MILPHARMA: 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.
MILPHARMA
Largest movements
- Cash -€62,819
down €62,819 (-40.5%), from €155,284 to €92,465
mainly Contributions, distributions and other (-€93,700) and Other debts (-€76,586)
- Tangible fixed assets -€29,967
down €29,967 (-12.3%), from €243,322 to €213,356
of which Plant, machinery and equipment: -€24,933
- Receivables within one year +€6,723
up €6,723 (+11.3%), from €59,592 to €66,315
of which Trade receivables: +€5,347
- Stocks and contracts +€6,442
up €6,442 (+5.3%), from €120,767 to €127,209
- Other debts -€76,586
down €76,586 (-45.0%), from €170,286 to €93,700
- Debts after one year -€20,260
down €20,260 (-9.9%), from €205,156 to €184,896
- Trade debts +€13,478
up €13,478 (+32.2%), from €41,797 to €55,275
- Taxes -€9,708
down €9,708 (-97.7%), from €9,937 to €229
- Gross operating margin -€5,861
down €5,861 (-4.2%), from €139,642 to €133,781
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 | €582,048 | €502,955 | -€79,092 | -13.6% |
| Fixed assets | 21/28 | €243,322 | €213,356 | -€29,967 | -12.3% |
| Tangible fixed assets | 22/27 | €243,322 | €213,356 | -€29,967 | -12.3% |
| Land and buildings | 22 | €43,537 | €40,055 | -€3,481 | -8.0% |
| Plant, machinery and equipment | 23 | €195,910 | €170,977 | -€24,933 | -12.7% |
| Furniture and vehicles | 24 | €3,876 | €2,324 | -€1,552 | -40.0% |
| Current assets | 29/58 | €338,725 | €289,600 | -€49,126 | -14.5% |
| Stocks and contracts in progress | 3 | €120,767 | €127,209 | +€6,442 | +5.3% |
| Stocks | 30/36 | €120,767 | €127,209 | +€6,442 | +5.3% |
| Amounts receivable within one year | 40/41 | €59,592 | €66,315 | +€6,723 | +11.3% |
| Trade receivables | 40 | €58,691 | €64,038 | +€5,347 | +9.1% |
| Other amounts receivable | 41 | €901 | €2,277 | +€1,376 | +153% |
| Cash at bank and in hand | 54/58 | €155,284 | €92,465 | -€62,819 | -40.5% |
| Deferred charges and accrued income | 490/1 | €3,082 | €3,611 | +€529 | +17.2% |
| Total equity and liabilities | 10/49 | €582,048 | €502,955 | -€79,092 | -13.6% |
| Equity | 10/15 | €141,183 | €141,468 | +€286 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €122,583 | €122,868 | +€286 | +0.2% |
| Distributable reserves | 133 | €122,583 | €122,868 | +€286 | +0.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €440,865 | €361,487 | -€79,378 | -18.0% |
| Amounts payable after more than one year | 17 | €205,156 | €184,896 | -€20,260 | -9.9% |
| Financial debts | 170/4 | €205,156 | €184,896 | -€20,260 | -9.9% |
| Amounts payable within one year | 42/48 | €231,878 | €169,560 | -€62,319 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €19,782 | €20,260 | +€478 | +2.4% |
| Trade debts | 44 | €41,797 | €55,275 | +€13,478 | +32.2% |
| Suppliers | 440/4 | €41,797 | €55,275 | +€13,478 | +32.2% |
| Taxes, remuneration and social security | 45 | €13 | €324 | +€311 | +2,381% |
| Taxes | 450/3 | €13 | €324 | +€311 | +2,381% |
| Other amounts payable | 47/48 | €170,286 | €93,700 | -€76,586 | -45.0% |
| Accrued charges and deferred income | 492/3 | €3,830 | €7,031 | +€3,201 | +83.6% |
| Remuneration, social security and pensions | 62 | €34 | €103 | +€69 | +202% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,324 | €31,607 | +€283 | +0.9% |
| Other operating charges | 640/8 | €506 | €546 | +€39 | +7.8% |
| Gross operating margin | 9900 | €139,642 | €133,781 | -€5,861 | -4.2% |
| Operating profit (loss) | 9901 | €107,778 | €101,525 | -€6,252 | -5.8% |
| Financial income | 75/76B | €129 | €94 | -€35 | -27.2% |
| Recurring financial income | 75 | €129 | €94 | -€35 | -27.2% |
| Financial charges | 65/66B | €7,408 | €7,405 | -€3 | 0.0% |
| Recurring financial charges | 65 | €7,408 | €7,405 | -€3 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €100,499 | €94,215 | -€6,284 | -6.3% |
| Income taxes | 67/77 | €9,937 | €229 | -€9,708 | -97.7% |
| Profit (loss) for the period | 9904 | €90,562 | €93,986 | +€3,423 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,562 | €93,986 | +€3,423 | +3.8% |
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 16 October 2026 via checked.be.