ETIS 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.
ETIS PHARMA
Largest movements
- Cash +€46,437
up €46,437 (+51.9%), from €89,440 to €135,878
mainly Depreciation (+€46,086) and Net result for the year (+€21,250)
- Tangible fixed assets -€26,650
down €26,650 (-10.1%), from €263,291 to €236,640
of which Land and buildings: -€17,739
- Receivables within one year -€19,422
down €19,422 (-20.7%), from €93,887 to €74,465
of which Trade receivables: -€17,211
- Intangible fixed assets -€15,200
down €15,200 (-27.9%), from €54,467 to €39,267
- Debts after one year -€38,574
down €38,574 (-15.4%), from €250,268 to €211,695
- Other debts +€8,681
up €8,681 (+11.0%), from €78,703 to €87,384
- Trade debts +€8,531
up €8,531 (+4.2%), from €202,372 to €210,903
- Tax, wage and social debts +€7,646
up €7,646 (+31.1%), from €24,553 to €32,199
of which Remuneration and social security: +€5,387
- Gross operating margin +€41,502
up €41,502 (+19.0%), from €217,947 to €259,449
- Staff costs +€18,972
up €18,972 (+12.1%), from €156,892 to €175,864
- Taxes +€5,341
up €5,341 (+616.2%), from €867 to €6,207
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €617,647 | €599,365 | -€18,281 | -3.0% |
| Fixed assets | 21/28 | €317,757 | €275,907 | -€41,850 | -13.2% |
| Intangible fixed assets | 21 | €54,467 | €39,267 | -€15,200 | -27.9% |
| Tangible fixed assets | 22/27 | €263,291 | €236,640 | -€26,650 | -10.1% |
| Land and buildings | 22 | €237,684 | €219,944 | -€17,739 | -7.5% |
| Plant, machinery and equipment | 23 | €1,728 | €2,428 | +€700 | +40.5% |
| Furniture and vehicles | 24 | €20,101 | €13,541 | -€6,560 | -32.6% |
| Leasing and similar rights | 25 | €3,778 | €727 | -€3,051 | -80.8% |
| Current assets | 29/58 | €299,890 | €323,458 | +€23,569 | +7.9% |
| Stocks and contracts in progress | 3 | €111,148 | €107,658 | -€3,490 | -3.1% |
| Stocks | 30/36 | €111,148 | €107,658 | -€3,490 | -3.1% |
| Amounts receivable within one year | 40/41 | €93,887 | €74,465 | -€19,422 | -20.7% |
| Trade receivables | 40 | €87,384 | €70,172 | -€17,211 | -19.7% |
| Other amounts receivable | 41 | €6,503 | €4,293 | -€2,211 | -34.0% |
| Cash at bank and in hand | 54/58 | €89,440 | €135,878 | +€46,437 | +51.9% |
| Deferred charges and accrued income | 490/1 | €5,415 | €5,458 | +€44 | +0.8% |
| Total equity and liabilities | 10/49 | €617,647 | €599,365 | -€18,281 | -3.0% |
| Equity | 10/15 | €20,761 | €18,611 | -€2,151 | -10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,161 | €11 | -€2,151 | -99.5% |
| Amounts payable | 17/49 | €596,886 | €580,755 | -€16,131 | -2.7% |
| Amounts payable after more than one year | 17 | €250,268 | €211,695 | -€38,574 | -15.4% |
| Financial debts | 170/4 | €250,268 | €211,695 | -€38,574 | -15.4% |
| Amounts payable within one year | 42/48 | €346,617 | €369,060 | +€22,443 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €40,989 | €38,574 | -€2,416 | -5.9% |
| Trade debts | 44 | €202,372 | €210,903 | +€8,531 | +4.2% |
| Suppliers | 440/4 | €202,372 | €210,903 | +€8,531 | +4.2% |
| Taxes, remuneration and social security | 45 | €24,553 | €32,199 | +€7,646 | +31.1% |
| Taxes | 450/3 | €4,115 | €6,373 | +€2,258 | +54.9% |
| Remuneration and social security | 454/9 | €20,439 | €25,826 | +€5,387 | +26.4% |
| Other amounts payable | 47/48 | €78,703 | €87,384 | +€8,681 | +11.0% |
| Remuneration, social security and pensions | 62 | €156,892 | €175,864 | +€18,972 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,700 | €46,086 | -€613 | -1.3% |
| Other operating charges | 640/8 | €1,488 | €1,258 | -€230 | -15.5% |
| Gross operating margin | 9900 | €217,947 | €259,449 | +€41,502 | +19.0% |
| Operating profit (loss) | 9901 | €12,868 | €36,241 | +€23,373 | +181.6% |
| Financial income | 75/76B | €11 | €0 | -€11 | -99.8% |
| Recurring financial income | 75 | €11 | €0 | -€11 | -99.8% |
| Financial charges | 65/66B | €9,896 | €8,784 | -€1,112 | -11.2% |
| Recurring financial charges | 65 | €9,896 | €8,784 | -€1,112 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €2,982 | €27,457 | +€24,475 | +820.7% |
| Income taxes | 67/77 | €867 | €6,207 | +€5,341 | +616.2% |
| Profit (loss) for the period | 9904 | €2,116 | €21,250 | +€19,134 | +904.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,116 | €21,250 | +€19,134 | +904.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.