PHARMADEFI: 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.
What changed
PHARMADEFI
NACE 47.730, Retail sale of pharmaceutical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€158,135
2024 · €219,893-€61,757
Equity
€671,836
2024 · €513,701+€158,135
Cash
€28,628
2024 · €16,929+€11,699
Balance sheet total
€2.5m
2024 · €2.4m+€32,708
Largest movements
Assets
- Receivables within one year +€194,559
up €194,559 (+17.9%), from €1.1m to €1.3m
of which Other amounts receivable: +€186,074
- Tangible fixed assets -€166,417
down €166,417 (-14.6%), from €1.1m to €974,010
of which Land and buildings: -€150,870
Equity and liabilities
- Profit (loss) carried forward +€165,637
up €165,637 (+39.1%), from €424,135 to €589,772
- Short-term financial debts +€146,291
up €146,291 (+357.8%), from €40,882 to €187,173
- Debts after one year -€137,081
down €137,081 (-12.6%), from €1.1m to €948,352
of which Financial debts: -€137,081
- Other debts -€97,294
down €97,294 (-48.3%), from €201,633 to €104,339
Income statement
- Gross operating margin -€63,310
down €63,310 (-8.4%), from €754,719 to €691,409
- Taxes -€22,487
down €22,487 (-28.2%), from €79,821 to €57,334
- Staff costs +€15,133
up €15,133 (+6.3%), from €239,434 to €254,567
- Financial charges +€8,718
up €8,718 (+23.8%), from €36,576 to €45,294
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.
Result 2024
€219,893
Gross operating margin
-€63,310
Staff costs
-€15,133
Depreciation
+€2,904
Other operating charges
+€13
Financial charges
-€8,718
Taxes
+€22,487
Result 2025
€158,135
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.
From operations
-€6,344
Investment
+€7,092
Financing
+€10,952
Cash 2024
€16,929
From operations (derived)
-€6,344
Net result for the year
+€158,135
Depreciation
+€163,575
Stocks and contracts
+€4,916
Receivables within one year
-€194,559
Deferred charges and accrued income
-€2,033
Provisions
-€3,151
Trade debts
-€23,506
Tax, wage and social debts
-€10,688
Other debts
-€97,294
Accrued charges and deferred income
-€1,740
Investment (derived)
+€7,092
Investment in fixed assets (net)
+€2,842
Current investments
+€4,250
Financing
+€10,952
Debts after one year
-€137,081
Current portion of long-term debt
+€1,741
Short-term financial debts
+€146,291
Cash 2025
€28,628
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,447,957 | €2,480,665 | +€32,708 | +1.3% |
| Fixed assets | 21/28 | €1,140,993 | €974,576 | -€166,417 | -14.6% |
| Tangible fixed assets | 22/27 | €1,140,427 | €974,010 | -€166,417 | -14.6% |
| Land and buildings | 22 | €1,053,876 | €903,006 | -€150,870 | -14.3% |
| Plant, machinery and equipment | 23 | €64,119 | €56,635 | -€7,484 | -11.7% |
| Furniture and vehicles | 24 | €3,722 | €105 | -€3,617 | -97.2% |
| Other tangible fixed assets | 26 | €18,710 | €14,265 | -€4,445 | -23.8% |
| Financial fixed assets | 28 | €566 | €566 | = | 0.0% |
| Current assets | 29/58 | €1,306,964 | €1,506,089 | +€199,125 | +15.2% |
| Stocks and contracts in progress | 3 | €195,042 | €190,126 | -€4,916 | -2.5% |
| Stocks | 30/36 | €195,042 | €190,126 | -€4,916 | -2.5% |
| Amounts receivable within one year | 40/41 | €1,086,701 | €1,281,260 | +€194,559 | +17.9% |
| Trade receivables | 40 | €123,817 | €132,303 | +€8,486 | +6.9% |
| Other amounts receivable | 41 | €962,883 | €1,148,957 | +€186,074 | +19.3% |
| Current investments | 50/53 | €4,250 | €0 | -€4,250 | -100.0% |
| Cash at bank and in hand | 54/58 | €16,929 | €28,628 | +€11,699 | +69.1% |
| Deferred charges and accrued income | 490/1 | €4,043 | €6,075 | +€2,033 | +50.3% |
| Total equity and liabilities | 10/49 | €2,447,957 | €2,480,665 | +€32,708 | +1.3% |
| Equity | 10/15 | €513,701 | €671,836 | +€158,135 | +30.8% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €24,565 | €17,064 | -€7,501 | -30.5% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,065 | €10,564 | -€7,501 | -41.5% |
| Profit (loss) carried forward | 14 | €424,135 | €589,772 | +€165,637 | +39.1% |
| Provisions and deferred taxes | 16 | €7,588 | €4,437 | -€3,151 | -41.5% |
| Deferred taxes | 168 | €7,588 | €4,437 | -€3,151 | -41.5% |
| Amounts payable | 17/49 | €1,926,668 | €1,804,392 | -€122,277 | -6.3% |
| Amounts payable after more than one year | 17 | €1,085,433 | €948,352 | -€137,081 | -12.6% |
| Financial debts | 170/4 | €819,433 | €682,352 | -€137,081 | -16.7% |
| Other amounts payable | 178/9 | €266,000 | €266,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €812,939 | €829,484 | +€16,544 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €135,340 | €137,081 | +€1,741 | +1.3% |
| Financial debts | 43 | €40,882 | €187,173 | +€146,291 | +357.8% |
| Credit institutions | 430/8 | €40,882 | €187,173 | +€146,291 | +357.8% |
| Trade debts | 44 | €364,260 | €340,754 | -€23,506 | -6.5% |
| Suppliers | 440/4 | €364,260 | €340,754 | -€23,506 | -6.5% |
| Taxes, remuneration and social security | 45 | €70,826 | €60,138 | -€10,688 | -15.1% |
| Taxes | 450/3 | €43,373 | €36,837 | -€6,536 | -15.1% |
| Remuneration and social security | 454/9 | €27,453 | €23,301 | -€4,152 | -15.1% |
| Other amounts payable | 47/48 | €201,633 | €104,339 | -€97,294 | -48.3% |
| Accrued charges and deferred income | 492/3 | €28,296 | €26,556 | -€1,740 | -6.1% |
| Remuneration, social security and pensions | 62 | €239,434 | €254,567 | +€15,133 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,479 | €163,575 | -€2,904 | -1.7% |
| Other operating charges | 640/8 | €15,668 | €15,655 | -€13 | -0.1% |
| Gross operating margin | 9900 | €754,719 | €691,409 | -€63,310 | -8.4% |
| Operating profit (loss) | 9901 | €333,138 | €257,612 | -€75,526 | -22.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €36,576 | €45,294 | +€8,718 | +23.8% |
| Recurring financial charges | 65 | €36,576 | €45,294 | +€8,718 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €296,563 | €212,318 | -€84,244 | -28.4% |
| Transfer from deferred taxes | 780 | €3,151 | €3,151 | = | 0.0% |
| Income taxes | 67/77 | €79,821 | €57,334 | -€22,487 | -28.2% |
| Profit (loss) for the period | 9904 | €219,893 | €158,135 | -€61,757 | -28.1% |
| Transfer from tax-exempt reserves | 789 | €7,501 | €7,501 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €227,394 | €165,637 | -€61,757 | -27.2% |
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 6 October 2026 via checked.be.