APO-PHARMAN: what changed
Two fiscal 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.
APO-PHARMAN
Largest movements
- Receivables within one year -€60,195
down €60,195 (-83.8%), from €71,808 to €11,613
of which Trade receivables: -€63,149
- Deferred charges and accrued income +€59,046
up €59,046 (+414.7%), from €14,238 to €73,284
- Cash +€51,721
up €51,721 (+12.1%), from €427,332 to €479,052
mainly Depreciation (+€71,071) and Net result for the year (+€61,326)
- Tangible fixed assets -€26,428
down €26,428 (-3.9%), from €669,857 to €643,428
of which Land and buildings: -€56,591
- Reserves +€61,326
up €61,326 (+29.1%), from €210,791 to €272,116
- Debts after one year -€28,165
down €28,165 (-6.2%), from €454,968 to €426,803
- Gross operating margin -€21,922
down €21,922 (-8.0%), from €274,496 to €252,575
- Staff costs +€7,044
up €7,044 (+10.8%), from €65,398 to €72,443
- Financial charges +€4,551
up €4,551 (+18.9%), from €24,126 to €28,677
- Depreciation +€3,995
up €3,995 (+6.0%), from €67,076 to €71,071
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 | €1,281,450 | €1,306,700 | +€25,250 | +2.0% |
| Fixed assets | 21/28 | €669,882 | €643,453 | -€26,428 | -3.9% |
| Tangible fixed assets | 22/27 | €669,857 | €643,428 | -€26,428 | -3.9% |
| Land and buildings | 22 | €665,990 | €609,399 | -€56,591 | -8.5% |
| Plant, machinery and equipment | 23 | €2,486 | €448 | -€2,039 | -82.0% |
| Furniture and vehicles | 24 | €1,380 | €33,582 | +€32,201 | +2332.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €611,568 | €663,247 | +€51,679 | +8.5% |
| Stocks and contracts in progress | 3 | €98,190 | €99,297 | +€1,107 | +1.1% |
| Stocks | 30/36 | €98,190 | €99,297 | +€1,107 | +1.1% |
| Amounts receivable within one year | 40/41 | €71,808 | €11,613 | -€60,195 | -83.8% |
| Trade receivables | 40 | €71,627 | €8,478 | -€63,149 | -88.2% |
| Other amounts receivable | 41 | €181 | €3,135 | +€2,954 | +1627.4% |
| Cash at bank and in hand | 54/58 | €427,332 | €479,052 | +€51,721 | +12.1% |
| Deferred charges and accrued income | 490/1 | €14,238 | €73,284 | +€59,046 | +414.7% |
| Total equity and liabilities | 10/49 | €1,281,450 | €1,306,700 | +€25,250 | +2.0% |
| Equity | 10/15 | €360,791 | €422,116 | +€61,326 | +17.0% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €210,791 | €272,116 | +€61,326 | +29.1% |
| Distributable reserves | 133 | €210,791 | €272,116 | +€61,326 | +29.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €920,659 | €884,584 | -€36,076 | -3.9% |
| Amounts payable after more than one year | 17 | €454,968 | €426,803 | -€28,165 | -6.2% |
| Financial debts | 170/4 | €454,968 | €426,803 | -€28,165 | -6.2% |
| Amounts payable within one year | 42/48 | €456,574 | €446,373 | -€10,201 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €59,873 | €58,504 | -€1,369 | -2.3% |
| Trade debts | 44 | €53,528 | €50,271 | -€3,257 | -6.1% |
| Suppliers | 440/4 | €53,528 | €50,271 | -€3,257 | -6.1% |
| Taxes, remuneration and social security | 45 | €49,430 | €46,513 | -€2,917 | -5.9% |
| Taxes | 450/3 | €35,818 | €37,002 | +€1,184 | +3.3% |
| Remuneration and social security | 454/9 | €13,612 | €9,511 | -€4,101 | -30.1% |
| Other amounts payable | 47/48 | €293,743 | €291,085 | -€2,658 | -0.9% |
| Accrued charges and deferred income | 492/3 | €9,117 | €11,407 | +€2,290 | +25.1% |
| Non-recurring operating income | 76A | €13,575 | €0 | -€13,575 | -100.0% |
| Remuneration, social security and pensions | 62 | €65,398 | €72,443 | +€7,044 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,076 | €71,071 | +€3,995 | +6.0% |
| Other operating charges | 640/8 | €6,636 | €6,846 | +€210 | +3.2% |
| Gross operating margin | 9900 | €274,496 | €252,575 | -€21,922 | -8.0% |
| Operating profit (loss) | 9901 | €135,386 | €102,215 | -€33,171 | -24.5% |
| Financial income | 75/76B | €13,700 | €12,843 | -€857 | -6.3% |
| Recurring financial income | 75 | €13,700 | €12,843 | -€857 | -6.3% |
| Financial charges | 65/66B | €24,126 | €28,677 | +€4,551 | +18.9% |
| Recurring financial charges | 65 | €24,126 | €28,677 | +€4,551 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €124,960 | €86,381 | -€38,579 | -30.9% |
| Income taxes | 67/77 | €27,485 | €25,055 | -€2,430 | -8.8% |
| Profit (loss) for the period | 9904 | €97,475 | €61,326 | -€36,149 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €97,475 | €61,326 | -€36,149 | -37.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.