PAQUES 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.
What changed
PAQUES PHARMA
NACE 47.730, Retail sale of pharmaceutical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€45,293
2024 · €48,957-€3,663
Equity
€309,887
2024 · €554,426-€244,540
Cash
€137,859
2024 · €145,460-€7,602
Balance sheet total
€797,673
2024 · €844,196-€46,522
Largest movements
Assets
- Tangible fixed assets -€76,903
down €76,903 (-33.8%), from €227,829 to €150,926
of which Plant, machinery and equipment: -€45,804
- Current investments +€61,966
up €61,966 (+34.7%), from €178,815 to €240,781
- Stocks and contracts -€30,503
down €30,503 (-15.2%), from €201,259 to €170,756
Equity and liabilities
- Reserves -€244,000
down €244,000 (-48.2%), from €506,310 to €262,310
of which Distributable reserves: -€244,000
- Other debts +€234,833
up €234,833 (+155.5%), from €150,975 to €385,808
- Debts after one year -€25,954
down €25,954 (-54.3%), from €47,789 to €21,834
- Current portion of long-term debt -€10,274
down €10,274 (-28.4%), from €36,229 to €25,954
Income statement
- Write-downs +€23,870
new in 2025: €23,870
- Depreciation -€8,411
down €8,411 (-9.7%), from €86,461 to €78,050
- Staff costs +€4,600
up €4,600 (+3.8%), from €121,164 to €125,764
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
€48,957
Gross operating margin
-€1,173
Staff costs
-€4,600
Depreciation
+€8,411
Write-downs
-€23,870
Other operating charges
-€243
Other operating items
+€12,458
Financial income
+€1,926
Financial charges
+€1,678
Taxes
+€1,750
Result 2025
€45,293
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
+€381,450
Investment
-€62,990
Financing
-€326,062
Cash 2024
€145,460
From operations (derived)
+€381,450
Net result for the year
+€45,293
Depreciation
+€78,050
Stocks and contracts
+€30,503
Receivables within one year
-€6,989
Smaller working-capital items
+€447
Trade debts
+€1,822
Tax, wage and social debts
-€2,509
Other debts
+€234,833
Investment (derived)
-€62,990
Investment in fixed assets (net)
-€1,024
Current investments
-€61,966
Financing
-€326,062
Debts after one year
-€25,954
Current portion of long-term debt
-€10,274
Contributions, distributions and other
-€289,833
Cash 2025
€137,859
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €844,196 | €797,673 | -€46,522 | -5.5% |
| Fixed assets | 21/28 | €227,953 | €150,926 | -€77,027 | -33.8% |
| Tangible fixed assets | 22/27 | €227,829 | €150,926 | -€76,903 | -33.8% |
| Land and buildings | 22 | €77,052 | €58,919 | -€18,132 | -23.5% |
| Plant, machinery and equipment | 23 | €103,332 | €57,528 | -€45,804 | -44.3% |
| Furniture and vehicles | 24 | €47,445 | €34,479 | -€12,967 | -27.3% |
| Financial fixed assets | 28 | €124 | - | -€124 | |
| Current assets | 29/58 | €616,243 | €646,747 | +€30,505 | +5.0% |
| Stocks and contracts in progress | 3 | €201,259 | €170,756 | -€30,503 | -15.2% |
| Stocks | 30/36 | €201,259 | €170,756 | -€30,503 | -15.2% |
| Amounts receivable within one year | 40/41 | €84,520 | €91,509 | +€6,989 | +8.3% |
| Trade receivables | 40 | €72,988 | €78,384 | +€5,396 | +7.4% |
| Other amounts receivable | 41 | €11,531 | €13,125 | +€1,593 | +13.8% |
| Current investments | 50/53 | €178,815 | €240,781 | +€61,966 | +34.7% |
| Cash at bank and in hand | 54/58 | €145,460 | €137,859 | -€7,602 | -5.2% |
| Deferred charges and accrued income | 490/1 | €6,189 | €5,843 | -€346 | -5.6% |
| Total equity and liabilities | 10/49 | €844,196 | €797,673 | -€46,522 | -5.5% |
| Equity | 10/15 | €554,426 | €309,887 | -€244,540 | -44.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €506,310 | €262,310 | -€244,000 | -48.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €504,450 | €260,450 | -€244,000 | -48.4% |
| Profit (loss) carried forward | 14 | €41,916 | €41,377 | -€540 | -1.3% |
| Amounts payable | 17/49 | €289,769 | €487,787 | +€198,017 | +68.3% |
| Amounts payable after more than one year | 17 | €47,789 | €21,834 | -€25,954 | -54.3% |
| Financial debts | 170/4 | €47,789 | €21,834 | -€25,954 | -54.3% |
| Amounts payable within one year | 42/48 | €241,981 | €465,852 | +€223,871 | +92.5% |
| Current portion of amounts payable after more than one year | 42 | €36,229 | €25,954 | -€10,274 | -28.4% |
| Trade debts | 44 | €29,847 | €31,668 | +€1,822 | +6.1% |
| Suppliers | 440/4 | €29,847 | €31,668 | +€1,822 | +6.1% |
| Taxes, remuneration and social security | 45 | €24,930 | €22,421 | -€2,509 | -10.1% |
| Taxes | 450/3 | €8,233 | €5,187 | -€3,046 | -37.0% |
| Remuneration and social security | 454/9 | €16,698 | €17,234 | +€537 | +3.2% |
| Other amounts payable | 47/48 | €150,975 | €385,808 | +€234,833 | +155.5% |
| Accrued charges and deferred income | 492/3 | - | €101 | +€101 | |
| Remuneration, social security and pensions | 62 | €121,164 | €125,764 | +€4,600 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,461 | €78,050 | -€8,411 | -9.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €23,870 | +€23,870 | |
| Other operating charges | 640/8 | €1 | €245 | +€243 | +17493.5% |
| Non-recurring operating charges | 66A | €12,458 | - | -€12,458 | |
| Gross operating margin | 9900 | €296,550 | €295,378 | -€1,173 | -0.4% |
| Operating profit (loss) | 9901 | €76,466 | €67,448 | -€9,018 | -11.8% |
| Financial income | 75/76B | €2,262 | €4,188 | +€1,926 | +85.2% |
| Recurring financial income | 75 | €2,262 | €4,188 | +€1,926 | +85.2% |
| Financial charges | 65/66B | €10,302 | €8,625 | -€1,678 | -16.3% |
| Recurring financial charges | 65 | €10,302 | €8,625 | -€1,678 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €68,425 | €63,011 | -€5,414 | -7.9% |
| Income taxes | 67/77 | €19,468 | €17,718 | -€1,750 | -9.0% |
| Profit (loss) for the period | 9904 | €48,957 | €45,293 | -€3,663 | -7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €48,957 | €45,293 | -€3,663 | -7.5% |
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 6 October 2026 via checked.be.