FASE: 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.
What changed
FASE
NACE 21.209, Manufacture of basic pharmaceutical products and pharmaceutical preparations
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€33,055
2024 · €8,848+€24,207
Equity
€1.0m
2024 · €1.0m+€31,389
Cash
€34,484
2024 · €28,602+€5,882
Balance sheet total
€2.4m
2024 · €2.5m-€58,212
Largest movements
Assets
- Receivables within one year -€43,542
down €43,542 (-64.8%), from €67,191 to €23,649
of which Trade receivables: -€43,542
Equity and liabilities
- Debts after one year -€148,112
down €148,112 (-15.0%), from €984,305 to €836,193
- Other debts +€57,961
up €57,961 (+18.9%), from €307,211 to €365,172
- Reserves +€31,389
up €31,389 (+3.9%), from €800,870 to €832,259
Income statement
- Gross operating margin +€23,822
up €23,822 (+25.5%), from €93,411 to €117,233
- Financial charges -€7,662
down €7,662 (-13.0%), from €58,998 to €51,336
- Taxes +€7,107
up €7,107 (+302%), from €2,351 to €9,459
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
€8,848
Gross operating margin
+€23,822
Depreciation
-€135
Other operating charges
-€35
Financial charges
+€7,662
Taxes
-€7,107
Result 2025
€33,055
raises the resultlowers the result
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.
From operations
+€156,591
Investment
-€1,043
Financing
-€149,666
Cash 2024
€28,602
From operations (derived)
+€156,591
Net result for the year
+€33,055
Depreciation
+€22,091
Receivables within one year
+€43,542
Deferred charges and accrued income
-€496
Trade debts
-€15,421
Tax, wage and social debts
+€16,504
Other debts
+€57,961
Accrued charges and deferred income
-€645
Investment (derived)
-€1,043
Investment in fixed assets (net)
-€1,043
Financing
-€149,666
Debts after one year
-€148,112
Current portion of long-term debt
+€112
Contributions, distributions and other
-€1,666
Cash 2025
€34,484
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,504,783 | €2,446,570 | -€58,212 | -2.3% |
| Fixed assets | 21/28 | €2,407,219 | €2,386,171 | -€21,048 | -0.9% |
| Tangible fixed assets | 22/27 | €71,339 | €50,292 | -€21,048 | -29.5% |
| Furniture and vehicles | 24 | €66,363 | €46,512 | -€19,850 | -29.9% |
| Other tangible fixed assets | 26 | €4,977 | €3,779 | -€1,197 | -24.1% |
| Financial fixed assets | 28 | €2,335,879 | €2,335,879 | = | 0.0% |
| Current assets | 29/58 | €97,564 | €60,400 | -€37,164 | -38.1% |
| Amounts receivable within one year | 40/41 | €67,191 | €23,649 | -€43,542 | -64.8% |
| Trade receivables | 40 | €43,542 | €0 | -€43,542 | -100% |
| Other amounts receivable | 41 | €23,649 | €23,649 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,602 | €34,484 | +€5,882 | +20.6% |
| Deferred charges and accrued income | 490/1 | €1,771 | €2,267 | +€496 | +28.0% |
| Total equity and liabilities | 10/49 | €2,504,783 | €2,446,570 | -€58,212 | -2.3% |
| Equity | 10/15 | €1,000,870 | €1,032,259 | +€31,389 | +3.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €800,870 | €832,259 | +€31,389 | +3.9% |
| Distributable reserves | 133 | €800,870 | €832,259 | +€31,389 | +3.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,503,912 | €1,414,311 | -€89,601 | -6.0% |
| Amounts payable after more than one year | 17 | €984,305 | €836,193 | -€148,112 | -15.0% |
| Financial debts | 170/4 | €984,305 | €836,193 | -€148,112 | -15.0% |
| Amounts payable within one year | 42/48 | €493,721 | €552,877 | +€59,156 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €150,929 | €151,041 | +€112 | +0.1% |
| Trade debts | 44 | €17,641 | €2,220 | -€15,421 | -87.4% |
| Suppliers | 440/4 | €17,641 | €2,220 | -€15,421 | -87.4% |
| Taxes, remuneration and social security | 45 | €17,940 | €34,444 | +€16,504 | +92.0% |
| Taxes | 450/3 | €14,340 | €30,844 | +€16,504 | +115% |
| Remuneration and social security | 454/9 | €3,600 | €3,600 | = | 0.0% |
| Other amounts payable | 47/48 | €307,211 | €365,172 | +€57,961 | +18.9% |
| Accrued charges and deferred income | 492/3 | €25,886 | €25,241 | -€645 | -2.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,955 | €22,091 | +€135 | +0.6% |
| Other operating charges | 640/8 | €1,258 | €1,293 | +€35 | +2.7% |
| Gross operating margin | 9900 | €93,411 | €117,233 | +€23,822 | +25.5% |
| Operating profit (loss) | 9901 | €70,197 | €93,849 | +€23,652 | +33.7% |
| Financial charges | 65/66B | €58,998 | €51,336 | -€7,662 | -13.0% |
| Recurring financial charges | 65 | €58,998 | €51,336 | -€7,662 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €11,200 | €42,514 | +€31,314 | +280% |
| Income taxes | 67/77 | €2,351 | €9,459 | +€7,107 | +302% |
| Profit (loss) for the period | 9904 | €8,848 | €33,055 | +€24,207 | +274% |
| Profit (loss) for the period to be appropriated | 9905 | €8,848 | €33,055 | +€24,207 | +274% |
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 16 October 2026 via checked.be.