KEYPHARM: 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
KEYPHARM
NACE 46.460, Wholesale of pharmaceutical and medical goods
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €990,366+€574,067
Equity
€5.2m
2024 · €4.5m+€668,433
Cash
€57,871
2024 · €93,587-€35,716
Balance sheet total
€9.5m
2024 · €8.5m+€939,827
Largest movements
Assets
- Stocks and contracts +€1.1m
up €1.1m (+22.4%), from €5.0m to €6.2m
- Receivables within one year -€155,492
down €155,492 (-6.5%), from €2.4m to €2.3m
of which Other amounts receivable: -€154,842
Equity and liabilities
- Reserves +€650,000
up €650,000 (+17.4%), from €3.7m to €4.4m
of which Distributable reserves: +€650,000
- Other debts +€186,000
up €186,000 (+26.2%), from €710,000 to €896,000
- Short-term financial debts +€134,500
up €134,500 (+24.8%), from €542,500 to €677,000
Income statement
- Turnover +€1.4m
up €1.4m (+10.3%), from €13.5m to €14.9m
- Goods and materials +€1.2m
up €1.2m (+14.7%), from €8.0m to €9.2m
of which Purchases: +€1.7m
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
€990,366
Turnover
+€1.4m
Other operating income
+€5,940
Goods and materials
-€1.2m
Services and other goods
-€105,952
Staff costs
-€37,058
Depreciation
+€8,985
Write-downs
-€37,434
Other operating charges
+€10,053
Other operating items
+€582,670
Financial income
-€1,913
Financial charges
+€26,998
Taxes
-€87,972
Result 2025
€1.6m
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.
From operations
+€946,431
Investment
-€297,218
Financing
-€684,929
Cash 2024
€93,587
From operations (derived)
+€946,431
Net result for the year
+€1.6m
Depreciation
+€287,760
Stocks and contracts
-€1.1m
Receivables within one year
+€155,492
Deferred charges and accrued income
+€6,029
Trade debts
-€58,646
Tax, wage and social debts
-€14,137
Advances received
-€40,258
Other debts
+€186,000
Accrued charges and deferred income
-€12,634
Investment (derived)
-€297,218
Investment in fixed assets (net)
-€297,218
Financing
-€684,929
Debts after one year
+€54,787
Current portion of long-term debt
+€21,784
Short-term financial debts
+€134,500
Contributions, distributions and other
-€896,000
Cash 2025
€57,871
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,546,295 | €9,486,123 | +€939,827 | +11.0% |
| Fixed assets | 21/28 | €868,411 | €877,869 | +€9,457 | +1.1% |
| Intangible fixed assets | 21 | €435,303 | €466,531 | +€31,228 | +7.2% |
| Tangible fixed assets | 22/27 | €423,756 | €397,348 | -€26,408 | -6.2% |
| Plant, machinery and equipment | 23 | €118,871 | €112,737 | -€6,134 | -5.2% |
| Furniture and vehicles | 24 | €71,319 | €55,911 | -€15,408 | -21.6% |
| Other tangible fixed assets | 26 | €233,566 | €204,641 | -€28,925 | -12.4% |
| Assets under construction and advance payments | 27 | - | €24,058 | +€24,058 | |
| Financial fixed assets | 28 | €9,352 | €13,990 | +€4,638 | +49.6% |
| Other financial fixed assets | 284/8 | €9,352 | €13,990 | +€4,638 | +49.6% |
| Amounts receivable and cash guarantees | 285/8 | €9,352 | €13,990 | +€4,638 | +49.6% |
| Current assets | 29/58 | €7,677,884 | €8,608,254 | +€930,370 | +12.1% |
| Stocks and contracts in progress | 3 | €5,036,855 | €6,164,461 | +€1.1m | +22.4% |
| Stocks | 30/36 | €5,036,855 | €6,164,461 | +€1.1m | +22.4% |
| Raw materials and consumables | 30/31 | €1,709,296 | €1,921,195 | +€211,899 | +12.4% |
| Work in progress | 32 | €347,101 | €710,200 | +€363,099 | +104.6% |
| Finished goods | 33 | €2,381,265 | €2,893,185 | +€511,920 | +21.5% |
| Goods purchased for resale | 34 | €398,692 | €515,914 | +€117,222 | +29.4% |
| Advance payments | 36 | €200,500 | €123,966 | -€76,534 | -38.2% |
| Amounts receivable within one year | 40/41 | €2,406,160 | €2,250,668 | -€155,492 | -6.5% |
| Trade receivables | 40 | €1,857,557 | €1,856,908 | -€649 | 0.0% |
| Other amounts receivable | 41 | €548,603 | €393,761 | -€154,842 | -28.2% |
| Cash at bank and in hand | 54/58 | €93,587 | €57,871 | -€35,716 | -38.2% |
| Deferred charges and accrued income | 490/1 | €141,282 | €135,254 | -€6,029 | -4.3% |
| Total equity and liabilities | 10/49 | €8,546,295 | €9,486,123 | +€939,827 | +11.0% |
| Equity | 10/15 | €4,533,670 | €5,202,102 | +€668,433 | +14.7% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Capital | 10 | €800,000 | €800,000 | = | 0.0% |
| Issued capital | 100 | €800,000 | €800,000 | = | 0.0% |
| Reserves | 13 | €3,730,000 | €4,380,000 | +€650,000 | +17.4% |
| Non-distributable reserves | 130/1 | €80,000 | €80,000 | = | 0.0% |
| Legal reserve | 130 | €80,000 | €80,000 | = | 0.0% |
| Distributable reserves | 133 | €3,650,000 | €4,300,000 | +€650,000 | +17.8% |
| Profit (loss) carried forward | 14 | €3,670 | €22,102 | +€18,433 | +502.3% |
| Amounts payable | 17/49 | €4,012,626 | €4,284,021 | +€271,395 | +6.8% |
| Amounts payable after more than one year | 17 | €396,569 | €451,355 | +€54,787 | +13.8% |
| Financial debts | 170/4 | €396,569 | €451,355 | +€54,787 | +13.8% |
| Credit institutions | 173 | €396,569 | €451,355 | +€54,787 | +13.8% |
| Amounts payable within one year | 42/48 | €3,600,325 | €3,829,567 | +€229,243 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €143,719 | €165,503 | +€21,784 | +15.2% |
| Financial debts | 43 | €542,500 | €677,000 | +€134,500 | +24.8% |
| Credit institutions | 430/8 | €542,500 | €677,000 | +€134,500 | +24.8% |
| Trade debts | 44 | €1,952,766 | €1,894,120 | -€58,646 | -3.0% |
| Suppliers | 440/4 | €1,952,766 | €1,894,120 | -€58,646 | -3.0% |
| Advances received on contracts in progress | 46 | €40,258 | - | -€40,258 | |
| Taxes, remuneration and social security | 45 | €211,082 | €196,945 | -€14,137 | -6.7% |
| Taxes | 450/3 | €47,633 | €38,492 | -€9,141 | -19.2% |
| Remuneration and social security | 454/9 | €163,449 | €158,453 | -€4,996 | -3.1% |
| Other amounts payable | 47/48 | €710,000 | €896,000 | +€186,000 | +26.2% |
| Accrued charges and deferred income | 492/3 | €15,732 | €3,098 | -€12,634 | -80.3% |
| Operating income | 70/76A | €14,133,417 | €16,111,114 | +€2.0m | +14.0% |
| Turnover | 70 | €13,488,668 | €14,877,926 | +€1.4m | +10.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €334,256 | €914,173 | +€579,917 | +173.5% |
| Other operating income | 74 | €310,493 | €316,433 | +€5,940 | +1.9% |
| Non-recurring operating income | 76A | - | €2,582 | +€2,582 | |
| Operating charges | 60/66A | €12,805,507 | €14,146,250 | +€1.3m | +10.5% |
| Goods for resale, raw materials and consumables | 60 | €8,038,756 | €9,218,263 | +€1.2m | +14.7% |
| Purchases | 600/8 | €7,825,371 | €9,547,384 | +€1.7m | +22.0% |
| Change in stocks: decrease (increase) | 609 | €213,384 | -€329,121 | -€542,505 | |
| Services and other goods | 61 | €3,119,636 | €3,225,589 | +€105,952 | +3.4% |
| Remuneration, social security and pensions | 62 | €1,317,143 | €1,354,201 | +€37,058 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €296,745 | €287,760 | -€8,985 | -3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,720 | €39,154 | +€37,434 | +2175.9% |
| Other operating charges | 640/8 | €31,336 | €21,283 | -€10,053 | -32.1% |
| Non-recurring operating charges | 66A | €171 | - | -€171 | |
| Operating profit (loss) | 9901 | €1,327,910 | €1,964,864 | +€636,955 | +48.0% |
| Financial income | 75/76B | €10,261 | €8,348 | -€1,913 | -18.6% |
| Recurring financial income | 75 | €10,261 | €8,348 | -€1,913 | -18.6% |
| Income from current assets | 751 | €4,378 | €3,434 | -€944 | -21.6% |
| Other financial income | 752/9 | €5,882 | €4,913 | -€969 | -16.5% |
| Financial charges | 65/66B | €198,526 | €171,529 | -€26,998 | -13.6% |
| Recurring financial charges | 65 | €198,526 | €171,529 | -€26,998 | -13.6% |
| Debt charges | 650 | €134,597 | €96,240 | -€38,357 | -28.5% |
| Other financial charges | 652/9 | €63,929 | €75,289 | +€11,360 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €1,139,644 | €1,801,683 | +€662,039 | +58.1% |
| Income taxes | 67/77 | €149,278 | €237,250 | +€87,972 | +58.9% |
| Taxes | 670/3 | €149,278 | €237,250 | +€87,972 | +58.9% |
| Profit (loss) for the period | 9904 | €990,366 | €1,564,433 | +€574,067 | +58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €990,366 | €1,564,433 | +€574,067 | +58.0% |
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 4 October 2026 via checked.be.