The photochromicity of fulgimides rests on the existence of open (E) and closed ring (C) isomers. As predicted by the Woodward-Hoffmann rules both isomers can photochemically be interconverted. This interconversion has been studied by femtosecond fluorescence and transient absorption spectroscopy. For either direction (E -> C cyclization and C -> E cycloreversion) a biphasic fluorescence decay on the 0.1-1 ps time scale is observed. The longer time constants of the decays equal the formation times of the photoproducts. The time constants retrieved (0.06 and 0.4 ps for E -> C, 0.09 and 2.4 ps for C -> E) and the associated spectral signatures differ substantially. This indicates that no common excited-state pathway for the two directions exists, as one would infer from a simple Woodward-Hoffmann consideration. These findings support recent quantum dynamic calculations on the excited-state topology of fulgimides.