E-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.
E-pharma
Largest movements
- Receivables within one year +€616,982
up €616,982 (+568%), from €108,631 to €725,614
of which Other amounts receivable: +€590,054
- Cash -€449,033
down €449,033 (-81.6%), from €550,349 to €101,316
mainly Other debts (-€1.3m) and Receivables within one year (-€616,982)
- Other debts -€1.3m
down €1.3m (-81.7%), from €1.6m to €297,589
- Debts after one year +€1.3m
up €1.3m (+172%), from €761,595 to €2.1m
- Reserves +€108,372
up €108,372 (+29.8%), from €363,725 to €472,097
- Tax, wage and social debts +€74,061
up €74,061 (+118%), from €62,536 to €136,598
of which Remuneration and social security: +€54,311
- Gross operating margin +€725,759
up €725,759 (+622%), from €116,608 to €842,368
- Staff costs +€509,471
up €509,471 (+335%), from €152,146 to €661,617
- Financial charges -€31,383
down €31,383 (-49.1%), from €63,911 to €32,529
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 | €2,977,626 | €3,119,725 | +€142,098 | +4.8% |
| Fixed assets | 21/28 | €2,308,156 | €2,291,580 | -€16,576 | -0.7% |
| Tangible fixed assets | 22/27 | €404,956 | €388,380 | -€16,576 | -4.1% |
| Land and buildings | 22 | €399,300 | €381,150 | -€18,150 | -4.5% |
| Plant, machinery and equipment | 23 | - | €7,230 | +€7,230 | |
| Furniture and vehicles | 24 | €5,656 | - | -€5,656 | |
| Financial fixed assets | 28 | €1,903,200 | €1,903,200 | = | 0.0% |
| Current assets | 29/58 | €669,470 | €828,144 | +€158,674 | +23.7% |
| Amounts receivable within one year | 40/41 | €108,631 | €725,614 | +€616,982 | +568% |
| Trade receivables | 40 | €26,580 | €53,508 | +€26,928 | +101% |
| Other amounts receivable | 41 | €82,051 | €672,105 | +€590,054 | +719% |
| Cash at bank and in hand | 54/58 | €550,349 | €101,316 | -€449,033 | -81.6% |
| Deferred charges and accrued income | 490/1 | €10,490 | €1,215 | -€9,275 | -88.4% |
| Total equity and liabilities | 10/49 | €2,977,626 | €3,119,725 | +€142,098 | +4.8% |
| Equity | 10/15 | €388,725 | €497,097 | +€108,372 | +27.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €363,725 | €472,097 | +€108,372 | +29.8% |
| Distributable reserves | 133 | €363,725 | €472,097 | +€108,372 | +29.8% |
| Amounts payable | 17/49 | €2,588,902 | €2,622,628 | +€33,726 | +1.3% |
| Amounts payable after more than one year | 17 | €761,595 | €2,073,817 | +€1.3m | +172% |
| Financial debts | 170/4 | €761,595 | €2,073,817 | +€1.3m | +172% |
| Amounts payable within one year | 42/48 | €1,827,306 | €548,811 | -€1.3m | -70.0% |
| Current portion of amounts payable after more than one year | 42 | €76,885 | €77,779 | +€894 | +1.2% |
| Trade debts | 44 | €60,159 | €36,846 | -€23,313 | -38.8% |
| Suppliers | 440/4 | €60,159 | €36,846 | -€23,313 | -38.8% |
| Taxes, remuneration and social security | 45 | €62,536 | €136,598 | +€74,061 | +118% |
| Taxes | 450/3 | €19,343 | €39,094 | +€19,751 | +102% |
| Remuneration and social security | 454/9 | €43,193 | €97,503 | +€54,311 | +126% |
| Other amounts payable | 47/48 | €1,627,726 | €297,589 | -€1.3m | -81.7% |
| Non-recurring operating income | 76A | - | €2,844 | +€2,844 | |
| Remuneration, social security and pensions | 62 | €152,146 | €661,617 | +€509,471 | +335% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,555 | €18,177 | -€5,379 | -22.8% |
| Other operating charges | 640/8 | €10,404 | €11,813 | +€1,409 | +13.5% |
| Non-recurring operating charges | 66A | - | €7,265 | +€7,265 | |
| Gross operating margin | 9900 | €116,608 | €842,368 | +€725,759 | +622% |
| Operating profit (loss) | 9901 | -€69,497 | €143,496 | +€212,993 | |
| Financial charges | 65/66B | €63,911 | €32,529 | -€31,383 | -49.1% |
| Recurring financial charges | 65 | €63,911 | €32,529 | -€31,383 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | -€133,408 | €110,967 | +€244,376 | |
| Income taxes | 67/77 | - | €2,595 | +€2,595 | |
| Profit (loss) for the period | 9904 | -€133,408 | €108,372 | +€241,780 | |
| Profit (loss) for the period to be appropriated | 9905 | -€133,408 | €108,372 | +€241,780 |
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 28 October 2026 via checked.be.