CARDOEN PHARMA: what changed
Two financial 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.
CARDOEN PHARMA
Largest movements
- Tangible fixed assets +€689,377
up €689,377 (+193%), from €357,657 to €1.0m
of which Land and buildings: +€624,258
- Current investments -€405,870
down €405,870 (-69.7%), from €582,440 to €176,570
- Intangible fixed assets +€320,506
new in 2025: €320,506
- Stocks and contracts +€126,358
new in 2025: €126,358
- Cash -€110,541
down €110,541 (-71.0%), from €155,704 to €45,164
mainly Investment in fixed assets (net) (-€1.1m) and Other debts (-€184,996)
- Debts after one year +€838,762
up €838,762 (+570%), from €147,164 to €985,927
- Other debts -€184,996
down €184,996 (-81.3%), from €227,529 to €42,532
- Tax, wage and social debts -€75,728
down €75,728 (-98.0%), from €77,287 to €1,559
- Trade debts +€61,995
up €61,995 (+6,778%), from €915 to €62,909
- Current portion of long-term debt +€56,802
up €56,802 (+448%), from €12,691 to €69,493
- Depreciation +€97,737
up €97,737 (+735%), from €13,299 to €111,036
- Gross operating margin +€94,480
up €94,480 (+16,142%), from €585 to €95,065
- Financial income -€58,534
down €58,534 (-41.2%), from €142,158 to €83,624
- Financial charges +€20,200
up €20,200 (+8,774%), from €230 to €20,431
- Staff costs +€4,472
new in 2025: €4,472
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.
Derived cash bridge
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 | €1,110,628 | €1,792,988 | +€682,360 | +61.4% |
| Fixed assets | 21/28 | €357,657 | €1,367,540 | +€1.0m | +282% |
| Intangible fixed assets | 21 | - | €320,506 | +€320,506 | |
| Tangible fixed assets | 22/27 | €357,657 | €1,047,034 | +€689,377 | +193% |
| Land and buildings | 22 | €355,340 | €979,598 | +€624,258 | +176% |
| Plant, machinery and equipment | 23 | - | €42,134 | +€42,134 | |
| Furniture and vehicles | 24 | €2,317 | €25,302 | +€22,984 | +992% |
| Current assets | 29/58 | €752,971 | €425,448 | -€327,522 | -43.5% |
| Stocks and contracts in progress | 3 | - | €126,358 | +€126,358 | |
| Stocks | 30/36 | - | €126,358 | +€126,358 | |
| Amounts receivable within one year | 40/41 | €10,659 | €74,551 | +€63,892 | +599% |
| Trade receivables | 40 | €7,217 | €68,699 | +€61,482 | +852% |
| Other amounts receivable | 41 | €3,442 | €5,853 | +€2,411 | +70.0% |
| Current investments | 50/53 | €582,440 | €176,570 | -€405,870 | -69.7% |
| Cash at bank and in hand | 54/58 | €155,704 | €45,164 | -€110,541 | -71.0% |
| Deferred charges and accrued income | 490/1 | €4,168 | €2,805 | -€1,363 | -32.7% |
| Total equity and liabilities | 10/49 | €1,110,628 | €1,792,988 | +€682,360 | +61.4% |
| Equity | 10/15 | €644,774 | €628,114 | -€16,660 | -2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €626,174 | €609,514 | -€16,660 | -2.7% |
| Tax-exempt reserves | 132 | €86,460 | €86,460 | = | 0.0% |
| Distributable reserves | 133 | €539,714 | €523,054 | -€16,660 | -3.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €465,854 | €1,164,874 | +€699,020 | +150% |
| Amounts payable after more than one year | 17 | €147,164 | €985,927 | +€838,762 | +570% |
| Financial debts | 170/4 | €147,164 | €985,927 | +€838,762 | +570% |
| Amounts payable within one year | 42/48 | €318,421 | €176,494 | -€141,928 | -44.6% |
| Current portion of amounts payable after more than one year | 42 | €12,691 | €69,493 | +€56,802 | +448% |
| Trade debts | 44 | €915 | €62,909 | +€61,995 | +6,778% |
| Suppliers | 440/4 | €915 | €62,909 | +€61,995 | +6,778% |
| Taxes, remuneration and social security | 45 | €77,287 | €1,559 | -€75,728 | -98.0% |
| Taxes | 450/3 | €77,287 | €1,559 | -€75,728 | -98.0% |
| Other amounts payable | 47/48 | €227,529 | €42,532 | -€184,996 | -81.3% |
| Accrued charges and deferred income | 492/3 | €268 | €2,454 | +€2,186 | +815% |
| Remuneration, social security and pensions | 62 | - | €4,472 | +€4,472 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,299 | €111,036 | +€97,737 | +735% |
| Other operating charges | 640/8 | €1,760 | €5,782 | +€4,022 | +229% |
| Gross operating margin | 9900 | €585 | €95,065 | +€94,480 | +16,142% |
| Operating profit (loss) | 9901 | -€14,474 | -€26,225 | -€11,751 | -81.2% |
| Financial income | 75/76B | €142,158 | €83,624 | -€58,534 | -41.2% |
| Recurring financial income | 75 | €142,158 | €83,624 | -€58,534 | -41.2% |
| Financial charges | 65/66B | €230 | €20,431 | +€20,200 | +8,774% |
| Recurring financial charges | 65 | €230 | €20,431 | +€20,200 | +8,774% |
| Profit (loss) for the period before taxes | 9903 | €127,454 | €36,969 | -€90,485 | -71.0% |
| Income taxes | 67/77 | €1,494 | €527 | -€967 | -64.7% |
| Profit (loss) for the period | 9904 | €125,960 | €36,442 | -€89,518 | -71.1% |
| Profit (loss) for the period to be appropriated | 9905 | €125,960 | €36,442 | -€89,518 | -71.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.