PHAROCHIM: 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.
PHAROCHIM
Largest movements
- Tangible fixed assets -€735,520
down €735,520 (-7.3%), from €10.0m to €9.3m
- Cash +€555,731
up €555,731 (+670.6%), from €82,871 to €638,602
mainly Debts after one year (+€25.0m) and Net result for the year (+€2.5m)
- Receivables within one year -€381,896
down €381,896 (-2.1%), from €18.6m to €18.2m
of which Other amounts receivable: -€772,560
- Debts after one year +€25.0m
new in 2026: €25.0m
- Current portion of long-term debt -€24.4m
no longer reported in 2026 (was €24.4m)
- Other debts -€860,000
down €860,000 (-25.2%), from €3.4m to €2.5m
- Accrued charges and deferred income -€338,373
down €338,373 (-36.7%), from €921,878 to €583,505
- Financial charges +€563,324
up €563,324 (+136.7%), from €411,938 to €975,261
- Financial income -€267,182
down €267,182 (-32.1%), from €832,332 to €565,150
- Taxes -€175,913
down €175,913 (-13.9%), from €1.3m to €1.1m
- Gross operating margin +€170,857
up €170,857 (+3.4%), from €5.0m to €5.2m
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,719,803 | €28,163,363 | -€556,440 | -1.9% |
| Fixed assets | 21/28 | €10,049,191 | €9,313,671 | -€735,520 | -7.3% |
| Tangible fixed assets | 22/27 | €10,049,191 | €9,313,671 | -€735,520 | -7.3% |
| Land and buildings | 22 | €10,049,191 | €9,313,671 | -€735,520 | -7.3% |
| Current assets | 29/58 | €18,670,612 | €18,849,691 | +€179,080 | +1.0% |
| Amounts receivable within one year | 40/41 | €18,586,873 | €18,204,977 | -€381,896 | -2.1% |
| Trade receivables | 40 | €48,807 | €439,471 | +€390,664 | +800.4% |
| Other amounts receivable | 41 | €18,538,066 | €17,765,506 | -€772,560 | -4.2% |
| Cash at bank and in hand | 54/58 | €82,871 | €638,602 | +€555,731 | +670.6% |
| Deferred charges and accrued income | 490/1 | €868 | €6,112 | +€5,245 | +604.4% |
| Total equity and liabilities | 10/49 | €28,719,803 | €28,163,363 | -€556,440 | -1.9% |
| Equity | 10/15 | €6,990 | €6,345 | -€644 | -9.2% |
| Profit (loss) carried forward | 14 | €6,990 | €6,345 | -€644 | -9.2% |
| Amounts payable | 17/49 | €28,712,813 | €28,157,017 | -€555,796 | -1.9% |
| Amounts payable after more than one year | 17 | - | €25,000,000 | +€25.0m | |
| Financial debts | 170/4 | - | €25,000,000 | +€25.0m | |
| Amounts payable within one year | 42/48 | €27,790,935 | €2,573,512 | -€25.2m | -90.7% |
| Current portion of amounts payable after more than one year | 42 | €24,354,158 | - | -€24.4m | |
| Trade debts | 44 | €14,471 | €24,262 | +€9,791 | +67.7% |
| Suppliers | 440/4 | €14,471 | €24,262 | +€9,791 | +67.7% |
| Taxes, remuneration and social security | 45 | €13,056 | - | -€13,056 | |
| Taxes | 450/3 | €13,056 | - | -€13,056 | |
| Other amounts payable | 47/48 | €3,409,250 | €2,549,250 | -€860,000 | -25.2% |
| Accrued charges and deferred income | 492/3 | €921,878 | €583,505 | -€338,373 | -36.7% |
| Non-recurring operating income | 76A | - | €394,996 | +€394,996 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €753,363 | €753,176 | -€187 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,933 | €34,281 | +€29,347 | +594.9% |
| Other operating charges | 640/8 | €321,544 | €335,730 | +€14,187 | +4.4% |
| Gross operating margin | 9900 | €4,989,507 | €5,160,364 | +€170,857 | +3.4% |
| Operating profit (loss) | 9901 | €3,909,667 | €4,037,177 | +€127,510 | +3.3% |
| Financial income | 75/76B | €832,332 | €565,150 | -€267,182 | -32.1% |
| Recurring financial income | 75 | €832,332 | €565,150 | -€267,182 | -32.1% |
| Financial charges | 65/66B | €411,938 | €975,261 | +€563,324 | +136.7% |
| Recurring financial charges | 65 | €411,938 | €975,261 | +€563,324 | +136.7% |
| Profit (loss) for the period before taxes | 9903 | €4,330,061 | €3,627,066 | -€702,996 | -16.2% |
| Income taxes | 67/77 | €1,263,623 | €1,087,710 | -€175,913 | -13.9% |
| Profit (loss) for the period | 9904 | €3,066,438 | €2,539,356 | -€527,083 | -17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,066,438 | €2,539,356 | -€527,083 | -17.2% |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.