PHARECO: 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.
PHARECO
Largest movements
- Cash -€121,722
down €121,722 (-48.9%), from €248,728 to €127,006
mainly Contributions, distributions and other (-€280,026) and Investment in fixed assets (net) (-€106,392)
- Financial fixed assets +€50,000
up €50,000 (+66.7%), from €75,000 to €125,000
- Tangible fixed assets +€49,089
up €49,089 (+339%), from €14,489 to €63,578
of which Furniture and vehicles: +€55,344
- Receivables within one year -€46,594
down €46,594 (-47.9%), from €97,345 to €50,750
of which Trade receivables: -€46,750
- Current investments -€28,968
down €28,968 (-18.0%), from €160,968 to €132,000
- Reserves -€211,595
down €211,595 (-37.9%), from €558,148 to €346,553
- Other debts +€134,576
up €134,576 (+1,575%), from €8,544 to €143,120
- Tax, wage and social debts -€22,887
down €22,887 (-74.5%), from €30,707 to €7,821
- Gross operating margin -€71,510
down €71,510 (-46.8%), from €152,908 to €81,398
- Taxes -€18,552
down €18,552 (-40.7%), from €45,569 to €27,017
- Financial income +€14,599
up €14,599 (+168%), from €8,700 to €23,299
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 | €598,085 | €500,888 | -€97,196 | -16.3% |
| Fixed assets | 21/28 | €89,489 | €188,578 | +€99,089 | +111% |
| Tangible fixed assets | 22/27 | €14,489 | €63,578 | +€49,089 | +339% |
| Land and buildings | 22 | €14,017 | €7,762 | -€6,255 | -44.6% |
| Furniture and vehicles | 24 | €472 | €55,816 | +€55,344 | +11,727% |
| Financial fixed assets | 28 | €75,000 | €125,000 | +€50,000 | +66.7% |
| Current assets | 29/58 | €508,596 | €312,310 | -€196,286 | -38.6% |
| Amounts receivable within one year | 40/41 | €97,345 | €50,750 | -€46,594 | -47.9% |
| Trade receivables | 40 | €97,345 | €50,595 | -€46,750 | -48.0% |
| Other amounts receivable | 41 | - | €156 | +€156 | |
| Current investments | 50/53 | €160,968 | €132,000 | -€28,968 | -18.0% |
| Cash at bank and in hand | 54/58 | €248,728 | €127,006 | -€121,722 | -48.9% |
| Deferred charges and accrued income | 490/1 | €1,555 | €2,554 | +€999 | +64.2% |
| Total equity and liabilities | 10/49 | €598,085 | €500,888 | -€97,196 | -16.3% |
| Equity | 10/15 | €558,148 | €346,553 | -€211,595 | -37.9% |
| Reserves | 13 | €558,148 | €346,553 | -€211,595 | -37.9% |
| Distributable reserves | 133 | €558,148 | €346,553 | -€211,595 | -37.9% |
| Amounts payable | 17/49 | €39,936 | €154,335 | +€114,399 | +286% |
| Amounts payable within one year | 42/48 | €39,936 | €154,283 | +€114,347 | +286% |
| Trade debts | 44 | €686 | €3,343 | +€2,657 | +387% |
| Suppliers | 440/4 | €686 | €3,343 | +€2,657 | +387% |
| Taxes, remuneration and social security | 45 | €30,707 | €7,821 | -€22,887 | -74.5% |
| Taxes | 450/3 | €30,707 | €7,821 | -€22,887 | -74.5% |
| Other amounts payable | 47/48 | €8,544 | €143,120 | +€134,576 | +1,575% |
| Accrued charges and deferred income | 492/3 | - | €52 | +€52 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,723 | €7,302 | +€579 | +8.6% |
| Other operating charges | 640/8 | €1,237 | €1,428 | +€191 | +15.5% |
| Gross operating margin | 9900 | €152,908 | €81,398 | -€71,510 | -46.8% |
| Operating profit (loss) | 9901 | €144,948 | €72,668 | -€72,280 | -49.9% |
| Financial income | 75/76B | €8,700 | €23,299 | +€14,599 | +168% |
| Recurring financial income | 75 | €8,700 | €23,299 | +€14,599 | +168% |
| Financial charges | 65/66B | €359 | €518 | +€159 | +44.2% |
| Recurring financial charges | 65 | €359 | €518 | +€159 | +44.2% |
| Profit (loss) for the period before taxes | 9903 | €153,289 | €95,449 | -€57,841 | -37.7% |
| Income taxes | 67/77 | €45,569 | €27,017 | -€18,552 | -40.7% |
| Profit (loss) for the period | 9904 | €107,720 | €68,432 | -€39,288 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €107,720 | €68,432 | -€39,288 | -36.5% |
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 13 October 2026 via checked.be.