BA 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.
BA PHARMA
Largest movements
- Intangible fixed assets -€82,682
down €82,682 (-10.5%), from €788,281 to €705,599
- Cash +€58,763
up €58,763 (+59.7%), from €98,395 to €157,158
mainly Depreciation (+€163,163) and Trade debts (+€58,463)
- Stocks and contracts -€53,525
down €53,525 (-18.5%), from €289,921 to €236,396
- Receivables within one year +€49,031
up €49,031 (+32.0%), from €153,096 to €202,127
of which Trade receivables: +€52,221
- Debts after one year -€133,498
down €133,498 (-9.1%), from €1.5m to €1.3m
of which Financial debts: -€134,498
- Trade debts +€58,463
up €58,463 (+32.3%), from €181,017 to €239,481
- Other debts +€24,867
up €24,867 (+9.1%), from €272,756 to €297,623
- Staff costs -€17,920
down €17,920 (-5.4%), from €329,074 to €311,154
- Gross operating margin -€16,292
down €16,292 (-2.9%), from €565,578 to €549,285
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 | €2,259,048 | €2,213,995 | -€45,053 | -2.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,711,194 | €1,607,121 | -€104,073 | -6.1% |
| Intangible fixed assets | 21 | €788,281 | €705,599 | -€82,682 | -10.5% |
| Tangible fixed assets | 22/27 | €922,912 | €901,522 | -€21,390 | -2.3% |
| Land and buildings | 22 | €810,169 | €810,475 | +€305 | 0.0% |
| Plant, machinery and equipment | 23 | €110,231 | €84,908 | -€25,322 | -23.0% |
| Furniture and vehicles | 24 | €2,512 | €6,139 | +€3,627 | +144.4% |
| Current assets | 29/58 | €547,854 | €606,874 | +€59,020 | +10.8% |
| Stocks and contracts in progress | 3 | €289,921 | €236,396 | -€53,525 | -18.5% |
| Stocks | 30/36 | €289,921 | €236,396 | -€53,525 | -18.5% |
| Amounts receivable within one year | 40/41 | €153,096 | €202,127 | +€49,031 | +32.0% |
| Trade receivables | 40 | €144,061 | €196,283 | +€52,221 | +36.2% |
| Other amounts receivable | 41 | €9,035 | €5,845 | -€3,190 | -35.3% |
| Current investments | 50/53 | €3,209 | €3,209 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €98,395 | €157,158 | +€58,763 | +59.7% |
| Deferred charges and accrued income | 490/1 | €3,233 | €7,985 | +€4,751 | +146.9% |
| Total equity and liabilities | 10/49 | €2,259,048 | €2,213,995 | -€45,053 | -2.0% |
| Equity | 10/15 | €145,698 | €146,387 | +€689 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €316 | €316 | = | 0.0% |
| Distributable reserves | 133 | €316 | €316 | = | 0.0% |
| Profit (loss) carried forward | 14 | €126,782 | €127,471 | +€689 | +0.5% |
| Amounts payable | 17/49 | €2,113,350 | €2,067,608 | -€45,742 | -2.2% |
| Amounts payable after more than one year | 17 | €1,472,563 | €1,339,065 | -€133,498 | -9.1% |
| Financial debts | 170/4 | €1,471,003 | €1,336,505 | -€134,498 | -9.1% |
| Other amounts payable | 178/9 | €1,560 | €2,560 | +€1,000 | +64.1% |
| Amounts payable within one year | 42/48 | €640,787 | €728,543 | +€87,756 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €131,457 | €134,498 | +€3,041 | +2.3% |
| Trade debts | 44 | €181,017 | €239,481 | +€58,463 | +32.3% |
| Suppliers | 440/4 | €181,017 | €239,481 | +€58,463 | +32.3% |
| Taxes, remuneration and social security | 45 | €55,557 | €56,941 | +€1,384 | +2.5% |
| Taxes | 450/3 | €5,631 | €7,081 | +€1,450 | +25.8% |
| Remuneration and social security | 454/9 | €49,926 | €49,860 | -€66 | -0.1% |
| Other amounts payable | 47/48 | €272,756 | €297,623 | +€24,867 | +9.1% |
| Remuneration, social security and pensions | 62 | €329,074 | €311,154 | -€17,920 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,184 | €163,163 | -€1,020 | -0.6% |
| Other operating charges | 640/8 | €3,106 | €3,169 | +€62 | +2.0% |
| Non-recurring operating charges | 66A | - | €6,705 | +€6,705 | |
| Gross operating margin | 9900 | €565,578 | €549,285 | -€16,292 | -2.9% |
| Operating profit (loss) | 9901 | €69,214 | €65,095 | -€4,120 | -6.0% |
| Financial income | 75/76B | €78 | €170 | +€92 | +118.2% |
| Recurring financial income | 75 | €78 | €87 | +€9 | +11.7% |
| Non-recurring financial income | 76B | - | €83 | +€83 | |
| Financial charges | 65/66B | €41,291 | €38,419 | -€2,872 | -7.0% |
| Recurring financial charges | 65 | €41,291 | €38,419 | -€2,872 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €28,001 | €26,846 | -€1,156 | -4.1% |
| Income taxes | 67/77 | €26,822 | €26,157 | -€666 | -2.5% |
| Profit (loss) for the period | 9904 | €1,179 | €689 | -€490 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,179 | €689 | -€490 | -41.6% |
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 7 October 2026 via checked.be.