PHARMA VAL: 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 VAL
Largest movements
- Cash +€41,016
up €41,016 (+62.3%), from €65,870 to €106,886
mainly Receivables within one year (+€23,579) and Net result for the year (+€13,477)
- Receivables within one year -€23,579
down €23,579 (-84.4%), from €27,945 to €4,366
of which Trade receivables: -€22,879
- Tangible fixed assets -€8,991
no longer reported in 2025 (was €8,991)
- Reserves +€13,000
up €13,000 (+6.7%), from €194,860 to €207,860
- Trade debts -€10,105
down €10,105 (-86.6%), from €11,671 to €1,565
- Tax, wage and social debts +€4,456
up €4,456 (+99.2%), from €4,494 to €8,950
- Gross operating margin +€4,321
up €4,321 (+16.2%), from €26,706 to €31,027
- Depreciation -€2,470
down €2,470 (-22.9%), from €10,768 to €8,298
- Taxes +€1,765
up €1,765 (+30.1%), from €5,856 to €7,620
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 | €246,192 | €255,460 | +€9,267 | +3.8% |
| Fixed assets | 21/28 | €8,991 | - | -€8,991 | |
| Tangible fixed assets | 22/27 | €8,991 | - | -€8,991 | |
| Furniture and vehicles | 24 | €8,991 | - | -€8,991 | |
| Current assets | 29/58 | €237,201 | €255,460 | +€18,258 | +7.7% |
| Amounts receivable within one year | 40/41 | €27,945 | €4,366 | -€23,579 | -84.4% |
| Trade receivables | 40 | €25,039 | €2,160 | -€22,879 | -91.4% |
| Other amounts receivable | 41 | €2,906 | €2,206 | -€700 | -24.1% |
| Current investments | 50/53 | €141,358 | €142,011 | +€654 | +0.5% |
| Cash at bank and in hand | 54/58 | €65,870 | €106,886 | +€41,016 | +62.3% |
| Deferred charges and accrued income | 490/1 | €2,029 | €2,197 | +€167 | +8.2% |
| Total equity and liabilities | 10/49 | €246,192 | €255,460 | +€9,267 | +3.8% |
| Equity | 10/15 | €214,297 | €226,941 | +€12,644 | +5.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €194,860 | €207,860 | +€13,000 | +6.7% |
| Distributable reserves | 133 | €194,860 | €207,860 | +€13,000 | +6.7% |
| Profit (loss) carried forward | 14 | €837 | €481 | -€356 | -42.5% |
| Amounts payable | 17/49 | €31,896 | €28,518 | -€3,377 | -10.6% |
| Amounts payable within one year | 42/48 | €30,805 | €27,460 | -€3,344 | -10.9% |
| Trade debts | 44 | €11,671 | €1,565 | -€10,105 | -86.6% |
| Suppliers | 440/4 | €11,671 | €1,565 | -€10,105 | -86.6% |
| Taxes, remuneration and social security | 45 | €4,494 | €8,950 | +€4,456 | +99.2% |
| Taxes | 450/3 | €4,494 | €8,950 | +€4,456 | +99.2% |
| Other amounts payable | 47/48 | €14,640 | €16,945 | +€2,305 | +15.7% |
| Accrued charges and deferred income | 492/3 | €1,091 | €1,058 | -€33 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,768 | €8,298 | -€2,470 | -22.9% |
| Other operating charges | 640/8 | €520 | €531 | +€11 | +2.2% |
| Non-recurring operating charges | 66A | €564 | €693 | +€129 | +22.8% |
| Gross operating margin | 9900 | €26,706 | €31,027 | +€4,321 | +16.2% |
| Operating profit (loss) | 9901 | €14,854 | €21,505 | +€6,651 | +44.8% |
| Financial income | 75/76B | €708 | €973 | +€265 | +37.5% |
| Recurring financial income | 75 | €708 | €973 | +€265 | +37.5% |
| Financial charges | 65/66B | €1,464 | €1,381 | -€83 | -5.7% |
| Recurring financial charges | 65 | €1,464 | €1,381 | -€83 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €14,098 | €21,098 | +€6,999 | +49.6% |
| Income taxes | 67/77 | €5,856 | €7,620 | +€1,765 | +30.1% |
| Profit (loss) for the period | 9904 | €8,243 | €13,477 | +€5,235 | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,243 | €13,477 | +€5,235 | +63.5% |
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 9 October 2026 via checked.be.