AS PHARMA: 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.
AS PHARMA
Largest movements
- Financial fixed assets +€80,551
up €80,551 (+5.8%), from €1.4m to €1.5m
- Receivables within one year -€72,420
down €72,420 (-37.1%), from €195,226 to €122,805
of which Trade receivables: -€72,425
- Other debts +€86,945
up €86,945 (+21.0%), from €413,208 to €500,152
- Debts after one year -€78,527
down €78,527 (-8.2%), from €957,899 to €879,372
- Tax, wage and social debts -€20,933
down €20,933 (-70.7%), from €29,601 to €8,668
of which Taxes: -€23,461
- Gross operating margin -€81,234
down €81,234 (-46.8%), from €173,622 to €92,388
- Taxes -€23,718
down €23,718 (-85.1%), from €27,858 to €4,140
- Staff costs +€12,688
up €12,688 (+53.7%), from €23,626 to €36,314
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 | €1,610,677 | €1,615,142 | +€4,465 | +0.3% |
| Fixed assets | 21/28 | €1,400,484 | €1,480,551 | +€80,067 | +5.7% |
| Tangible fixed assets | 22/27 | €484 | €0 | -€484 | -100.0% |
| Furniture and vehicles | 24 | €484 | €0 | -€484 | -100.0% |
| Financial fixed assets | 28 | €1,400,000 | €1,480,551 | +€80,551 | +5.8% |
| Current assets | 29/58 | €210,193 | €134,591 | -€75,602 | -36.0% |
| Amounts receivable within one year | 40/41 | €195,226 | €122,805 | -€72,420 | -37.1% |
| Trade receivables | 40 | €195,000 | €122,575 | -€72,425 | -37.1% |
| Other amounts receivable | 41 | €226 | €230 | +€4 | +1.8% |
| Cash at bank and in hand | 54/58 | €14,490 | €11,406 | -€3,084 | -21.3% |
| Deferred charges and accrued income | 490/1 | €477 | €379 | -€98 | -20.5% |
| Total equity and liabilities | 10/49 | €1,610,677 | €1,615,142 | +€4,465 | +0.3% |
| Equity | 10/15 | €134,222 | €144,219 | +€9,997 | +7.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €84,222 | €94,219 | +€9,997 | +11.9% |
| Distributable reserves | 133 | €84,222 | €94,219 | +€9,997 | +11.9% |
| Amounts payable | 17/49 | €1,476,455 | €1,470,922 | -€5,533 | -0.4% |
| Amounts payable after more than one year | 17 | €957,899 | €879,372 | -€78,527 | -8.2% |
| Financial debts | 170/4 | €957,899 | €879,372 | -€78,527 | -8.2% |
| Amounts payable within one year | 42/48 | €518,556 | €591,550 | +€72,994 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €75,567 | €78,599 | +€3,031 | +4.0% |
| Trade debts | 44 | €180 | €4,131 | +€3,951 | +2193.9% |
| Suppliers | 440/4 | €180 | €4,131 | +€3,951 | +2193.9% |
| Taxes, remuneration and social security | 45 | €29,601 | €8,668 | -€20,933 | -70.7% |
| Taxes | 450/3 | €27,601 | €4,140 | -€23,461 | -85.0% |
| Remuneration and social security | 454/9 | €2,000 | €4,528 | +€2,528 | +126.4% |
| Other amounts payable | 47/48 | €413,208 | €500,152 | +€86,945 | +21.0% |
| Remuneration, social security and pensions | 62 | €23,626 | €36,314 | +€12,688 | +53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €506 | €484 | -€22 | -4.3% |
| Other operating charges | 640/8 | €744 | €930 | +€186 | +25.1% |
| Gross operating margin | 9900 | €173,622 | €92,388 | -€81,234 | -46.8% |
| Operating profit (loss) | 9901 | €148,747 | €54,660 | -€94,086 | -63.3% |
| Financial income | 75/76B | €92 | - | -€92 | |
| Recurring financial income | 75 | €92 | - | -€92 | |
| Financial charges | 65/66B | €40,051 | €40,523 | +€471 | +1.2% |
| Recurring financial charges | 65 | €40,051 | €40,523 | +€471 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €108,787 | €14,138 | -€94,650 | -87.0% |
| Income taxes | 67/77 | €27,858 | €4,140 | -€23,718 | -85.1% |
| Profit (loss) for the period | 9904 | €80,929 | €9,997 | -€70,932 | -87.6% |
| Profit (loss) for the period to be appropriated | 9905 | €80,929 | €9,997 | -€70,932 | -87.6% |
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 9 October 2026 via checked.be.