Pharma City 2: 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 City 2
Largest movements
- Stocks and contracts +€121,841
up €121,841 (+36.5%), from €333,572 to €455,413
- Receivables within one year +€55,091
up €55,091 (+17.1%), from €322,519 to €377,610
of which Trade receivables: +€84,203
- Cash +€49,298
up €49,298 (+21.1%), from €233,141 to €282,439
mainly Net result for the year (+€182,873) and Trade debts (+€112,986)
- Tangible fixed assets -€28,924
down €28,924 (-6.4%), from €449,806 to €420,882
of which Other tangible fixed assets: -€22,728
- Reserves +€182,873
up €182,873 (+468%), from €39,053 to €221,927
- Trade debts +€112,986
up €112,986 (+19.1%), from €590,674 to €703,659
- Current portion of long-term debt -€69,804
no longer reported in 2025 (was €69,804)
- Other debts -€57,664
no longer reported in 2025 (was €57,664)
- Tax, wage and social debts +€40,164
up €40,164 (+113%), from €35,593 to €75,756
of which Taxes: +€44,920
- Gross operating margin +€221,216
up €221,216 (+67.2%), from €329,015 to €550,231
- Taxes +€66,612
up €66,612 (+1,000%), from €6,663 to €73,275
- Staff costs +€23,279
up €23,279 (+13.1%), from €177,137 to €200,416
- Financial charges -€9,860
down €9,860 (-15.9%), from €62,192 to €52,332
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.
Derived cash bridge
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 | €1,550,634 | €1,724,960 | +€174,326 | +11.2% |
| Fixed assets | 21/28 | €610,613 | €569,662 | -€40,951 | -6.7% |
| Intangible fixed assets | 21 | €64,118 | €52,090 | -€12,027 | -18.8% |
| Tangible fixed assets | 22/27 | €449,806 | €420,882 | -€28,924 | -6.4% |
| Plant, machinery and equipment | 23 | €7,956 | €3,956 | -€4,000 | -50.3% |
| Furniture and vehicles | 24 | €9,350 | €7,154 | -€2,196 | -23.5% |
| Other tangible fixed assets | 26 | €432,500 | €409,772 | -€22,728 | -5.3% |
| Financial fixed assets | 28 | €96,689 | €96,689 | = | 0.0% |
| Current assets | 29/58 | €940,021 | €1,155,299 | +€215,278 | +22.9% |
| Stocks and contracts in progress | 3 | €333,572 | €455,413 | +€121,841 | +36.5% |
| Stocks | 30/36 | €333,572 | €455,413 | +€121,841 | +36.5% |
| Amounts receivable within one year | 40/41 | €322,519 | €377,610 | +€55,091 | +17.1% |
| Trade receivables | 40 | €175,970 | €260,173 | +€84,203 | +47.9% |
| Other amounts receivable | 41 | €146,549 | €117,437 | -€29,112 | -19.9% |
| Cash at bank and in hand | 54/58 | €233,141 | €282,439 | +€49,298 | +21.1% |
| Deferred charges and accrued income | 490/1 | €50,789 | €39,836 | -€10,953 | -21.6% |
| Total equity and liabilities | 10/49 | €1,550,634 | €1,724,960 | +€174,326 | +11.2% |
| Equity | 10/15 | €217,753 | €400,627 | +€182,873 | +84.0% |
| Contributions | 10/11 | €178,700 | €178,700 | = | 0.0% |
| Reserves | 13 | €39,053 | €221,927 | +€182,873 | +468% |
| Distributable reserves | 133 | €39,053 | €221,927 | +€182,873 | +468% |
| Amounts payable | 17/49 | €1,332,881 | €1,324,334 | -€8,547 | -0.6% |
| Amounts payable after more than one year | 17 | €530,346 | €530,346 | = | 0.0% |
| Financial debts | 170/4 | €530,346 | €530,346 | = | 0.0% |
| Amounts payable within one year | 42/48 | €802,534 | €793,987 | -€8,547 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €69,804 | - | -€69,804 | |
| Financial debts | 43 | €48,800 | €14,572 | -€34,228 | -70.1% |
| Credit institutions | 430/8 | €48,800 | €14,572 | -€34,228 | -70.1% |
| Trade debts | 44 | €590,674 | €703,659 | +€112,986 | +19.1% |
| Suppliers | 440/4 | €590,674 | €703,659 | +€112,986 | +19.1% |
| Taxes, remuneration and social security | 45 | €35,593 | €75,756 | +€40,164 | +113% |
| Taxes | 450/3 | €7,660 | €52,581 | +€44,920 | +586% |
| Remuneration and social security | 454/9 | €27,932 | €23,176 | -€4,756 | -17.0% |
| Other amounts payable | 47/48 | €57,664 | - | -€57,664 | |
| Remuneration, social security and pensions | 62 | €177,137 | €200,416 | +€23,279 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,970 | €40,951 | -€3,018 | -6.9% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €329,015 | €550,231 | +€221,216 | +67.2% |
| Operating profit (loss) | 9901 | €107,908 | €308,464 | +€200,556 | +186% |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | €62,192 | €52,332 | -€9,860 | -15.9% |
| Recurring financial charges | 65 | €62,192 | €52,332 | -€9,860 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €45,716 | €256,148 | +€210,432 | +460% |
| Income taxes | 67/77 | €6,663 | €73,275 | +€66,612 | +1,000% |
| Profit (loss) for the period | 9904 | €39,053 | €182,873 | +€143,820 | +368% |
| Profit (loss) for the period to be appropriated | 9905 | €39,053 | €182,873 | +€143,820 | +368% |
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 19 October 2026 via checked.be.