BELPHARMED: 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.
BELPHARMED
Largest movements
- Receivables within one year +€70,314
up €70,314 (+19.2%), from €366,554 to €436,868
of which Trade receivables: +€81,923
- Stocks and contracts +€63,922
up €63,922 (+16.8%), from €380,846 to €444,768
- Cash +€22,108
up €22,108 (+247.2%), from €8,944 to €31,052
mainly Other debts (+€130,383) and Short-term financial debts (+€58,256)
- Intangible fixed assets +€11,596
up €11,596 (+15.7%), from €73,833 to €85,429
- Other debts +€130,383
up €130,383 (+72.8%), from €179,116 to €309,499
- Short-term financial debts +€58,256
up €58,256 (+17.0%), from €341,744 to €400,000
- Tax, wage and social debts -€39,854
down €39,854 (-55.6%), from €71,707 to €31,853
of which Taxes: -€27,653
- Trade debts +€39,363
up €39,363 (+21.7%), from €181,590 to €220,953
- Debts after one year -€20,541
down €20,541 (-19.1%), from €107,357 to €86,816
- Staff costs +€112,983
up €112,983 (+65.8%), from €171,789 to €284,772
- Gross operating margin +€49,134
up €49,134 (+17.7%), from €277,707 to €326,841
- Depreciation -€39,315
no longer reported in 2025 (was €39,315)
- Financial charges -€18,442
down €18,442 (-35.0%), from €52,759 to €34,317
- Other operating charges -€10,663
down €10,663 (-65.2%), from €16,362 to €5,699
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 | €918,041 | €1,087,522 | +€169,481 | +18.5% |
| Fixed assets | 21/28 | €155,402 | €167,777 | +€12,375 | +8.0% |
| Intangible fixed assets | 21 | €73,833 | €85,429 | +€11,596 | +15.7% |
| Tangible fixed assets | 22/27 | €81,569 | €82,348 | +€779 | +1.0% |
| Land and buildings | 22 | €18,933 | €18,933 | = | 0.0% |
| Plant, machinery and equipment | 23 | €36,354 | €36,354 | = | 0.0% |
| Furniture and vehicles | 24 | €26,282 | €27,061 | +€779 | +3.0% |
| Current assets | 29/58 | €762,639 | €919,745 | +€157,106 | +20.6% |
| Stocks and contracts in progress | 3 | €380,846 | €444,768 | +€63,922 | +16.8% |
| Stocks | 30/36 | €380,846 | €444,768 | +€63,922 | +16.8% |
| Amounts receivable within one year | 40/41 | €366,554 | €436,868 | +€70,314 | +19.2% |
| Trade receivables | 40 | €277,751 | €359,674 | +€81,923 | +29.5% |
| Other amounts receivable | 41 | €88,803 | €77,194 | -€11,609 | -13.1% |
| Cash at bank and in hand | 54/58 | €8,944 | €31,052 | +€22,108 | +247.2% |
| Deferred charges and accrued income | 490/1 | €6,295 | €7,057 | +€762 | +12.1% |
| Total equity and liabilities | 10/49 | €918,041 | €1,087,522 | +€169,481 | +18.5% |
| Equity | 10/15 | €14,865 | €15,741 | +€876 | +5.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €9,865 | €10,741 | +€876 | +8.9% |
| Distributable reserves | 133 | €9,865 | €10,741 | +€876 | +8.9% |
| Amounts payable | 17/49 | €903,176 | €1,071,781 | +€168,605 | +18.7% |
| Amounts payable after more than one year | 17 | €107,357 | €86,816 | -€20,541 | -19.1% |
| Financial debts | 170/4 | €107,357 | €86,816 | -€20,541 | -19.1% |
| Amounts payable within one year | 42/48 | €795,285 | €984,512 | +€189,227 | +23.8% |
| Current portion of amounts payable after more than one year | 42 | €21,128 | €22,207 | +€1,079 | +5.1% |
| Financial debts | 43 | €341,744 | €400,000 | +€58,256 | +17.0% |
| Credit institutions | 430/8 | €341,744 | €400,000 | +€58,256 | +17.0% |
| Trade debts | 44 | €181,590 | €220,953 | +€39,363 | +21.7% |
| Suppliers | 440/4 | €181,590 | €220,953 | +€39,363 | +21.7% |
| Taxes, remuneration and social security | 45 | €71,707 | €31,853 | -€39,854 | -55.6% |
| Taxes | 450/3 | €39,911 | €12,258 | -€27,653 | -69.3% |
| Remuneration and social security | 454/9 | €31,796 | €19,595 | -€12,201 | -38.4% |
| Other amounts payable | 47/48 | €179,116 | €309,499 | +€130,383 | +72.8% |
| Accrued charges and deferred income | 492/3 | €534 | €453 | -€81 | -15.2% |
| Remuneration, social security and pensions | 62 | €171,789 | €284,772 | +€112,983 | +65.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,315 | - | -€39,315 | |
| Other operating charges | 640/8 | €16,362 | €5,699 | -€10,663 | -65.2% |
| Gross operating margin | 9900 | €277,707 | €326,841 | +€49,134 | +17.7% |
| Operating profit (loss) | 9901 | €50,241 | €36,370 | -€13,871 | -27.6% |
| Financial income | 75/76B | €2,986 | - | -€2,986 | |
| Recurring financial income | 75 | €2,986 | - | -€2,986 | |
| Financial charges | 65/66B | €52,759 | €34,317 | -€18,442 | -35.0% |
| Recurring financial charges | 65 | €52,759 | €34,317 | -€18,442 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | €468 | €2,053 | +€1,585 | +338.7% |
| Income taxes | 67/77 | - | €1,177 | +€1,177 | |
| Profit (loss) for the period | 9904 | €468 | €876 | +€408 | +87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €468 | €876 | +€408 | +87.2% |
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.