PHARMARO: 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.
PHARMARO
Largest movements
- Cash -€57,917
down €57,917 (-22.8%), from €253,549 to €195,633
mainly Contributions, distributions and other (-€168,699) and Other debts (-€42,643)
- Receivables within one year +€17,154
up €17,154 (+16.2%), from €106,058 to €123,212
of which Trade receivables: +€12,581
- Stocks and contracts +€6,674
up €6,674 (+5.0%), from €133,178 to €139,851
- Other debts -€42,643
down €42,643 (-20.5%), from €207,726 to €165,083
- Reserves -€8,172
down €8,172 (-29.6%), from €27,637 to €19,465
- Trade debts +€7,886
up €7,886 (+5.1%), from €154,981 to €162,867
- Provisions +€6,488
new in 2025: €6,488
- Gross operating margin +€24,802
up €24,802 (+8.7%), from €286,626 to €311,427
- Taxes +€5,201
up €5,201 (+10.5%), from €49,439 to €54,640
- Staff costs +€4,635
up €4,635 (+4.9%), from €93,789 to €98,424
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 | €527,023 | €493,235 | -€33,788 | -6.4% |
| Fixed assets | 21/28 | €10,658 | €10,370 | -€288 | -2.7% |
| Tangible fixed assets | 22/27 | €10,658 | €10,370 | -€288 | -2.7% |
| Plant, machinery and equipment | 23 | €237 | €55 | -€182 | -76.7% |
| Furniture and vehicles | 24 | €3,037 | €2,381 | -€656 | -21.6% |
| Other tangible fixed assets | 26 | €7,384 | €7,934 | +€550 | +7.4% |
| Current assets | 29/58 | €516,365 | €482,865 | -€33,500 | -6.5% |
| Stocks and contracts in progress | 3 | €133,178 | €139,851 | +€6,674 | +5.0% |
| Stocks | 30/36 | €133,178 | €139,851 | +€6,674 | +5.0% |
| Amounts receivable within one year | 40/41 | €106,058 | €123,212 | +€17,154 | +16.2% |
| Trade receivables | 40 | €106,058 | €118,639 | +€12,581 | +11.9% |
| Other amounts receivable | 41 | - | €4,573 | +€4,573 | |
| Current investments | 50/53 | €20,499 | €20,499 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €253,549 | €195,633 | -€57,917 | -22.8% |
| Deferred charges and accrued income | 490/1 | €3,082 | €3,670 | +€589 | +19.1% |
| Total equity and liabilities | 10/49 | €527,023 | €493,235 | -€33,788 | -6.4% |
| Equity | 10/15 | €148,024 | €139,852 | -€8,172 | -5.5% |
| Contributions | 10/11 | €120,387 | €120,387 | = | 0.0% |
| Reserves | 13 | €27,637 | €19,465 | -€8,172 | -29.6% |
| Tax-exempt reserves | 132 | €27,637 | €19,465 | -€8,172 | -29.6% |
| Provisions and deferred taxes | 16 | - | €6,488 | +€6,488 | |
| Deferred taxes | 168 | - | €6,488 | +€6,488 | |
| Amounts payable | 17/49 | €378,999 | €346,895 | -€32,104 | -8.5% |
| Amounts payable within one year | 42/48 | €378,999 | €346,895 | -€32,104 | -8.5% |
| Trade debts | 44 | €154,981 | €162,867 | +€7,886 | +5.1% |
| Suppliers | 440/4 | €154,981 | €162,867 | +€7,886 | +5.1% |
| Taxes, remuneration and social security | 45 | €16,291 | €18,944 | +€2,653 | +16.3% |
| Taxes | 450/3 | €3,748 | €4,155 | +€407 | +10.8% |
| Remuneration and social security | 454/9 | €12,543 | €14,790 | +€2,246 | +17.9% |
| Other amounts payable | 47/48 | €207,726 | €165,083 | -€42,643 | -20.5% |
| Remuneration, social security and pensions | 62 | €93,789 | €98,424 | +€4,635 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,543 | €2,383 | -€160 | -6.3% |
| Other operating charges | 640/8 | - | €118 | +€118 | |
| Gross operating margin | 9900 | €286,626 | €311,427 | +€24,802 | +8.7% |
| Operating profit (loss) | 9901 | €190,294 | €210,502 | +€20,208 | +10.6% |
| Financial income | 75/76B | €5,346 | €4,427 | -€919 | -17.2% |
| Recurring financial income | 75 | €5,346 | €4,427 | -€919 | -17.2% |
| Financial charges | 65/66B | €207 | €183 | -€24 | -11.8% |
| Recurring financial charges | 65 | €207 | €183 | -€24 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €195,433 | €214,746 | +€19,313 | +9.9% |
| Transfer from deferred taxes | 780 | €421 | €421 | = | 0.0% |
| Income taxes | 67/77 | €49,439 | €54,640 | +€5,201 | +10.5% |
| Profit (loss) for the period | 9904 | €146,415 | €160,527 | +€14,113 | +9.6% |
| Transfer from tax-exempt reserves | 789 | €1,263 | €1,263 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €147,678 | €161,790 | +€14,113 | +9.6% |
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 3 October 2026 via checked.be.