A-Z 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-Z pharma
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€81,307
2024 · €78,901+€2,406
Equity
€226,542
2024 · €145,236+€81,307
Cash
€313
2024 · €546-€234
Balance sheet total
€1.3m
2024 · €1.3m+€17,155
Largest movements
Assets
- Receivables within one year +€26,392
up €26,392 (+14.4%), from €183,608 to €210,000
of which Trade receivables: +€80,000
- Intangible fixed assets -€17,000
down €17,000 (-32.7%), from €51,986 to €34,986
Equity and liabilities
- Profit (loss) carried forward +€81,307
up €81,307 (+65.2%), from €124,776 to €206,082
- Debts after one year -€74,292
down €74,292 (-15.1%), from €491,940 to €417,649
Income statement
- Gross operating margin +€10,157
up €10,157 (+8.8%), from €115,483 to €125,640
- Financial income -€7,069
down €7,069 (-46.6%), from €15,175 to €8,106
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
€78,901
Gross operating margin
+€10,157
Depreciation
+€113
Financial income
-€7,069
Financial charges
-€202
Taxes
-€593
Result 2025
€81,307
raises the resultlowers the result
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
+€72,417
Investment
€0
Financing
-€72,650
Cash 2024
€546
From operations (derived)
+€72,417
Net result for the year
+€81,307
Depreciation
+€17,110
Receivables after one year
-€8,106
Receivables within one year
-€26,392
Trade debts
-€1,362
Tax, wage and social debts
+€3,140
Other debts
+€6,721
Financing
-€72,650
Debts after one year
-€74,292
Current portion of long-term debt
+€1,669
Short-term financial debts
-€28
Cash 2025
€313
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,257,445 | €1,274,600 | +€17,155 | +1.4% |
| Fixed assets | 21/28 | €829,853 | €812,743 | -€17,110 | -2.1% |
| Intangible fixed assets | 21 | €51,986 | €34,986 | -€17,000 | -32.7% |
| Tangible fixed assets | 22/27 | €110 | - | -€110 | |
| Furniture and vehicles | 24 | €110 | - | -€110 | |
| Financial fixed assets | 28 | €777,757 | €777,757 | = | 0.0% |
| Current assets | 29/58 | €427,592 | €461,857 | +€34,265 | +8.0% |
| Amounts receivable after more than one year | 29 | €243,438 | €251,545 | +€8,106 | +3.3% |
| Trade receivables | 290 | €243,438 | €251,545 | +€8,106 | +3.3% |
| Amounts receivable within one year | 40/41 | €183,608 | €210,000 | +€26,392 | +14.4% |
| Trade receivables | 40 | €130,000 | €210,000 | +€80,000 | +61.5% |
| Other amounts receivable | 41 | €53,608 | - | -€53,608 | |
| Cash at bank and in hand | 54/58 | €546 | €313 | -€234 | -42.8% |
| Total equity and liabilities | 10/49 | €1,257,445 | €1,274,600 | +€17,155 | +1.4% |
| Equity | 10/15 | €145,236 | €226,542 | +€81,307 | +56.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €124,776 | €206,082 | +€81,307 | +65.2% |
| Amounts payable | 17/49 | €1,112,210 | €1,048,058 | -€64,152 | -5.8% |
| Amounts payable after more than one year | 17 | €491,940 | €417,649 | -€74,292 | -15.1% |
| Financial debts | 170/4 | €491,940 | €417,649 | -€74,292 | -15.1% |
| Amounts payable within one year | 42/48 | €620,270 | €630,409 | +€10,140 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €72,623 | €74,292 | +€1,669 | +2.3% |
| Financial debts | 43 | €6,092 | €6,065 | -€28 | -0.5% |
| Credit institutions | 430/8 | €6,092 | €6,065 | -€28 | -0.5% |
| Trade debts | 44 | €61,811 | €60,449 | -€1,362 | -2.2% |
| Suppliers | 440/4 | €61,811 | €60,449 | -€1,362 | -2.2% |
| Taxes, remuneration and social security | 45 | €11,047 | €14,187 | +€3,140 | +28.4% |
| Taxes | 450/3 | €8,748 | €14,187 | +€5,439 | +62.2% |
| Remuneration and social security | 454/9 | €2,299 | - | -€2,299 | |
| Other amounts payable | 47/48 | €468,696 | €475,417 | +€6,721 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,223 | €17,110 | -€113 | -0.7% |
| Gross operating margin | 9900 | €115,483 | €125,640 | +€10,157 | +8.8% |
| Operating profit (loss) | 9901 | €98,260 | €108,530 | +€10,270 | +10.5% |
| Financial income | 75/76B | €15,175 | €8,106 | -€7,069 | -46.6% |
| Recurring financial income | 75 | €15,175 | €8,106 | -€7,069 | -46.6% |
| Financial charges | 65/66B | €13,194 | €13,396 | +€202 | +1.5% |
| Recurring financial charges | 65 | €13,194 | €13,396 | +€202 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €100,242 | €103,241 | +€2,999 | +3.0% |
| Income taxes | 67/77 | €21,341 | €21,934 | +€593 | +2.8% |
| Profit (loss) for the period | 9904 | €78,901 | €81,307 | +€2,406 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,901 | €81,307 | +€2,406 | +3.0% |
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 15 October 2026 via checked.be.