Pharma Project II: 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 Project II
Largest movements
- Tangible fixed assets -€27,177
down €27,177 (-5.5%), from €491,291 to €464,114
of which Land and buildings: -€23,294
- Debts after one year -€44,503
down €44,503 (-9.9%), from €449,012 to €404,510
- Profit (loss) carried forward +€26,526
up €26,526 (+8.5%), from -€311,916 to -€285,390
- Other debts -€10,138
down €10,138 (-3.7%), from €276,071 to €265,933
- Gross operating margin +€2,307
up €2,307 (+3.1%), from €74,643 to €76,950
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 | €519,993 | €494,924 | -€25,069 | -4.8% |
| Fixed assets | 21/28 | €491,291 | €464,114 | -€27,177 | -5.5% |
| Tangible fixed assets | 22/27 | €491,291 | €464,114 | -€27,177 | -5.5% |
| Land and buildings | 22 | €448,688 | €425,393 | -€23,294 | -5.2% |
| Plant, machinery and equipment | 23 | €42,604 | €38,721 | -€3,883 | -9.1% |
| Current assets | 29/58 | €28,702 | €30,810 | +€2,108 | +7.3% |
| Stocks and contracts in progress | 3 | €13,166 | €13,166 | = | 0.0% |
| Stocks | 30/36 | €13,166 | €13,166 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,775 | €10,550 | +€774 | +7.9% |
| Trade receivables | 40 | €6,880 | €7,279 | +€399 | +5.8% |
| Other amounts receivable | 41 | €2,896 | €3,271 | +€375 | +13.0% |
| Cash at bank and in hand | 54/58 | €5,761 | €7,094 | +€1,334 | +23.2% |
| Total equity and liabilities | 10/49 | €519,993 | €494,924 | -€25,069 | -4.8% |
| Equity | 10/15 | -€249,416 | -€222,890 | +€26,526 | +10.6% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Uncalled capital | 101 | €187,500 | €187,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€311,916 | -€285,390 | +€26,526 | +8.5% |
| Amounts payable | 17/49 | €769,410 | €717,814 | -€51,595 | -6.7% |
| Amounts payable after more than one year | 17 | €449,012 | €404,510 | -€44,503 | -9.9% |
| Financial debts | 170/4 | €449,012 | €404,510 | -€44,503 | -9.9% |
| Amounts payable within one year | 42/48 | €320,398 | €313,305 | -€7,093 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €42,823 | €44,503 | +€1,679 | +3.9% |
| Trade debts | 44 | - | €1,542 | +€1,542 | |
| Suppliers | 440/4 | - | €1,542 | +€1,542 | |
| Taxes, remuneration and social security | 45 | €1,504 | €1,328 | -€176 | -11.7% |
| Taxes | 450/3 | €1,504 | €1,328 | -€176 | -11.7% |
| Other amounts payable | 47/48 | €276,071 | €265,933 | -€10,138 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,811 | €27,177 | -€634 | -2.3% |
| Gross operating margin | 9900 | €74,643 | €76,950 | +€2,307 | +3.1% |
| Operating profit (loss) | 9901 | €46,832 | €49,773 | +€2,941 | +6.3% |
| Financial charges | 65/66B | €23,738 | €23,247 | -€491 | -2.1% |
| Recurring financial charges | 65 | €23,738 | €23,247 | -€491 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €23,094 | €26,526 | +€3,432 | +14.9% |
| Profit (loss) for the period | 9904 | €23,094 | €26,526 | +€3,432 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,094 | €26,526 | +€3,432 | +14.9% |
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 14 October 2026 via checked.be.