PHARMA PI MANAGEMENT: 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 PI MANAGEMENT
Largest movements
- Receivables within one year +€77,062
up €77,062 (+65.9%), from €116,979 to €194,041
of which Other amounts receivable: +€80,062
- Cash -€16,768
down €16,768 (-31.0%), from €54,050 to €37,282
mainly Receivables within one year (-€77,062) and Short-term financial debts (-€29,528)
- Reserves +€132,500
up €132,500 (+22.8%), from €582,148 to €714,647
- Short-term financial debts -€29,528
down €29,528 (-72.9%), from €40,510 to €10,983
- Other debts -€28,584
down €28,584 (-48.1%), from €59,411 to €30,827
- Debts after one year -€11,554
down €11,554 (-24.1%), from €47,988 to €36,434
- Gross operating margin +€25,464
up €25,464 (+14.3%), from €177,705 to €203,169
- Taxes +€10,691
up €10,691 (+23.3%), from €45,894 to €56,585
- Depreciation -€4,055
down €4,055 (-52.9%), from €7,671 to €3,616
- Financial charges -€3,852
down €3,852 (-28.5%), from €13,496 to €9,644
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 | €776,142 | €833,954 | +€57,812 | +7.4% |
| Fixed assets | 21/28 | €603,384 | €600,811 | -€2,573 | -0.4% |
| Tangible fixed assets | 22/27 | €3,384 | €811 | -€2,573 | -76.0% |
| Furniture and vehicles | 24 | €3,384 | €811 | -€2,573 | -76.0% |
| Financial fixed assets | 28 | €600,000 | €600,000 | = | 0.0% |
| Current assets | 29/58 | €172,758 | €233,144 | +€60,385 | +35.0% |
| Amounts receivable within one year | 40/41 | €116,979 | €194,041 | +€77,062 | +65.9% |
| Trade receivables | 40 | €16,157 | €13,157 | -€3,000 | -18.6% |
| Other amounts receivable | 41 | €100,821 | €180,884 | +€80,062 | +79.4% |
| Cash at bank and in hand | 54/58 | €54,050 | €37,282 | -€16,768 | -31.0% |
| Deferred charges and accrued income | 490/1 | €1,730 | €1,820 | +€91 | +5.2% |
| Total equity and liabilities | 10/49 | €776,142 | €833,954 | +€57,812 | +7.4% |
| Equity | 10/15 | €600,748 | €733,247 | +€132,500 | +22.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €582,148 | €714,647 | +€132,500 | +22.8% |
| Distributable reserves | 133 | €582,148 | €714,647 | +€132,500 | +22.8% |
| Amounts payable | 17/49 | €175,394 | €100,707 | -€74,687 | -42.6% |
| Amounts payable after more than one year | 17 | €47,988 | €36,434 | -€11,554 | -24.1% |
| Financial debts | 170/4 | €47,988 | €36,434 | -€11,554 | -24.1% |
| Amounts payable within one year | 42/48 | €125,481 | €62,264 | -€63,217 | -50.4% |
| Current portion of amounts payable after more than one year | 42 | €14,608 | €11,554 | -€3,054 | -20.9% |
| Financial debts | 43 | €40,510 | €10,983 | -€29,528 | -72.9% |
| Credit institutions | 430/8 | €40,510 | €10,983 | -€29,528 | -72.9% |
| Trade debts | 44 | €7,023 | €6,801 | -€222 | -3.2% |
| Suppliers | 440/4 | €7,023 | €6,801 | -€222 | -3.2% |
| Taxes, remuneration and social security | 45 | €3,928 | €2,099 | -€1,829 | -46.6% |
| Taxes | 450/3 | €3,928 | €2,099 | -€1,829 | -46.6% |
| Other amounts payable | 47/48 | €59,411 | €30,827 | -€28,584 | -48.1% |
| Accrued charges and deferred income | 492/3 | €1,925 | €2,009 | +€84 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,671 | €3,616 | -€4,055 | -52.9% |
| Other operating charges | 640/8 | €988 | €1,024 | +€36 | +3.6% |
| Gross operating margin | 9900 | €177,705 | €203,169 | +€25,464 | +14.3% |
| Operating profit (loss) | 9901 | €169,046 | €198,529 | +€29,483 | +17.4% |
| Financial income | 75/76B | €0 | €200 | +€200 | +2,000,300% |
| Recurring financial income | 75 | €0 | €200 | +€200 | +2,000,300% |
| Financial charges | 65/66B | €13,496 | €9,644 | -€3,852 | -28.5% |
| Recurring financial charges | 65 | €13,496 | €9,644 | -€3,852 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €155,550 | €189,085 | +€33,534 | +21.6% |
| Income taxes | 67/77 | €45,894 | €56,585 | +€10,691 | +23.3% |
| Profit (loss) for the period | 9904 | €109,656 | €132,500 | +€22,844 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €109,656 | €132,500 | +€22,844 | +20.8% |
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.