PHARVAC: 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.
PHARVAC
Largest movements
- Current investments +€37,207
up €37,207 (+18.6%), from €200,000 to €237,207
- Receivables within one year -€21,620
down €21,620 (-20.1%), from €107,608 to €85,987
of which Trade receivables: -€26,882
- Other debts +€26,201
new in 2025: €26,201
- Tax, wage and social debts -€18,853
down €18,853 (-43.4%), from €43,422 to €24,569
- Reserves +€11,929
up €11,929 (+4.6%), from €257,468 to €269,397
- Gross operating margin -€79,404
down €79,404 (-58.7%), from €135,239 to €55,835
- Taxes -€24,176
down €24,176 (-60.7%), from €39,862 to €15,686
- Financial income -€2,109
down €2,109 (-70.8%), from €2,981 to €872
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.
Derived cash bridge
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 | €310,831 | €329,057 | +€18,227 | +5.9% |
| Fixed assets | 21/28 | €321 | €2,579 | +€2,258 | +704% |
| Tangible fixed assets | 22/27 | €321 | €2,579 | +€2,258 | +704% |
| Furniture and vehicles | 24 | €321 | €875 | +€554 | +173% |
| Other tangible fixed assets | 26 | - | €1,704 | +€1,704 | |
| Current assets | 29/58 | €310,510 | €326,479 | +€15,969 | +5.1% |
| Amounts receivable within one year | 40/41 | €107,608 | €85,987 | -€21,620 | -20.1% |
| Trade receivables | 40 | €46,948 | €20,066 | -€26,882 | -57.3% |
| Other amounts receivable | 41 | €60,660 | €65,922 | +€5,262 | +8.7% |
| Current investments | 50/53 | €200,000 | €237,207 | +€37,207 | +18.6% |
| Cash at bank and in hand | 54/58 | €1,803 | €2,037 | +€233 | +12.9% |
| Deferred charges and accrued income | 490/1 | €1,099 | €1,247 | +€148 | +13.5% |
| Total equity and liabilities | 10/49 | €310,831 | €329,057 | +€18,227 | +5.9% |
| Equity | 10/15 | €266,181 | €278,110 | +€11,929 | +4.5% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €257,468 | €269,397 | +€11,929 | +4.6% |
| Distributable reserves | 133 | €257,468 | €269,397 | +€11,929 | +4.6% |
| Profit (loss) carried forward | 14 | €653 | €653 | = | 0.0% |
| Amounts payable | 17/49 | €44,650 | €50,948 | +€6,298 | +14.1% |
| Amounts payable within one year | 42/48 | €44,650 | €50,948 | +€6,298 | +14.1% |
| Trade debts | 44 | €1,228 | €178 | -€1,050 | -85.5% |
| Suppliers | 440/4 | €1,228 | €178 | -€1,050 | -85.5% |
| Taxes, remuneration and social security | 45 | €43,422 | €24,569 | -€18,853 | -43.4% |
| Taxes | 450/3 | €43,422 | €24,569 | -€18,853 | -43.4% |
| Other amounts payable | 47/48 | - | €26,201 | +€26,201 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €719 | €617 | -€102 | -14.2% |
| Other operating charges | 640/8 | €1,370 | €754 | -€616 | -44.9% |
| Gross operating margin | 9900 | €135,239 | €55,835 | -€79,404 | -58.7% |
| Operating profit (loss) | 9901 | €133,150 | €54,463 | -€78,686 | -59.1% |
| Financial income | 75/76B | €2,981 | €872 | -€2,109 | -70.8% |
| Recurring financial income | 75 | €2,981 | €872 | -€2,109 | -70.8% |
| Financial charges | 65/66B | €136 | €141 | +€4 | +3.3% |
| Recurring financial charges | 65 | €136 | €141 | +€4 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €135,994 | €55,194 | -€80,800 | -59.4% |
| Income taxes | 67/77 | €39,862 | €15,686 | -€24,176 | -60.7% |
| Profit (loss) for the period | 9904 | €96,132 | €39,509 | -€56,624 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €96,132 | €39,509 | -€56,624 | -58.9% |
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 13 October 2026 via checked.be.