PHARMAN: 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.
PHARMAN
Largest movements
- Current investments +€70,898
new in 2025: €70,898
- Cash -€54,946
down €54,946 (-83.0%), from €66,161 to €11,215
mainly Current investments (-€70,898) and Receivables within one year (-€33,702)
- Receivables within one year +€33,702
up €33,702 (+19.2%), from €175,548 to €209,251
of which Other amounts receivable: +€24,770
- Tangible fixed assets -€15,134
down €15,134 (-3.8%), from €402,386 to €387,253
- Reserves +€70,320
up €70,320 (+27.2%), from €258,247 to €328,568
- Debts after one year -€23,023
down €23,023 (-7.5%), from €308,935 to €285,912
- Profit (loss) carried forward -€20,611
no longer reported in 2025 (was €20,611)
- Tax, wage and social debts +€15,666
up €15,666 (+107%), from €14,645 to €30,311
of which Taxes: +€8,500
- Gross operating margin -€58,898
down €58,898 (-37.7%), from €156,075 to €97,176
- Taxes +€12,550
up €12,550 (+108%), from €11,586 to €24,136
- Financial income +€3,324
up €3,324 (+11,870%), from €28 to €3,352
- Other operating charges -€2,839
down €2,839 (-44.1%), from €6,432 to €3,593
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.
Derived cash bridge
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 | €644,096 | €682,751 | +€38,655 | +6.0% |
| Fixed assets | 21/28 | €402,386 | €387,253 | -€15,134 | -3.8% |
| Tangible fixed assets | 22/27 | €402,386 | €387,253 | -€15,134 | -3.8% |
| Other tangible fixed assets | 26 | €402,386 | €387,253 | -€15,134 | -3.8% |
| Current assets | 29/58 | €241,710 | €295,498 | +€53,789 | +22.3% |
| Amounts receivable within one year | 40/41 | €175,548 | €209,251 | +€33,702 | +19.2% |
| Trade receivables | 40 | €67,995 | €76,928 | +€8,932 | +13.1% |
| Other amounts receivable | 41 | €107,553 | €132,323 | +€24,770 | +23.0% |
| Current investments | 50/53 | - | €70,898 | +€70,898 | |
| Cash at bank and in hand | 54/58 | €66,161 | €11,215 | -€54,946 | -83.0% |
| Deferred charges and accrued income | 490/1 | - | €4,134 | +€4,134 | |
| Total equity and liabilities | 10/49 | €644,096 | €682,751 | +€38,655 | +6.0% |
| Equity | 10/15 | €291,259 | €340,968 | +€49,709 | +17.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €258,247 | €328,568 | +€70,320 | +27.2% |
| Distributable reserves | 133 | €258,247 | €328,568 | +€70,320 | +27.2% |
| Profit (loss) carried forward | 14 | €20,611 | - | -€20,611 | |
| Amounts payable | 17/49 | €352,837 | €341,783 | -€11,054 | -3.1% |
| Amounts payable after more than one year | 17 | €308,935 | €285,912 | -€23,023 | -7.5% |
| Financial debts | 170/4 | €308,935 | €285,912 | -€23,023 | -7.5% |
| Amounts payable within one year | 42/48 | €43,902 | €55,871 | +€11,969 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | €22,475 | €23,023 | +€548 | +2.4% |
| Trade debts | 44 | €4,392 | €1,747 | -€2,645 | -60.2% |
| Suppliers | 440/4 | €4,392 | €1,747 | -€2,645 | -60.2% |
| Taxes, remuneration and social security | 45 | €14,645 | €30,311 | +€15,666 | +107% |
| Taxes | 450/3 | €14,645 | €23,145 | +€8,500 | +58.0% |
| Remuneration and social security | 454/9 | - | €7,167 | +€7,167 | |
| Other amounts payable | 47/48 | €2,391 | €790 | -€1,601 | -67.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,726 | €15,134 | +€1,407 | +10.3% |
| Other operating charges | 640/8 | €6,432 | €3,593 | -€2,839 | -44.1% |
| Gross operating margin | 9900 | €156,075 | €97,176 | -€58,898 | -37.7% |
| Operating profit (loss) | 9901 | €135,916 | €78,450 | -€57,466 | -42.3% |
| Financial income | 75/76B | €28 | €3,352 | +€3,324 | +11,870% |
| Recurring financial income | 75 | €28 | €3,352 | +€3,324 | +11,870% |
| Financial charges | 65/66B | €8,498 | €7,957 | -€541 | -6.4% |
| Recurring financial charges | 65 | €8,498 | €7,957 | -€541 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €127,446 | €73,845 | -€53,602 | -42.1% |
| Income taxes | 67/77 | €11,586 | €24,136 | +€12,550 | +108% |
| Profit (loss) for the period | 9904 | €115,860 | €49,709 | -€66,151 | -57.1% |
| Profit (loss) for the period to be appropriated | 9905 | €115,860 | €49,709 | -€66,151 | -57.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.