GMPharm: 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.
GMPharm
Largest movements
- Cash +€54,739
up €54,739 (+51.2%), from €106,925 to €161,664
mainly Net result for the year (+€55,459) and Other debts (+€12,585)
- Receivables within one year -€6,220
down €6,220 (-12.4%), from €50,184 to €43,964
of which Trade receivables: -€11,364
- Tangible fixed assets -€2,308
down €2,308 (-55.3%), from €4,174 to €1,867
of which Furniture and vehicles: -€1,954
- Profit (loss) carried forward +€43,694
up €43,694 (+33.9%), from €128,864 to €172,558
- Other debts +€12,585
up €12,585 (+657%), from €1,915 to €14,500
- Tax, wage and social debts -€10,271
down €10,271 (-28.7%), from €35,795 to €25,524
- Gross operating margin -€3,609
down €3,609 (-4.7%), from €76,860 to €73,251
- Taxes -€862
down €862 (-5.5%), from €15,718 to €14,856
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 | €169,291 | €215,626 | +€46,335 | +27.4% |
| Fixed assets | 21/28 | €10,174 | €7,867 | -€2,308 | -22.7% |
| Tangible fixed assets | 22/27 | €4,174 | €1,867 | -€2,308 | -55.3% |
| Plant, machinery and equipment | 23 | €831 | €477 | -€354 | -42.6% |
| Furniture and vehicles | 24 | €3,344 | €1,390 | -€1,954 | -58.4% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €159,116 | €207,759 | +€48,643 | +30.6% |
| Amounts receivable within one year | 40/41 | €50,184 | €43,964 | -€6,220 | -12.4% |
| Trade receivables | 40 | €50,184 | €38,820 | -€11,364 | -22.6% |
| Other amounts receivable | 41 | - | €5,144 | +€5,144 | |
| Cash at bank and in hand | 54/58 | €106,925 | €161,664 | +€54,739 | +51.2% |
| Deferred charges and accrued income | 490/1 | €2,008 | €2,131 | +€123 | +6.1% |
| Total equity and liabilities | 10/49 | €169,291 | €215,626 | +€46,335 | +27.4% |
| Equity | 10/15 | €131,364 | €175,058 | +€43,694 | +33.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,864 | €172,558 | +€43,694 | +33.9% |
| Amounts payable | 17/49 | €37,926 | €40,567 | +€2,641 | +7.0% |
| Amounts payable within one year | 42/48 | €37,926 | €40,567 | +€2,641 | +7.0% |
| Trade debts | 44 | €217 | €543 | +€326 | +150% |
| Suppliers | 440/4 | €217 | €543 | +€326 | +150% |
| Taxes, remuneration and social security | 45 | €35,795 | €25,524 | -€10,271 | -28.7% |
| Taxes | 450/3 | €35,795 | €25,524 | -€10,271 | -28.7% |
| Other amounts payable | 47/48 | €1,915 | €14,500 | +€12,585 | +657% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,443 | €2,308 | -€136 | -5.6% |
| Other operating charges | 640/8 | €207 | €593 | +€385 | +186% |
| Gross operating margin | 9900 | €76,860 | €73,251 | -€3,609 | -4.7% |
| Operating profit (loss) | 9901 | €74,209 | €70,351 | -€3,859 | -5.2% |
| Financial income | 75/76B | €4 | €7 | +€3 | +89.9% |
| Recurring financial income | 75 | €4 | €7 | +€3 | +89.9% |
| Financial charges | 65/66B | €42 | €43 | +€1 | +1.2% |
| Recurring financial charges | 65 | €42 | €43 | +€1 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €74,170 | €70,314 | -€3,856 | -5.2% |
| Income taxes | 67/77 | €15,718 | €14,856 | -€862 | -5.5% |
| Profit (loss) for the period | 9904 | €58,453 | €55,459 | -€2,994 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €58,453 | €55,459 | -€2,994 | -5.1% |
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 15 October 2026 via checked.be.