PHARMA-EUROPE: 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-EUROPE
NACE 46.150, Agents in the wholesale of furniture, household goods and hardware
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €1.1m+€42,507
Equity
€2.7m
2024 · €3.2m-€480,167
Cash
€575,704
2024 · €1.0m-€464,751
Balance sheet total
€4.7m
2024 · €4.4m+€303,318
Largest movements
Assets
- Tangible fixed assets +€926,589
up €926,589 (+115%), from €805,348 to €1.7m
of which Assets under construction and advance payments: +€942,882
- Cash -€464,751
down €464,751 (-44.7%), from €1.0m to €575,704
mainly Contributions, distributions and other (-€1.6m) and Investment in fixed assets (net) (-€980,405)
- Deferred charges and accrued income -€157,481
down €157,481 (-89.0%), from €177,002 to €19,522
Equity and liabilities
- Debts after one year +€839,260
up €839,260 (+442%), from €190,046 to €1.0m
- Reserves -€480,167
down €480,167 (-15.4%), from €3.1m to €2.6m
of which Distributable reserves: -€248,617
- Trade debts -€141,096
down €141,096 (-14.8%), from €953,606 to €812,510
- Current portion of long-term debt +€85,162
up €85,162 (+426%), from €20,007 to €105,169
Income statement
- Staff costs +€120,850
up €120,850 (+47.7%), from €253,234 to €374,084
- Gross operating margin +€74,950
up €74,950 (+4.0%), from €1.9m to €1.9m
- Provisions -€58,000
down €58,000, from €29,000 to -€29,000
- Taxes -€44,261
down €44,261 (-11.2%), from €395,111 to €350,850
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
€1.1m
Gross operating margin
+€74,950
Staff costs
-€120,850
Depreciation
-€6,929
Write-downs
+€5,233
Provisions
+€58,000
Other operating charges
-€16,023
Other operating items
+€4,647
Financial income
+€2,062
Financial charges
-€2,844
Taxes
+€44,261
Result 2025
€1.1m
raises the resultlowers the resultnot broken down further in the accounts
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
+€1.2m
Investment
-€951,405
Financing
-€700,578
Cash 2024
€1.0m
From operations (derived)
+€1.2m
Net result for the year
+€1.1m
Depreciation
+€56,146
Stocks and contracts
+€5,489
Receivables within one year
-€35,780
Deferred charges and accrued income
+€157,481
Provisions
-€29,000
Trade debts
-€141,096
Tax, wage and social debts
+€19,812
Other debts
+€4,317
Accrued charges and deferred income
+€5,030
Investment (derived)
-€951,405
Investment in fixed assets (net)
-€980,405
Current investments
+€29,000
Financing
-€700,578
Debts after one year
+€839,260
Current portion of long-term debt
+€85,162
Contributions, distributions and other
-€1.6m
Cash 2025
€575,704
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,420,747 | €4,724,065 | +€303,318 | +6.9% |
| Fixed assets | 21/28 | €824,235 | €1,748,493 | +€924,259 | +112% |
| Intangible fixed assets | 21 | €7,137 | €4,596 | -€2,541 | -35.6% |
| Tangible fixed assets | 22/27 | €805,348 | €1,731,937 | +€926,589 | +115% |
| Land and buildings | 22 | €735,908 | €715,335 | -€20,573 | -2.8% |
| Plant, machinery and equipment | 23 | €21,516 | €12,625 | -€8,891 | -41.3% |
| Furniture and vehicles | 24 | €3,599 | €23,765 | +€20,166 | +560% |
| Other tangible fixed assets | 26 | €44,325 | €37,330 | -€6,995 | -15.8% |
| Assets under construction and advance payments | 27 | €0 | €942,882 | +€942,882 | |
| Financial fixed assets | 28 | €11,750 | €11,960 | +€210 | +1.8% |
| Current assets | 29/58 | €3,596,513 | €2,975,572 | -€620,941 | -17.3% |
| Amounts receivable after more than one year | 29 | €227,349 | €227,349 | = | 0.0% |
| Other amounts receivable | 291 | €227,349 | €227,349 | = | 0.0% |
| Stocks and contracts in progress | 3 | €584,259 | €578,770 | -€5,489 | -0.9% |
| Stocks | 30/36 | €584,259 | €578,770 | -€5,489 | -0.9% |
| Amounts receivable within one year | 40/41 | €1,538,447 | €1,574,227 | +€35,780 | +2.3% |
| Trade receivables | 40 | €1,408,110 | €1,364,666 | -€43,445 | -3.1% |
| Other amounts receivable | 41 | €130,336 | €209,561 | +€79,225 | +60.8% |
| Current investments | 50/53 | €29,000 | €0 | -€29,000 | -100% |
| Cash at bank and in hand | 54/58 | €1,040,455 | €575,704 | -€464,751 | -44.7% |
| Deferred charges and accrued income | 490/1 | €177,002 | €19,522 | -€157,481 | -89.0% |
| Total equity and liabilities | 10/49 | €4,420,747 | €4,724,065 | +€303,318 | +6.9% |
| Equity | 10/15 | €3,169,448 | €2,689,281 | -€480,167 | -15.1% |
| Contributions | 10/11 | €45,500 | €45,500 | = | 0.0% |
| Reserves | 13 | €3,123,948 | €2,643,781 | -€480,167 | -15.4% |
| Tax-exempt reserves | 132 | €1,183,056 | €951,506 | -€231,550 | -19.6% |
| Distributable reserves | 133 | €1,940,892 | €1,692,275 | -€248,617 | -12.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €29,000 | €0 | -€29,000 | -100% |
| Provisions for liabilities and charges | 160/5 | €29,000 | €0 | -€29,000 | -100% |
| Other liabilities and charges | 164/5 | €29,000 | €0 | -€29,000 | -100% |
| Amounts payable | 17/49 | €1,222,299 | €2,034,785 | +€812,485 | +66.5% |
| Amounts payable after more than one year | 17 | €190,046 | €1,029,306 | +€839,260 | +442% |
| Financial debts | 170/4 | €190,046 | €1,029,306 | +€839,260 | +442% |
| Amounts payable within one year | 42/48 | €1,031,878 | €1,000,074 | -€31,804 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €20,007 | €105,169 | +€85,162 | +426% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €953,606 | €812,510 | -€141,096 | -14.8% |
| Suppliers | 440/4 | €953,606 | €812,510 | -€141,096 | -14.8% |
| Taxes, remuneration and social security | 45 | €50,120 | €69,932 | +€19,812 | +39.5% |
| Taxes | 450/3 | €18,160 | €67,346 | +€49,187 | +271% |
| Remuneration and social security | 454/9 | €31,960 | €2,586 | -€29,375 | -91.9% |
| Other amounts payable | 47/48 | €8,146 | €12,463 | +€4,317 | +53.0% |
| Accrued charges and deferred income | 492/3 | €375 | €5,405 | +€5,030 | +1,340% |
| Non-recurring operating income | 76A | €0 | €27,505 | +€27,505 | |
| Remuneration, social security and pensions | 62 | €253,234 | €374,084 | +€120,850 | +47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,217 | €56,146 | +€6,929 | +14.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,233 | €0 | -€5,233 | -100% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €29,000 | -€29,000 | -€58,000 | |
| Other operating charges | 640/8 | €4,484 | €20,507 | +€16,023 | +357% |
| Non-recurring operating charges | 66A | €6,579 | €1,932 | -€4,647 | -70.6% |
| Gross operating margin | 9900 | €1,856,045 | €1,930,995 | +€74,950 | +4.0% |
| Operating profit (loss) | 9901 | €1,508,297 | €1,507,326 | -€971 | -0.1% |
| Financial income | 75/76B | €6,485 | €8,548 | +€2,062 | +31.8% |
| Recurring financial income | 75 | €6,485 | €8,548 | +€2,062 | +31.8% |
| Financial charges | 65/66B | €17,346 | €20,191 | +€2,844 | +16.4% |
| Recurring financial charges | 65 | €17,346 | €20,191 | +€2,844 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €1,497,437 | €1,495,683 | -€1,754 | -0.1% |
| Income taxes | 67/77 | €395,111 | €350,850 | -€44,261 | -11.2% |
| Profit (loss) for the period | 9904 | €1,102,325 | €1,144,833 | +€42,507 | +3.9% |
| Transfer from tax-exempt reserves | 789 | €101,040 | €231,550 | +€130,510 | +129% |
| Transfer to tax-exempt reserves | 689 | €559,930 | €0 | -€559,930 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €643,435 | €1,376,383 | +€732,947 | +114% |
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 23 October 2026 via checked.be.