BELPHARMA: 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.
BELPHARMA
Largest movements
- Cash +€97,111
up €97,111 (+49.3%), from €196,968 to €294,079
mainly Other debts (+€80,666) and Net result for the year (+€62,368)
- Current investments -€35,000
no longer reported in 2025 (was €35,000)
- Tangible fixed assets -€8,438
down €8,438 (-7.4%), from €113,543 to €105,104
of which Plant, machinery and equipment: -€11,005
- Other debts +€80,666
up €80,666 (+285.8%), from €28,229 to €108,895
- Reserves -€31,632
down €31,632 (-21.2%), from €149,139 to €117,507
of which Distributable reserves: -€31,632
- Trade debts +€8,654
up €8,654 (+43.7%), from €19,821 to €28,475
- Taxes +€26,427
up €26,427, from -€1,476 to €24,951
- Gross operating margin +€17,791
up €17,791 (+15.3%), from €116,277 to €134,068
- Staff costs -€16,695
down €16,695 (-44.9%), from €37,224 to €20,529
- Other operating charges -€14,288
down €14,288 (-76.6%), from €18,647 to €4,358
- Depreciation +€4,946
up €4,946 (+29.6%), from €16,685 to €21,631
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 | €527,828 | €581,313 | +€53,485 | +10.1% |
| Fixed assets | 21/28 | €113,543 | €105,104 | -€8,438 | -7.4% |
| Tangible fixed assets | 22/27 | €113,543 | €105,104 | -€8,438 | -7.4% |
| Land and buildings | 22 | €26,205 | €31,808 | +€5,603 | +21.4% |
| Plant, machinery and equipment | 23 | €71,453 | €60,448 | -€11,005 | -15.4% |
| Furniture and vehicles | 24 | €13,332 | €11,537 | -€1,795 | -13.5% |
| Other tangible fixed assets | 26 | €2,553 | €1,312 | -€1,241 | -48.6% |
| Current assets | 29/58 | €414,285 | €476,209 | +€61,924 | +14.9% |
| Stocks and contracts in progress | 3 | €118,194 | €117,223 | -€971 | -0.8% |
| Stocks | 30/36 | €118,194 | €117,223 | -€971 | -0.8% |
| Amounts receivable within one year | 40/41 | €61,757 | €62,541 | +€783 | +1.3% |
| Trade receivables | 40 | €58,986 | €62,510 | +€3,524 | +6.0% |
| Other amounts receivable | 41 | €2,771 | €31 | -€2,740 | -98.9% |
| Current investments | 50/53 | €35,000 | - | -€35,000 | |
| Cash at bank and in hand | 54/58 | €196,968 | €294,079 | +€97,111 | +49.3% |
| Deferred charges and accrued income | 490/1 | €2,365 | €2,365 | +€1 | 0.0% |
| Total equity and liabilities | 10/49 | €527,828 | €581,313 | +€53,485 | +10.1% |
| Equity | 10/15 | €459,077 | €425,779 | -€33,298 | -7.3% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €149,139 | €117,507 | -€31,632 | -21.2% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €136,745 | €105,112 | -€31,632 | -23.1% |
| Profit (loss) carried forward | 14 | €185,991 | €184,325 | -€1,666 | -0.9% |
| Amounts payable | 17/49 | €68,750 | €155,534 | +€86,783 | +126.2% |
| Amounts payable after more than one year | 17 | €5,103 | €0 | -€5,103 | -100.0% |
| Financial debts | 170/4 | €5,103 | €0 | -€5,103 | -100.0% |
| Amounts payable within one year | 42/48 | €63,610 | €155,534 | +€91,924 | +144.5% |
| Current portion of amounts payable after more than one year | 42 | €6,069 | €5,103 | -€966 | -15.9% |
| Trade debts | 44 | €19,821 | €28,475 | +€8,654 | +43.7% |
| Suppliers | 440/4 | €19,821 | €28,475 | +€8,654 | +43.7% |
| Taxes, remuneration and social security | 45 | €9,491 | €13,061 | +€3,570 | +37.6% |
| Taxes | 450/3 | €6,696 | €10,562 | +€3,866 | +57.7% |
| Remuneration and social security | 454/9 | €2,796 | €2,500 | -€296 | -10.6% |
| Other amounts payable | 47/48 | €28,229 | €108,895 | +€80,666 | +285.8% |
| Accrued charges and deferred income | 492/3 | €38 | €0 | -€38 | -100.0% |
| Remuneration, social security and pensions | 62 | €37,224 | €20,529 | -€16,695 | -44.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,685 | €21,631 | +€4,946 | +29.6% |
| Other operating charges | 640/8 | €18,647 | €4,358 | -€14,288 | -76.6% |
| Gross operating margin | 9900 | €116,277 | €134,068 | +€17,791 | +15.3% |
| Operating profit (loss) | 9901 | €43,721 | €87,550 | +€43,829 | +100.2% |
| Financial income | 75/76B | €655 | €1,091 | +€436 | +66.6% |
| Recurring financial income | 75 | €655 | €1,091 | +€436 | +66.6% |
| Financial charges | 65/66B | €3,107 | €1,321 | -€1,786 | -57.5% |
| Recurring financial charges | 65 | €3,107 | €1,321 | -€1,786 | -57.5% |
| Profit (loss) for the period before taxes | 9903 | €41,268 | €87,319 | +€46,051 | +111.6% |
| Income taxes | 67/77 | -€1,476 | €24,951 | +€26,427 | |
| Profit (loss) for the period | 9904 | €42,745 | €62,368 | +€19,623 | +45.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,745 | €62,368 | +€19,623 | +45.9% |
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 4 October 2026 via checked.be.