D4-PHARMA: 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.
D4-PHARMA
Largest movements
- Receivables within one year +€453,625
up €453,625 (+100.0%), from €453,630 to €907,254
of which Other amounts receivable: +€272,802
- Intangible fixed assets +€151,584
up €151,584, from €0 to €151,584
- Stocks and contracts -€88,370
down €88,370 (-27.5%), from €321,692 to €233,323
- Cash +€61,134
up €61,134 (+99.2%), from €61,608 to €122,742
mainly Debts after one year (+€303,526) and Current portion of long-term debt (+€246,797)
- Debts after one year +€303,526
up €303,526 (+97.1%), from €312,747 to €616,272
of which Financial debts: +€303,526
- Current portion of long-term debt +€246,797
up €246,797 (+629.3%), from €39,217 to €286,014
- Trade debts +€96,006
up €96,006 (+23.9%), from €402,195 to €498,201
- Reserves -€75,000
down €75,000 (-49.3%), from €152,231 to €77,231
of which Distributable reserves: -€75,000
- Short-term financial debts +€40,000
new in 2025: €40,000
- Gross operating margin +€22,681
up €22,681 (+3.2%), from €717,320 to €740,002
- Financial charges +€22,202
up €22,202 (+144.1%), from €15,407 to €37,609
- Staff costs +€22,189
up €22,189 (+3.8%), from €586,362 to €608,551
- Financial income -€21,205
down €21,205 (-100.0%), from €21,211 to €6
of which Non-recurring financial income: -€21,189
- Taxes +€14,143
up €14,143, from -€4,714 to €9,429
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 | €1,177,928 | €1,774,435 | +€596,507 | +50.6% |
| Fixed assets | 21/28 | €339,494 | €493,680 | +€154,185 | +45.4% |
| Intangible fixed assets | 21 | €0 | €151,584 | +€151,584 | |
| Tangible fixed assets | 22/27 | €336,012 | €338,613 | +€2,602 | +0.8% |
| Plant, machinery and equipment | 23 | €61,700 | €60,743 | -€958 | -1.6% |
| Furniture and vehicles | 24 | €4,950 | €34,306 | +€29,356 | +593.1% |
| Other tangible fixed assets | 26 | €269,361 | €243,565 | -€25,797 | -9.6% |
| Financial fixed assets | 28 | €3,483 | €3,483 | = | 0.0% |
| Current assets | 29/58 | €838,434 | €1,280,755 | +€442,321 | +52.8% |
| Stocks and contracts in progress | 3 | €321,692 | €233,323 | -€88,370 | -27.5% |
| Stocks | 30/36 | €321,692 | €233,323 | -€88,370 | -27.5% |
| Amounts receivable within one year | 40/41 | €453,630 | €907,254 | +€453,625 | +100.0% |
| Trade receivables | 40 | €74,193 | €255,016 | +€180,822 | +243.7% |
| Other amounts receivable | 41 | €379,436 | €652,239 | +€272,802 | +71.9% |
| Cash at bank and in hand | 54/58 | €61,608 | €122,742 | +€61,134 | +99.2% |
| Deferred charges and accrued income | 490/1 | €1,504 | €17,437 | +€15,933 | +1059.2% |
| Total equity and liabilities | 10/49 | €1,177,928 | €1,774,435 | +€596,507 | +50.6% |
| Equity | 10/15 | €227,617 | €167,820 | -€59,797 | -26.3% |
| Contributions | 10/11 | €20,405 | €20,405 | = | 0.0% |
| Reserves | 13 | €152,231 | €77,231 | -€75,000 | -49.3% |
| Tax-exempt reserves | 132 | €2,231 | €2,231 | = | 0.0% |
| Distributable reserves | 133 | €150,000 | €75,000 | -€75,000 | -50.0% |
| Profit (loss) carried forward | 14 | €54,981 | €70,184 | +€15,203 | +27.7% |
| Amounts payable | 17/49 | €950,311 | €1,606,615 | +€656,304 | +69.1% |
| Amounts payable after more than one year | 17 | €312,747 | €616,272 | +€303,526 | +97.1% |
| Financial debts | 170/4 | €262,747 | €566,272 | +€303,526 | +115.5% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €637,564 | €990,343 | +€352,778 | +55.3% |
| Current portion of amounts payable after more than one year | 42 | €39,217 | €286,014 | +€246,797 | +629.3% |
| Financial debts | 43 | - | €40,000 | +€40,000 | |
| Credit institutions | 430/8 | - | €40,000 | +€40,000 | |
| Trade debts | 44 | €402,195 | €498,201 | +€96,006 | +23.9% |
| Suppliers | 440/4 | €402,195 | €498,201 | +€96,006 | +23.9% |
| Taxes, remuneration and social security | 45 | €120,927 | €90,903 | -€30,024 | -24.8% |
| Taxes | 450/3 | €11,685 | €4,711 | -€6,975 | -59.7% |
| Remuneration and social security | 454/9 | €109,242 | €86,192 | -€23,050 | -21.1% |
| Other amounts payable | 47/48 | €75,225 | €75,225 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €586,362 | €608,551 | +€22,189 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,514 | €66,911 | +€12,397 | +22.7% |
| Other operating charges | 640/8 | €1,758 | €2,305 | +€547 | +31.1% |
| Gross operating margin | 9900 | €717,320 | €740,002 | +€22,681 | +3.2% |
| Operating profit (loss) | 9901 | €74,685 | €62,234 | -€12,451 | -16.7% |
| Financial income | 75/76B | €21,211 | €6 | -€21,205 | -100.0% |
| Recurring financial income | 75 | €22 | €6 | -€15 | -70.9% |
| Non-recurring financial income | 76B | €21,189 | €0 | -€21,189 | -100.0% |
| Financial charges | 65/66B | €15,407 | €37,609 | +€22,202 | +144.1% |
| Recurring financial charges | 65 | €15,407 | €37,609 | +€22,202 | +144.1% |
| Profit (loss) for the period before taxes | 9903 | €80,490 | €24,632 | -€55,858 | -69.4% |
| Income taxes | 67/77 | -€4,714 | €9,429 | +€14,143 | |
| Profit (loss) for the period | 9904 | €85,204 | €15,203 | -€70,001 | -82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €85,204 | €15,203 | -€70,001 | -82.2% |
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.