PHARM@21: 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.
PHARM@21
Largest movements
- Tangible fixed assets +€481,639
up €481,639 (+30.1%), from €1.6m to €2.1m
of which Land and buildings: +€482,161
- Cash -€219,979
down €219,979 (-95.3%), from €230,942 to €10,964
mainly Investment in fixed assets (net) (-€525,067) and Trade debts (-€173,893)
- Current investments -€130,000
no longer reported in 2025 (was €130,000)
- Trade debts -€173,893
down €173,893 (-28.8%), from €604,689 to €430,797
- Debts after one year +€146,889
up €146,889 (+12.2%), from €1.2m to €1.3m
- Reserves +€51,752
up €51,752 (+4.8%), from €1.1m to €1.1m
- Other debts +€34,173
up €34,173 (+57.0%), from €59,959 to €94,131
- Other operating charges +€69,611
up €69,611 (+923.6%), from €7,537 to €77,148
- Gross operating margin +€35,700
up €35,700 (+19.1%), from €187,225 to €222,925
- Taxes -€17,274
down €17,274 (-48.7%), from €35,483 to €18,209
- Depreciation +€15,995
up €15,995 (+58.3%), from €27,432 to €43,427
- Financial charges +€6,635
up €6,635 (+21.8%), from €30,373 to €37,008
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 | €3,098,485 | €3,206,903 | +€108,418 | +3.5% |
| Fixed assets | 21/28 | €2,699,430 | €3,181,070 | +€481,639 | +17.8% |
| Tangible fixed assets | 22/27 | €1,599,430 | €2,081,070 | +€481,639 | +30.1% |
| Land and buildings | 22 | €1,596,835 | €2,078,997 | +€482,161 | +30.2% |
| Plant, machinery and equipment | 23 | €1,284 | €790 | -€494 | -38.5% |
| Furniture and vehicles | 24 | €1,311 | €1,283 | -€28 | -2.1% |
| Financial fixed assets | 28 | €1,100,000 | €1,100,000 | = | 0.0% |
| Current assets | 29/58 | €399,055 | €25,834 | -€373,221 | -93.5% |
| Amounts receivable within one year | 40/41 | €29,098 | €8,060 | -€21,038 | -72.3% |
| Other amounts receivable | 41 | €29,098 | €8,060 | -€21,038 | -72.3% |
| Current investments | 50/53 | €130,000 | - | -€130,000 | |
| Cash at bank and in hand | 54/58 | €230,942 | €10,964 | -€219,979 | -95.3% |
| Deferred charges and accrued income | 490/1 | €9,015 | €6,810 | -€2,204 | -24.5% |
| Total equity and liabilities | 10/49 | €3,098,485 | €3,206,903 | +€108,418 | +3.5% |
| Equity | 10/15 | €1,086,776 | €1,144,728 | +€57,952 | +5.3% |
| Contributions | 10/11 | - | €6,200 | +€6,200 | |
| Reserves | 13 | €1,086,776 | €1,138,528 | +€51,752 | +4.8% |
| Distributable reserves | 133 | €1,086,776 | €1,138,528 | +€51,752 | +4.8% |
| Amounts payable | 17/49 | €2,011,709 | €2,062,175 | +€50,466 | +2.5% |
| Amounts payable after more than one year | 17 | €1,201,319 | €1,348,209 | +€146,889 | +12.2% |
| Financial debts | 170/4 | €1,201,319 | €1,348,209 | +€146,889 | +12.2% |
| Amounts payable within one year | 42/48 | €806,804 | €691,477 | -€115,327 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €115,179 | €142,678 | +€27,500 | +23.9% |
| Financial debts | 43 | €23,447 | €20,885 | -€2,562 | -10.9% |
| Credit institutions | 430/8 | €23,447 | €20,885 | -€2,562 | -10.9% |
| Trade debts | 44 | €604,689 | €430,797 | -€173,893 | -28.8% |
| Suppliers | 440/4 | €604,689 | €430,797 | -€173,893 | -28.8% |
| Taxes, remuneration and social security | 45 | €3,531 | €2,986 | -€545 | -15.4% |
| Taxes | 450/3 | €3,531 | €2,986 | -€545 | -15.4% |
| Other amounts payable | 47/48 | €59,959 | €94,131 | +€34,173 | +57.0% |
| Accrued charges and deferred income | 492/3 | €3,586 | €22,489 | +€18,904 | +527.2% |
| Non-recurring operating income | 76A | €2 | - | -€2 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,432 | €43,427 | +€15,995 | +58.3% |
| Other operating charges | 640/8 | €7,537 | €77,148 | +€69,611 | +923.6% |
| Gross operating margin | 9900 | €187,225 | €222,925 | +€35,700 | +19.1% |
| Operating profit (loss) | 9901 | €152,256 | €102,350 | -€49,907 | -32.8% |
| Financial income | 75/76B | €2,103 | €4,619 | +€2,516 | +119.7% |
| Recurring financial income | 75 | €2,103 | €4,619 | +€2,516 | +119.7% |
| Financial charges | 65/66B | €30,373 | €37,008 | +€6,635 | +21.8% |
| Recurring financial charges | 65 | €30,373 | €37,008 | +€6,635 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €123,986 | €69,961 | -€54,025 | -43.6% |
| Income taxes | 67/77 | €35,483 | €18,209 | -€17,274 | -48.7% |
| Profit (loss) for the period | 9904 | €88,503 | €51,752 | -€36,751 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €88,503 | €51,752 | -€36,751 | -41.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.