BAUPHAR: 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.
What changed
BAUPHAR
NACE 47.730, Retail sale of pharmaceutical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€220,648
2024 · €91,747+€128,900
Equity
€326,271
2024 · €205,623+€120,648
Cash
€104,592
2024 · €112,657-€8,065
Balance sheet total
€1.2m
2024 · €1.1m+€94,329
Largest movements
Assets
- Receivables within one year +€83,816
up €83,816 (+14.1%), from €595,668 to €679,484
of which Other amounts receivable: +€47,070
- Stocks and contracts +€29,364
up €29,364 (+10.1%), from €291,293 to €320,657
Equity and liabilities
- Profit (loss) carried forward +€120,648
up €120,648 (+606.2%), from €19,903 to €140,551
- Debts after one year -€35,608
down €35,608 (-16.7%), from €213,160 to €177,552
- Trade debts +€13,238
up €13,238 (+6.8%), from €195,088 to €208,327
Income statement
- Gross operating margin +€84,753
up €84,753 (+16.8%), from €505,652 to €590,404
- Staff costs -€64,761
down €64,761 (-19.0%), from €340,500 to €275,739
- Write-downs +€11,838
new in 2025: €11,838
- Taxes +€8,893
up €8,893 (+25.5%), from €34,865 to €43,758
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.
Result 2024
€91,747
Gross operating margin
+€84,753
Staff costs
+€64,761
Depreciation
-€890
Write-downs
-€11,838
Other operating charges
+€0
Financial income
-€84
Financial charges
+€1,092
Taxes
-€8,893
Result 2025
€220,648
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.
From operations
+€145,084
Investment
-€18,840
Financing
-€134,309
Cash 2024
€112,657
From operations (derived)
+€145,084
Net result for the year
+€220,648
Depreciation
+€29,706
Stocks and contracts
-€29,364
Receivables within one year
-€83,816
Smaller working-capital items
-€136
Trade debts
+€13,238
Tax, wage and social debts
-€6,757
Other debts
+€1,564
Investment (derived)
-€18,840
Investment in fixed assets (net)
-€18,840
Financing
-€134,309
Debts after one year
-€35,608
Current portion of long-term debt
+€1,298
Contributions, distributions and other
-€100,000
Cash 2025
€104,592
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,148,478 | €1,242,806 | +€94,329 | +8.2% |
| Fixed assets | 21/28 | €147,236 | €136,369 | -€10,867 | -7.4% |
| Tangible fixed assets | 22/27 | €147,011 | €136,144 | -€10,867 | -7.4% |
| Land and buildings | 22 | €94,074 | €80,635 | -€13,439 | -14.3% |
| Plant, machinery and equipment | 23 | €4,212 | €18,528 | +€14,316 | +339.9% |
| Furniture and vehicles | 24 | €48,725 | €36,981 | -€11,744 | -24.1% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €1,001,242 | €1,106,437 | +€105,195 | +10.5% |
| Stocks and contracts in progress | 3 | €291,293 | €320,657 | +€29,364 | +10.1% |
| Stocks | 30/36 | €291,293 | €320,657 | +€29,364 | +10.1% |
| Amounts receivable within one year | 40/41 | €595,668 | €679,484 | +€83,816 | +14.1% |
| Trade receivables | 40 | €248,761 | €285,508 | +€36,746 | +14.8% |
| Other amounts receivable | 41 | €346,906 | €393,976 | +€47,070 | +13.6% |
| Current investments | 50/53 | €1,624 | €1,624 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €112,657 | €104,592 | -€8,065 | -7.2% |
| Deferred charges and accrued income | 490/1 | - | €80 | +€80 | |
| Total equity and liabilities | 10/49 | €1,148,478 | €1,242,806 | +€94,329 | +8.2% |
| Equity | 10/15 | €205,623 | €326,271 | +€120,648 | +58.7% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Capital | 10 | €130,000 | €130,000 | = | 0.0% |
| Issued capital | 100 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €55,720 | €55,720 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,000 | €13,000 | = | 0.0% |
| Legal reserve | 130 | €13,000 | €13,000 | = | 0.0% |
| Distributable reserves | 133 | €42,720 | €42,720 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,903 | €140,551 | +€120,648 | +606.2% |
| Amounts payable | 17/49 | €942,855 | €916,536 | -€26,319 | -2.8% |
| Amounts payable after more than one year | 17 | €213,160 | €177,552 | -€35,608 | -16.7% |
| Financial debts | 170/4 | €213,160 | €177,552 | -€35,608 | -16.7% |
| Amounts payable within one year | 42/48 | €729,640 | €738,983 | +€9,344 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €37,222 | €38,520 | +€1,298 | +3.5% |
| Trade debts | 44 | €195,088 | €208,327 | +€13,238 | +6.8% |
| Suppliers | 440/4 | €195,088 | €208,327 | +€13,238 | +6.8% |
| Taxes, remuneration and social security | 45 | €57,466 | €50,709 | -€6,757 | -11.8% |
| Taxes | 450/3 | €0 | €8,758 | +€8,758 | +87581400.0% |
| Remuneration and social security | 454/9 | €57,466 | €41,951 | -€15,515 | -27.0% |
| Other amounts payable | 47/48 | €439,863 | €441,428 | +€1,564 | +0.4% |
| Accrued charges and deferred income | 492/3 | €55 | - | -€55 | |
| Remuneration, social security and pensions | 62 | €340,500 | €275,739 | -€64,761 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,816 | €29,706 | +€890 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,838 | +€11,838 | |
| Other operating charges | 640/8 | €1 | €1 | -€0 | -2.6% |
| Gross operating margin | 9900 | €505,652 | €590,404 | +€84,753 | +16.8% |
| Operating profit (loss) | 9901 | €136,335 | €273,120 | +€136,786 | +100.3% |
| Financial income | 75/76B | €84 | - | -€84 | |
| Recurring financial income | 75 | €84 | - | -€84 | |
| Financial charges | 65/66B | €9,807 | €8,715 | -€1,092 | -11.1% |
| Recurring financial charges | 65 | €9,807 | €8,715 | -€1,092 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €126,612 | €264,406 | +€137,793 | +108.8% |
| Income taxes | 67/77 | €34,865 | €43,758 | +€8,893 | +25.5% |
| Profit (loss) for the period | 9904 | €91,747 | €220,648 | +€128,900 | +140.5% |
| Profit (loss) for the period to be appropriated | 9905 | €91,747 | €220,648 | +€128,900 | +140.5% |
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 3 October 2026 via checked.be.