PHARMA SWITCH: 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 SWITCH
Largest movements
- Cash +€6,777
up €6,777 (+3851.3%), from €176 to €6,953
mainly Receivables within one year (+€4,542) and Other debts (+€2,032)
- Receivables within one year -€4,542
down €4,542 (-90.4%), from €5,027 to €485
of which Trade receivables: -€4,842
- Deferred charges and accrued income -€951
down €951 (-77.0%), from €1,235 to €285
- Tangible fixed assets +€798
up €798 (+86.3%), from €924 to €1,722
of which Plant, machinery and equipment: +€1,722
- Other debts +€2,032
up €2,032 (+419.5%), from €484 to €2,517
- Profit (loss) carried forward +€1,356
up €1,356 (+22.9%), from -€5,912 to -€4,556
- Tax, wage and social debts -€1,237
down €1,237 (-22.9%), from €5,407 to €4,170
of which Remuneration and social security: -€1,700
- Accrued charges and deferred income -€300
no longer reported in 2025 (was €300)
- Trade debts +€231
up €231 (+26.1%), from €883 to €1,114
- Depreciation -€4,495
down €4,495 (-81.0%), from €5,547 to €1,052
- Gross operating margin -€968
down €968 (-18.0%), from €5,371 to €4,402
- Taxes +€392
up €392 (+38.7%), from €1,014 to €1,406
- Other operating charges +€76
up €76 (+19.6%), from €387 to €463
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 | €7,363 | €9,444 | +€2,082 | +28.3% |
| Fixed assets | 21/28 | €924 | €1,722 | +€798 | +86.3% |
| Tangible fixed assets | 22/27 | €924 | €1,722 | +€798 | +86.3% |
| Plant, machinery and equipment | 23 | - | €1,722 | +€1,722 | |
| Furniture and vehicles | 24 | €924 | - | -€924 | |
| Current assets | 29/58 | €6,438 | €7,722 | +€1,284 | +19.9% |
| Amounts receivable within one year | 40/41 | €5,027 | €485 | -€4,542 | -90.4% |
| Trade receivables | 40 | €5,027 | €185 | -€4,842 | -96.3% |
| Other amounts receivable | 41 | - | €300 | +€300 | |
| Cash at bank and in hand | 54/58 | €176 | €6,953 | +€6,777 | +3851.3% |
| Deferred charges and accrued income | 490/1 | €1,235 | €285 | -€951 | -77.0% |
| Total equity and liabilities | 10/49 | €7,363 | €9,444 | +€2,082 | +28.3% |
| Equity | 10/15 | €288 | €1,644 | +€1,356 | +471.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,912 | -€4,556 | +€1,356 | +22.9% |
| Amounts payable | 17/49 | €7,075 | €7,801 | +€726 | +10.3% |
| Amounts payable within one year | 42/48 | €6,775 | €7,801 | +€1,026 | +15.1% |
| Trade debts | 44 | €883 | €1,114 | +€231 | +26.1% |
| Suppliers | 440/4 | €883 | €1,114 | +€231 | +26.1% |
| Taxes, remuneration and social security | 45 | €5,407 | €4,170 | -€1,237 | -22.9% |
| Taxes | 450/3 | €3,707 | €4,170 | +€463 | +12.5% |
| Remuneration and social security | 454/9 | €1,700 | - | -€1,700 | |
| Other amounts payable | 47/48 | €484 | €2,517 | +€2,032 | +419.5% |
| Accrued charges and deferred income | 492/3 | €300 | - | -€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,547 | €1,052 | -€4,495 | -81.0% |
| Other operating charges | 640/8 | €387 | €463 | +€76 | +19.6% |
| Gross operating margin | 9900 | €5,371 | €4,402 | -€968 | -18.0% |
| Operating profit (loss) | 9901 | -€564 | €2,887 | +€3,451 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €125 | €125 | -€0 | -0.3% |
| Recurring financial charges | 65 | €125 | €125 | -€0 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | -€689 | €2,762 | +€3,451 | |
| Income taxes | 67/77 | €1,014 | €1,406 | +€392 | +38.7% |
| Profit (loss) for the period | 9904 | -€1,703 | €1,356 | +€3,059 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,703 | €1,356 | +€3,059 |
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 2 October 2026 via checked.be.