ELSEN 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.
What changed
ELSEN PHARMA
NACE 47.730, Retail sale of pharmaceutical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€75,149
2024 · €525,009-€600,159
Equity
€499,552
2024 · €573,834-€74,282
Cash
€78,533
2024 · €87,019-€8,486
Balance sheet total
€1.3m
2024 · €1.4m-€114,945
Largest movements
Assets
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Tangible fixed assets +€90,290
up €90,290 (+8.1%), from €1.1m to €1.2m
of which Furniture and vehicles: +€78,537
Equity and liabilities
- Profit (loss) carried forward -€53,556
down €53,556 (-11.8%), from -€454,823 to -€508,380
- Debts after one year -€23,592
down €23,592 (-8.6%), from €272,890 to €249,297
of which Financial debts: -€23,592
- Reserves -€18,398
down €18,398 (-2.1%), from €891,634 to €873,236
of which Tax-exempt reserves: -€20,725
- Current portion of long-term debt -€14,282
down €14,282 (-37.7%), from €37,874 to €23,592
Income statement
- Gross operating margin -€837,107
down €837,107 (-99.3%), from €842,841 to €5,735
- Depreciation -€29,526
down €29,526 (-30.4%), from €97,126 to €67,600
- Financial charges +€9,787
up €9,787 (+127.8%), from €7,656 to €17,443
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.
Result 2024
€525,009
Gross operating margin
-€837,107
Staff costs
-€14
Depreciation
+€29,526
Other operating charges
-€1,915
Financial income
+€4,479
Financial charges
-€9,787
Taxes
+€485
Deferred taxes and other
+€214,174
Result 2025
-€75,149
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.
From operations
-€13,589
Investment
+€42,110
Financing
-€37,007
Cash 2024
€87,019
From operations (derived)
-€13,589
Net result for the year
-€75,149
Depreciation
+€67,600
Receivables within one year
-€3,573
Smaller working-capital items
+€605
Provisions
-€7,308
Trade debts
-€4,536
Tax, wage and social debts
-€4,420
Accrued charges and deferred income
+€13,192
Investment (derived)
+€42,110
Investment in fixed assets (net)
-€157,890
Current investments
+€200,000
Financing
-€37,007
Debts after one year
-€23,592
Current portion of long-term debt
-€14,282
Contributions, distributions and other
+€867
Cash 2025
€78,533
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,406,833 | €1,291,888 | -€114,945 | -8.2% |
| Fixed assets | 21/28 | €1,113,134 | €1,203,424 | +€90,290 | +8.1% |
| Tangible fixed assets | 22/27 | €1,108,634 | €1,198,924 | +€90,290 | +8.1% |
| Land and buildings | 22 | €987,232 | €956,252 | -€30,980 | -3.1% |
| Plant, machinery and equipment | 23 | €61,441 | €104,174 | +€42,733 | +69.6% |
| Furniture and vehicles | 24 | €59,961 | €138,498 | +€78,537 | +131.0% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €293,699 | €88,464 | -€205,235 | -69.9% |
| Amounts receivable within one year | 40/41 | €3,917 | €7,490 | +€3,573 | +91.2% |
| Trade receivables | 40 | €65 | €7,490 | +€7,424 | +11369.5% |
| Other amounts receivable | 41 | €3,852 | €0 | -€3,852 | -100.0% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €87,019 | €78,533 | -€8,486 | -9.8% |
| Deferred charges and accrued income | 490/1 | €2,763 | €2,442 | -€321 | -11.6% |
| Total equity and liabilities | 10/49 | €1,406,833 | €1,291,888 | -€114,945 | -8.2% |
| Equity | 10/15 | €573,834 | €499,552 | -€74,282 | -12.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €75,023 | €72,695 | -€2,328 | -3.1% |
| Reserves | 13 | €891,634 | €873,236 | -€18,398 | -2.1% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €667,221 | €646,495 | -€20,725 | -3.1% |
| Distributable reserves | 133 | €218,216 | €220,544 | +€2,328 | +1.1% |
| Profit (loss) carried forward | 14 | -€454,823 | -€508,380 | -€53,556 | -11.8% |
| Provisions and deferred taxes | 16 | €226,416 | €219,107 | -€7,308 | -3.2% |
| Deferred taxes | 168 | €226,416 | €219,107 | -€7,308 | -3.2% |
| Amounts payable | 17/49 | €606,583 | €573,228 | -€33,355 | -5.5% |
| Amounts payable after more than one year | 17 | €272,890 | €249,297 | -€23,592 | -8.6% |
| Financial debts | 170/4 | €72,890 | €49,297 | -€23,592 | -32.4% |
| Other amounts payable | 178/9 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €329,383 | €306,429 | -€22,954 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €37,874 | €23,592 | -€14,282 | -37.7% |
| Trade debts | 44 | €10,862 | €6,326 | -€4,536 | -41.8% |
| Suppliers | 440/4 | €10,862 | €6,326 | -€4,536 | -41.8% |
| Taxes, remuneration and social security | 45 | €5,025 | €605 | -€4,420 | -88.0% |
| Taxes | 450/3 | €5,025 | €605 | -€4,420 | -88.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €275,622 | €275,906 | +€284 | +0.1% |
| Accrued charges and deferred income | 492/3 | €4,310 | €17,502 | +€13,192 | +306.1% |
| Remuneration, social security and pensions | 62 | €336 | €350 | +€14 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,126 | €67,600 | -€29,526 | -30.4% |
| Other operating charges | 640/8 | €5,606 | €7,520 | +€1,915 | +34.2% |
| Gross operating margin | 9900 | €842,841 | €5,735 | -€837,107 | -99.3% |
| Operating profit (loss) | 9901 | €739,774 | -€69,736 | -€809,509 | |
| Financial income | 75/76B | €1 | €4,480 | +€4,479 | +373235.0% |
| Recurring financial income | 75 | €1 | €4,480 | +€4,479 | +373235.0% |
| Financial charges | 65/66B | €7,656 | €17,443 | +€9,787 | +127.8% |
| Recurring financial charges | 65 | €7,656 | €17,443 | +€9,787 | +127.8% |
| Profit (loss) for the period before taxes | 9903 | €732,119 | -€82,699 | -€814,818 | |
| Transfer from deferred taxes | 780 | €12,121 | €7,597 | -€4,524 | -37.3% |
| Transfer to deferred taxes | 680 | €218,698 | €0 | -€218,698 | -100.0% |
| Income taxes | 67/77 | €533 | €48 | -€485 | -91.0% |
| Profit (loss) for the period | 9904 | €525,009 | -€75,149 | -€600,159 | |
| Transfer from tax-exempt reserves | 789 | €35,164 | €21,593 | -€13,571 | -38.6% |
| Transfer to tax-exempt reserves | 689 | €656,094 | €0 | -€656,094 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€95,921 | -€53,556 | +€42,365 | +44.2% |
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.