PHARMACON: 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.
PHARMACON
Largest movements
- Receivables after one year -€90,000
no longer reported in 2025 (was €90,000)
- Cash -€15,975
down €15,975 (-69.6%), from €22,944 to €6,969
mainly Other debts (-€73,159) and Net result for the year (-€33,237)
- Tangible fixed assets -€12,148
down €12,148 (-2.7%), from €444,119 to €431,971
of which Land and buildings: -€10,631
- Other debts -€73,159
down €73,159 (-86.3%), from €84,729 to €11,570
- Profit (loss) carried forward -€25,050
down €25,050 (-53.6%), from €46,772 to €21,722
- Debts after one year -€12,458
down €12,458 (-12.9%), from €96,765 to €84,307
- Reserves -€8,187
down €8,187 (-3.4%), from €241,963 to €233,776
of which Tax-exempt reserves: -€8,187
- Other operating charges +€5,870
up €5,870 (+232.8%), from €2,522 to €8,392
- Taxes -€5,412
no longer reported in 2025 (was €5,412)
- Financial charges +€2,379
up €2,379 (+180.5%), from €1,318 to €3,697
- Gross operating margin -€964
down €964 (-9.6%), from -€10,082 to -€11,046
- Depreciation -€656
down €656 (-5.1%), from €12,805 to €12,149
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 | €562,386 | €440,606 | -€121,780 | -21.7% |
| Fixed assets | 21/28 | €444,119 | €431,971 | -€12,148 | -2.7% |
| Tangible fixed assets | 22/27 | €444,119 | €431,971 | -€12,148 | -2.7% |
| Land and buildings | 22 | €441,312 | €430,681 | -€10,631 | -2.4% |
| Plant, machinery and equipment | 23 | €866 | €321 | -€545 | -62.9% |
| Furniture and vehicles | 24 | €1,941 | €969 | -€972 | -50.1% |
| Current assets | 29/58 | €118,267 | €8,635 | -€109,632 | -92.7% |
| Amounts receivable after more than one year | 29 | €90,000 | - | -€90,000 | |
| Other amounts receivable | 291 | €90,000 | - | -€90,000 | |
| Amounts receivable within one year | 40/41 | €5,023 | €1,366 | -€3,657 | -72.8% |
| Trade receivables | 40 | €5,023 | €1,366 | -€3,657 | -72.8% |
| Current investments | 50/53 | €300 | €300 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,944 | €6,969 | -€15,975 | -69.6% |
| Total equity and liabilities | 10/49 | €562,386 | €440,606 | -€121,780 | -21.7% |
| Equity | 10/15 | €309,186 | €275,949 | -€33,237 | -10.7% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €241,963 | €233,776 | -€8,187 | -3.4% |
| Tax-exempt reserves | 132 | €212,863 | €204,676 | -€8,187 | -3.8% |
| Distributable reserves | 133 | €29,100 | €29,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,772 | €21,722 | -€25,050 | -53.6% |
| Provisions and deferred taxes | 16 | €53,216 | €51,169 | -€2,047 | -3.8% |
| Deferred taxes | 168 | €53,216 | €51,169 | -€2,047 | -3.8% |
| Amounts payable | 17/49 | €199,984 | €113,488 | -€86,496 | -43.3% |
| Amounts payable after more than one year | 17 | €96,765 | €84,307 | -€12,458 | -12.9% |
| Financial debts | 170/4 | €96,765 | €84,307 | -€12,458 | -12.9% |
| Amounts payable within one year | 42/48 | €103,219 | €27,243 | -€75,976 | -73.6% |
| Current portion of amounts payable after more than one year | 42 | €10,755 | €12,457 | +€1,702 | +15.8% |
| Trade debts | 44 | €4,878 | €3,216 | -€1,662 | -34.1% |
| Suppliers | 440/4 | €4,878 | €3,216 | -€1,662 | -34.1% |
| Taxes, remuneration and social security | 45 | €2,857 | - | -€2,857 | |
| Taxes | 450/3 | €2,857 | - | -€2,857 | |
| Other amounts payable | 47/48 | €84,729 | €11,570 | -€73,159 | -86.3% |
| Accrued charges and deferred income | 492/3 | - | €1,938 | +€1,938 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,805 | €12,149 | -€656 | -5.1% |
| Other operating charges | 640/8 | €2,522 | €8,392 | +€5,870 | +232.8% |
| Gross operating margin | 9900 | -€10,082 | -€11,046 | -€964 | -9.6% |
| Operating profit (loss) | 9901 | -€25,409 | -€31,587 | -€6,178 | -24.3% |
| Financial charges | 65/66B | €1,318 | €3,697 | +€2,379 | +180.5% |
| Recurring financial charges | 65 | €1,318 | €3,697 | +€2,379 | +180.5% |
| Profit (loss) for the period before taxes | 9903 | -€26,727 | -€35,284 | -€8,557 | -32.0% |
| Transfer from deferred taxes | 780 | €2,047 | €2,047 | = | 0.0% |
| Income taxes | 67/77 | €5,412 | - | -€5,412 | |
| Profit (loss) for the period | 9904 | -€30,092 | -€33,237 | -€3,145 | -10.5% |
| Transfer from tax-exempt reserves | 789 | €8,187 | €8,187 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,905 | -€25,050 | -€3,145 | -14.4% |
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 7 October 2026 via checked.be.