PULSUS: 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.
What changed
PULSUS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€121,387
2024 · €103,920+€17,467
Equity
€5.8m
2024 · €5.8m+€11,641
Cash
€178,003
2024 · €132,016+€45,987
Balance sheet total
€6.9m
2024 · €7.0m-€83,958
Largest movements
Assets
- Intangible fixed assets -€125,115
down €125,115 (-33.3%), from €375,344 to €250,230
Equity and liabilities
- Debts after one year -€254,880
down €254,880 (-47.5%), from €536,719 to €281,839
- Other debts +€93,746
up €93,746 (+586%), from €16,000 to €109,746
Income statement
- Gross operating margin +€197,567
up €197,567 (+17.5%), from €1.1m to €1.3m
- Staff costs +€187,407
up €187,407 (+24.6%), from €761,690 to €949,097
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.
Result 2024
€103,920
Gross operating margin
+€197,567
Staff costs
-€187,407
Depreciation
-€745
Other operating charges
-€129
Other operating items
-€193
Financial income
-€1,062
Financial charges
+€4,331
Taxes
+€5,104
Result 2025
€121,387
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€417,556
Investment
€0
Financing
-€371,569
Cash 2024
€132,016
From operations (derived)
+€417,556
Net result for the year
+€121,387
Depreciation
+€149,658
Receivables within one year
-€33,121
Deferred charges and accrued income
+€13,409
Provisions
-€4,808
Trade debts
+€24,947
Tax, wage and social debts
+€45,061
Other debts
+€93,746
Accrued charges and deferred income
+€7,278
Financing
-€371,569
Debts after one year
-€254,880
Current portion of long-term debt
+€775
Short-term financial debts
-€7,718
Contributions, distributions and other
-€109,746
Cash 2025
€178,003
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,994,080 | €6,910,122 | -€83,958 | -1.2% |
| Fixed assets | 21/28 | €6,214,354 | €6,064,696 | -€149,658 | -2.4% |
| Intangible fixed assets | 21 | €375,344 | €250,230 | -€125,115 | -33.3% |
| Tangible fixed assets | 22/27 | €100,193 | €75,650 | -€24,543 | -24.5% |
| Land and buildings | 22 | €12,923 | €9,936 | -€2,987 | -23.1% |
| Furniture and vehicles | 24 | €48,546 | €36,229 | -€12,317 | -25.4% |
| Leasing and similar rights | 25 | €38,723 | €29,484 | -€9,239 | -23.9% |
| Financial fixed assets | 28 | €5,738,817 | €5,738,817 | = | 0.0% |
| Current assets | 29/58 | €779,726 | €845,426 | +€65,700 | +8.4% |
| Amounts receivable within one year | 40/41 | €619,361 | €652,482 | +€33,121 | +5.3% |
| Trade receivables | 40 | €112,414 | €192,679 | +€80,264 | +71.4% |
| Other amounts receivable | 41 | €506,946 | €459,803 | -€47,143 | -9.3% |
| Cash at bank and in hand | 54/58 | €132,016 | €178,003 | +€45,987 | +34.8% |
| Deferred charges and accrued income | 490/1 | €28,349 | €14,941 | -€13,409 | -47.3% |
| Total equity and liabilities | 10/49 | €6,994,080 | €6,910,122 | -€83,958 | -1.2% |
| Equity | 10/15 | €5,776,923 | €5,788,564 | +€11,641 | +0.2% |
| Contributions | 10/11 | €3,807,920 | €3,807,920 | = | 0.0% |
| Revaluation surpluses | 12 | €14,500 | €14,500 | = | 0.0% |
| Reserves | 13 | €1,954,502 | €1,966,143 | +€11,641 | +0.6% |
| Distributable reserves | 133 | €1,954,502 | €1,966,143 | +€11,641 | +0.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €184,436 | €179,628 | -€4,808 | -2.6% |
| Provisions for liabilities and charges | 160/5 | €184,436 | €179,628 | -€4,808 | -2.6% |
| Other liabilities and charges | 164/5 | €184,436 | €179,628 | -€4,808 | -2.6% |
| Amounts payable | 17/49 | €1,032,721 | €941,930 | -€90,791 | -8.8% |
| Amounts payable after more than one year | 17 | €536,719 | €281,839 | -€254,880 | -47.5% |
| Financial debts | 170/4 | €536,719 | €281,839 | -€254,880 | -47.5% |
| Amounts payable within one year | 42/48 | €492,786 | €649,597 | +€156,811 | +31.8% |
| Current portion of amounts payable after more than one year | 42 | €254,331 | €255,105 | +€775 | +0.3% |
| Financial debts | 43 | €30,421 | €22,704 | -€7,718 | -25.4% |
| Credit institutions | 430/8 | €30,421 | €22,704 | -€7,718 | -25.4% |
| Trade debts | 44 | €51,332 | €76,280 | +€24,947 | +48.6% |
| Suppliers | 440/4 | €51,332 | €76,280 | +€24,947 | +48.6% |
| Taxes, remuneration and social security | 45 | €140,702 | €185,763 | +€45,061 | +32.0% |
| Taxes | 450/3 | €30,309 | €38,014 | +€7,705 | +25.4% |
| Remuneration and social security | 454/9 | €110,393 | €147,749 | +€37,356 | +33.8% |
| Other amounts payable | 47/48 | €16,000 | €109,746 | +€93,746 | +586% |
| Accrued charges and deferred income | 492/3 | €3,217 | €10,494 | +€7,278 | +226% |
| Non-recurring operating income | 76A | €12,770 | €0 | -€12,770 | -100% |
| Remuneration, social security and pensions | 62 | €761,690 | €949,097 | +€187,407 | +24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,913 | €149,658 | +€745 | +0.5% |
| Other operating charges | 640/8 | €3,527 | €3,657 | +€129 | +3.7% |
| Non-recurring operating charges | 66A | €2,407 | €2,599 | +€193 | +8.0% |
| Gross operating margin | 9900 | €1,128,864 | €1,326,430 | +€197,567 | +17.5% |
| Operating profit (loss) | 9901 | €212,326 | €221,419 | +€9,093 | +4.3% |
| Financial income | 75/76B | €20,289 | €19,227 | -€1,062 | -5.2% |
| Recurring financial income | 75 | €20,289 | €19,227 | -€1,062 | -5.2% |
| Financial charges | 65/66B | €35,546 | €31,214 | -€4,331 | -12.2% |
| Recurring financial charges | 65 | €35,546 | €31,214 | -€4,331 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €197,069 | €209,432 | +€12,363 | +6.3% |
| Income taxes | 67/77 | €93,149 | €88,045 | -€5,104 | -5.5% |
| Profit (loss) for the period | 9904 | €103,920 | €121,387 | +€17,467 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €103,920 | €121,387 | +€17,467 | +16.8% |
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 27 October 2026 via checked.be.