S-FORM PHARMA: 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.
S-FORM PHARMA
Largest movements
- Intangible fixed assets +€13,181
new in 2025: €13,181
- Receivables within one year +€6,051
up €6,051 (+721%), from €839 to €6,890
of which Trade receivables: +€5,737
- Other debts +€17,600
up €17,600 (+16.5%), from €106,469 to €124,069
- Trade debts +€6,442
up €6,442 (+158%), from €4,069 to €10,511
- Profit (loss) carried forward -€4,810
down €4,810 (-3.3%), from -€145,340 to -€150,150
- Gross operating margin +€14,715
up €14,715 (+80.2%), from -€18,345 to -€3,630
- Financial charges -€1,238
no longer reported in 2025 (was €1,238)
- Depreciation +€741
new in 2025: €741
- Other operating charges +€439
new in 2025: €439
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 | €1,198 | €20,430 | +€19,232 | +1,606% |
| Fixed assets | 21/28 | - | €13,181 | +€13,181 | |
| Intangible fixed assets | 21 | - | €13,181 | +€13,181 | |
| Current assets | 29/58 | €1,198 | €7,249 | +€6,051 | +505% |
| Amounts receivable within one year | 40/41 | €839 | €6,890 | +€6,051 | +721% |
| Trade receivables | 40 | - | €5,737 | +€5,737 | |
| Other amounts receivable | 41 | €839 | €1,154 | +€315 | +37.5% |
| Cash at bank and in hand | 54/58 | €359 | €359 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,198 | €20,430 | +€19,232 | +1,606% |
| Equity | 10/15 | -€110,340 | -€115,150 | -€4,810 | -4.4% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€145,340 | -€150,150 | -€4,810 | -3.3% |
| Amounts payable | 17/49 | €111,538 | €135,580 | +€24,042 | +21.6% |
| Amounts payable within one year | 42/48 | €110,538 | €134,580 | +€24,042 | +21.7% |
| Trade debts | 44 | €4,069 | €10,511 | +€6,442 | +158% |
| Suppliers | 440/4 | €4,069 | €10,511 | +€6,442 | +158% |
| Other amounts payable | 47/48 | €106,469 | €124,069 | +€17,600 | +16.5% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €741 | +€741 | |
| Other operating charges | 640/8 | - | €439 | +€439 | |
| Gross operating margin | 9900 | -€18,345 | -€3,630 | +€14,715 | +80.2% |
| Operating profit (loss) | 9901 | -€18,345 | -€4,810 | +€13,535 | +73.8% |
| Financial charges | 65/66B | €1,238 | - | -€1,238 | |
| Recurring financial charges | 65 | €1,238 | - | -€1,238 | |
| Profit (loss) for the period before taxes | 9903 | -€19,583 | -€4,810 | +€14,773 | +75.4% |
| Profit (loss) for the period | 9904 | -€19,583 | -€4,810 | +€14,773 | +75.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,583 | -€4,810 | +€14,773 | +75.4% |
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 14 October 2026 via checked.be.