PHARMA 4 (0885.226.948): financials and annual accounts

PHARMA 4

Brussels ·KBO/BCE: BE 0885.226.948

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Balance sheet: assets
Total assets`20/58`	925,772	879,519	590,152	499,960	511,675	509,944	555,103	566,195	617,383	658,392	712,211	779,919	851,527	922,996	760,856	769,979	740,910	755,521	951,764
Fixed assets`21/28`	11,752	16,974	53,972	81,373	104,712	76,031	110,460	106,802	151,337	201,942	313,063	420,688	474,520	580,810	415,725	362,515	420,252	485,816	526,921
Intangible fixed assets`21`	-	-	-	-	-	-	-	-	-	0	36,000	72,000	108,000	144,000	180,000	216,000	252,000	288,000	324,000
Tangible fixed assets`22/27`	11,752	16,974	53,972	81,373	104,712	76,031	110,460	106,802	151,337	201,942	277,063	348,688	366,520	436,810	235,725	146,515	168,252	197,816	202,921
Plant, machinery and equipment`23`	4,143	6,429	3,981	7,084	9,857	39,043	63,853	100,791	137,784	179,965	221,946	261,233	302,035	344,335	125,318	22,012	19,535	21,854	248
Furniture and vehicles`24`	7,609	10,545	49,990	74,289	94,855	36,988	46,607	6,011	13,553	21,977	55,117	87,455	64,485	92,475	110,407	124,503	148,717	175,962	202,673
Current assets`29/58`	914,020	862,546	536,180	418,588	406,963	433,913	444,643	459,393	466,047	456,450	399,148	359,231	377,007	342,186	345,131	407,464	320,658	269,705	424,843
Stocks and contracts in progress`3`	137,478	119,035	157,501	159,952	177,695	224,130	237,201	257,438	260,292	265,555	266,149	236,618	229,128	218,271	182,855	213,691	219,653	198,299	183,826
Stocks`30/36`	137,478	119,035	157,501	159,952	177,695	224,130	237,201	257,438	260,292	265,555	266,149	236,618	229,128	218,271	182,855	213,691	219,653	198,299	183,826
Amounts receivable within one year`40/41`	448,562	495,192	121,641	145,098	93,284	77,749	121,459	103,612	127,658	104,470	60,441	47,312	61,673	57,870	49,295	59,460	11,755	139	29,107
Trade receivables`40`	132,300	118,731	121,641	134,077	89,784	75,749	110,056	90,971	117,800	104,470	60,441	47,312	56,914	51,409	48,331	59,460	4,996	-	25,094
Other amounts receivable`41`	316,263	376,461	-	11,021	3,500	2,000	11,403	12,641	9,859	-	-	-	4,759	6,461	964	-	6,759	139	4,013
Cash at bank and in hand`54/58`	325,900	246,604	250,395	110,373	132,745	129,467	84,243	95,712	78,096	86,425	72,558	75,301	86,206	66,045	112,981	134,313	89,250	71,167	211,910
Deferred charges and accrued income`490/1`	2,081	1,715	6,644	3,164	3,239	2,567	1,740	2,631	-	-	-	-	-	-	-	-	-	100	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	925,772	879,519	590,152	499,960	511,675	509,944	555,103	566,195	617,383	658,392	712,211	779,919	851,527	922,996	760,856	769,979	740,910	755,521	951,764
Equity`10/15`	549,179	513,924	461,718	370,626	286,530	195,883	123,889	126,487	105,180	100,157	69,950	52,306	46,741	18,096	58,177	70,305	38,994	25,379	7,603
Contributions`10/11`	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200
Issued capital`100`	-	-	-	-	-	-	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	-	-	-	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400
Reserves`13`	1,860	1,860	1,860	1,860	1,860	26,860	26,860	26,860	26,860	26,860	1,860	1,860	1,860	1,860	1,860	1,860	1,592	959	-
Non-distributable reserves`130/1`	-	-	-	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,592	959	-
Reserves not available under the articles`1311`	-	-	-	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax-exempt reserves`132`	-	-	-	-	-	25,000	25,000	25,000	25,000	25,000	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	528,719	493,464	441,258	350,166	266,070	150,423	78,429	81,027	59,720	67,097	61,890	44,246	38,681	10,036	50,117	62,245	31,202	18,220	1,403
Amounts payable`17/49`	376,594	365,596	128,434	129,334	225,145	314,061	431,214	439,708	512,203	558,235	642,261	727,613	804,786	904,900	702,679	699,674	701,916	730,142	944,161
Amounts payable after more than one year`17`	-	27,500	-	-	-	8,588	42,336	75,136	107,016	137,999	180,711	230,497	278,180	323,836	127,092	103,072	117,900	131,796	-
Financial debts`170/4`	-	27,500	-	-	-	8,588	42,336	75,136	107,016	137,999	180,711	230,497	278,180	323,836	127,092	103,072	117,900	131,796	-
Amounts payable within one year`42/48`	376,594	338,096	128,434	129,334	225,145	305,473	388,877	364,572	405,187	420,236	461,550	497,116	526,606	581,064	575,587	596,602	584,016	598,346	944,161
Current portion of amounts payable after more than one year`42`	-	-	-	-	8,588	33,748	32,800	31,879	30,984	42,712	49,786	47,673	45,655	43,756	35,480	14,829	13,896	13,022	-
Financial debts`43`	107,500	110,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Credit institutions`430/8`	107,500	110,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Trade debts`44`	200,569	168,612	82,343	83,319	54,289	28,245	97,305	71,947	94,579	75,030	64,714	34,738	54,602	48,694	39,396	67,917	57,552	26,209	156,549
Suppliers`440/4`	200,569	168,612	82,343	83,319	54,289	28,245	97,305	71,947	94,579	75,030	64,714	34,738	54,602	48,694	39,396	67,917	57,552	26,209	156,549
Taxes, remuneration and social security`45`	12,524	19,484	32,832	34,902	26,662	32,265	24,339	16,254	21,110	33,096	7,416	1,730	-	865	4,167	13,011	1,254	12,208	-
Taxes`450/3`	2,204	2,263	9,316	5,109	9,163	7,873	4,071	1,370	8,101	20,389	5,350	1,166	-	-	4,167	10,901	-	12,208	-
Remuneration and social security`454/9`	10,321	17,221	23,516	29,793	17,498	24,392	20,268	14,884	13,009	12,707	2,066	564	-	865	-	2,110	1,254	-	-
Other amounts payable`47/48`	56,000	40,000	13,259	11,112	135,606	211,215	234,433	244,492	258,515	269,398	339,634	412,975	426,349	487,749	496,544	500,845	511,314	546,907	787,612
Income statement
Gross operating margin`9900`	262,452	335,905	378,069	367,460	344,709	315,244	275,789	288,622	212,405	319,189	275,249	272,223	353,083	287,407	275,543	325,582	287,521	284,124	239,006
Remuneration, social security and pensions`62`	146,823	204,072	219,527	219,298	131,025	162,418	216,374	199,471	154,303	148,389	126,183	129,511	201,975	205,203	199,515	205,293	190,496	186,727	169,135
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	5,222	5,383	30,550	32,581	49,878	52,619	50,666	50,785	52,237	111,121	111,727	115,243	108,050	107,463	82,178	64,694	66,183	66,059	63,193
Other operating charges`640/8`	1	9,423	29	-	-	2	1	-	2,309	3,321	817	8,032	365	320	232	176	67	73	2,280
Non-recurring operating charges`66A`	-	4,392	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating profit (loss)`9901`	110,406	112,636	127,962	115,581	163,806	100,206	8,748	38,367	3,556	56,358	36,522	19,437	42,693	-25,579	-6,382	55,419	30,775	31,265	4,398
Financial income`75/76B`	460	1,793	765	53	-	-	-	40	-	1	43	1	132	297	297	175	192	140	11
Recurring financial income`75`	460	1,793	765	53	-	-	-	40	-	1	43	1	132	297	297	175	192	140	11
Financial charges`65/66B`	7,433	6,113	5,561	2,558	7,434	8,516	10,421	9,427	10,790	6,389	9,085	11,133	14,180	14,725	6,043	9,343	10,084	4,323	214
Recurring financial charges`65`	7,433	6,113	5,561	2,558	7,434	8,516	10,421	9,427	10,790	6,389	9,085	11,133	14,180	14,725	6,043	9,343	10,084	4,323	214
Profit (loss) for the period before taxes`9903`	103,433	108,316	123,165	113,076	156,372	91,689	-1,674	28,980	-7,235	49,970	27,480	8,305	28,645	-40,007	-12,128	46,251	20,883	27,082	4,195
Income taxes`67/77`	12,179	16,110	32,073	28,979	40,725	19,696	924	7,673	141	19,763	9,836	2,740	-	75	-	14,940	7,268	9,306	2,792
Profit (loss) for the period`9904`	91,255	92,206	91,092	84,097	115,647	71,993	-2,597	21,306	-7,376	30,207	17,644	5,565	28,645	-40,082	-12,128	31,311	13,615	17,776	1,403
Profit (loss) for the period to be appropriated`9905`	91,255	92,206	91,092	84,097	115,647	71,993	-2,597	21,306	-7,376	30,207	17,644	5,565	28,645	-40,082	-12,128	31,311	13,615	17,776	1,403
Appropriation of the result
Profit (loss) to be appropriated`9906`	584,719	533,464	441,258	350,166	266,070	150,423	78,429	81,027	59,720	92,097	61,890	44,246	38,681	10,036	50,117	62,513	31,835	19,179	1,403
Profit (loss) brought forward from the previous period`14P`	493,464	441,258	350,166	266,070	150,423	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	25,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	-	-	25,000	-	-	-	-	-	268	633	959	-
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	268	633	959	-
To other reserves`6921`	-	-	-	-	-	-	-	-	-	25,000	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	56,000	40,000	-	-	25,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	-	-	-	-	25,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Directors or managers`695`	56,000	40,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	2.7	3.5	4.1	4.3	4.4	4.4	4.3	4.1	3.8	3.3	3	3.6	3.5	3.5	3.8	3.9	3.7	3.7	3.7
Hours worked`1013`	4,411	5,519	6,734	6,666	4,728	5,977	7,623	7,553	6,168	5,395	4,880	5,361	5,875	6,166	6,188	6,325	5,960	6,433	5,952
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	01-07-2026	2026-00255835	PDF
31-12-2024	full format	02-07-2025	2025-00247259	PDF
31-12-2023	full format	28-06-2024	2024-00190300	PDF
31-12-2022	full format	05-06-2023	2023-00109639	PDF
31-12-2021	full format	14-07-2022	2022-20192470	PDF
31-12-2020	full format	25-06-2021	2021-25200090	PDF
31-12-2019	full format	02-06-2020	2020-14200491	PDF
31-12-2018	full format	19-06-2019	2019-20100090	PDF
31-12-2017	full format	22-06-2018	2018-21900427	PDF
31-12-2016	full format	23-06-2017	2017-21500251	PDF
31-12-2015	full format	21-06-2016	2016-20100556	PDF
31-12-2014	full format	29-05-2015	2015-13900568	PDF
31-12-2013	full format	25-06-2014	2014-21600291	PDF
31-12-2012	full format	04-06-2013	2013-15100156	PDF
31-12-2011	full format	19-06-2012	2012-18700536	PDF
31-12-2010	full format	23-06-2011	2011-20200134	PDF
31-12-2009	full format	18-06-2010	2010-19700048	PDF
31-12-2008	full format	22-06-2009	2009-27400006	PDF
31-12-2007	full format	17-06-2008	2008-24700053	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
EBITDA	115,628	118,019	158,512	148,162	213,684	152,824	59,414	89,152	55,793	167,479	148,249	134,680	150,743	81,884	75,796	120,113	96,958	97,324	67,591
Cash flow	96,477	97,588	121,642	116,678	165,526	124,612	48,069	72,091	44,861	141,328	129,371	120,808	136,695	67,381	70,050	96,005	79,798	83,835	64,596
Investment in fixed assets (approximation)	0	4,532	3,150	9,242	78,559	18,190	54,324	6,250	1,632	0	4,102	61,411	1,760	272,547	135,388	6,957	619	24,954	590,114
Change in cash	79,296	-3,791	140,021	-22,372	3,278	45,224	-11,469	17,616	-8,329	13,867	-2,743	-10,905	20,161	-46,936	-21,332	45,063	18,083	-140,743	-
Working capital	537,427	524,450	407,746	289,254	181,818	128,440	55,766	94,821	60,859	36,214	-62,402	-137,885	-149,599	-238,878	-230,456	-189,138	-263,358	-328,641	-519,318
Solvency	59.3%	58.4%	78.2%	74.1%	56.0%	38.4%	22.3%	22.3%	17.0%	15.2%	9.8%	6.7%	5.5%	2.0%	7.6%	9.1%	5.3%	3.4%	0.8%
Current ratio	2.43	2.55	4.17	3.24	1.81	1.42	1.14	1.26	1.15	1.09	0.86	0.72	0.72	0.59	0.60	0.68	0.55	0.45	0.45
Quick ratio	2.06	2.20	2.95	2.00	1.02	0.69	0.53	0.55	0.51	0.45	0.29	0.25	0.28	0.21	0.28	0.32	0.17	0.12	0.26
Debt to equity	0.69	0.71	0.28	0.35	0.79	1.60	3.48	3.48	4.87	5.57	9.18	13.91	17.22	50.01	12.08	9.95	18.00	28.77	-
ROE	16.6%	17.9%	19.7%	22.7%	40.4%	36.8%	-2.1%	16.8%	-7.0%	30.2%	25.2%	10.6%	61.3%	-221.5%	-20.8%	44.5%	34.9%	70.0%	18.5%
ROA	9.9%	10.5%	15.4%	16.8%	22.6%	14.1%	-0.5%	3.8%	-1.2%	4.6%	2.5%	0.7%	3.4%	-4.3%	-1.6%	4.1%	1.8%	2.4%	0.1%
Interest coverage	15.56	19.31	28.50	57.92	28.74	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	2	3	5	5	6
full-time	1	2	3	3	3
part-time	1	1	2	2	3
in full-time equivalents	1.8	2.8	4.1	4.1	4.4
Average over the year, in full-time equivalents	2.7	3.5	4.1	4.3	4.4
On a permanent contract	2	3	5	5	5
Joined	0	0	-	0	-
Left	1	2	-	1	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	€4,532	€3,150	€9,242	€78,559
Depreciation and write-downs of the year	€5,222	€5,383	€30,550	€32,581	€49,878

PHARMA 4

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency59.3%

Current ratio2.43

Return on assets9.9%

Staff

Staff cost per FTE€54,379

Joined and left-1

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on PHARMA 4

Next steps