Ap. Pharmamax: 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.
Ap. Pharmamax
Largest movements
- Cash +€194,091
up €194,091 (+54.6%), from €355,528 to €549,619
mainly Net result for the year (+€130,718) and Trade debts (+€85,745)
- Receivables within one year -€81,511
down €81,511 (-22.0%), from €371,162 to €289,651
of which Trade receivables: -€60,755
- Stocks and contracts -€32,711
down €32,711 (-14.9%), from €218,949 to €186,238
- Trade debts +€85,745
up €85,745 (+123%), from €69,531 to €155,275
- Other debts -€38,711
down €38,711 (-6.6%), from €583,398 to €544,687
- Reserves +€27,718
up €27,718 (+8.5%), from €325,028 to €352,746
of which Distributable reserves: +€27,718
- Gross operating margin -€169,349
down €169,349 (-47.9%), from €353,399 to €184,049
- Financial charges +€25,977
up €25,977 (+469%), from €5,538 to €31,515
- Other operating charges -€23,108
down €23,108 (-92.7%), from €24,939 to €1,831
- Taxes -€7,057
down €7,057 (-41.7%), from €16,909 to €9,852
- Staff costs -€4,542
down €4,542 (-100%), from €4,542 to €0
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,010,091 | €1,085,209 | +€75,119 | +7.4% |
| Fixed assets | 21/28 | €60,172 | €52,629 | -€7,543 | -12.5% |
| Tangible fixed assets | 22/27 | €60,172 | €52,629 | -€7,543 | -12.5% |
| Land and buildings | 22 | €45,266 | €38,761 | -€6,505 | -14.4% |
| Plant, machinery and equipment | 23 | €14,906 | €13,867 | -€1,038 | -7.0% |
| Current assets | 29/58 | €949,919 | €1,032,580 | +€82,662 | +8.7% |
| Stocks and contracts in progress | 3 | €218,949 | €186,238 | -€32,711 | -14.9% |
| Stocks | 30/36 | €218,949 | €186,238 | -€32,711 | -14.9% |
| Amounts receivable within one year | 40/41 | €371,162 | €289,651 | -€81,511 | -22.0% |
| Trade receivables | 40 | €283,993 | €223,238 | -€60,755 | -21.4% |
| Other amounts receivable | 41 | €87,169 | €66,413 | -€20,756 | -23.8% |
| Cash at bank and in hand | 54/58 | €355,528 | €549,619 | +€194,091 | +54.6% |
| Deferred charges and accrued income | 490/1 | €4,280 | €7,073 | +€2,793 | +65.3% |
| Total equity and liabilities | 10/49 | €1,010,091 | €1,085,209 | +€75,119 | +7.4% |
| Equity | 10/15 | €350,028 | €377,746 | +€27,718 | +7.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €325,028 | €352,746 | +€27,718 | +8.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,714 | €12,714 | = | 0.0% |
| Distributable reserves | 133 | €306,117 | €333,835 | +€27,718 | +9.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €660,063 | €707,463 | +€47,400 | +7.2% |
| Amounts payable within one year | 42/48 | €660,063 | €707,463 | +€47,400 | +7.2% |
| Trade debts | 44 | €69,531 | €155,275 | +€85,745 | +123% |
| Suppliers | 440/4 | €69,531 | €155,275 | +€85,745 | +123% |
| Taxes, remuneration and social security | 45 | €7,134 | €7,501 | +€367 | +5.1% |
| Taxes | 450/3 | €7,134 | €7,501 | +€367 | +5.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €583,398 | €544,687 | -€38,711 | -6.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €4,542 | €0 | -€4,542 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,873 | €10,537 | -€1,335 | -11.2% |
| Other operating charges | 640/8 | €24,939 | €1,831 | -€23,108 | -92.7% |
| Gross operating margin | 9900 | €353,399 | €184,049 | -€169,349 | -47.9% |
| Operating profit (loss) | 9901 | €312,045 | €171,681 | -€140,365 | -45.0% |
| Financial income | 75/76B | €597 | €405 | -€192 | -32.1% |
| Recurring financial income | 75 | €597 | €405 | -€192 | -32.1% |
| Financial charges | 65/66B | €5,538 | €31,515 | +€25,977 | +469% |
| Recurring financial charges | 65 | €5,538 | €31,515 | +€25,977 | +469% |
| Profit (loss) for the period before taxes | 9903 | €307,104 | €140,570 | -€166,534 | -54.2% |
| Income taxes | 67/77 | €16,909 | €9,852 | -€7,057 | -41.7% |
| Profit (loss) for the period | 9904 | €290,195 | €130,718 | -€159,476 | -55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €290,195 | €130,718 | -€159,476 | -55.0% |
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 14 October 2026 via checked.be.