RAMSELPHARMA: 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.
RAMSELPHARMA
Largest movements
- Tangible fixed assets +€70,342
up €70,342 (+21.9%), from €321,881 to €392,223
of which Plant, machinery and equipment: +€95,356
- Cash -€25,665
down €25,665 (-9.2%), from €277,694 to €252,029
mainly Investment in fixed assets (net) (-€124,227) and Contributions, distributions and other (-€83,210)
- Stocks and contracts +€11,447
up €11,447 (+7.8%), from €146,214 to €157,661
- Other debts -€69,247
down €69,247 (-43.8%), from €157,961 to €88,715
- Debts after one year +€48,898
new in 2025: €48,898
- Reserves +€41,742
up €41,742 (+7.3%), from €570,720 to €612,462
- Current portion of long-term debt +€37,885
new in 2025: €37,885
- Gross operating margin +€43,106
up €43,106 (+10.5%), from €410,095 to €453,201
- Staff costs +€25,008
up €25,008 (+14.9%), from €167,695 to €192,703
- Financial charges -€17,460
down €17,460 (-36.1%), from €48,411 to €30,950
- Depreciation +€9,515
up €9,515 (+21.4%), from €44,370 to €53,885
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 | €886,806 | €941,066 | +€54,260 | +6.1% |
| Fixed assets | 21/28 | €321,881 | €392,223 | +€70,342 | +21.9% |
| Tangible fixed assets | 22/27 | €321,881 | €392,223 | +€70,342 | +21.9% |
| Land and buildings | 22 | €140,000 | €126,000 | -€14,000 | -10.0% |
| Plant, machinery and equipment | 23 | €140,796 | €236,152 | +€95,356 | +67.7% |
| Furniture and vehicles | 24 | €41,085 | €30,071 | -€11,014 | -26.8% |
| Current assets | 29/58 | €564,925 | €548,843 | -€16,082 | -2.8% |
| Stocks and contracts in progress | 3 | €146,214 | €157,661 | +€11,447 | +7.8% |
| Stocks | 30/36 | €146,214 | €157,661 | +€11,447 | +7.8% |
| Amounts receivable within one year | 40/41 | €115,249 | €112,472 | -€2,777 | -2.4% |
| Trade receivables | 40 | €112,777 | €111,034 | -€1,743 | -1.5% |
| Other amounts receivable | 41 | €2,472 | €1,437 | -€1,035 | -41.9% |
| Current investments | 50/53 | €6,121 | €6,121 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €277,694 | €252,029 | -€25,665 | -9.2% |
| Deferred charges and accrued income | 490/1 | €19,647 | €20,561 | +€913 | +4.6% |
| Total equity and liabilities | 10/49 | €886,806 | €941,066 | +€54,260 | +6.1% |
| Equity | 10/15 | €595,510 | €637,252 | +€41,742 | +7.0% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €570,720 | €612,462 | +€41,742 | +7.3% |
| Distributable reserves | 133 | €570,720 | €612,462 | +€41,742 | +7.3% |
| Amounts payable | 17/49 | €291,296 | €303,815 | +€12,518 | +4.3% |
| Amounts payable after more than one year | 17 | - | €48,898 | +€48,898 | |
| Financial debts | 170/4 | - | €48,898 | +€48,898 | |
| Amounts payable within one year | 42/48 | €288,203 | €254,284 | -€33,920 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | - | €37,885 | +€37,885 | |
| Trade debts | 44 | €76,120 | €67,768 | -€8,352 | -11.0% |
| Suppliers | 440/4 | €76,120 | €67,768 | -€8,352 | -11.0% |
| Taxes, remuneration and social security | 45 | €54,122 | €59,916 | +€5,794 | +10.7% |
| Taxes | 450/3 | €32,395 | €38,473 | +€6,078 | +18.8% |
| Remuneration and social security | 454/9 | €21,727 | €21,443 | -€284 | -1.3% |
| Other amounts payable | 47/48 | €157,961 | €88,715 | -€69,247 | -43.8% |
| Accrued charges and deferred income | 492/3 | €3,093 | €634 | -€2,460 | -79.5% |
| Remuneration, social security and pensions | 62 | €167,695 | €192,703 | +€25,008 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,370 | €53,885 | +€9,515 | +21.4% |
| Other operating charges | 640/8 | €267 | €1,128 | +€860 | +322.0% |
| Gross operating margin | 9900 | €410,095 | €453,201 | +€43,106 | +10.5% |
| Operating profit (loss) | 9901 | €197,763 | €205,486 | +€7,723 | +3.9% |
| Financial income | 75/76B | €41 | €312 | +€271 | +652.5% |
| Recurring financial income | 75 | €41 | €312 | +€271 | +652.5% |
| Financial charges | 65/66B | €48,411 | €30,950 | -€17,460 | -36.1% |
| Recurring financial charges | 65 | €48,411 | €30,950 | -€17,460 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €149,394 | €174,848 | +€25,454 | +17.0% |
| Income taxes | 67/77 | €49,329 | €49,896 | +€567 | +1.1% |
| Profit (loss) for the period | 9904 | €100,065 | €124,952 | +€24,887 | +24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €100,065 | €124,952 | +€24,887 | +24.9% |
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 1 October 2026 via checked.be.