GRUNENTHAL: 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
GRUNENTHAL
NACE 46.460, Wholesale of pharmaceutical and medical goods
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.2m
2024 · €1.4m+€825,481
Equity
€5.1m
2024 · €4.9m+€216,583
Cash
-
not filed
Balance sheet total
€16.2m
2024 · €14.0m+€2.2m
Largest movements
Assets
- Receivables within one year +€1.3m
up €1.3m (+30.2%), from €4.4m to €5.8m
of which Trade receivables: +€1.4m
- Stocks and contracts +€873,966
up €873,966 (+9.6%), from €9.1m to €10.0m
Equity and liabilities
- Other debts +€2.5m
up €2.5m (+80.6%), from €3.1m to €5.7m
- Trade debts -€840,498
down €840,498 (-16.9%), from €5.0m to €4.1m
- Tax, wage and social debts +€313,245
up €313,245 (+31.1%), from €1.0m to €1.3m
of which Remuneration and social security: +€340,784
- Profit (loss) carried forward +€216,583
up €216,583 (+8.0%), from €2.7m to €2.9m
Income statement
- Other operating income +€2.0m
up €2.0m (+83.8%), from €2.4m to €4.4m
- Staff costs +€1.0m
up €1.0m (+29.3%), from €3.6m to €4.6m
- Services and other goods +€1.0m
up €1.0m (+20.3%), from €5.0m to €6.0m
- Turnover +€768,140
up €768,140 (+2.0%), from €38.5m to €39.3m
- Goods and materials -€514,550
down €514,550 (-1.9%), from €27.6m to €27.1m
of which Change in stocks: decrease (increase): -€1.0m
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
€1.4m
Turnover
+€768,140
Other operating income
+€2.0m
Goods and materials
+€514,550
Services and other goods
-€1.0m
Staff costs
-€1.0m
Depreciation
+€3,544
Provisions
-€2,265
Other operating charges
-€289,409
Financial income
-€23,553
Financial charges
-€42,871
Taxes
-€65,872
Result 2025
€2.2m
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,044,690 | €16,235,501 | +€2.2m | +15.6% |
| Fixed assets | 21/28 | €435,792 | €398,623 | -€37,169 | -8.5% |
| Tangible fixed assets | 22/27 | €424,292 | €387,123 | -€37,169 | -8.8% |
| Furniture and vehicles | 24 | €77,055 | €67,084 | -€9,972 | -12.9% |
| Other tangible fixed assets | 26 | €347,237 | €320,040 | -€27,197 | -7.8% |
| Financial fixed assets | 28 | €11,500 | €11,500 | = | 0.0% |
| Other financial fixed assets | 284/8 | €11,500 | €11,500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €11,500 | €11,500 | = | 0.0% |
| Current assets | 29/58 | €13,608,898 | €15,836,878 | +€2.2m | +16.4% |
| Stocks and contracts in progress | 3 | €9,122,816 | €9,996,782 | +€873,966 | +9.6% |
| Stocks | 30/36 | €9,122,816 | €9,996,782 | +€873,966 | +9.6% |
| Goods purchased for resale | 34 | €9,122,816 | €9,996,782 | +€873,966 | +9.6% |
| Amounts receivable within one year | 40/41 | €4,439,297 | €5,779,511 | +€1.3m | +30.2% |
| Trade receivables | 40 | €4,297,620 | €5,685,110 | +€1.4m | +32.3% |
| Other amounts receivable | 41 | €141,677 | €94,401 | -€47,276 | -33.4% |
| Deferred charges and accrued income | 490/1 | €46,784 | €60,585 | +€13,801 | +29.5% |
| Total equity and liabilities | 10/49 | €14,044,690 | €16,235,501 | +€2.2m | +15.6% |
| Equity | 10/15 | €4,906,179 | €5,122,762 | +€216,583 | +4.4% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Capital | 10 | €2,000,000 | €2,000,000 | = | 0.0% |
| Issued capital | 100 | €2,000,000 | €2,000,000 | = | 0.0% |
| Reserves | 13 | €200,000 | €200,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €200,000 | €200,000 | = | 0.0% |
| Legal reserve | 130 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,706,179 | €2,922,762 | +€216,583 | +8.0% |
| Amounts payable | 17/49 | €9,138,511 | €11,112,739 | +€2.0m | +21.6% |
| Amounts payable within one year | 42/48 | €9,114,767 | €11,112,739 | +€2.0m | +21.9% |
| Trade debts | 44 | €4,973,222 | €4,132,724 | -€840,498 | -16.9% |
| Suppliers | 440/4 | €4,973,222 | €4,132,724 | -€840,498 | -16.9% |
| Taxes, remuneration and social security | 45 | €1,008,185 | €1,321,430 | +€313,245 | +31.1% |
| Taxes | 450/3 | €168,599 | €141,060 | -€27,539 | -16.3% |
| Remuneration and social security | 454/9 | €839,586 | €1,180,370 | +€340,784 | +40.6% |
| Other amounts payable | 47/48 | €3,133,360 | €5,658,585 | +€2.5m | +80.6% |
| Accrued charges and deferred income | 492/3 | €23,745 | - | -€23,745 | |
| Operating income | 70/76A | €40,928,113 | €43,724,180 | +€2.8m | +6.8% |
| Turnover | 70 | €38,508,387 | €39,276,527 | +€768,140 | +2.0% |
| Other operating income | 74 | €2,419,726 | €4,447,653 | +€2.0m | +83.8% |
| Operating charges | 60/66A | €39,052,848 | €40,891,137 | +€1.8m | +4.7% |
| Goods for resale, raw materials and consumables | 60 | €27,613,651 | €27,099,102 | -€514,550 | -1.9% |
| Purchases | 600/8 | €27,447,479 | €27,973,067 | +€525,588 | +1.9% |
| Change in stocks: decrease (increase) | 609 | €166,172 | -€873,966 | -€1.0m | |
| Services and other goods | 61 | €5,028,107 | €6,046,824 | +€1.0m | +20.3% |
| Remuneration, social security and pensions | 62 | €3,573,583 | €4,619,573 | +€1.0m | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,262 | €64,718 | -€3,544 | -5.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€86,922 | -€84,657 | +€2,265 | +2.6% |
| Other operating charges | 640/8 | €2,856,167 | €3,145,577 | +€289,409 | +10.1% |
| Operating profit (loss) | 9901 | €1,875,265 | €2,833,043 | +€957,778 | +51.1% |
| Financial income | 75/76B | €23,553 | - | -€23,553 | |
| Recurring financial income | 75 | €23,553 | - | -€23,553 | |
| Income from current assets | 751 | €23,553 | - | -€23,553 | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €69,191 | €112,062 | +€42,871 | +62.0% |
| Recurring financial charges | 65 | €68,499 | €111,473 | +€42,974 | +62.7% |
| Debt charges | 650 | €32,132 | €69,308 | +€37,176 | +115.7% |
| Other financial charges | 652/9 | €36,368 | €42,165 | +€5,797 | +15.9% |
| Non-recurring financial charges | 66B | €692 | €589 | -€102 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €1,829,627 | €2,720,980 | +€891,353 | +48.7% |
| Income taxes | 67/77 | €438,525 | €504,397 | +€65,872 | +15.0% |
| Taxes | 670/3 | €500,000 | €504,397 | +€4,397 | +0.9% |
| Tax adjustments and reversals of tax provisions | 77 | €61,475 | - | -€61,475 | |
| Profit (loss) for the period | 9904 | €1,391,102 | €2,216,583 | +€825,481 | +59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,391,102 | €2,216,583 | +€825,481 | +59.3% |
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 3 October 2026 via checked.be.