LIEPHAR: 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
LIEPHAR
NACE 47.730, Retail sale of pharmaceutical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€73,219
2024 · €137,746-€64,527
Equity
€846,006
2024 · €822,787+€23,219
Cash
€182,497
2024 · €169,013+€13,484
Balance sheet total
€1.6m
2024 · €1.6m-€46,547
Largest movements
Assets
- Tangible fixed assets -€41,209
down €41,209 (-4.9%), from €845,305 to €804,096
of which Other tangible fixed assets: -€40,742
Equity and liabilities
- Debts after one year -€43,701
down €43,701 (-7.7%), from €567,643 to €523,942
- Short-term financial debts -€40,000
down €40,000 (-54.5%), from €73,333 to €33,333
- Profit (loss) carried forward +€23,219
up €23,219 (+3.6%), from €639,037 to €662,256
Income statement
- Depreciation +€47,349
up €47,349 (+253.2%), from €18,701 to €66,050
- Write-downs +€37,976
new in 2025: €37,976
- Gross operating margin +€20,621
up €20,621 (+6.6%), from €311,845 to €332,467
- Taxes -€3,416
down €3,416 (-30.0%), from €11,399 to €7,983
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
€137,746
Gross operating margin
+€20,621
Staff costs
-€1,500
Depreciation
-€47,349
Write-downs
-€37,976
Other operating charges
+€3
Financial income
-€946
Financial charges
-€795
Taxes
+€3,416
Result 2025
€73,219
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
+€170,660
Investment
-€24,841
Financing
-€132,335
Cash 2024
€169,013
From operations (derived)
+€170,660
Net result for the year
+€73,219
Depreciation
+€66,050
Stocks and contracts
+€5,769
Receivables within one year
+€14,398
Deferred charges and accrued income
-€1,344
Trade debts
+€6,772
Tax, wage and social debts
+€5,884
Accrued charges and deferred income
-€87
Investment (derived)
-€24,841
Investment in fixed assets (net)
-€24,841
Financing
-€132,335
Debts after one year
-€43,701
Current portion of long-term debt
+€1,366
Short-term financial debts
-€40,000
Contributions, distributions and other
-€50,000
Cash 2025
€182,497
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,635,053 | €1,588,507 | -€46,547 | -2.8% |
| Fixed assets | 21/28 | €845,305 | €804,096 | -€41,209 | -4.9% |
| Tangible fixed assets | 22/27 | €845,305 | €804,096 | -€41,209 | -4.9% |
| Land and buildings | 22 | €130,585 | €126,352 | -€4,233 | -3.2% |
| Plant, machinery and equipment | 23 | €13,829 | €15,187 | +€1,359 | +9.8% |
| Furniture and vehicles | 24 | €13,629 | €16,036 | +€2,407 | +17.7% |
| Other tangible fixed assets | 26 | €687,263 | €646,521 | -€40,742 | -5.9% |
| Current assets | 29/58 | €789,748 | €784,411 | -€5,338 | -0.7% |
| Stocks and contracts in progress | 3 | €230,279 | €224,510 | -€5,769 | -2.5% |
| Stocks | 30/36 | €230,279 | €224,510 | -€5,769 | -2.5% |
| Amounts receivable within one year | 40/41 | €382,999 | €368,601 | -€14,398 | -3.8% |
| Trade receivables | 40 | €111,123 | €100,989 | -€10,134 | -9.1% |
| Other amounts receivable | 41 | €271,875 | €267,612 | -€4,263 | -1.6% |
| Cash at bank and in hand | 54/58 | €169,013 | €182,497 | +€13,484 | +8.0% |
| Deferred charges and accrued income | 490/1 | €7,458 | €8,803 | +€1,344 | +18.0% |
| Total equity and liabilities | 10/49 | €1,635,053 | €1,588,507 | -€46,547 | -2.8% |
| Equity | 10/15 | €822,787 | €846,006 | +€23,219 | +2.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €33,750 | €33,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €639,037 | €662,256 | +€23,219 | +3.6% |
| Amounts payable | 17/49 | €812,267 | €742,501 | -€69,766 | -8.6% |
| Amounts payable after more than one year | 17 | €567,643 | €523,942 | -€43,701 | -7.7% |
| Financial debts | 170/4 | €567,643 | €523,942 | -€43,701 | -7.7% |
| Amounts payable within one year | 42/48 | €243,181 | €217,204 | -€25,977 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €45,919 | €47,285 | +€1,366 | +3.0% |
| Financial debts | 43 | €73,333 | €33,333 | -€40,000 | -54.5% |
| Credit institutions | 430/8 | €73,333 | €33,333 | -€40,000 | -54.5% |
| Trade debts | 44 | €69,308 | €76,081 | +€6,772 | +9.8% |
| Suppliers | 440/4 | €69,308 | €76,081 | +€6,772 | +9.8% |
| Taxes, remuneration and social security | 45 | €4,620 | €10,505 | +€5,884 | +127.4% |
| Remuneration and social security | 454/9 | €4,620 | €10,505 | +€5,884 | +127.4% |
| Other amounts payable | 47/48 | €50,000 | €50,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,443 | €1,356 | -€87 | -6.1% |
| Remuneration, social security and pensions | 62 | €127,103 | €128,604 | +€1,500 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,701 | €66,050 | +€47,349 | +253.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €37,976 | +€37,976 | |
| Other operating charges | 640/8 | €3 | - | -€3 | |
| Gross operating margin | 9900 | €311,845 | €332,467 | +€20,621 | +6.6% |
| Operating profit (loss) | 9901 | €166,038 | €99,837 | -€66,202 | -39.9% |
| Financial income | 75/76B | €2,669 | €1,722 | -€946 | -35.5% |
| Recurring financial income | 75 | €2,669 | €1,722 | -€946 | -35.5% |
| Financial charges | 65/66B | €19,562 | €20,358 | +€795 | +4.1% |
| Recurring financial charges | 65 | €19,562 | €20,358 | +€795 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €149,145 | €81,201 | -€67,943 | -45.6% |
| Income taxes | 67/77 | €11,399 | €7,983 | -€3,416 | -30.0% |
| Profit (loss) for the period | 9904 | €137,746 | €73,219 | -€64,527 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €137,746 | €73,219 | -€64,527 | -46.8% |
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 28 September 2026 via checked.be.