663
up €93,663 (+22.0%), from €425,980 to €519,643
- Tax, wage and social debts +€41,656
up €41,656 (+204%), from €20,389 to €62,045
- Gross operating margin +€138,443
up €138,443 (+90.5%), from €152,900 to €291,343
- Depreciation +€33,466
up €33,466 (+56.6%), from €59,085 to €92,551
- Taxes +€30,480
up €30,480 (+73.3%), from €41,591 to €72,071
- Financial charges +€11,172
up €11,172 (+57.1%), from €19,555 to €30,728
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,374,146 | €2,693,104 | +€318,958 | +13.4% |
| Fixed assets | 21/28 | €831,774 | €978,764 | +€146,990 | +17.7% |
| Tangible fixed assets | 22/27 | €831,774 | €978,764 | +€146,990 | +17.7% |
| Land and buildings | 22 | €706,953 | €842,932 | +€135,980 | +19.2% |
| Furniture and vehicles | 24 | €124,822 | €135,832 | +€11,010 | +8.8% |
| Current assets | 29/58 | €1,542,371 | €1,714,340 | +€171,969 | +11.1% |
| Amounts receivable within one year | 40/41 | €1,343,995 | €719,310 | -€624,685 | -46.5% |
| Trade receivables | 40 | €1,254,053 | €646,310 | -€607,743 | -48.5% |
| Other amounts receivable | 41 | €89,942 | €73,000 | -€16,942 | -18.8% |
| Cash at bank and in hand | 54/58 | €198,377 | €989,718 | +€791,342 | +399% |
| Deferred charges and accrued income | 490/1 | - | €5,312 | +€5,312 | |
| Total equity and liabilities | 10/49 | €2,374,146 | €2,693,104 | +€318,958 | +13.4% |
| Equity | 10/15 | €1,111,488 | €1,205,151 | +€93,663 | +8.4% |
| Contributions | 10/11 | €74,000 | €74,000 | = | 0.0% |
| Reserves | 13 | €425,980 | €519,643 | +€93,663 | +22.0% |
| Distributable reserves | 133 | €425,980 | €519,643 | +€93,663 | +22.0% |
| Profit (loss) carried forward | 14 | €611,508 | €611,508 | = | 0.0% |
| Amounts payable | 17/49 | €1,262,657 | €1,487,953 | +€225,296 | +17.8% |
| Amounts payable after more than one year | 17 | €97,450 | €265,150 | +€167,700 | +172% |
| Financial debts | 170/4 | €97,450 | €265,150 | +€167,700 | +172% |
| Amounts payable within one year | 42/48 | €1,165,207 | €1,222,803 | +€57,596 | +4.9% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €944,819 | €960,758 | +€15,940 | +1.7% |
| Suppliers | 440/4 | €944,819 | €960,758 | +€15,940 | +1.7% |
| Taxes, remuneration and social security | 45 | €20,389 | €62,045 | +€41,656 | +204% |
| Taxes | 450/3 | €20,389 | €62,045 | +€41,656 | +204% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,085 | €92,551 | +€33,466 | +56.6% |
| Other operating charges | 640/8 | €2,423 | €2,868 | +€446 | +18.4% |
| Gross operating margin | 9900 | €152,900 | €291,343 | +€138,443 | +90.5% |
| Operating profit (loss) | 9901 | €91,392 | €195,924 | +€104,532 | +114% |
| Financial income | 75/76B | €69 | €538 | +€469 | +676% |
| Recurring financial income | 75 | €69 | €538 | +€469 | +676% |
| Financial charges | 65/66B | €19,555 | €30,728 | +€11,172 | +57.1% |
| Recurring financial charges | 65 | €19,555 | €30,728 | +€11,172 | +57.1% |
| Profit (loss) for the period before taxes | 9903 | €71,906 | €165,734 | +€93,828 | +130% |
| Income taxes | 67/77 | €41,591 | €72,071 | +€30,480 | +73.3% |
| Profit (loss) for the period | 9904 | €30,315 | €93,663 | +€63,348 | +209% |
| Profit (loss) for the period to be appropriated | 9905 | €30,315 | €93,663 | +€63,348 | +209% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.