Pharma Boulevard: 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.
Pharma Boulevard
Largest movements
- Receivables within one year +€419,728
up €419,728 (+56.2%), from €747,382 to €1.2m
of which Other amounts receivable: +€400,188
- Tangible fixed assets -€46,896
down €46,896 (-10.1%), from €464,236 to €417,341
of which Land and buildings: -€46,482
- Trade debts +€235,352
up €235,352 (+31.2%), from €754,406 to €989,759
- Other debts +€142,947
up €142,947 (+99.5%), from €143,715 to €286,662
- Profit (loss) carried forward +€106,302
up €106,302 (+37.8%), from €281,225 to €387,527
- Debts after one year -€68,608
down €68,608 (-17.1%), from €401,754 to €333,146
- Accrued charges and deferred income -€25,869
no longer reported in 2025 (was €25,869)
- Gross operating margin +€108,244
up €108,244 (+11.9%), from €912,569 to €1.0m
- Staff costs +€100,016
up €100,016 (+18.6%), from €536,625 to €636,640
- Taxes +€20,010
up €20,010 (+33.5%), from €59,733 to €79,742
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 | €1,874,247 | €2,262,959 | +€388,712 | +20.7% |
| Fixed assets | 21/28 | €464,386 | €417,491 | -€46,896 | -10.1% |
| Tangible fixed assets | 22/27 | €464,236 | €417,341 | -€46,896 | -10.1% |
| Land and buildings | 22 | €462,620 | €416,138 | -€46,482 | -10.0% |
| Plant, machinery and equipment | 23 | €1,616 | €1,202 | -€414 | -25.6% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €1,409,861 | €1,845,469 | +€435,608 | +30.9% |
| Stocks and contracts in progress | 3 | €546,321 | €560,094 | +€13,774 | +2.5% |
| Stocks | 30/36 | €546,321 | €560,094 | +€13,774 | +2.5% |
| Amounts receivable within one year | 40/41 | €747,382 | €1,167,110 | +€419,728 | +56.2% |
| Trade receivables | 40 | €381,836 | €401,377 | +€19,541 | +5.1% |
| Other amounts receivable | 41 | €365,546 | €765,734 | +€400,188 | +109.5% |
| Cash at bank and in hand | 54/58 | €116,159 | €118,264 | +€2,106 | +1.8% |
| Total equity and liabilities | 10/49 | €1,874,247 | €2,262,959 | +€388,712 | +20.7% |
| Equity | 10/15 | €385,603 | €491,905 | +€106,302 | +27.6% |
| Contributions | 10/11 | €104,378 | €104,378 | = | 0.0% |
| Profit (loss) carried forward | 14 | €281,225 | €387,527 | +€106,302 | +37.8% |
| Amounts payable | 17/49 | €1,488,644 | €1,771,054 | +€282,410 | +19.0% |
| Amounts payable after more than one year | 17 | €401,754 | €333,146 | -€68,608 | -17.1% |
| Financial debts | 170/4 | €401,754 | €333,146 | -€68,608 | -17.1% |
| Amounts payable within one year | 42/48 | €1,061,021 | €1,437,908 | +€376,888 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | €67,078 | €68,608 | +€1,530 | +2.3% |
| Financial debts | 43 | €35,725 | €15,210 | -€20,514 | -57.4% |
| Credit institutions | 430/8 | €35,725 | €15,210 | -€20,514 | -57.4% |
| Trade debts | 44 | €754,406 | €989,759 | +€235,352 | +31.2% |
| Suppliers | 440/4 | €754,406 | €989,759 | +€235,352 | +31.2% |
| Taxes, remuneration and social security | 45 | €60,096 | €77,669 | +€17,572 | +29.2% |
| Taxes | 450/3 | - | €33,581 | +€33,581 | |
| Remuneration and social security | 454/9 | €60,096 | €44,087 | -€16,009 | -26.6% |
| Other amounts payable | 47/48 | €143,715 | €286,662 | +€142,947 | +99.5% |
| Accrued charges and deferred income | 492/3 | €25,869 | - | -€25,869 | |
| Remuneration, social security and pensions | 62 | €536,625 | €636,640 | +€100,016 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,600 | €66,257 | -€4,343 | -6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,714 | €8,393 | -€4,321 | -34.0% |
| Other operating charges | 640/8 | €11,268 | €15,456 | +€4,188 | +37.2% |
| Gross operating margin | 9900 | €912,569 | €1,020,812 | +€108,244 | +11.9% |
| Operating profit (loss) | 9901 | €281,362 | €294,065 | +€12,704 | +4.5% |
| Financial income | 75/76B | €1,137 | €1,479 | +€342 | +30.1% |
| Recurring financial income | 75 | €1,137 | €1,479 | +€342 | +30.1% |
| Financial charges | 65/66B | €34,961 | €34,500 | -€461 | -1.3% |
| Recurring financial charges | 65 | €34,961 | €34,500 | -€461 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €247,538 | €261,044 | +€13,507 | +5.5% |
| Income taxes | 67/77 | €59,733 | €79,742 | +€20,010 | +33.5% |
| Profit (loss) for the period | 9904 | €187,805 | €181,302 | -€6,503 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €187,805 | €181,302 | -€6,503 | -3.5% |
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 10 October 2026 via checked.be.