MD 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.
MD Pharma
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+141.5%), from €889,910 to €2.1m
of which Trade receivables: +€1.3m
- Intangible fixed assets -€520,580
down €520,580 (-59.6%), from €872,981 to €352,401
- Tax, wage and social debts +€279,829
up €279,829 (+605.2%), from €46,234 to €326,063
- Profit (loss) carried forward +€257,132
up €257,132 (+58.3%), from €440,825 to €697,957
- Other debts +€179,979
up €179,979 (+127.5%), from €141,148 to €321,127
- Taxes +€47,013
up €47,013 (+100.9%), from €46,589 to €93,602
- Financial charges +€8,932
up €8,932 (+88.9%), from €10,044 to €18,975
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 | €1,925,907 | €2,655,215 | +€729,308 | +37.9% |
| Fixed assets | 21/28 | €873,252 | €352,673 | -€520,580 | -59.6% |
| Intangible fixed assets | 21 | €872,981 | €352,401 | -€520,580 | -59.6% |
| Financial fixed assets | 28 | €271 | €271 | = | 0.0% |
| Current assets | 29/58 | €1,052,655 | €2,302,542 | +€1.2m | +118.7% |
| Amounts receivable within one year | 40/41 | €889,910 | €2,149,569 | +€1.3m | +141.5% |
| Trade receivables | 40 | €889,820 | €2,149,479 | +€1.3m | +141.6% |
| Other amounts receivable | 41 | €90 | €90 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,745 | €4,903 | -€9,842 | -66.7% |
| Deferred charges and accrued income | 490/1 | €148,000 | €148,070 | +€70 | 0.0% |
| Total equity and liabilities | 10/49 | €1,925,907 | €2,655,215 | +€729,308 | +37.9% |
| Equity | 10/15 | €1,534,025 | €1,791,157 | +€257,132 | +16.8% |
| Contributions | 10/11 | €1,087,000 | €1,087,000 | = | 0.0% |
| Capital | 10 | €1,087,000 | €1,087,000 | = | 0.0% |
| Issued capital | 100 | €1,087,000 | €1,087,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €440,825 | €697,957 | +€257,132 | +58.3% |
| Amounts payable | 17/49 | €391,882 | €864,058 | +€472,176 | +120.5% |
| Amounts payable within one year | 42/48 | €197,026 | €650,412 | +€453,386 | +230.1% |
| Trade debts | 44 | €9,644 | €3,222 | -€6,421 | -66.6% |
| Suppliers | 440/4 | €9,644 | €3,222 | -€6,421 | -66.6% |
| Taxes, remuneration and social security | 45 | €46,234 | €326,063 | +€279,829 | +605.2% |
| Taxes | 450/3 | €46,234 | €326,063 | +€279,829 | +605.2% |
| Other amounts payable | 47/48 | €141,148 | €321,127 | +€179,979 | +127.5% |
| Accrued charges and deferred income | 492/3 | €194,856 | €213,647 | +€18,790 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €520,580 | €520,580 | = | 0.0% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Non-recurring operating charges | 66A | - | €105 | +€105 | |
| Gross operating margin | 9900 | €886,226 | €891,536 | +€5,310 | +0.6% |
| Operating profit (loss) | 9901 | €364,539 | €369,709 | +€5,171 | +1.4% |
| Financial charges | 65/66B | €10,044 | €18,975 | +€8,932 | +88.9% |
| Recurring financial charges | 65 | €10,044 | €18,975 | +€8,932 | +88.9% |
| Profit (loss) for the period before taxes | 9903 | €354,495 | €350,734 | -€3,761 | -1.1% |
| Income taxes | 67/77 | €46,589 | €93,602 | +€47,013 | +100.9% |
| Profit (loss) for the period | 9904 | €307,906 | €257,132 | -€50,774 | -16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €307,906 | €257,132 | -€50,774 | -16.5% |
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 30 September 2026 via checked.be.