PHARDUP: 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.
PHARDUP
Largest movements
- Receivables within one year +€63,893
up €63,893 (+13.9%), from €459,725 to €523,617
of which Other amounts receivable: +€35,411
- Stocks and contracts -€57,551
down €57,551 (-22.6%), from €254,881 to €197,330
- Cash +€37,801
up €37,801 (+78.5%), from €48,132 to €85,933
mainly Stocks and contracts (+€57,551) and Trade debts (+€42,074)
- Trade debts +€42,074
up €42,074 (+27.9%), from €150,972 to €193,046
- Tax, wage and social debts -€8,502
down €8,502 (-21.0%), from €40,569 to €32,067
of which Remuneration and social security: -€8,480
- Gross operating margin -€117,580
down €117,580 (-30.4%), from €386,607 to €269,027
- Taxes -€28,018
down €28,018 (-86.3%), from €32,457 to €4,439
- Staff costs -€17,128
down €17,128 (-6.6%), from €261,417 to €244,289
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 | €780,726 | €817,511 | +€36,786 | +4.7% |
| Fixed assets | 21/28 | €14,527 | €8,841 | -€5,686 | -39.1% |
| Tangible fixed assets | 22/27 | €13,748 | €8,712 | -€5,036 | -36.6% |
| Plant, machinery and equipment | 23 | €8,314 | €5,957 | -€2,357 | -28.3% |
| Furniture and vehicles | 24 | €5,435 | €2,755 | -€2,680 | -49.3% |
| Financial fixed assets | 28 | €779 | €129 | -€650 | -83.4% |
| Current assets | 29/58 | €766,199 | €808,670 | +€42,472 | +5.5% |
| Stocks and contracts in progress | 3 | €254,881 | €197,330 | -€57,551 | -22.6% |
| Stocks | 30/36 | €254,881 | €197,330 | -€57,551 | -22.6% |
| Amounts receivable within one year | 40/41 | €459,725 | €523,617 | +€63,893 | +13.9% |
| Trade receivables | 40 | €212,791 | €241,273 | +€28,482 | +13.4% |
| Other amounts receivable | 41 | €246,934 | €282,345 | +€35,411 | +14.3% |
| Cash at bank and in hand | 54/58 | €48,132 | €85,933 | +€37,801 | +78.5% |
| Deferred charges and accrued income | 490/1 | €3,461 | €1,790 | -€1,671 | -48.3% |
| Total equity and liabilities | 10/49 | €780,726 | €817,511 | +€36,786 | +4.7% |
| Equity | 10/15 | €182,101 | €185,351 | +€3,251 | +1.8% |
| Contributions | 10/11 | €61,999 | €61,999 | = | 0.0% |
| Contributions outside capital | 11 | €61,999 | €61,999 | = | 0.0% |
| Other | 1109/19 | €61,999 | €61,999 | = | 0.0% |
| Reserves | 13 | €120,101 | €123,352 | +€3,251 | +2.7% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €117,003 | €120,254 | +€3,251 | +2.8% |
| Amounts payable | 17/49 | €598,625 | €632,160 | +€33,535 | +5.6% |
| Amounts payable after more than one year | 17 | €367,000 | €367,000 | = | 0.0% |
| Financial debts | 170/4 | €367,000 | €367,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €199,285 | €232,820 | +€33,535 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €4,254 | €4,217 | -€37 | -0.9% |
| Trade debts | 44 | €150,972 | €193,046 | +€42,074 | +27.9% |
| Suppliers | 440/4 | €150,972 | €193,046 | +€42,074 | +27.9% |
| Taxes, remuneration and social security | 45 | €40,569 | €32,067 | -€8,502 | -21.0% |
| Taxes | 450/3 | €7,457 | €7,435 | -€22 | -0.3% |
| Remuneration and social security | 454/9 | €33,112 | €24,632 | -€8,480 | -25.6% |
| Other amounts payable | 47/48 | €3,491 | €3,491 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €32,340 | €32,340 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €261,417 | €244,289 | -€17,128 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,770 | €5,036 | -€734 | -12.7% |
| Other operating charges | 640/8 | €3,780 | €1,640 | -€2,140 | -56.6% |
| Non-recurring operating charges | 66A | €83 | - | -€83 | |
| Gross operating margin | 9900 | €386,607 | €269,027 | -€117,580 | -30.4% |
| Operating profit (loss) | 9901 | €115,557 | €18,062 | -€97,495 | -84.4% |
| Financial income | 75/76B | €236 | €248 | +€11 | +4.8% |
| Recurring financial income | 75 | €236 | €248 | +€11 | +4.8% |
| Financial charges | 65/66B | €9,823 | €10,620 | +€798 | +8.1% |
| Recurring financial charges | 65 | €9,823 | €10,620 | +€798 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €105,971 | €7,690 | -€98,281 | -92.7% |
| Income taxes | 67/77 | €32,457 | €4,439 | -€28,018 | -86.3% |
| Profit (loss) for the period | 9904 | €73,514 | €3,251 | -€70,263 | -95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €73,514 | €3,251 | -€70,263 | -95.6% |
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 14 October 2026 via checked.be.