PHARMACO: 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.
PHARMACO
Largest movements
- Cash +€38,706
up €38,706 (+70.2%), from €55,110 to €93,816
mainly Depreciation (+€26,800) and Other debts (+€20,276)
- Stocks and contracts +€32,076
up €32,076 (+14.3%), from €224,223 to €256,299
- Receivables within one year -€15,399
down €15,399 (-31.4%), from €49,038 to €33,639
of which Trade receivables: -€16,375
- Tangible fixed assets -€14,300
down €14,300 (-20.2%), from €70,688 to €56,387
of which Plant, machinery and equipment: -€10,419
- Intangible fixed assets -€12,500
no longer reported in 2026 (was €12,500)
- Other debts +€20,276
up €20,276 (+13.0%), from €156,275 to €176,551
- Trade debts +€19,594
up €19,594 (+11.0%), from €178,253 to €197,847
- Debts after one year -€6,750
no longer reported in 2026 (was €6,750)
- Current portion of long-term debt -€6,750
down €6,750 (-50.0%), from €13,500 to €6,750
- Staff costs -€10,253
down €10,253 (-4.1%), from €250,222 to €239,969
- Gross operating margin -€10,251
down €10,251 (-3.4%), from €301,939 to €291,688
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €578,029 | €604,705 | +€26,676 | +4.6% |
| Fixed assets | 21/28 | €96,949 | €68,287 | -€28,662 | -29.6% |
| Intangible fixed assets | 21 | €12,500 | - | -€12,500 | |
| Tangible fixed assets | 22/27 | €70,688 | €56,387 | -€14,300 | -20.2% |
| Plant, machinery and equipment | 23 | €52,194 | €41,775 | -€10,419 | -20.0% |
| Furniture and vehicles | 24 | €18,494 | €14,612 | -€3,881 | -21.0% |
| Financial fixed assets | 28 | €13,762 | €11,900 | -€1,862 | -13.5% |
| Current assets | 29/58 | €481,080 | €536,418 | +€55,338 | +11.5% |
| Stocks and contracts in progress | 3 | €224,223 | €256,299 | +€32,076 | +14.3% |
| Stocks | 30/36 | €224,223 | €256,299 | +€32,076 | +14.3% |
| Amounts receivable within one year | 40/41 | €49,038 | €33,639 | -€15,399 | -31.4% |
| Trade receivables | 40 | €26,884 | €10,509 | -€16,375 | -60.9% |
| Other amounts receivable | 41 | €22,154 | €23,130 | +€976 | +4.4% |
| Cash at bank and in hand | 54/58 | €55,110 | €93,816 | +€38,706 | +70.2% |
| Deferred charges and accrued income | 490/1 | €152,709 | €152,663 | -€45 | 0.0% |
| Total equity and liabilities | 10/49 | €578,029 | €604,705 | +€26,676 | +4.6% |
| Equity | 10/15 | €193,482 | €193,513 | +€31 | 0.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €131,481 | €131,513 | +€32 | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €125,281 | €125,313 | +€32 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | -€0 | -100.0% |
| Amounts payable | 17/49 | €384,547 | €411,192 | +€26,645 | +6.9% |
| Amounts payable after more than one year | 17 | €6,750 | - | -€6,750 | |
| Financial debts | 170/4 | €6,750 | - | -€6,750 | |
| Amounts payable within one year | 42/48 | €376,644 | €410,060 | +€33,417 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €13,500 | €6,750 | -€6,750 | -50.0% |
| Trade debts | 44 | €178,253 | €197,847 | +€19,594 | +11.0% |
| Suppliers | 440/4 | €178,253 | €197,847 | +€19,594 | +11.0% |
| Taxes, remuneration and social security | 45 | €28,615 | €28,911 | +€297 | +1.0% |
| Taxes | 450/3 | €311 | €712 | +€400 | +128.5% |
| Remuneration and social security | 454/9 | €28,304 | €28,200 | -€104 | -0.4% |
| Other amounts payable | 47/48 | €156,275 | €176,551 | +€20,276 | +13.0% |
| Accrued charges and deferred income | 492/3 | €1,154 | €1,131 | -€22 | -1.9% |
| Remuneration, social security and pensions | 62 | €250,222 | €239,969 | -€10,253 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,171 | €26,800 | +€630 | +2.4% |
| Other operating charges | 640/8 | €748 | €654 | -€94 | -12.6% |
| Gross operating margin | 9900 | €301,939 | €291,688 | -€10,251 | -3.4% |
| Operating profit (loss) | 9901 | €24,798 | €24,265 | -€534 | -2.2% |
| Financial income | 75/76B | - | €118 | +€118 | |
| Recurring financial income | 75 | - | €118 | +€118 | |
| Financial charges | 65/66B | €18,757 | €18,640 | -€117 | -0.6% |
| Recurring financial charges | 65 | €18,757 | €18,640 | -€117 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €6,042 | €5,743 | -€299 | -4.9% |
| Income taxes | 67/77 | €6,041 | €5,712 | -€330 | -5.5% |
| Profit (loss) for the period | 9904 | €0 | €31 | +€31 | +7969.2% |
| Profit (loss) for the period to be appropriated | 9905 | €0 | €31 | +€31 | +7969.2% |
Source: filed annual accounts (NBB), fiscal years ended 1 January 2025 and 1 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.