The number of cables from the controller to the power board could contain many possible forms of communications.
Having just 5 cables is no indication of what information can be sent, in or out.
Bit confused here...your first photo shows the drive pulley with what appears to be a magnet but you say it contains no magnetism...??
One could say fair enough, maybe just a proximity sensor but most sensors I am aware of (except the reed switch) require 3 cables, yours is just 2.
3 wire sensors usually 5V pos and neg and a signal out.
Reason I am asking is, I have seen videos on some treadmills and they show a pulse from a sensor feeding to the main power board required to ramp up the motor speed.
Have seen also where they simulate this by bridging a couple of input terminals (on and off rapidly) on the power board for on-bench testing.
drive pully: I assumed that it is a magnet, but when I place the reed switch to it nothing happens, yet when I place a magnet to the reed switch it sitches, as shown on multi meter. placed a metal pin to drive pully magnet no grab, when I place a magnet to the drive pully it grabs, so it must be a metal insert and i assume that it has lost its magnetism??