PHARMAX: 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.
PHARMAX
Largest movements
- Receivables within one year +€19,287
up €19,287 (+28.5%), from €67,678 to €86,965
of which Trade receivables: +€14,820
- Tangible fixed assets -€11,046
down €11,046 (-25.1%), from €43,973 to €32,927
of which Furniture and vehicles: -€8,277
- Deferred charges and accrued income +€9,004
up €9,004 (+9003.1%), from €100 to €9,104
- Stocks and contracts -€8,504
down €8,504 (-8.1%), from €104,625 to €96,121
- Trade debts +€10,402
up €10,402 (+35.7%), from €29,137 to €39,538
- Gross operating margin -€3,050
down €3,050 (-2.7%), from €111,299 to €108,249
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 | €574,884 | €586,278 | +€11,394 | +2.0% |
| Fixed assets | 21/28 | €43,973 | €32,927 | -€11,046 | -25.1% |
| Tangible fixed assets | 22/27 | €43,973 | €32,927 | -€11,046 | -25.1% |
| Land and buildings | 22 | €13,708 | €10,939 | -€2,769 | -20.2% |
| Furniture and vehicles | 24 | €21,965 | €13,688 | -€8,277 | -37.7% |
| Other tangible fixed assets | 26 | €8,300 | €8,300 | = | 0.0% |
| Current assets | 29/58 | €530,911 | €553,351 | +€22,440 | +4.2% |
| Stocks and contracts in progress | 3 | €104,625 | €96,121 | -€8,504 | -8.1% |
| Stocks | 30/36 | €104,625 | €96,121 | -€8,504 | -8.1% |
| Amounts receivable within one year | 40/41 | €67,678 | €86,965 | +€19,287 | +28.5% |
| Trade receivables | 40 | €61,988 | €76,808 | +€14,820 | +23.9% |
| Other amounts receivable | 41 | €5,690 | €10,157 | +€4,467 | +78.5% |
| Cash at bank and in hand | 54/58 | €358,509 | €361,161 | +€2,653 | +0.7% |
| Deferred charges and accrued income | 490/1 | €100 | €9,104 | +€9,004 | +9003.1% |
| Total equity and liabilities | 10/49 | €574,884 | €586,278 | +€11,394 | +2.0% |
| Equity | 10/15 | €459,428 | €457,161 | -€2,267 | -0.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €380,700 | €380,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €369,500 | €369,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,728 | €14,461 | -€2,267 | -13.6% |
| Amounts payable | 17/49 | €115,455 | €129,116 | +€13,661 | +11.8% |
| Amounts payable within one year | 42/48 | €115,455 | €129,078 | +€13,623 | +11.8% |
| Trade debts | 44 | €29,137 | €39,538 | +€10,402 | +35.7% |
| Suppliers | 440/4 | €29,137 | €39,538 | +€10,402 | +35.7% |
| Taxes, remuneration and social security | 45 | €4,625 | €7,675 | +€3,050 | +66.0% |
| Taxes | 450/3 | €4,625 | €7,675 | +€3,050 | +66.0% |
| Other amounts payable | 47/48 | €81,694 | €81,865 | +€171 | +0.2% |
| Accrued charges and deferred income | 492/3 | - | €38 | +€38 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,008 | €12,202 | -€805 | -6.2% |
| Other operating charges | 640/8 | - | €78 | +€78 | |
| Gross operating margin | 9900 | €111,299 | €108,249 | -€3,050 | -2.7% |
| Operating profit (loss) | 9901 | €98,292 | €95,968 | -€2,324 | -2.4% |
| Financial income | 75/76B | €1,993 | €2,541 | +€548 | +27.5% |
| Recurring financial income | 75 | €1,993 | €2,541 | +€548 | +27.5% |
| Financial charges | 65/66B | €108 | €282 | +€174 | +161.4% |
| Recurring financial charges | 65 | €108 | €282 | +€174 | +161.4% |
| Profit (loss) for the period before taxes | 9903 | €100,177 | €98,228 | -€1,950 | -1.9% |
| Income taxes | 67/77 | €21,440 | €21,495 | +€55 | +0.3% |
| Profit (loss) for the period | 9904 | €78,738 | €76,733 | -€2,005 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €78,738 | €76,733 | -€2,005 | -2.5% |
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.