PHARMATHEEK: 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.
PHARMATHEEK
Largest movements
- Stocks and contracts +€31,503
up €31,503 (+14.1%), from €223,734 to €255,236
- Cash +€19,077
up €19,077 (+19.8%), from €96,316 to €115,393
mainly Net result for the year (+€46,940) and Other debts (+€27,330)
- Tangible fixed assets -€13,880
down €13,880 (-23.2%), from €59,900 to €46,020
of which Furniture and vehicles: -€13,056
- Reserves -€53,494
down €53,494 (-47.4%), from €112,905 to €59,411
- Profit (loss) carried forward +€46,940
up €46,940 (+59.4%), from €78,965 to €125,905
- Other debts +€27,330
up €27,330 (+27.1%), from €100,880 to €128,210
- Trade debts +€26,513
up €26,513 (+22.4%), from €118,531 to €145,044
- Debts after one year -€10,182
down €10,182 (-74.5%), from €13,663 to €3,481
- Gross operating margin +€93,283
up €93,283 (+33.8%), from €276,036 to €369,319
- Staff costs +€13,023
up €13,023 (+4.8%), from €269,976 to €282,998
- Taxes +€9,124
up €9,124 (+4921.1%), from €185 to €9,309
- Financial charges -€4,333
down €4,333 (-32.4%), from €13,391 to €9,059
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 | €479,920 | €520,106 | +€40,186 | +8.4% |
| Fixed assets | 21/28 | €59,900 | €46,020 | -€13,880 | -23.2% |
| Tangible fixed assets | 22/27 | €59,900 | €46,020 | -€13,880 | -23.2% |
| Plant, machinery and equipment | 23 | €18,033 | €17,210 | -€823 | -4.6% |
| Furniture and vehicles | 24 | €41,866 | €28,810 | -€13,056 | -31.2% |
| Current assets | 29/58 | €420,020 | €474,086 | +€54,066 | +12.9% |
| Stocks and contracts in progress | 3 | €223,734 | €255,236 | +€31,503 | +14.1% |
| Stocks | 30/36 | €223,734 | €255,236 | +€31,503 | +14.1% |
| Amounts receivable within one year | 40/41 | €90,755 | €92,390 | +€1,635 | +1.8% |
| Trade receivables | 40 | €86,940 | €88,575 | +€1,635 | +1.9% |
| Other amounts receivable | 41 | €3,815 | €3,815 | = | 0.0% |
| Current investments | 50/53 | €500 | €500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €96,316 | €115,393 | +€19,077 | +19.8% |
| Deferred charges and accrued income | 490/1 | €8,715 | €10,566 | +€1,851 | +21.2% |
| Total equity and liabilities | 10/49 | €479,920 | €520,106 | +€40,186 | +8.4% |
| Equity | 10/15 | €198,070 | €191,516 | -€6,554 | -3.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €112,905 | €59,411 | -€53,494 | -47.4% |
| Distributable reserves | 133 | €112,905 | €59,411 | -€53,494 | -47.4% |
| Profit (loss) carried forward | 14 | €78,965 | €125,905 | +€46,940 | +59.4% |
| Amounts payable | 17/49 | €281,850 | €328,589 | +€46,740 | +16.6% |
| Amounts payable after more than one year | 17 | €13,663 | €3,481 | -€10,182 | -74.5% |
| Financial debts | 170/4 | €13,663 | €3,481 | -€10,182 | -74.5% |
| Amounts payable within one year | 42/48 | €268,187 | €324,925 | +€56,739 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €9,803 | €10,182 | +€379 | +3.9% |
| Trade debts | 44 | €118,531 | €145,044 | +€26,513 | +22.4% |
| Suppliers | 440/4 | €118,531 | €145,044 | +€26,513 | +22.4% |
| Taxes, remuneration and social security | 45 | €38,973 | €41,490 | +€2,517 | +6.5% |
| Taxes | 450/3 | €5,471 | €10,223 | +€4,752 | +86.9% |
| Remuneration and social security | 454/9 | €33,502 | €31,267 | -€2,235 | -6.7% |
| Other amounts payable | 47/48 | €100,880 | €128,210 | +€27,330 | +27.1% |
| Accrued charges and deferred income | 492/3 | - | €183 | +€183 | |
| Remuneration, social security and pensions | 62 | €269,976 | €282,998 | +€13,023 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,856 | €19,207 | +€351 | +1.9% |
| Other operating charges | 640/8 | €242 | €1,807 | +€1,564 | +645.6% |
| Gross operating margin | 9900 | €276,036 | €369,319 | +€93,283 | +33.8% |
| Operating profit (loss) | 9901 | -€13,038 | €65,307 | +€78,345 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €13,391 | €9,059 | -€4,333 | -32.4% |
| Recurring financial charges | 65 | €13,391 | €9,059 | -€4,333 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | -€26,429 | €56,249 | +€82,678 | |
| Income taxes | 67/77 | €185 | €9,309 | +€9,124 | +4921.1% |
| Profit (loss) for the period | 9904 | -€26,614 | €46,940 | +€73,555 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,614 | €46,940 | +€73,555 |
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.