PHARMA BEART: 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 BEART
Largest movements
- Receivables after one year +€140,000
new in 2025: €140,000
- Receivables within one year +€42,908
up €42,908 (+36.1%), from €119,007 to €161,915
of which Other amounts receivable: +€23,893
- Tangible fixed assets -€41,765
down €41,765 (-13.3%), from €313,876 to €272,111
of which Land and buildings: -€26,247
- Cash +€27,533
up €27,533 (+6.9%), from €400,225 to €427,758
mainly Net result for the year (+€227,087) and Depreciation (+€50,715)
- Reserves +€107,087
up €107,087 (+26.4%), from €405,601 to €512,688
of which Distributable reserves: +€107,087
- Other debts +€48,167
up €48,167 (+65.8%), from €73,223 to €121,390
- Tax, wage and social debts +€13,783
up €13,783 (+41.8%), from €32,976 to €46,759
of which Taxes: +€8,262
- Staff costs +€14,248
up €14,248 (+9.7%), from €146,958 to €161,206
- Gross operating margin -€10,562
down €10,562 (-1.9%), from €547,636 to €537,074
- Financial income +€8,755
up €8,755 (+899.5%), from €973 to €9,728
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 | €1,063,143 | €1,222,489 | +€159,346 | +15.0% |
| Fixed assets | 21/28 | €313,876 | €272,111 | -€41,765 | -13.3% |
| Tangible fixed assets | 22/27 | €313,876 | €272,111 | -€41,765 | -13.3% |
| Land and buildings | 22 | €224,089 | €197,843 | -€26,247 | -11.7% |
| Plant, machinery and equipment | 23 | €72,614 | €61,385 | -€11,230 | -15.5% |
| Furniture and vehicles | 24 | €17,173 | €12,884 | -€4,289 | -25.0% |
| Current assets | 29/58 | €749,266 | €950,377 | +€201,111 | +26.8% |
| Amounts receivable after more than one year | 29 | - | €140,000 | +€140,000 | |
| Other amounts receivable | 291 | - | €140,000 | +€140,000 | |
| Stocks and contracts in progress | 3 | €228,436 | €218,918 | -€9,518 | -4.2% |
| Stocks | 30/36 | €228,436 | €218,918 | -€9,518 | -4.2% |
| Amounts receivable within one year | 40/41 | €119,007 | €161,915 | +€42,908 | +36.1% |
| Trade receivables | 40 | €119,007 | €138,021 | +€19,014 | +16.0% |
| Other amounts receivable | 41 | - | €23,893 | +€23,893 | |
| Cash at bank and in hand | 54/58 | €400,225 | €427,758 | +€27,533 | +6.9% |
| Deferred charges and accrued income | 490/1 | €1,599 | €1,787 | +€188 | +11.8% |
| Total equity and liabilities | 10/49 | €1,063,143 | €1,222,489 | +€159,346 | +15.0% |
| Equity | 10/15 | €878,444 | €985,531 | +€107,087 | +12.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €405,601 | €512,688 | +€107,087 | +26.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €403,741 | €510,828 | +€107,087 | +26.5% |
| Profit (loss) carried forward | 14 | €454,243 | €454,243 | = | 0.0% |
| Amounts payable | 17/49 | €184,699 | €236,958 | +€52,259 | +28.3% |
| Amounts payable after more than one year | 17 | €12,424 | €4,602 | -€7,822 | -63.0% |
| Financial debts | 170/4 | €12,424 | €4,602 | -€7,822 | -63.0% |
| Amounts payable within one year | 42/48 | €172,275 | €232,178 | +€59,903 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €10,745 | €7,822 | -€2,924 | -27.2% |
| Trade debts | 44 | €55,332 | €56,208 | +€876 | +1.6% |
| Suppliers | 440/4 | €55,332 | €56,208 | +€876 | +1.6% |
| Taxes, remuneration and social security | 45 | €32,976 | €46,759 | +€13,783 | +41.8% |
| Taxes | 450/3 | €20,578 | €28,840 | +€8,262 | +40.2% |
| Remuneration and social security | 454/9 | €12,398 | €17,918 | +€5,520 | +44.5% |
| Other amounts payable | 47/48 | €73,223 | €121,390 | +€48,167 | +65.8% |
| Accrued charges and deferred income | 492/3 | - | €178 | +€178 | |
| Remuneration, social security and pensions | 62 | €146,958 | €161,206 | +€14,248 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,878 | €50,715 | -€163 | -0.3% |
| Other operating charges | 640/8 | €984 | €836 | -€148 | -15.0% |
| Non-recurring operating charges | 66A | €137 | - | -€137 | |
| Gross operating margin | 9900 | €547,636 | €537,074 | -€10,562 | -1.9% |
| Operating profit (loss) | 9901 | €348,678 | €324,317 | -€24,361 | -7.0% |
| Financial income | 75/76B | €973 | €9,728 | +€8,755 | +899.5% |
| Recurring financial income | 75 | €973 | €9,728 | +€8,755 | +899.5% |
| Financial charges | 65/66B | €3,690 | €2,942 | -€748 | -20.3% |
| Recurring financial charges | 65 | €3,690 | €2,942 | -€748 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €345,961 | €331,103 | -€14,858 | -4.3% |
| Income taxes | 67/77 | €108,721 | €104,016 | -€4,705 | -4.3% |
| Profit (loss) for the period | 9904 | €237,241 | €227,087 | -€10,154 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €237,241 | €227,087 | -€10,154 | -4.3% |
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 1 October 2026 via checked.be.