PHARMA HEIST: 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 HEIST
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€87,937
2024 · €62,842+€25,095
Equity
€383,453
2024 · €382,515+€937
Cash
€2,956
2024 · €3,124-€168
Balance sheet total
€623,273
2024 · €628,587-€5,315
Largest movements
Assets
- Tangible fixed assets -€11,554
down €11,554 (-18.3%), from €63,033 to €51,478
- Receivables within one year +€6,896
up €6,896 (+1.5%), from €461,257 to €468,153
of which Other amounts receivable: +€6,896
Equity and liabilities
- Other debts +€24,183
up €24,183 (+20.5%), from €118,053 to €142,236
- Debts after one year -€19,663
down €19,663 (-21.9%), from €89,740 to €70,077
- Current portion of long-term debt -€16,088
down €16,088 (-45.0%), from €35,751 to €19,663
Income statement
- Gross operating margin +€25,523
up €25,523 (+32.8%), from €77,854 to €103,377
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
€62,842
Gross operating margin
+€25,523
Depreciation
-€790
Other operating charges
-€136
Other operating items
-€17
Financial income
-€433
Financial charges
+€934
Taxes
+€14
Result 2025
€87,937
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
+€137,960
Investment
-€15,384
Financing
-€122,744
Cash 2024
€3,124
From operations (derived)
+€137,960
Net result for the year
+€87,937
Depreciation
+€26,569
Receivables within one year
-€6,896
Deferred charges and accrued income
+€858
Trade debts
+€2,195
Tax, wage and social debts
+€3,865
Other debts
+€24,183
Accrued charges and deferred income
-€750
Investment (derived)
-€15,384
Investment in fixed assets (net)
-€15,015
Current investments
-€369
Financing
-€122,744
Debts after one year
-€19,663
Current portion of long-term debt
-€16,088
Short-term financial debts
+€7
Contributions, distributions and other
-€87,000
Cash 2025
€2,956
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €628,587 | €623,273 | -€5,315 | -0.8% |
| Fixed assets | 21/28 | €63,033 | €51,478 | -€11,554 | -18.3% |
| Tangible fixed assets | 22/27 | €63,033 | €51,478 | -€11,554 | -18.3% |
| Land and buildings | 22 | €63,033 | €51,478 | -€11,554 | -18.3% |
| Current assets | 29/58 | €565,555 | €571,794 | +€6,240 | +1.1% |
| Amounts receivable within one year | 40/41 | €461,257 | €468,153 | +€6,896 | +1.5% |
| Trade receivables | 40 | €9,075 | €9,075 | = | 0.0% |
| Other amounts receivable | 41 | €452,182 | €459,078 | +€6,896 | +1.5% |
| Current investments | 50/53 | €100,235 | €100,604 | +€369 | +0.4% |
| Cash at bank and in hand | 54/58 | €3,124 | €2,956 | -€168 | -5.4% |
| Deferred charges and accrued income | 490/1 | €938 | €81 | -€858 | -91.4% |
| Total equity and liabilities | 10/49 | €628,587 | €623,273 | -€5,315 | -0.8% |
| Equity | 10/15 | €382,515 | €383,453 | +€937 | +0.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €363,965 | €364,903 | +€937 | +0.3% |
| Distributable reserves | 133 | €363,965 | €364,903 | +€937 | +0.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €246,072 | €239,820 | -€6,252 | -2.5% |
| Amounts payable after more than one year | 17 | €89,740 | €70,077 | -€19,663 | -21.9% |
| Financial debts | 170/4 | €89,740 | €70,077 | -€19,663 | -21.9% |
| Amounts payable within one year | 42/48 | €155,253 | €169,414 | +€14,161 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €35,751 | €19,663 | -€16,088 | -45.0% |
| Financial debts | 43 | - | €7 | +€7 | |
| Credit institutions | 430/8 | - | €7 | +€7 | |
| Trade debts | 44 | €951 | €3,146 | +€2,195 | +231% |
| Suppliers | 440/4 | €951 | €3,146 | +€2,195 | +231% |
| Taxes, remuneration and social security | 45 | €498 | €4,363 | +€3,865 | +776% |
| Taxes | 450/3 | €498 | €4,363 | +€3,865 | +776% |
| Other amounts payable | 47/48 | €118,053 | €142,236 | +€24,183 | +20.5% |
| Accrued charges and deferred income | 492/3 | €1,079 | €329 | -€750 | -69.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,779 | €26,569 | +€790 | +3.1% |
| Other operating charges | 640/8 | €3,374 | €3,511 | +€136 | +4.0% |
| Non-recurring operating charges | 66A | - | €17 | +€17 | |
| Gross operating margin | 9900 | €77,854 | €103,377 | +€25,523 | +32.8% |
| Operating profit (loss) | 9901 | €48,700 | €73,279 | +€24,579 | +50.5% |
| Financial income | 75/76B | €18,492 | €18,060 | -€433 | -2.3% |
| Recurring financial income | 75 | €18,492 | €18,060 | -€433 | -2.3% |
| Financial charges | 65/66B | €4,303 | €3,369 | -€934 | -21.7% |
| Recurring financial charges | 65 | €4,303 | €3,369 | -€934 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €62,889 | €87,970 | +€25,081 | +39.9% |
| Income taxes | 67/77 | €47 | €33 | -€14 | -29.7% |
| Profit (loss) for the period | 9904 | €62,842 | €87,937 | +€25,095 | +39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €62,842 | €87,937 | +€25,095 | +39.9% |
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.