HG Pharma: 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.
HG Pharma
Largest movements
- Financial fixed assets +€2.0m
up €2.0m (+95.1%), from €2.1m to €4.2m
- Receivables within one year +€348,992
up €348,992 (+118%), from €294,630 to €643,622
of which Other amounts receivable: +€278,403
- Debts after one year +€2.0m
up €2.0m (+137%), from €1.5m to €3.5m
of which Financial debts: +€1.3m
- Other debts +€186,829
up €186,829 (+35.1%), from €532,117 to €718,946
- Current portion of long-term debt +€106,275
up €106,275 (+280%), from €37,999 to €144,274
- Gross operating margin +€139,805
up €139,805 (+61.4%), from €227,717 to €367,522
- Financial charges +€50,264
up €50,264 (+634%), from €7,932 to €58,196
- Taxes +€23,671
up €23,671 (+48.1%), from €49,183 to €72,855
- Staff costs +€16,534
up €16,534 (+26.4%), from €62,600 to €79,135
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 | €2,546,732 | €4,867,143 | +€2.3m | +91.1% |
| Fixed assets | 21/28 | €2,169,795 | €4,190,001 | +€2.0m | +93.1% |
| Tangible fixed assets | 22/27 | €36,178 | €26,384 | -€9,794 | -27.1% |
| Plant, machinery and equipment | 23 | €641 | €2,814 | +€2,173 | +339% |
| Furniture and vehicles | 24 | €35,537 | €23,569 | -€11,968 | -33.7% |
| Financial fixed assets | 28 | €2,133,617 | €4,163,617 | +€2.0m | +95.1% |
| Current assets | 29/58 | €376,937 | €677,142 | +€300,205 | +79.6% |
| Amounts receivable within one year | 40/41 | €294,630 | €643,622 | +€348,992 | +118% |
| Trade receivables | 40 | €92,600 | €163,190 | +€70,589 | +76.2% |
| Other amounts receivable | 41 | €202,029 | €480,432 | +€278,403 | +138% |
| Cash at bank and in hand | 54/58 | €75,547 | €30,149 | -€45,397 | -60.1% |
| Deferred charges and accrued income | 490/1 | €6,760 | €3,370 | -€3,390 | -50.1% |
| Total equity and liabilities | 10/49 | €2,546,732 | €4,867,143 | +€2.3m | +91.1% |
| Equity | 10/15 | €473,223 | €427,572 | -€45,651 | -9.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €328,000 | €282,000 | -€46,000 | -14.0% |
| Distributable reserves | 133 | €328,000 | €282,000 | -€46,000 | -14.0% |
| Profit (loss) carried forward | 14 | €139,023 | €139,372 | +€349 | +0.3% |
| Amounts payable | 17/49 | €2,073,509 | €4,439,571 | +€2.4m | +114% |
| Amounts payable after more than one year | 17 | €1,469,936 | €3,490,320 | +€2.0m | +137% |
| Financial debts | 170/4 | €122,558 | €1,429,163 | +€1.3m | +1,066% |
| Other amounts payable | 178/9 | €1,347,377 | €2,061,158 | +€713,780 | +53.0% |
| Amounts payable within one year | 42/48 | €603,212 | €948,960 | +€345,748 | +57.3% |
| Current portion of amounts payable after more than one year | 42 | €37,999 | €144,274 | +€106,275 | +280% |
| Financial debts | 43 | €6,378 | €16,798 | +€10,420 | +163% |
| Credit institutions | 430/8 | €6,378 | €16,798 | +€10,420 | +163% |
| Trade debts | 44 | €388 | €7,881 | +€7,493 | +1,931% |
| Suppliers | 440/4 | €388 | €7,881 | +€7,493 | +1,931% |
| Taxes, remuneration and social security | 45 | €26,329 | €61,061 | +€34,732 | +132% |
| Taxes | 450/3 | €17,710 | €50,255 | +€32,544 | +184% |
| Remuneration and social security | 454/9 | €8,619 | €10,806 | +€2,187 | +25.4% |
| Other amounts payable | 47/48 | €532,117 | €718,946 | +€186,829 | +35.1% |
| Accrued charges and deferred income | 492/3 | €362 | €291 | -€71 | -19.6% |
| Remuneration, social security and pensions | 62 | €62,600 | €79,135 | +€16,534 | +26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,073 | €12,987 | +€915 | +7.6% |
| Other operating charges | 640/8 | - | €1 | +€1 | |
| Gross operating margin | 9900 | €227,717 | €367,522 | +€139,805 | +61.4% |
| Operating profit (loss) | 9901 | €153,045 | €275,400 | +€122,355 | +79.9% |
| Financial income | 75/76B | €591 | - | -€591 | |
| Recurring financial income | 75 | €591 | - | -€591 | |
| Financial charges | 65/66B | €7,932 | €58,196 | +€50,264 | +634% |
| Recurring financial charges | 65 | €7,932 | €58,196 | +€50,264 | +634% |
| Profit (loss) for the period before taxes | 9903 | €145,703 | €217,203 | +€71,500 | +49.1% |
| Income taxes | 67/77 | €49,183 | €72,855 | +€23,671 | +48.1% |
| Profit (loss) for the period | 9904 | €96,520 | €144,349 | +€47,829 | +49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €96,520 | €144,349 | +€47,829 | +49.6% |
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 28 October 2026 via checked.be.