PHARMA 4: 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.
PHARMA 4
Largest movements
- Cash +€79,296
up €79,296 (+32.2%), from €246,604 to €325,900
mainly Net result for the year (+€91,255) and Receivables within one year (+€46,630)
- Receivables within one year -€46,630
down €46,630 (-9.4%), from €495,192 to €448,562
of which Other amounts receivable: -€60,198
- Stocks and contracts +€18,443
up €18,443 (+15.5%), from €119,035 to €137,478
- Profit (loss) carried forward +€35,255
up €35,255 (+7.1%), from €493,464 to €528,719
- Trade debts +€31,958
up €31,958 (+19.0%), from €168,612 to €200,569
- Debts after one year -€27,500
no longer reported in 2025 (was €27,500)
- Other debts +€16,000
up €16,000 (+40.0%), from €40,000 to €56,000
- Gross operating margin -€73,453
down €73,453 (-21.9%), from €335,905 to €262,452
- Staff costs -€57,249
down €57,249 (-28.1%), from €204,072 to €146,823
- Other operating charges -€9,422
down €9,422 (-100.0%), from €9,423 to €1
- Taxes -€3,932
down €3,932 (-24.4%), from €16,110 to €12,179
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 | €879,519 | €925,772 | +€46,253 | +5.3% |
| Fixed assets | 21/28 | €16,974 | €11,752 | -€5,222 | -30.8% |
| Tangible fixed assets | 22/27 | €16,974 | €11,752 | -€5,222 | -30.8% |
| Plant, machinery and equipment | 23 | €6,429 | €4,143 | -€2,287 | -35.6% |
| Furniture and vehicles | 24 | €10,545 | €7,609 | -€2,935 | -27.8% |
| Current assets | 29/58 | €862,546 | €914,020 | +€51,475 | +6.0% |
| Stocks and contracts in progress | 3 | €119,035 | €137,478 | +€18,443 | +15.5% |
| Stocks | 30/36 | €119,035 | €137,478 | +€18,443 | +15.5% |
| Amounts receivable within one year | 40/41 | €495,192 | €448,562 | -€46,630 | -9.4% |
| Trade receivables | 40 | €118,731 | €132,300 | +€13,569 | +11.4% |
| Other amounts receivable | 41 | €376,461 | €316,263 | -€60,198 | -16.0% |
| Cash at bank and in hand | 54/58 | €246,604 | €325,900 | +€79,296 | +32.2% |
| Deferred charges and accrued income | 490/1 | €1,715 | €2,081 | +€366 | +21.3% |
| Total equity and liabilities | 10/49 | €879,519 | €925,772 | +€46,253 | +5.3% |
| Equity | 10/15 | €513,924 | €549,179 | +€35,255 | +6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €493,464 | €528,719 | +€35,255 | +7.1% |
| Amounts payable | 17/49 | €365,596 | €376,594 | +€10,998 | +3.0% |
| Amounts payable after more than one year | 17 | €27,500 | - | -€27,500 | |
| Financial debts | 170/4 | €27,500 | - | -€27,500 | |
| Amounts payable within one year | 42/48 | €338,096 | €376,594 | +€38,498 | +11.4% |
| Financial debts | 43 | €110,000 | €107,500 | -€2,500 | -2.3% |
| Credit institutions | 430/8 | €110,000 | €107,500 | -€2,500 | -2.3% |
| Trade debts | 44 | €168,612 | €200,569 | +€31,958 | +19.0% |
| Suppliers | 440/4 | €168,612 | €200,569 | +€31,958 | +19.0% |
| Taxes, remuneration and social security | 45 | €19,484 | €12,524 | -€6,960 | -35.7% |
| Taxes | 450/3 | €2,263 | €2,204 | -€59 | -2.6% |
| Remuneration and social security | 454/9 | €17,221 | €10,321 | -€6,900 | -40.1% |
| Other amounts payable | 47/48 | €40,000 | €56,000 | +€16,000 | +40.0% |
| Remuneration, social security and pensions | 62 | €204,072 | €146,823 | -€57,249 | -28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,383 | €5,222 | -€161 | -3.0% |
| Other operating charges | 640/8 | €9,423 | €1 | -€9,422 | -100.0% |
| Non-recurring operating charges | 66A | €4,392 | - | -€4,392 | |
| Gross operating margin | 9900 | €335,905 | €262,452 | -€73,453 | -21.9% |
| Operating profit (loss) | 9901 | €112,636 | €110,406 | -€2,229 | -2.0% |
| Financial income | 75/76B | €1,793 | €460 | -€1,333 | -74.3% |
| Recurring financial income | 75 | €1,793 | €460 | -€1,333 | -74.3% |
| Financial charges | 65/66B | €6,113 | €7,433 | +€1,320 | +21.6% |
| Recurring financial charges | 65 | €6,113 | €7,433 | +€1,320 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €108,316 | €103,433 | -€4,883 | -4.5% |
| Income taxes | 67/77 | €16,110 | €12,179 | -€3,932 | -24.4% |
| Profit (loss) for the period | 9904 | €92,206 | €91,255 | -€951 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €92,206 | €91,255 | -€951 | -1.0% |
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 7 October 2026 via checked.be.