PHYSIOL: 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.
What changed
PHYSIOL
NACE 21.201, Manufacture of basic pharmaceutical products and pharmaceutical preparations
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€13.6m
2024 · €18.3m-€4.6m
Equity
€78.4m
2024 · €64.8m+€13.6m
Cash
€3.2m
2024 · €3.7m-€479,038
Balance sheet total
€245.1m
2024 · €248.8m-€3.7m
Largest movements
Assets
- Receivables within one year -€10.3m
down €10.3m (-18.3%), from €56.3m to €46.0m
of which Trade receivables: -€8.7m
- Stocks and contracts +€3.5m
up €3.5m (+30.3%), from €11.6m to €15.2m
- Financial fixed assets +€3.5m
up €3.5m (+2.1%), from €164.9m to €168.5m
of which Affiliated companies: +€3.5m
Equity and liabilities
- Debts after one year -€14.3m
down €14.3m (-9.5%), from €150.5m to €136.2m
- Profit (loss) carried forward +€13.6m
up €13.6m (+21.9%), from €62.3m to €75.9m
Income statement
- Goods and materials +€14.0m
up €14.0m (+690.1%), from €2.0m to €16.1m
of which Purchases: +€16.5m
- Turnover +€9.2m
up €9.2m (+16.1%), from €57.2m to €66.4m
- Financial charges -€8.9m
down €8.9m (-47.9%), from €18.6m to €9.7m
of which Financial charges: -€8.9m
- Financial income -€8.4m
down €8.4m (-81.4%), from €10.3m to €1.9m
- Taxes -€2.2m
down €2.2m (-68.2%), from €3.2m to €1.0m
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
€18.3m
Turnover
+€9.2m
Other operating income
-€696,343
Goods and materials
-€14.0m
Services and other goods
-€1.9m
Staff costs
+€382,701
Depreciation
-€1.1m
Write-downs
-€566,706
Provisions
-€255,000
Other operating charges
-€49,754
Other operating items
+€1.7m
Financial income
-€8.4m
Financial charges
+€8.9m
Taxes
+€2.2m
Result 2025
€13.6m
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
+€22.2m
Investment
-€6.9m
Financing
-€15.8m
Cash 2024
€3.7m
From operations (derived)
+€22.2m
Net result for the year
+€13.6m
Depreciation
+€3.2m
Stocks and contracts
-€3.5m
Receivables within one year
+€10.3m
Deferred charges and accrued income
+€82,351
Trade debts
+€861,520
Tax, wage and social debts
-€1.2m
Advances received
-€1.1m
Other debts
-€142,751
Investment (derived)
-€6.9m
Investment in fixed assets (net)
-€6.9m
Financing
-€15.8m
Debts after one year
-€14.3m
Short-term financial debts
-€1.5m
Contributions, distributions and other
-€19,750
Cash 2025
€3.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €248,824,449 | €245,149,391 | -€3.7m | -1.5% |
| Fixed assets | 21/28 | €177,038,499 | €180,691,642 | +€3.7m | +2.1% |
| Intangible fixed assets | 21 | €4,283,214 | €4,129,037 | -€154,177 | -3.6% |
| Tangible fixed assets | 22/27 | €7,819,289 | €8,112,295 | +€293,006 | +3.7% |
| Land and buildings | 22 | €4,235,589 | €3,936,029 | -€299,560 | -7.1% |
| Plant, machinery and equipment | 23 | €2,363,142 | €3,738,618 | +€1.4m | +58.2% |
| Furniture and vehicles | 24 | €443,007 | €387,555 | -€55,452 | -12.5% |
| Assets under construction and advance payments | 27 | €777,551 | €50,093 | -€727,458 | -93.6% |
| Financial fixed assets | 28 | €164,935,996 | €168,450,310 | +€3.5m | +2.1% |
| Affiliated companies | 280/1 | €164,932,191 | €168,446,505 | +€3.5m | +2.1% |
| Participating interests | 280 | €144,156,348 | €144,156,348 | = | 0.0% |
| Amounts receivable | 281 | €20,775,843 | €24,290,157 | +€3.5m | +16.9% |
| Other financial fixed assets | 284/8 | €3,805 | €3,805 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,805 | €3,805 | = | 0.0% |
| Current assets | 29/58 | €71,785,950 | €64,457,749 | -€7.3m | -10.2% |
| Stocks and contracts in progress | 3 | €11,641,559 | €15,173,941 | +€3.5m | +30.3% |
| Stocks | 30/36 | €11,641,559 | €15,173,941 | +€3.5m | +30.3% |
| Raw materials and consumables | 30/31 | €1,792,820 | €2,182,510 | +€389,690 | +21.7% |
| Work in progress | 32 | €1,203,759 | €1,798,170 | +€594,411 | +49.4% |
| Finished goods | 33 | €6,826,593 | €8,612,271 | +€1.8m | +26.2% |
| Goods purchased for resale | 34 | €1,818,387 | €2,580,990 | +€762,603 | +41.9% |
| Amounts receivable within one year | 40/41 | €56,271,508 | €45,972,314 | -€10.3m | -18.3% |
| Trade receivables | 40 | €53,990,107 | €45,262,922 | -€8.7m | -16.2% |
| Other amounts receivable | 41 | €2,281,401 | €709,392 | -€1.6m | -68.9% |
| Cash at bank and in hand | 54/58 | €3,695,164 | €3,216,126 | -€479,038 | -13.0% |
| Deferred charges and accrued income | 490/1 | €177,719 | €95,368 | -€82,351 | -46.3% |
| Total equity and liabilities | 10/49 | €248,824,449 | €245,149,391 | -€3.7m | -1.5% |
| Equity | 10/15 | €64,826,743 | €78,439,713 | +€13.6m | +21.0% |
| Contributions | 10/11 | €850,000 | €850,000 | = | 0.0% |
| Capital | 10 | €850,000 | €850,000 | = | 0.0% |
| Issued capital | 100 | €850,000 | €850,000 | = | 0.0% |
| Reserves | 13 | €1,582,100 | €1,582,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €85,000 | €85,000 | = | 0.0% |
| Legal reserve | 130 | €85,000 | €85,000 | = | 0.0% |
| Distributable reserves | 133 | €1,497,100 | €1,497,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,300,873 | €75,933,593 | +€13.6m | +21.9% |
| Investment grants | 15 | €93,770 | €74,020 | -€19,750 | -21.1% |
| Amounts payable | 17/49 | €183,997,706 | €166,709,678 | -€17.3m | -9.4% |
| Amounts payable after more than one year | 17 | €150,467,698 | €136,187,729 | -€14.3m | -9.5% |
| Financial debts | 170/4 | €150,467,698 | €136,187,729 | -€14.3m | -9.5% |
| Unsubordinated bonds | 171 | €145,531,781 | €130,883,610 | -€14.6m | -10.1% |
| Other loans | 174 | €4,935,917 | €5,304,119 | +€368,202 | +7.5% |
| Amounts payable within one year | 42/48 | €33,530,008 | €30,521,949 | -€3.0m | -9.0% |
| Financial debts | 43 | €3,795,932 | €2,322,436 | -€1.5m | -38.8% |
| Credit institutions | 430/8 | €3,795,932 | €2,322,436 | -€1.5m | -38.8% |
| Trade debts | 44 | €21,016,954 | €21,878,474 | +€861,520 | +4.1% |
| Suppliers | 440/4 | €21,016,954 | €21,878,474 | +€861,520 | +4.1% |
| Advances received on contracts in progress | 46 | €1,100,000 | - | -€1.1m | |
| Taxes, remuneration and social security | 45 | €7,289,341 | €6,136,009 | -€1.2m | -15.8% |
| Taxes | 450/3 | €5,304,683 | €4,664,809 | -€639,874 | -12.1% |
| Remuneration and social security | 454/9 | €1,984,658 | €1,471,200 | -€513,458 | -25.9% |
| Other amounts payable | 47/48 | €327,781 | €185,030 | -€142,751 | -43.6% |
| Operating income | 70/76A | €62,813,119 | €72,990,703 | +€10.2m | +16.2% |
| Turnover | 70 | €57,219,448 | €66,436,805 | +€9.2m | +16.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€2,435,057 | €2,410,776 | +€4.8m | |
| Own construction capitalised | 72 | €5,428,358 | €2,239,095 | -€3.2m | -58.8% |
| Other operating income | 74 | €2,600,370 | €1,904,027 | -€696,343 | -26.8% |
| Operating charges | 60/66A | €32,993,136 | €50,538,694 | +€17.5m | +53.2% |
| Goods for resale, raw materials and consumables | 60 | €2,033,907 | €16,070,897 | +€14.0m | +690.1% |
| Purchases | 600/8 | €596,996 | €17,054,570 | +€16.5m | +2756.7% |
| Change in stocks: decrease (increase) | 609 | €1,436,911 | -€983,673 | -€2.4m | |
| Services and other goods | 61 | €16,488,268 | €18,428,944 | +€1.9m | +11.8% |
| Remuneration, social security and pensions | 62 | €13,538,387 | €13,155,686 | -€382,701 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,135,725 | €3,214,858 | +€1.1m | +50.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,076,424 | -€509,718 | +€566,706 | +52.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€255,000 | - | +€255,000 | |
| Other operating charges | 640/8 | €128,273 | €178,027 | +€49,754 | +38.8% |
| Operating profit (loss) | 9901 | €29,819,983 | €22,452,009 | -€7.4m | -24.7% |
| Financial income | 75/76B | €10,294,914 | €1,915,868 | -€8.4m | -81.4% |
| Recurring financial income | 75 | €10,294,914 | €1,915,868 | -€8.4m | -81.4% |
| Income from financial fixed assets | 750 | €9,909,664 | €1,418,283 | -€8.5m | -85.7% |
| Other financial income | 752/9 | €385,250 | €497,585 | +€112,335 | +29.2% |
| Financial charges | 65/66B | €18,638,648 | €9,708,053 | -€8.9m | -47.9% |
| Recurring financial charges | 65 | €18,637,741 | €9,695,029 | -€8.9m | -48.0% |
| Debt charges | 650 | €18,350,360 | €9,246,766 | -€9.1m | -49.6% |
| Other financial charges | 652/9 | €287,381 | €448,263 | +€160,882 | +56.0% |
| Non-recurring financial charges | 66B | €907 | €13,024 | +€12,117 | +1335.9% |
| Profit (loss) for the period before taxes | 9903 | €21,476,249 | €14,659,824 | -€6.8m | -31.7% |
| Income taxes | 67/77 | €3,225,888 | €1,027,104 | -€2.2m | -68.2% |
| Taxes | 670/3 | €3,225,888 | €1,027,104 | -€2.2m | -68.2% |
| Profit (loss) for the period | 9904 | €18,250,361 | €13,632,720 | -€4.6m | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,250,361 | €13,632,720 | -€4.6m | -25.3% |
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.