MSM 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.
MSM PHARMA
Largest movements
- Tangible fixed assets -€52,481
down €52,481 (-10.0%), from €524,853 to €472,372
- Receivables after one year -€50,000
no longer reported in 2025 (was €50,000)
- Stocks and contracts +€36,335
up €36,335 (+32.6%), from €111,464 to €147,798
- Receivables within one year +€19,004
up €19,004 (+13.1%), from €145,211 to €164,215
of which Trade receivables: +€14,974
- Cash +€13,090
up €13,090 (+11.6%), from €113,177 to €126,267
mainly Net result for the year (+€121,699) and Depreciation (+€58,883)
- Debts after one year -€124,397
down €124,397 (-25.5%), from €488,245 to €363,848
of which Financial debts: -€90,548
- Profit (loss) carried forward +€81,699
up €81,699 (+105.5%), from €77,424 to €159,123
- Other debts -€41,830
no longer reported in 2025 (was €41,830)
- Reserves +€40,000
up €40,000 (+160.0%), from €25,000 to €65,000
- Current portion of long-term debt -€25,964
down €25,964 (-20.8%), from €125,109 to €99,145
- Gross operating margin +€38,330
up €38,330 (+12.1%), from €315,630 to €353,960
- Taxes +€18,153
up €18,153 (+41.2%), from €44,045 to €62,198
- Staff costs -€13,089
down €13,089 (-13.5%), from €97,206 to €84,117
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 | €952,346 | €919,634 | -€32,712 | -3.4% |
| Fixed assets | 21/28 | €530,241 | €477,759 | -€52,481 | -9.9% |
| Tangible fixed assets | 22/27 | €524,853 | €472,372 | -€52,481 | -10.0% |
| Land and buildings | 22 | €352,641 | €327,589 | -€25,052 | -7.1% |
| Plant, machinery and equipment | 23 | €101,180 | €88,873 | -€12,308 | -12.2% |
| Furniture and vehicles | 24 | €71,032 | €52,307 | -€18,725 | -26.4% |
| Assets under construction and advance payments | 27 | - | €3,604 | +€3,604 | |
| Financial fixed assets | 28 | €5,387 | €5,387 | = | 0.0% |
| Current assets | 29/58 | €422,106 | €441,875 | +€19,769 | +4.7% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 291 | €50,000 | - | -€50,000 | |
| Stocks and contracts in progress | 3 | €111,464 | €147,798 | +€36,335 | +32.6% |
| Stocks | 30/36 | €111,464 | €147,798 | +€36,335 | +32.6% |
| Amounts receivable within one year | 40/41 | €145,211 | €164,215 | +€19,004 | +13.1% |
| Trade receivables | 40 | €19,909 | €34,883 | +€14,974 | +75.2% |
| Other amounts receivable | 41 | €125,303 | €129,332 | +€4,030 | +3.2% |
| Current investments | 50/53 | €500 | €500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €113,177 | €126,267 | +€13,090 | +11.6% |
| Deferred charges and accrued income | 490/1 | €1,753 | €3,094 | +€1,341 | +76.5% |
| Total equity and liabilities | 10/49 | €952,346 | €919,634 | -€32,712 | -3.4% |
| Equity | 10/15 | €108,624 | €230,323 | +€121,699 | +112.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €25,000 | €65,000 | +€40,000 | +160.0% |
| Distributable reserves | 133 | €25,000 | €65,000 | +€40,000 | +160.0% |
| Profit (loss) carried forward | 14 | €77,424 | €159,123 | +€81,699 | +105.5% |
| Amounts payable | 17/49 | €843,723 | €689,311 | -€154,412 | -18.3% |
| Amounts payable after more than one year | 17 | €488,245 | €363,848 | -€124,397 | -25.5% |
| Financial debts | 170/4 | €454,396 | €363,848 | -€90,548 | -19.9% |
| Trade debts | 175 | €33,849 | - | -€33,849 | |
| Amounts payable within one year | 42/48 | €353,604 | €324,450 | -€29,153 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €125,109 | €99,145 | -€25,964 | -20.8% |
| Financial debts | 43 | €44,000 | €45,000 | +€1,000 | +2.3% |
| Credit institutions | 430/8 | €44,000 | €45,000 | +€1,000 | +2.3% |
| Trade debts | 44 | €89,675 | €109,320 | +€19,645 | +21.9% |
| Suppliers | 440/4 | €89,675 | €109,320 | +€19,645 | +21.9% |
| Advances received on contracts in progress | 46 | €22,357 | €21,869 | -€488 | -2.2% |
| Taxes, remuneration and social security | 45 | €30,633 | €49,116 | +€18,483 | +60.3% |
| Taxes | 450/3 | €11,903 | €33,230 | +€21,327 | +179.2% |
| Remuneration and social security | 454/9 | €18,730 | €15,886 | -€2,844 | -15.2% |
| Other amounts payable | 47/48 | €41,830 | - | -€41,830 | |
| Accrued charges and deferred income | 492/3 | €1,874 | €1,012 | -€862 | -46.0% |
| Remuneration, social security and pensions | 62 | €97,206 | €84,117 | -€13,089 | -13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,132 | €58,883 | +€751 | +1.3% |
| Other operating charges | 640/8 | €2,671 | €2,782 | +€111 | +4.2% |
| Gross operating margin | 9900 | €315,630 | €353,960 | +€38,330 | +12.1% |
| Operating profit (loss) | 9901 | €157,621 | €208,179 | +€50,558 | +32.1% |
| Financial income | 75/76B | €166 | €2,329 | +€2,163 | +1299.7% |
| Recurring financial income | 75 | €166 | €2,329 | +€2,163 | +1299.7% |
| Financial charges | 65/66B | €25,821 | €26,610 | +€790 | +3.1% |
| Recurring financial charges | 65 | €25,821 | €26,610 | +€790 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €131,967 | €183,898 | +€51,931 | +39.4% |
| Income taxes | 67/77 | €44,045 | €62,198 | +€18,153 | +41.2% |
| Profit (loss) for the period | 9904 | €87,922 | €121,699 | +€33,778 | +38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €87,922 | €121,699 | +€33,778 | +38.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.