BELGOPHARMA: 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.
BELGOPHARMA
Largest movements
- Financial fixed assets +€600,000
up €600,000 (+5791.2%), from €10,361 to €610,361
- Cash -€592,015
down €592,015 (-30.8%), from €1.9m to €1.3m
mainly Investment in fixed assets (net) (-€622,911) and Receivables within one year (-€296,226)
- Receivables within one year +€296,226
up €296,226 (+31.3%), from €945,599 to €1.2m
of which Other amounts receivable: +€476,832
- Reserves +€410,000
up €410,000 (+31.5%), from €1.3m to €1.7m
- Tax, wage and social debts -€133,836
down €133,836 (-25.0%), from €535,834 to €401,998
of which Taxes: -€133,836
- Gross operating margin -€1.0m
down €1.0m (-57.3%), from €1.8m to €754,756
- Taxes -€322,870
down €322,870 (-63.0%), from €512,358 to €189,489
- Write-downs +€148,035
new in 2025: €148,035
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 | €3,316,269 | €3,632,225 | +€315,956 | +9.5% |
| Fixed assets | 21/28 | €14,136 | €633,146 | +€619,011 | +4379.1% |
| Tangible fixed assets | 22/27 | €3,775 | €22,786 | +€19,011 | +503.6% |
| Furniture and vehicles | 24 | €3,775 | €12,344 | +€8,569 | +227.0% |
| Other tangible fixed assets | 26 | - | €10,442 | +€10,442 | |
| Financial fixed assets | 28 | €10,361 | €610,361 | +€600,000 | +5791.2% |
| Current assets | 29/58 | €3,302,134 | €2,999,079 | -€303,054 | -9.2% |
| Amounts receivable after more than one year | 29 | €380,000 | €380,000 | = | 0.0% |
| Trade receivables | 290 | €380,000 | €380,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €53,579 | €45,629 | -€7,950 | -14.8% |
| Stocks | 30/36 | €53,579 | €45,629 | -€7,950 | -14.8% |
| Amounts receivable within one year | 40/41 | €945,599 | €1,241,825 | +€296,226 | +31.3% |
| Trade receivables | 40 | €851,055 | €670,449 | -€180,606 | -21.2% |
| Other amounts receivable | 41 | €94,544 | €571,376 | +€476,832 | +504.3% |
| Cash at bank and in hand | 54/58 | €1,920,722 | €1,328,708 | -€592,015 | -30.8% |
| Deferred charges and accrued income | 490/1 | €2,233 | €2,918 | +€684 | +30.6% |
| Total equity and liabilities | 10/49 | €3,316,269 | €3,632,225 | +€315,956 | +9.5% |
| Equity | 10/15 | €2,262,574 | €2,674,640 | +€412,067 | +18.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,300,000 | €1,710,000 | +€410,000 | +31.5% |
| Distributable reserves | 133 | €1,300,000 | €1,710,000 | +€410,000 | +31.5% |
| Profit (loss) carried forward | 14 | €956,374 | €958,440 | +€2,067 | +0.2% |
| Amounts payable | 17/49 | €1,053,696 | €957,585 | -€96,111 | -9.1% |
| Amounts payable within one year | 42/48 | €1,053,696 | €956,485 | -€97,211 | -9.2% |
| Trade debts | 44 | €516,081 | €548,770 | +€32,689 | +6.3% |
| Suppliers | 440/4 | €516,081 | €548,770 | +€32,689 | +6.3% |
| Taxes, remuneration and social security | 45 | €535,834 | €401,998 | -€133,836 | -25.0% |
| Taxes | 450/3 | €535,742 | €401,906 | -€133,836 | -25.0% |
| Remuneration and social security | 454/9 | €92 | €92 | = | 0.0% |
| Other amounts payable | 47/48 | €1,781 | €5,717 | +€3,936 | +221.0% |
| Accrued charges and deferred income | 492/3 | - | €1,100 | +€1,100 | |
| Remuneration, social security and pensions | 62 | €17,277 | - | -€17,277 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,047 | €3,900 | +€2,853 | +272.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €148,035 | +€148,035 | |
| Other operating charges | 640/8 | €1,886 | €1,153 | -€733 | -38.9% |
| Gross operating margin | 9900 | €1,768,278 | €754,756 | -€1.0m | -57.3% |
| Operating profit (loss) | 9901 | €1,748,068 | €601,668 | -€1.1m | -65.6% |
| Financial charges | 65/66B | €355 | €113 | -€242 | -68.2% |
| Recurring financial charges | 65 | €355 | €113 | -€242 | -68.2% |
| Profit (loss) for the period before taxes | 9903 | €1,747,713 | €601,555 | -€1.1m | -65.6% |
| Income taxes | 67/77 | €512,358 | €189,489 | -€322,870 | -63.0% |
| Profit (loss) for the period | 9904 | €1,235,354 | €412,067 | -€823,288 | -66.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,235,354 | €412,067 | -€823,288 | -66.6% |
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 8 October 2026 via checked.be.