A.P. PHARMA: 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
A.P. PHARMA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€147,327
2024 · €144,197+€3,130
Equity
€1.4m
2024 · €1.2m+€146,468
Cash
€42,967
2024 · €30,025+€12,941
Balance sheet total
€2.5m
2024 · €2.5m+€57,555
Largest movements
Assets
- Receivables within one year +€55,840
up €55,840 (+36.7%), from €151,974 to €207,815
of which Other amounts receivable: +€56,068
Equity and liabilities
- Reserves +€146,468
up €146,468 (+12.0%), from €1.2m to €1.4m
- Debts after one year -€88,798
down €88,798 (-9.3%), from €957,679 to €868,881
Income statement
- Gross operating margin +€7,523
up €7,523 (+2.7%), from €275,701 to €283,223
- Financial charges +€3,343
up €3,343 (+6.5%), from €51,581 to €54,923
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
€144,197
Gross operating margin
+€7,523
Depreciation
+€105
Other operating charges
+€18
Other operating items
+€146
Financial income
+€424
Financial charges
-€3,343
Taxes
-€1,743
Result 2025
€147,327
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
+€99,160
Investment
€0
Financing
-€86,219
Cash 2024
€30,025
From operations (derived)
+€99,160
Net result for the year
+€147,327
Depreciation
+€11,390
Receivables within one year
-€55,840
Deferred charges and accrued income
-€164
Trade debts
+€567
Tax, wage and social debts
-€2,351
Other debts
+€2,781
Accrued charges and deferred income
-€4,550
Financing
-€86,219
Debts after one year
-€88,798
Current portion of long-term debt
+€68
Short-term financial debts
+€3,370
Contributions, distributions and other
-€859
Cash 2025
€42,967
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,453,407 | €2,510,962 | +€57,555 | +2.3% |
| Fixed assets | 21/28 | €2,270,363 | €2,258,973 | -€11,390 | -0.5% |
| Tangible fixed assets | 22/27 | €41,506 | €30,116 | -€11,390 | -27.4% |
| Plant, machinery and equipment | 23 | €2,335 | €1,759 | -€576 | -24.7% |
| Furniture and vehicles | 24 | €30,709 | €22,252 | -€8,457 | -27.5% |
| Other tangible fixed assets | 26 | €8,462 | €6,105 | -€2,357 | -27.9% |
| Financial fixed assets | 28 | €2,228,857 | €2,228,857 | = | 0.0% |
| Current assets | 29/58 | €183,044 | €251,989 | +€68,945 | +37.7% |
| Amounts receivable within one year | 40/41 | €151,974 | €207,815 | +€55,840 | +36.7% |
| Trade receivables | 40 | €227 | €0 | -€227 | -100% |
| Other amounts receivable | 41 | €151,747 | €207,815 | +€56,068 | +36.9% |
| Cash at bank and in hand | 54/58 | €30,025 | €42,967 | +€12,941 | +43.1% |
| Deferred charges and accrued income | 490/1 | €1,044 | €1,207 | +€164 | +15.7% |
| Total equity and liabilities | 10/49 | €2,453,407 | €2,510,962 | +€57,555 | +2.3% |
| Equity | 10/15 | €1,241,212 | €1,387,680 | +€146,468 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,222,612 | €1,369,080 | +€146,468 | +12.0% |
| Distributable reserves | 133 | €1,222,612 | €1,369,080 | +€146,468 | +12.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,212,195 | €1,123,282 | -€88,913 | -7.3% |
| Amounts payable after more than one year | 17 | €957,679 | €868,881 | -€88,798 | -9.3% |
| Financial debts | 170/4 | €957,679 | €868,881 | -€88,798 | -9.3% |
| Amounts payable within one year | 42/48 | €243,679 | €248,114 | +€4,435 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €88,730 | €88,798 | +€68 | +0.1% |
| Financial debts | 43 | €13,512 | €16,882 | +€3,370 | +24.9% |
| Credit institutions | 430/8 | €13,512 | €16,882 | +€3,370 | +24.9% |
| Trade debts | 44 | €2,415 | €2,982 | +€567 | +23.5% |
| Suppliers | 440/4 | €2,415 | €2,982 | +€567 | +23.5% |
| Taxes, remuneration and social security | 45 | €84,517 | €82,166 | -€2,351 | -2.8% |
| Taxes | 450/3 | €84,517 | €82,166 | -€2,351 | -2.8% |
| Other amounts payable | 47/48 | €54,505 | €57,286 | +€2,781 | +5.1% |
| Accrued charges and deferred income | 492/3 | €10,837 | €6,287 | -€4,550 | -42.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,495 | €11,390 | -€105 | -0.9% |
| Other operating charges | 640/8 | €1,238 | €1,220 | -€18 | -1.5% |
| Non-recurring operating charges | 66A | €262 | €116 | -€146 | -55.7% |
| Gross operating margin | 9900 | €275,701 | €283,223 | +€7,523 | +2.7% |
| Operating profit (loss) | 9901 | €262,705 | €270,497 | +€7,792 | +3.0% |
| Financial income | 75/76B | €1,327 | €1,751 | +€424 | +31.9% |
| Recurring financial income | 75 | €1,327 | €1,751 | +€424 | +31.9% |
| Financial charges | 65/66B | €51,581 | €54,923 | +€3,343 | +6.5% |
| Recurring financial charges | 65 | €51,581 | €54,923 | +€3,343 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €212,451 | €217,324 | +€4,873 | +2.3% |
| Income taxes | 67/77 | €68,254 | €69,997 | +€1,743 | +2.6% |
| Profit (loss) for the period | 9904 | €144,197 | €147,327 | +€3,130 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €144,197 | €147,327 | +€3,130 | +2.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.