PHARMAWATCH: 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.
PHARMAWATCH
Largest movements
- Receivables within one year -€39,398
down €39,398 (-10.4%), from €377,295 to €337,897
of which Trade receivables: -€26,770
- Tangible fixed assets -€17,488
down €17,488 (-49.7%), from €35,155 to €17,667
- Cash -€8,122
no longer reported in 2025 (was €8,122)
mainly Trade debts (-€31,895) and Net result for the year (-€30,674)
- Trade debts -€31,895
down €31,895 (-55.8%), from €57,198 to €25,303
- Profit (loss) carried forward -€30,674
down €30,674 (-28.9%), from €106,261 to €75,587
- Short-term financial debts +€14,019
new in 2025: €14,019
- Debts after one year -€10,554
down €10,554 (-68.4%), from €15,430 to €4,876
- Gross operating margin -€89,432
down €89,432, from €63,880 to -€25,552
- Financial income +€15,199
new in 2025: €15,199
- Taxes -€12,102
down €12,102 (-98.8%), from €12,255 to €153
- Depreciation +€2,954
up €2,954 (+20.3%), from €14,533 to €17,487
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 | €420,872 | €355,864 | -€65,008 | -15.4% |
| Fixed assets | 21/28 | €35,455 | €17,967 | -€17,488 | -49.3% |
| Tangible fixed assets | 22/27 | €35,155 | €17,667 | -€17,488 | -49.7% |
| Furniture and vehicles | 24 | €35,155 | €17,667 | -€17,488 | -49.7% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €385,417 | €337,897 | -€47,520 | -12.3% |
| Amounts receivable within one year | 40/41 | €377,295 | €337,897 | -€39,398 | -10.4% |
| Trade receivables | 40 | €65,801 | €39,031 | -€26,770 | -40.7% |
| Other amounts receivable | 41 | €311,494 | €298,866 | -€12,628 | -4.1% |
| Cash at bank and in hand | 54/58 | €8,122 | - | -€8,122 | |
| Total equity and liabilities | 10/49 | €420,872 | €355,864 | -€65,008 | -15.4% |
| Equity | 10/15 | €323,542 | €292,868 | -€30,674 | -9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €211,081 | €211,081 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €209,221 | €209,221 | = | 0.0% |
| Profit (loss) carried forward | 14 | €106,261 | €75,587 | -€30,674 | -28.9% |
| Amounts payable | 17/49 | €97,330 | €62,996 | -€34,334 | -35.3% |
| Amounts payable after more than one year | 17 | €15,430 | €4,876 | -€10,554 | -68.4% |
| Financial debts | 170/4 | €15,430 | €4,876 | -€10,554 | -68.4% |
| Amounts payable within one year | 42/48 | €81,900 | €58,120 | -€23,780 | -29.0% |
| Current portion of amounts payable after more than one year | 42 | €16,999 | €14,598 | -€2,401 | -14.1% |
| Financial debts | 43 | - | €14,019 | +€14,019 | |
| Credit institutions | 430/8 | - | €14,019 | +€14,019 | |
| Trade debts | 44 | €57,198 | €25,303 | -€31,895 | -55.8% |
| Suppliers | 440/4 | €57,198 | €25,303 | -€31,895 | -55.8% |
| Taxes, remuneration and social security | 45 | €7,703 | €4,200 | -€3,503 | -45.5% |
| Taxes | 450/3 | €7,703 | €4,200 | -€3,503 | -45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,533 | €17,487 | +€2,954 | +20.3% |
| Other operating charges | 640/8 | €102 | €586 | +€484 | +474.5% |
| Gross operating margin | 9900 | €63,880 | -€25,552 | -€89,432 | |
| Operating profit (loss) | 9901 | €49,245 | -€43,625 | -€92,870 | |
| Financial income | 75/76B | - | €15,199 | +€15,199 | |
| Recurring financial income | 75 | - | €15,199 | +€15,199 | |
| Financial charges | 65/66B | €1,957 | €2,095 | +€138 | +7.1% |
| Recurring financial charges | 65 | €1,957 | €2,095 | +€138 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €47,288 | -€30,521 | -€77,809 | |
| Income taxes | 67/77 | €12,255 | €153 | -€12,102 | -98.8% |
| Profit (loss) for the period | 9904 | €35,033 | -€30,674 | -€65,707 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,033 | -€30,674 | -€65,707 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.