GS 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.
GS PHARMA
Largest movements
- Receivables within one year +€50,869
up €50,869 (+11.6%), from €438,619 to €489,488
of which Other amounts receivable: +€35,515
- Cash -€45,093
down €45,093 (-72.5%), from €62,168 to €17,075
mainly Contributions, distributions and other (-€124,000) and Trade debts (-€93,005)
- Tangible fixed assets -€22,110
down €22,110 (-42.4%), from €52,100 to €29,990
of which Land and buildings: -€21,979
- Stocks and contracts +€13,590
up €13,590 (+5.8%), from €232,668 to €246,258
- Other debts +€125,060
up €125,060 (+91.6%), from €136,578 to €261,638
- Trade debts -€93,005
down €93,005 (-47.5%), from €195,883 to €102,878
- Debts after one year -€43,736
down €43,736 (-33.1%), from €132,033 to €88,298
- Gross operating margin +€119,193
up €119,193 (+66.2%), from €180,079 to €299,272
- Staff costs +€14,550
up €14,550 (+11.6%), from €125,445 to €139,996
- Financial charges -€5,567
down €5,567 (-34.5%), from €16,152 to €10,585
- Financial income -€3,559
down €3,559 (-85.2%), from €4,178 to €619
of which Non-recurring financial income: -€1,997
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €801,776 | €796,930 | -€4,846 | -0.6% |
| Fixed assets | 21/28 | €52,100 | €29,990 | -€22,110 | -42.4% |
| Tangible fixed assets | 22/27 | €52,100 | €29,990 | -€22,110 | -42.4% |
| Land and buildings | 22 | €50,934 | €28,956 | -€21,979 | -43.2% |
| Plant, machinery and equipment | 23 | €1,166 | €1,035 | -€131 | -11.3% |
| Current assets | 29/58 | €749,675 | €766,939 | +€17,264 | +2.3% |
| Stocks and contracts in progress | 3 | €232,668 | €246,258 | +€13,590 | +5.8% |
| Stocks | 30/36 | €232,668 | €246,258 | +€13,590 | +5.8% |
| Amounts receivable within one year | 40/41 | €438,619 | €489,488 | +€50,869 | +11.6% |
| Trade receivables | 40 | €72,763 | €88,117 | +€15,354 | +21.1% |
| Other amounts receivable | 41 | €365,855 | €401,371 | +€35,515 | +9.7% |
| Cash at bank and in hand | 54/58 | €62,168 | €17,075 | -€45,093 | -72.5% |
| Deferred charges and accrued income | 490/1 | €16,221 | €14,119 | -€2,102 | -13.0% |
| Total equity and liabilities | 10/49 | €801,776 | €796,930 | -€4,846 | -0.6% |
| Equity | 10/15 | €148,351 | €148,356 | +€5 | 0.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €128,351 | €128,356 | +€5 | 0.0% |
| Distributable reserves | 133 | €128,351 | €128,356 | +€5 | 0.0% |
| Amounts payable | 17/49 | €653,425 | €648,574 | -€4,851 | -0.7% |
| Amounts payable after more than one year | 17 | €132,033 | €88,298 | -€43,736 | -33.1% |
| Financial debts | 170/4 | €132,033 | €88,298 | -€43,736 | -33.1% |
| Amounts payable within one year | 42/48 | €517,917 | €557,769 | +€39,852 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €42,515 | €43,736 | +€1,221 | +2.9% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €195,883 | €102,878 | -€93,005 | -47.5% |
| Suppliers | 440/4 | €195,883 | €102,878 | -€93,005 | -47.5% |
| Taxes, remuneration and social security | 45 | €17,942 | €24,518 | +€6,576 | +36.7% |
| Taxes | 450/3 | €1,528 | €7,610 | +€6,082 | +398.2% |
| Remuneration and social security | 454/9 | €16,414 | €16,908 | +€494 | +3.0% |
| Other amounts payable | 47/48 | €136,578 | €261,638 | +€125,060 | +91.6% |
| Accrued charges and deferred income | 492/3 | €3,474 | €2,507 | -€967 | -27.8% |
| Non-recurring operating income | 76A | €522 | - | -€522 | |
| Remuneration, social security and pensions | 62 | €125,445 | €139,996 | +€14,550 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,082 | €23,862 | -€1,220 | -4.9% |
| Other operating charges | 640/8 | €450 | €400 | -€51 | -11.3% |
| Gross operating margin | 9900 | €180,079 | €299,272 | +€119,193 | +66.2% |
| Operating profit (loss) | 9901 | €29,102 | €135,015 | +€105,913 | +363.9% |
| Financial income | 75/76B | €4,178 | €619 | -€3,559 | -85.2% |
| Recurring financial income | 75 | €2,181 | €619 | -€1,563 | -71.6% |
| Non-recurring financial income | 76B | €1,997 | - | -€1,997 | |
| Financial charges | 65/66B | €16,152 | €10,585 | -€5,567 | -34.5% |
| Recurring financial charges | 65 | €16,152 | €10,585 | -€5,567 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €17,128 | €125,048 | +€107,920 | +630.1% |
| Income taxes | 67/77 | €1,484 | €1,043 | -€441 | -29.7% |
| Profit (loss) for the period | 9904 | €15,644 | €124,005 | +€108,361 | +692.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,644 | €124,005 | +€108,361 | +692.7% |
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 5 October 2026 via checked.be.