PHARMA COVA: 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.
What changed
PHARMA COVA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€60,842
2024 · -€5,184+€66,026
Equity
€612,382
2024 · €551,540+€60,842
Cash
€637
2024 · €1,198-€561
Balance sheet total
€4.1m
2024 · €4.3m-€168,097
Largest movements
Assets
- Receivables within one year -€171,889
down €171,889 (-71.9%), from €239,094 to €67,205
of which Other amounts receivable: -€163,469
Equity and liabilities
- Debts after one year -€167,968
down €167,968 (-9.0%), from €1.9m to €1.7m
- Reserves +€60,842
up €60,842 (+11.4%), from €532,940 to €593,782
of which Distributable reserves: +€60,842
Income statement
- Gross operating margin +€50,778
up €50,778 (+10.5%), from €481,912 to €532,690
- Staff costs -€44,829
down €44,829 (-11.2%), from €399,838 to €355,009
- Taxes +€27,950
up €27,950 (+460%), from €6,070 to €34,020
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.
Result 2024
-€5,184
Gross operating margin
+€50,778
Staff costs
+€44,829
Depreciation
-€766
Other operating charges
-€4,517
Financial charges
+€3,652
Taxes
-€27,950
Result 2025
€60,842
raises the resultlowers the result
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.
From operations
+€211,383
Investment
-€60,916
Financing
-€151,028
Cash 2024
€1,198
From operations (derived)
+€211,383
Net result for the year
+€60,842
Depreciation
+€19,246
Receivables within one year
+€171,889
Deferred charges and accrued income
+€37,317
Trade debts
-€29,440
Tax, wage and social debts
-€33,602
Other debts
-€5,175
Accrued charges and deferred income
-€9,694
Investment (derived)
-€60,916
Investment in fixed assets (net)
-€60,916
Financing
-€151,028
Debts after one year
-€167,968
Current portion of long-term debt
+€13,747
Short-term financial debts
+€3,194
Cash 2025
€637
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,255,095 | €4,086,999 | -€168,097 | -4.0% |
| Fixed assets | 21/28 | €3,974,303 | €4,015,973 | +€41,670 | +1.0% |
| Tangible fixed assets | 22/27 | €18,936 | €60,606 | +€41,670 | +220% |
| Land and buildings | 22 | - | €30,164 | +€30,164 | |
| Plant, machinery and equipment | 23 | €2,950 | €3,207 | +€257 | +8.7% |
| Furniture and vehicles | 24 | €15,986 | €27,235 | +€11,249 | +70.4% |
| Financial fixed assets | 28 | €3,955,368 | €3,955,368 | = | 0.0% |
| Current assets | 29/58 | €280,792 | €71,025 | -€209,767 | -74.7% |
| Amounts receivable within one year | 40/41 | €239,094 | €67,205 | -€171,889 | -71.9% |
| Trade receivables | 40 | €75,625 | €67,205 | -€8,420 | -11.1% |
| Other amounts receivable | 41 | €163,469 | - | -€163,469 | |
| Cash at bank and in hand | 54/58 | €1,198 | €637 | -€561 | -46.8% |
| Deferred charges and accrued income | 490/1 | €40,500 | €3,183 | -€37,317 | -92.1% |
| Total equity and liabilities | 10/49 | €4,255,095 | €4,086,999 | -€168,097 | -4.0% |
| Equity | 10/15 | €551,540 | €612,382 | +€60,842 | +11.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €532,940 | €593,782 | +€60,842 | +11.4% |
| 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 | €531,080 | €591,922 | +€60,842 | +11.5% |
| Amounts payable | 17/49 | €3,703,555 | €3,474,616 | -€228,939 | -6.2% |
| Amounts payable after more than one year | 17 | €1,875,270 | €1,707,302 | -€167,968 | -9.0% |
| Financial debts | 170/4 | €1,875,270 | €1,707,302 | -€167,968 | -9.0% |
| Amounts payable within one year | 42/48 | €1,790,742 | €1,739,465 | -€51,277 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €192,177 | €205,923 | +€13,747 | +7.2% |
| Financial debts | 43 | €0 | €3,194 | +€3,194 | |
| Credit institutions | 430/8 | €0 | €3,194 | +€3,194 | |
| Trade debts | 44 | €36,969 | €7,528 | -€29,440 | -79.6% |
| Suppliers | 440/4 | €36,969 | €7,528 | -€29,440 | -79.6% |
| Taxes, remuneration and social security | 45 | €79,084 | €45,482 | -€33,602 | -42.5% |
| Taxes | 450/3 | €44,422 | €25,892 | -€18,529 | -41.7% |
| Remuneration and social security | 454/9 | €34,662 | €19,589 | -€15,073 | -43.5% |
| Other amounts payable | 47/48 | €1,482,513 | €1,477,338 | -€5,175 | -0.3% |
| Accrued charges and deferred income | 492/3 | €37,543 | €27,849 | -€9,694 | -25.8% |
| Remuneration, social security and pensions | 62 | €399,838 | €355,009 | -€44,829 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,480 | €19,246 | +€766 | +4.1% |
| Other operating charges | 640/8 | €1,881 | €6,398 | +€4,517 | +240% |
| Gross operating margin | 9900 | €481,912 | €532,690 | +€50,778 | +10.5% |
| Operating profit (loss) | 9901 | €61,713 | €152,037 | +€90,324 | +146% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €60,827 | €57,175 | -€3,652 | -6.0% |
| Recurring financial charges | 65 | €60,827 | €57,175 | -€3,652 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €886 | €94,862 | +€93,976 | +10,603% |
| Income taxes | 67/77 | €6,070 | €34,020 | +€27,950 | +460% |
| Profit (loss) for the period | 9904 | -€5,184 | €60,842 | +€66,026 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,184 | €60,842 | +€66,026 |
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 18 October 2026 via checked.be.