PHARGEST: 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.
PHARGEST
Largest movements
- Tangible fixed assets +€154,564
up €154,564 (+20.9%), from €740,962 to €895,526
of which Assets under construction and advance payments: +€212,014
- Cash -€70,371
down €70,371 (-23.2%), from €303,651 to €233,280
mainly Investment in fixed assets (net) (-€244,437) and Other debts (-€39,893)
- Stocks and contracts -€62,749
down €62,749 (-12.1%), from €518,418 to €455,669
- Receivables within one year +€22,120
up €22,120 (+13.7%), from €161,801 to €183,921
of which Other amounts receivable: +€14,779
- Reserves +€57,100
up €57,100 (+10.2%), from €560,290 to €617,390
of which Non-distributable reserves: +€57,100
- Other debts -€39,893
down €39,893 (-9.6%), from €416,918 to €377,025
- Trade debts +€34,631
up €34,631 (+12.8%), from €270,455 to €305,085
- Debts after one year -€18,902
down €18,902 (-21.2%), from €89,032 to €70,131
of which Financial debts: -€19,202
- Staff costs +€36,770
up €36,770 (+8.0%), from €461,256 to €498,026
- Gross operating margin -€21,031
down €21,031 (-2.9%), from €737,898 to €716,867
- Taxes -€17,007
down €17,007 (-37.9%), from €44,925 to €27,918
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 | €1,737,237 | €1,780,509 | +€43,271 | +2.5% |
| Fixed assets | 21/28 | €742,241 | €896,488 | +€154,247 | +20.8% |
| Intangible fixed assets | 21 | €1,229 | €912 | -€317 | -25.8% |
| Tangible fixed assets | 22/27 | €740,962 | €895,526 | +€154,564 | +20.9% |
| Land and buildings | 22 | €544,766 | €511,997 | -€32,769 | -6.0% |
| Plant, machinery and equipment | 23 | €79,774 | €65,292 | -€14,482 | -18.2% |
| Furniture and vehicles | 24 | €22,135 | €17,382 | -€4,754 | -21.5% |
| Leasing and similar rights | 25 | €5,207 | €2,603 | -€2,603 | -50.0% |
| Other tangible fixed assets | 26 | €89,079 | €86,238 | -€2,842 | -3.2% |
| Assets under construction and advance payments | 27 | - | €212,014 | +€212,014 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €994,996 | €884,021 | -€110,976 | -11.2% |
| Stocks and contracts in progress | 3 | €518,418 | €455,669 | -€62,749 | -12.1% |
| Stocks | 30/36 | €518,418 | €455,669 | -€62,749 | -12.1% |
| Amounts receivable within one year | 40/41 | €161,801 | €183,921 | +€22,120 | +13.7% |
| Trade receivables | 40 | €153,212 | €160,553 | +€7,341 | +4.8% |
| Other amounts receivable | 41 | €8,589 | €23,368 | +€14,779 | +172.1% |
| Current investments | 50/53 | €3,203 | €3,508 | +€305 | +9.5% |
| Cash at bank and in hand | 54/58 | €303,651 | €233,280 | -€70,371 | -23.2% |
| Deferred charges and accrued income | 490/1 | €7,923 | €7,642 | -€281 | -3.5% |
| Total equity and liabilities | 10/49 | €1,737,237 | €1,780,509 | +€43,271 | +2.5% |
| Equity | 10/15 | €813,949 | €871,154 | +€57,206 | +7.0% |
| Contributions | 10/11 | €62,650 | €62,650 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Outside capital | 11 | €650 | €650 | = | 0.0% |
| Share premium | 1100/10 | €650 | €650 | = | 0.0% |
| Reserves | 13 | €560,290 | €617,390 | +€57,100 | +10.2% |
| Non-distributable reserves | 130/1 | €469,350 | €526,450 | +€57,100 | +12.2% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €463,150 | €520,250 | +€57,100 | +12.3% |
| Tax-exempt reserves | 132 | €74,940 | €74,940 | = | 0.0% |
| Distributable reserves | 133 | €16,000 | €16,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €191,008 | €191,114 | +€106 | +0.1% |
| Amounts payable | 17/49 | €923,289 | €909,354 | -€13,934 | -1.5% |
| Amounts payable after more than one year | 17 | €89,032 | €70,131 | -€18,902 | -21.2% |
| Financial debts | 170/4 | €85,832 | €66,631 | -€19,202 | -22.4% |
| Other amounts payable | 178/9 | €3,200 | €3,500 | +€300 | +9.4% |
| Amounts payable within one year | 42/48 | €811,663 | €815,549 | +€3,886 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €19,152 | €19,202 | +€49 | +0.3% |
| Financial debts | 43 | - | €13,445 | +€13,445 | |
| Credit institutions | 430/8 | - | €13,445 | +€13,445 | |
| Trade debts | 44 | €270,455 | €305,085 | +€34,631 | +12.8% |
| Suppliers | 440/4 | €270,455 | €305,085 | +€34,631 | +12.8% |
| Taxes, remuneration and social security | 45 | €105,138 | €100,791 | -€4,346 | -4.1% |
| Taxes | 450/3 | €34,980 | €31,527 | -€3,453 | -9.9% |
| Remuneration and social security | 454/9 | €70,157 | €69,264 | -€893 | -1.3% |
| Other amounts payable | 47/48 | €416,918 | €377,025 | -€39,893 | -9.6% |
| Accrued charges and deferred income | 492/3 | €22,594 | €23,675 | +€1,081 | +4.8% |
| Remuneration, social security and pensions | 62 | €461,256 | €498,026 | +€36,770 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,111 | €90,190 | -€3,921 | -4.2% |
| Other operating charges | 640/8 | €9,723 | €10,072 | +€349 | +3.6% |
| Gross operating margin | 9900 | €737,898 | €716,867 | -€21,031 | -2.9% |
| Operating profit (loss) | 9901 | €172,807 | €118,578 | -€54,229 | -31.4% |
| Financial income | 75/76B | €1,340 | €278 | -€1,063 | -79.3% |
| Recurring financial income | 75 | €1,340 | €278 | -€1,063 | -79.3% |
| Financial charges | 65/66B | €37,160 | €33,731 | -€3,429 | -9.2% |
| Recurring financial charges | 65 | €37,160 | €33,731 | -€3,429 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €136,987 | €85,124 | -€51,863 | -37.9% |
| Income taxes | 67/77 | €44,925 | €27,918 | -€17,007 | -37.9% |
| Profit (loss) for the period | 9904 | €92,062 | €57,206 | -€34,856 | -37.9% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €92,062 | €57,206 | -€34,856 | -37.9% |
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.