PHAVERSO: 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.
What changed
PHAVERSO
NACE 47.730, Retail sale of pharmaceutical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€327,651
2024 · €487,019-€159,367
Equity
€1.8m
2024 · €1.6m+€221,162
Cash
€246,969
2024 · €295,634-€48,665
Balance sheet total
€3.3m
2024 · €3.1m+€212,596
Largest movements
Assets
- Tangible fixed assets +€184,931
up €184,931 (+65.1%), from €284,145 to €469,077
of which Land and buildings: +€212,194
- Current investments +€100,000
new in 2025: €100,000
- Cash -€48,665
down €48,665 (-16.5%), from €295,634 to €246,969
mainly Investment in fixed assets (net) (-€227,239) and Debts after one year (-€138,822)
Equity and liabilities
- Revaluation surpluses +€221,333
new in 2025: €221,333
- Other debts +€220,975
up €220,975 (+101.5%), from €217,699 to €438,674
- Debts after one year -€138,822
down €138,822 (-16.5%), from €840,316 to €701,494
- Trade debts -€33,576
down €33,576 (-16.4%), from €204,600 to €171,025
Income statement
- Financial income -€143,709
down €143,709 (-95.5%), from €150,534 to €6,825
- Gross operating margin -€33,350
down €33,350 (-3.1%), from €1.1m to €1.0m
- Depreciation -€25,165
down €25,165 (-35.4%), from €71,093 to €45,928
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.
Result 2024
€487,019
Gross operating margin
-€33,350
Staff costs
-€395
Depreciation
+€25,165
Write-downs
-€6,658
Other operating charges
+€330
Financial income
-€143,709
Financial charges
+€1,683
Taxes
-€2,433
Result 2025
€327,651
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.
From operations
+€544,095
Investment
-€327,239
Financing
-€265,521
Cash 2024
€295,634
From operations (derived)
+€544,095
Net result for the year
+€327,651
Depreciation
+€45,928
Stocks and contracts
+€31,635
Receivables within one year
-€11,248
Deferred charges and accrued income
-€337
Trade debts
-€33,576
Tax, wage and social debts
-€23,397
Other debts
+€220,975
Accrued charges and deferred income
-€13,536
Investment (derived)
-€327,239
Investment in fixed assets (net)
-€227,239
Current investments
-€100,000
Financing
-€265,521
Debts after one year
-€138,822
Current portion of long-term debt
-€20,209
Contributions, distributions and other
-€106,490
Cash 2025
€246,969
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,070,169 | €3,282,765 | +€212,596 | +6.9% |
| Fixed assets | 21/28 | €1,963,764 | €2,145,075 | +€181,311 | +9.2% |
| Intangible fixed assets | 21 | €8,811 | €5,191 | -€3,621 | -41.1% |
| Tangible fixed assets | 22/27 | €284,145 | €469,077 | +€184,931 | +65.1% |
| Land and buildings | 22 | €174,484 | €386,678 | +€212,194 | +121.6% |
| Plant, machinery and equipment | 23 | €21,057 | €19,678 | -€1,379 | -6.5% |
| Furniture and vehicles | 24 | €69,712 | €48,829 | -€20,883 | -30.0% |
| Other tangible fixed assets | 26 | €18,893 | €13,891 | -€5,001 | -26.5% |
| Financial fixed assets | 28 | €1,670,807 | €1,670,807 | = | 0.0% |
| Current assets | 29/58 | €1,106,405 | €1,137,691 | +€31,285 | +2.8% |
| Stocks and contracts in progress | 3 | €476,152 | €444,517 | -€31,635 | -6.6% |
| Stocks | 30/36 | €476,152 | €444,517 | -€31,635 | -6.6% |
| Amounts receivable within one year | 40/41 | €333,310 | €344,558 | +€11,248 | +3.4% |
| Trade receivables | 40 | €291,146 | €331,265 | +€40,119 | +13.8% |
| Other amounts receivable | 41 | €42,164 | €13,293 | -€28,871 | -68.5% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €295,634 | €246,969 | -€48,665 | -16.5% |
| Deferred charges and accrued income | 490/1 | €1,310 | €1,646 | +€337 | +25.7% |
| Total equity and liabilities | 10/49 | €3,070,169 | €3,282,765 | +€212,596 | +6.9% |
| Equity | 10/15 | €1,572,108 | €1,793,270 | +€221,162 | +14.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €221,333 | +€221,333 | |
| Reserves | 13 | €1,553,508 | €1,553,337 | -€171 | 0.0% |
| Distributable reserves | 133 | €1,553,508 | €1,553,337 | -€171 | 0.0% |
| Amounts payable | 17/49 | €1,498,061 | €1,489,495 | -€8,566 | -0.6% |
| Amounts payable after more than one year | 17 | €840,316 | €701,494 | -€138,822 | -16.5% |
| Financial debts | 170/4 | €840,316 | €701,494 | -€138,822 | -16.5% |
| Amounts payable within one year | 42/48 | €640,226 | €784,018 | +€143,793 | +22.5% |
| Current portion of amounts payable after more than one year | 42 | €140,571 | €120,362 | -€20,209 | -14.4% |
| Trade debts | 44 | €204,600 | €171,025 | -€33,576 | -16.4% |
| Suppliers | 440/4 | €204,600 | €171,025 | -€33,576 | -16.4% |
| Taxes, remuneration and social security | 45 | €77,356 | €53,958 | -€23,397 | -30.2% |
| Taxes | 450/3 | €12,713 | €16,549 | +€3,836 | +30.2% |
| Remuneration and social security | 454/9 | €64,642 | €37,409 | -€27,233 | -42.1% |
| Other amounts payable | 47/48 | €217,699 | €438,674 | +€220,975 | +101.5% |
| Accrued charges and deferred income | 492/3 | €17,519 | €3,983 | -€13,536 | -77.3% |
| Remuneration, social security and pensions | 62 | €413,068 | €413,463 | +€395 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,093 | €45,928 | -€25,165 | -35.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,971 | €18,628 | +€6,658 | +55.6% |
| Other operating charges | 640/8 | €6,188 | €5,858 | -€330 | -5.3% |
| Gross operating margin | 9900 | €1,065,078 | €1,031,728 | -€33,350 | -3.1% |
| Operating profit (loss) | 9901 | €562,758 | €547,850 | -€14,909 | -2.6% |
| Financial income | 75/76B | €150,534 | €6,825 | -€143,709 | -95.5% |
| Recurring financial income | 75 | €150,534 | €6,825 | -€143,709 | -95.5% |
| Financial charges | 65/66B | €79,022 | €77,338 | -€1,683 | -2.1% |
| Recurring financial charges | 65 | €79,022 | €77,338 | -€1,683 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €634,270 | €477,336 | -€156,935 | -24.7% |
| Income taxes | 67/77 | €147,252 | €149,684 | +€2,433 | +1.7% |
| Profit (loss) for the period | 9904 | €487,019 | €327,651 | -€159,367 | -32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €487,019 | €327,651 | -€159,367 | -32.7% |
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 5 October 2026 via checked.be.