APHARMAT: 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.
APHARMAT
Largest movements
- Receivables within one year +€23,496
up €23,496 (+45.4%), from €51,774 to €75,270
of which Trade receivables: +€29,977
- Current portion of long-term debt -€155,313
no longer reported in 2025 (was €155,313)
- Short-term financial debts +€101,062
up €101,062 (+494.1%), from €20,453 to €121,515
of which Other loans: +€100,000
- Other debts +€31,934
up €31,934 (+4.0%), from €803,465 to €835,399
- Reserves +€28,888
up €28,888 (+204.7%), from €14,112 to €43,000
- Profit (loss) carried forward +€24,107
up €24,107, from -€23,633 to €474
- Gross operating margin +€58,284
up €58,284 (+33.0%), from €176,552 to €234,836
- Staff costs +€22,419
up €22,419 (+20.6%), from €109,049 to €131,469
- Taxes +€9,381
up €9,381 (+65.1%), from €14,401 to €23,782
- Other operating charges -€3,322
down €3,322 (-34.7%), from €9,579 to €6,257
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.
Cash bridge derived
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 | €1,393,627 | €1,423,031 | +€29,404 | +2.1% |
| Fixed assets | 21/28 | €1,194,523 | €1,192,239 | -€2,284 | -0.2% |
| Intangible fixed assets | 21 | €1,059,692 | €1,059,692 | = | 0.0% |
| Tangible fixed assets | 22/27 | €134,028 | €131,744 | -€2,284 | -1.7% |
| Land and buildings | 22 | €120,126 | €119,486 | -€641 | -0.5% |
| Plant, machinery and equipment | 23 | €13,388 | €12,195 | -€1,193 | -8.9% |
| Furniture and vehicles | 24 | €514 | €64 | -€450 | -87.5% |
| Financial fixed assets | 28 | €803 | €803 | = | 0.0% |
| Current assets | 29/58 | €199,104 | €230,791 | +€31,688 | +15.9% |
| Stocks and contracts in progress | 3 | €138,567 | €144,232 | +€5,665 | +4.1% |
| Stocks | 30/36 | €138,567 | €144,232 | +€5,665 | +4.1% |
| Amounts receivable within one year | 40/41 | €51,774 | €75,270 | +€23,496 | +45.4% |
| Trade receivables | 40 | €44,737 | €74,714 | +€29,977 | +67.0% |
| Other amounts receivable | 41 | €7,037 | €556 | -€6,481 | -92.1% |
| Cash at bank and in hand | 54/58 | €6,145 | €7,843 | +€1,698 | +27.6% |
| Deferred charges and accrued income | 490/1 | €2,617 | €3,447 | +€829 | +31.7% |
| Total equity and liabilities | 10/49 | €1,393,627 | €1,423,031 | +€29,404 | +2.1% |
| Equity | 10/15 | -€3,322 | €49,674 | +€52,995 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €14,112 | €43,000 | +€28,888 | +204.7% |
| Distributable reserves | 133 | €14,112 | €43,000 | +€28,888 | +204.7% |
| Profit (loss) carried forward | 14 | -€23,633 | €474 | +€24,107 | |
| Amounts payable | 17/49 | €1,396,948 | €1,373,357 | -€23,591 | -1.7% |
| Amounts payable after more than one year | 17 | €240,157 | €240,157 | = | 0.0% |
| Financial debts | 170/4 | €240,157 | €240,157 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,151,556 | €1,129,071 | -€22,484 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €155,313 | - | -€155,313 | |
| Financial debts | 43 | €20,453 | €121,515 | +€101,062 | +494.1% |
| Credit institutions | 430/8 | €20,453 | €21,515 | +€1,062 | +5.2% |
| Other loans | 439 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €133,914 | €144,107 | +€10,193 | +7.6% |
| Suppliers | 440/4 | €133,914 | €144,107 | +€10,193 | +7.6% |
| Taxes, remuneration and social security | 45 | €38,411 | €28,050 | -€10,361 | -27.0% |
| Taxes | 450/3 | €17,688 | €7,417 | -€10,271 | -58.1% |
| Remuneration and social security | 454/9 | €20,723 | €20,633 | -€89 | -0.4% |
| Other amounts payable | 47/48 | €803,465 | €835,399 | +€31,934 | +4.0% |
| Accrued charges and deferred income | 492/3 | €5,236 | €4,129 | -€1,107 | -21.1% |
| Remuneration, social security and pensions | 62 | €109,049 | €131,469 | +€22,419 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,253 | €3,857 | +€604 | +18.6% |
| Other operating charges | 640/8 | €9,579 | €6,257 | -€3,322 | -34.7% |
| Gross operating margin | 9900 | €176,552 | €234,836 | +€58,284 | +33.0% |
| Operating profit (loss) | 9901 | €54,671 | €93,254 | +€38,583 | +70.6% |
| Financial income | 75/76B | €100 | €94 | -€6 | -5.7% |
| Recurring financial income | 75 | €100 | €94 | -€6 | -5.7% |
| Financial charges | 65/66B | €18,158 | €16,570 | -€1,588 | -8.7% |
| Recurring financial charges | 65 | €18,158 | €16,570 | -€1,588 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €36,613 | €76,778 | +€40,165 | +109.7% |
| Income taxes | 67/77 | €14,401 | €23,782 | +€9,381 | +65.1% |
| Profit (loss) for the period | 9904 | €22,212 | €52,995 | +€30,783 | +138.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,212 | €52,995 | +€30,783 | +138.6% |
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 11 October 2026 via checked.be.