ARSPHARMA: what changed
ARSPHARMA
Largest movements
- Receivables within one year +€157,025
up €157,025 (+110%), from €143,313 to €300,338
of which Trade receivables: +€158,774
- Tangible fixed assets -€11,227
down €11,227 (-67.7%), from €16,576 to €5,349
of which Other tangible fixed assets: -€9,772
- Cash -€10,527
down €10,527 (-8.8%), from €118,986 to €108,459
mainly Receivables within one year (-€157,025) and Current portion of long-term debt (-€57,333)
- Trade debts +€192,782
up €192,782 (+72.3%), from €266,459 to €459,241
- Current portion of long-term debt -€57,333
down €57,333 (-82.6%), from €69,439 to €12,106
- Debts after one year -€31,542
down €31,542 (-19.5%), from €161,542 to €130,000
- Reserves +€28,113
up €28,113 (+17.2%), from €163,438 to €191,551
of which Distributable reserves: +€28,113
- Accrued charges and deferred income +€10,000
new in 2025: €10,000
- Gross operating margin +€31,913
up €31,913 (+45.6%), from €69,943 to €101,856
- Taxes +€14,257
up €14,257 (+140%), from €10,154 to €24,411
- Financial charges +€10,027
up €10,027 (+408%), from €2,459 to €12,487
- Staff costs -€5,813
down €5,813 (-20.3%), from €28,703 to €22,890
- Other operating charges -€3,276
down €3,276 (-54.6%), from €6,004 to €2,728
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €703,875 | €839,146 | +€135,271 | +19.2% |
| Fixed assets | 21/28 | €441,576 | €430,349 | -€11,227 | -2.5% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €16,576 | €5,349 | -€11,227 | -67.7% |
| Furniture and vehicles | 24 | €6,804 | €5,349 | -€1,455 | -21.4% |
| Other tangible fixed assets | 26 | €9,772 | €0 | -€9,772 | -100% |
| Financial fixed assets | 28 | €425,000 | €425,000 | = | 0.0% |
| Current assets | 29/58 | €262,299 | €408,797 | +€146,498 | +55.9% |
| Amounts receivable within one year | 40/41 | €143,313 | €300,338 | +€157,025 | +110% |
| Trade receivables | 40 | €128,077 | €286,850 | +€158,774 | +124% |
| Other amounts receivable | 41 | €15,236 | €13,487 | -€1,749 | -11.5% |
| Cash at bank and in hand | 54/58 | €118,986 | €108,459 | -€10,527 | -8.8% |
| Total equity and liabilities | 10/49 | €703,875 | €839,146 | +€135,271 | +19.2% |
| Equity | 10/15 | €169,738 | €197,851 | +€28,113 | +16.6% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €163,438 | €191,551 | +€28,113 | +17.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €161,578 | €189,691 | +€28,113 | +17.4% |
| Amounts payable | 17/49 | €534,137 | €641,295 | +€107,158 | +20.1% |
| Amounts payable after more than one year | 17 | €161,542 | €130,000 | -€31,542 | -19.5% |
| Financial debts | 170/4 | €161,542 | €130,000 | -€31,542 | -19.5% |
| Amounts payable within one year | 42/48 | €372,595 | €501,295 | +€128,700 | +34.5% |
| Current portion of amounts payable after more than one year | 42 | €69,439 | €12,106 | -€57,333 | -82.6% |
| Trade debts | 44 | €266,459 | €459,241 | +€192,782 | +72.3% |
| Suppliers | 440/4 | €266,459 | €459,241 | +€192,782 | +72.3% |
| Advances received on contracts in progress | 46 | €357 | €357 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €28,941 | €22,192 | -€6,750 | -23.3% |
| Taxes | 450/3 | €27,473 | €19,869 | -€7,604 | -27.7% |
| Remuneration and social security | 454/9 | €1,469 | €2,323 | +€854 | +58.2% |
| Other amounts payable | 47/48 | €7,400 | €7,400 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €10,000 | +€10,000 | |
| Non-recurring operating income | 76A | - | €66,116 | +€66,116 | |
| Remuneration, social security and pensions | 62 | €28,703 | €22,890 | -€5,813 | -20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,184 | €11,227 | +€1,043 | +10.2% |
| Other operating charges | 640/8 | €6,004 | €2,728 | -€3,276 | -54.6% |
| Gross operating margin | 9900 | €69,943 | €101,856 | +€31,913 | +45.6% |
| Operating profit (loss) | 9901 | €25,051 | €65,010 | +€39,959 | +160% |
| Financial income | 75/76B | €36 | €1 | -€36 | -98.3% |
| Recurring financial income | 75 | €36 | €1 | -€36 | -98.3% |
| Financial charges | 65/66B | €2,459 | €12,487 | +€10,027 | +408% |
| Recurring financial charges | 65 | €2,459 | €12,487 | +€10,027 | +408% |
| Profit (loss) for the period before taxes | 9903 | €22,628 | €52,524 | +€29,895 | +132% |
| Income taxes | 67/77 | €10,154 | €24,411 | +€14,257 | +140% |
| Profit (loss) for the period | 9904 | €12,475 | €28,113 | +€15,638 | +125% |
| Profit (loss) for the period to be appropriated | 9905 | €12,475 | €28,113 | +€15,638 | +125% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.