PHARMA POSITIVE: what changed
Two fiscal 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 POSITIVE
Largest movements
- Cash +€127,973
up €127,973 (+38.9%), from €329,215 to €457,188
mainly Net result for the year (+€296,232) and Depreciation (+€107,036)
- Intangible fixed assets -€78,547
down €78,547 (-7.1%), from €1.1m to €1.0m
- Receivables within one year -€31,216
down €31,216 (-13.1%), from €237,610 to €206,394
of which Trade receivables: -€31,470
- Tangible fixed assets -€24,999
down €24,999 (-14.2%), from €176,088 to €151,089
of which Plant, machinery and equipment: -€24,249
- Debts after one year -€260,169
down €260,169 (-36.8%), from €706,887 to €446,718
- Profit (loss) carried forward +€141,512
up €141,512 (+314.7%), from €44,972 to €186,484
- Reserves +€134,720
up €134,720 (+86.5%), from €155,770 to €290,490
of which Distributable reserves: +€84,200
- Write-downs +€34,822
new in 2025: €34,822
- Staff costs -€11,926
down €11,926 (-4.3%), from €277,207 to €265,280
- Gross operating margin -€10,874
down €10,874 (-1.3%), from €863,230 to €852,357
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.
Cash bridge derived
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 | €2,108,981 | €2,091,126 | -€17,854 | -0.8% |
| Fixed assets | 21/28 | €1,275,818 | €1,172,272 | -€103,546 | -8.1% |
| Intangible fixed assets | 21 | €1,099,662 | €1,021,114 | -€78,547 | -7.1% |
| Tangible fixed assets | 22/27 | €176,088 | €151,089 | -€24,999 | -14.2% |
| Land and buildings | 22 | €108,300 | €104,806 | -€3,494 | -3.2% |
| Plant, machinery and equipment | 23 | €66,868 | €42,619 | -€24,249 | -36.3% |
| Furniture and vehicles | 24 | €920 | €3,664 | +€2,744 | +298.3% |
| Financial fixed assets | 28 | €68 | €68 | = | 0.0% |
| Current assets | 29/58 | €833,162 | €918,855 | +€85,692 | +10.3% |
| Stocks and contracts in progress | 3 | €265,339 | €251,189 | -€14,150 | -5.3% |
| Stocks | 30/36 | €265,339 | €251,189 | -€14,150 | -5.3% |
| Amounts receivable within one year | 40/41 | €237,610 | €206,394 | -€31,216 | -13.1% |
| Trade receivables | 40 | €224,996 | €193,526 | -€31,470 | -14.0% |
| Other amounts receivable | 41 | €12,614 | €12,868 | +€254 | +2.0% |
| Cash at bank and in hand | 54/58 | €329,215 | €457,188 | +€127,973 | +38.9% |
| Deferred charges and accrued income | 490/1 | €998 | €4,083 | +€3,085 | +309.1% |
| Total equity and liabilities | 10/49 | €2,108,981 | €2,091,126 | -€17,854 | -0.8% |
| Equity | 10/15 | €300,742 | €576,974 | +€276,232 | +91.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €155,770 | €290,490 | +€134,720 | +86.5% |
| Tax-exempt reserves | 132 | €155,770 | €206,290 | +€50,520 | +32.4% |
| Distributable reserves | 133 | - | €84,200 | +€84,200 | |
| Profit (loss) carried forward | 14 | €44,972 | €186,484 | +€141,512 | +314.7% |
| Amounts payable | 17/49 | €1,808,239 | €1,514,152 | -€294,087 | -16.3% |
| Amounts payable after more than one year | 17 | €706,887 | €446,718 | -€260,169 | -36.8% |
| Financial debts | 170/4 | €706,887 | €446,718 | -€260,169 | -36.8% |
| Amounts payable within one year | 42/48 | €1,098,625 | €1,065,175 | -€33,450 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €217,267 | €203,127 | -€14,141 | -6.5% |
| Trade debts | 44 | €130,870 | €117,683 | -€13,187 | -10.1% |
| Suppliers | 440/4 | €130,870 | €117,683 | -€13,187 | -10.1% |
| Taxes, remuneration and social security | 45 | €40,656 | €38,844 | -€1,813 | -4.5% |
| Taxes | 450/3 | €575 | €645 | +€69 | +12.0% |
| Remuneration and social security | 454/9 | €40,081 | €38,199 | -€1,882 | -4.7% |
| Other amounts payable | 47/48 | €709,831 | €705,521 | -€4,310 | -0.6% |
| Accrued charges and deferred income | 492/3 | €2,727 | €2,259 | -€468 | -17.2% |
| Remuneration, social security and pensions | 62 | €277,207 | €265,280 | -€11,926 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,033 | €107,036 | -€1,997 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €34,822 | +€34,822 | |
| Other operating charges | 640/8 | €5 | €2 | -€3 | -62.0% |
| Gross operating margin | 9900 | €863,230 | €852,357 | -€10,874 | -1.3% |
| Operating profit (loss) | 9901 | €476,985 | €445,216 | -€31,769 | -6.7% |
| Financial income | 75/76B | €6,757 | €1,886 | -€4,871 | -72.1% |
| Recurring financial income | 75 | €6,757 | €1,886 | -€4,871 | -72.1% |
| Financial charges | 65/66B | €37,458 | €30,409 | -€7,049 | -18.8% |
| Recurring financial charges | 65 | €37,458 | €30,409 | -€7,049 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €446,284 | €416,693 | -€29,591 | -6.6% |
| Income taxes | 67/77 | €127,962 | €120,461 | -€7,501 | -5.9% |
| Profit (loss) for the period | 9904 | €318,322 | €296,232 | -€22,090 | -6.9% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €84,200 | +€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €134,720 | +€134,720 | |
| Profit (loss) for the period to be appropriated | 9905 | €402,522 | €245,712 | -€156,810 | -39.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.