PHARMA STUBBE: 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 STUBBE
Largest movements
- Tangible fixed assets -€60,251
down €60,251 (-21.1%), from €285,955 to €225,704
- Cash +€20,430
up €20,430 (+24.2%), from €84,534 to €104,964
mainly Depreciation (+€64,029) and Trade debts (+€16,749)
- Receivables within one year +€20,270
up €20,270 (+37.0%), from €54,788 to €75,058
of which Trade receivables: +€21,590
- Debts after one year -€46,224
down €46,224 (-23.0%), from €200,583 to €154,359
- Trade debts +€16,749
up €16,749 (+36.3%), from €46,125 to €62,874
- Reserves +€14,800
up €14,800 (+30.1%), from €49,120 to €63,920
of which Distributable reserves: +€14,800
- Other debts -€6,016
down €6,016 (-7.0%), from €85,714 to €79,698
- Gross operating margin +€12,916
up €12,916 (+7.8%), from €164,957 to €177,873
- Taxes +€5,068
up €5,068 (+270.0%), from €1,877 to €6,945
- Staff costs -€3,114
down €3,114 (-3.8%), from €82,531 to €79,416
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 | €550,824 | €535,694 | -€15,130 | -2.7% |
| Fixed assets | 21/28 | €292,105 | €231,455 | -€60,650 | -20.8% |
| Intangible fixed assets | 21 | €1,150 | €751 | -€399 | -34.7% |
| Tangible fixed assets | 22/27 | €285,955 | €225,704 | -€60,251 | -21.1% |
| Land and buildings | 22 | €69,584 | €54,506 | -€15,077 | -21.7% |
| Plant, machinery and equipment | 23 | €62,309 | €48,836 | -€13,472 | -21.6% |
| Furniture and vehicles | 24 | €6,872 | €3,857 | -€3,015 | -43.9% |
| Other tangible fixed assets | 26 | €147,190 | €118,505 | -€28,686 | -19.5% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €258,719 | €304,239 | +€45,520 | +17.6% |
| Stocks and contracts in progress | 3 | €110,654 | €115,876 | +€5,223 | +4.7% |
| Stocks | 30/36 | €110,654 | €115,876 | +€5,223 | +4.7% |
| Amounts receivable within one year | 40/41 | €54,788 | €75,058 | +€20,270 | +37.0% |
| Trade receivables | 40 | €53,468 | €75,058 | +€21,590 | +40.4% |
| Other amounts receivable | 41 | €1,320 | €0 | -€1,320 | -100.0% |
| Cash at bank and in hand | 54/58 | €84,534 | €104,964 | +€20,430 | +24.2% |
| Deferred charges and accrued income | 490/1 | €8,743 | €8,340 | -€403 | -4.6% |
| Total equity and liabilities | 10/49 | €550,824 | €535,694 | -€15,130 | -2.7% |
| Equity | 10/15 | €135,806 | €150,620 | +€14,813 | +10.9% |
| Contributions | 10/11 | €55,500 | €55,500 | = | 0.0% |
| Reserves | 13 | €49,120 | €63,920 | +€14,800 | +30.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €49,120 | €63,920 | +€14,800 | +30.1% |
| Profit (loss) carried forward | 14 | €31,186 | €31,200 | +€13 | 0.0% |
| Amounts payable | 17/49 | €415,017 | €385,074 | -€29,943 | -7.2% |
| Amounts payable after more than one year | 17 | €200,583 | €154,359 | -€46,224 | -23.0% |
| Financial debts | 170/4 | €200,583 | €154,359 | -€46,224 | -23.0% |
| Amounts payable within one year | 42/48 | €198,367 | €213,856 | +€15,489 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €45,567 | €46,224 | +€657 | +1.4% |
| Trade debts | 44 | €46,125 | €62,874 | +€16,749 | +36.3% |
| Suppliers | 440/4 | €46,125 | €62,874 | +€16,749 | +36.3% |
| Taxes, remuneration and social security | 45 | €20,960 | €25,059 | +€4,099 | +19.6% |
| Taxes | 450/3 | €5,266 | €8,890 | +€3,624 | +68.8% |
| Remuneration and social security | 454/9 | €15,694 | €16,169 | +€475 | +3.0% |
| Other amounts payable | 47/48 | €85,714 | €79,698 | -€6,016 | -7.0% |
| Accrued charges and deferred income | 492/3 | €16,067 | €16,860 | +€793 | +4.9% |
| Remuneration, social security and pensions | 62 | €82,531 | €79,416 | -€3,114 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,514 | €64,029 | -€485 | -0.8% |
| Other operating charges | 640/8 | €2,902 | €2,775 | -€126 | -4.3% |
| Non-recurring operating charges | 66A | €25 | €0 | -€25 | -100.0% |
| Gross operating margin | 9900 | €164,957 | €177,873 | +€12,916 | +7.8% |
| Operating profit (loss) | 9901 | €14,986 | €31,652 | +€16,666 | +111.2% |
| Financial income | 75/76B | €2,041 | €2,016 | -€25 | -1.2% |
| Recurring financial income | 75 | €2,041 | €2,016 | -€25 | -1.2% |
| Financial charges | 65/66B | €12,812 | €11,910 | -€902 | -7.0% |
| Recurring financial charges | 65 | €12,812 | €11,910 | -€902 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €4,215 | €21,758 | +€17,543 | +416.2% |
| Income taxes | 67/77 | €1,877 | €6,945 | +€5,068 | +270.0% |
| Profit (loss) for the period | 9904 | €2,338 | €14,813 | +€12,475 | +533.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,338 | €14,813 | +€12,475 | +533.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.