Pulse&Co: 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.
Pulse&Co
Largest movements
- Current investments -€236,430
down €236,430 (-47.3%), from €500,000 to €263,570
- Cash +€210,368
up €210,368 (+99.0%), from €212,536 to €422,904
mainly Current investments (+€236,430) and Receivables after one year (+€78,238)
- Receivables within one year +€134,813
up €134,813 (+313%), from €43,012 to €177,825
of which Other amounts receivable: +€71,099
- Receivables after one year -€78,238
down €78,238 (-20.4%), from €384,251 to €306,013
- Tangible fixed assets -€53,236
down €53,236 (-22.2%), from €240,112 to €186,876
of which Furniture and vehicles: -€41,355
- Reserves +€39,159
up €39,159 (+4.7%), from €830,147 to €869,306
of which Distributable reserves: +€43,159
- Debts after one year -€35,185
down €35,185 (-33.8%), from €104,188 to €69,003
- Gross operating margin -€912,673
down €912,673 (-89.1%), from €1.0m to €111,836
- Staff costs -€33,836
down €33,836 (-74.8%), from €45,207 to €11,371
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 | €1,390,782 | €1,405,261 | +€14,478 | +1.0% |
| Fixed assets | 21/28 | €240,287 | €217,051 | -€23,236 | -9.7% |
| Tangible fixed assets | 22/27 | €240,112 | €186,876 | -€53,236 | -22.2% |
| Land and buildings | 22 | €81,755 | €69,874 | -€11,881 | -14.5% |
| Furniture and vehicles | 24 | €158,357 | €117,002 | -€41,355 | -26.1% |
| Financial fixed assets | 28 | €175 | €30,175 | +€30,000 | +17,143% |
| Current assets | 29/58 | €1,150,495 | €1,188,210 | +€37,715 | +3.3% |
| Amounts receivable after more than one year | 29 | €384,251 | €306,013 | -€78,238 | -20.4% |
| Other amounts receivable | 291 | €384,251 | €306,013 | -€78,238 | -20.4% |
| Stocks and contracts in progress | 3 | - | €13,660 | +€13,660 | |
| Stocks | 30/36 | - | €13,660 | +€13,660 | |
| Amounts receivable within one year | 40/41 | €43,012 | €177,825 | +€134,813 | +313% |
| Trade receivables | 40 | €19,327 | €83,041 | +€63,714 | +330% |
| Other amounts receivable | 41 | €23,685 | €94,784 | +€71,099 | +300% |
| Current investments | 50/53 | €500,000 | €263,570 | -€236,430 | -47.3% |
| Cash at bank and in hand | 54/58 | €212,536 | €422,904 | +€210,368 | +99.0% |
| Deferred charges and accrued income | 490/1 | €10,696 | €4,237 | -€6,459 | -60.4% |
| Total equity and liabilities | 10/49 | €1,390,782 | €1,405,261 | +€14,478 | +1.0% |
| Equity | 10/15 | €1,006,693 | €1,045,852 | +€39,159 | +3.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €830,147 | €869,306 | +€39,159 | +4.7% |
| Non-distributable reserves | 130/1 | €4,000 | - | -€4,000 | |
| Reserves not available under the articles | 1311 | €4,000 | - | -€4,000 | |
| Tax-exempt reserves | 132 | €688,194 | €688,194 | = | 0.0% |
| Distributable reserves | 133 | €137,953 | €181,112 | +€43,159 | +31.3% |
| Profit (loss) carried forward | 14 | €136,547 | €136,547 | = | 0.0% |
| Provisions and deferred taxes | 16 | €224,449 | €224,449 | = | 0.0% |
| Deferred taxes | 168 | €224,449 | €224,449 | = | 0.0% |
| Amounts payable | 17/49 | €159,640 | €134,959 | -€24,680 | -15.5% |
| Amounts payable after more than one year | 17 | €104,188 | €69,003 | -€35,185 | -33.8% |
| Financial debts | 170/4 | €104,188 | €69,003 | -€35,185 | -33.8% |
| Amounts payable within one year | 42/48 | €52,412 | €65,893 | +€13,481 | +25.7% |
| Current portion of amounts payable after more than one year | 42 | €34,669 | €35,185 | +€516 | +1.5% |
| Trade debts | 44 | €6,436 | €9,404 | +€2,968 | +46.1% |
| Suppliers | 440/4 | €6,436 | €9,404 | +€2,968 | +46.1% |
| Taxes, remuneration and social security | 45 | €9,678 | €19,886 | +€10,209 | +105% |
| Taxes | 450/3 | €9,678 | €19,886 | +€10,209 | +105% |
| Other amounts payable | 47/48 | €1,630 | €1,418 | -€212 | -13.0% |
| Accrued charges and deferred income | 492/3 | €3,039 | €63 | -€2,976 | -97.9% |
| Non-recurring operating income | 76A | - | €2,835 | +€2,835 | |
| Remuneration, social security and pensions | 62 | €45,207 | €11,371 | -€33,836 | -74.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,299 | €53,236 | -€62 | -0.1% |
| Other operating charges | 640/8 | €11,292 | €4,838 | -€6,454 | -57.2% |
| Gross operating margin | 9900 | €1,024,509 | €111,836 | -€912,673 | -89.1% |
| Operating profit (loss) | 9901 | €914,711 | €42,390 | -€872,321 | -95.4% |
| Financial income | 75/76B | €23,439 | €22,525 | -€914 | -3.9% |
| Recurring financial income | 75 | €23,439 | €22,525 | -€914 | -3.9% |
| Financial charges | 65/66B | €8,220 | €6,266 | -€1,955 | -23.8% |
| Recurring financial charges | 65 | €8,220 | €6,266 | -€1,955 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €929,929 | €58,649 | -€871,280 | -93.7% |
| Transfer to deferred taxes | 680 | €224,449 | - | -€224,449 | |
| Income taxes | 67/77 | €10,066 | €19,490 | +€9,424 | +93.6% |
| Profit (loss) for the period | 9904 | €695,414 | €39,159 | -€656,255 | -94.4% |
| Transfer to tax-exempt reserves | 689 | €673,347 | - | -€673,347 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,067 | €39,159 | +€17,092 | +77.5% |
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 19 October 2026 via checked.be.