S&H 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&H Pharma
Largest movements
- Receivables within one year +€37,808
up €37,808 (+30.8%), from €122,703 to €160,511
of which Trade receivables: +€60,864
- Tangible fixed assets +€27,050
up €27,050 (+9.2%), from €294,508 to €321,558
of which Furniture and vehicles: +€43,626
- Cash -€26,897
down €26,897 (-48.9%), from €54,998 to €28,101
mainly Investment in fixed assets (net) (-€52,195) and Contributions, distributions and other (-€39,000)
- Stocks and contracts +€26,438
up €26,438 (+12.4%), from €213,079 to €239,517
- Trade debts +€27,731
up €27,731 (+44.2%), from €62,694 to €90,426
- Other debts -€26,973
down €26,973 (-37.0%), from €72,906 to €45,933
- Debts after one year +€22,802
up €22,802 (+10.3%), from €221,129 to €243,931
- Reserves +€16,644
up €16,644 (+7.4%), from €224,995 to €241,639
of which Distributable reserves: +€16,644
- Tax, wage and social debts +€14,484
up €14,484 (+66.0%), from €21,930 to €36,414
of which Remuneration and social security: +€8,696
- Staff costs +€46,673
up €46,673 (+42.4%), from €110,068 to €156,741
- Gross operating margin +€23,781
up €23,781 (+10.2%), from €232,902 to €256,683
- Financial charges +€3,284
up €3,284 (+44.6%), from €7,364 to €10,648
- Depreciation +€2,997
up €2,997 (+13.5%), from €22,148 to €25,145
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 | €701,996 | €764,938 | +€62,943 | +9.0% |
| Fixed assets | 21/28 | €299,508 | €326,558 | +€27,050 | +9.0% |
| Tangible fixed assets | 22/27 | €294,508 | €321,558 | +€27,050 | +9.2% |
| Land and buildings | 22 | €270,957 | €261,094 | -€9,863 | -3.6% |
| Plant, machinery and equipment | 23 | €22,880 | €16,168 | -€6,713 | -29.3% |
| Furniture and vehicles | 24 | €671 | €44,297 | +€43,626 | +6503.0% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €402,488 | €438,380 | +€35,892 | +8.9% |
| Stocks and contracts in progress | 3 | €213,079 | €239,517 | +€26,438 | +12.4% |
| Stocks | 30/36 | €213,079 | €239,517 | +€26,438 | +12.4% |
| Amounts receivable within one year | 40/41 | €122,703 | €160,511 | +€37,808 | +30.8% |
| Trade receivables | 40 | €99,647 | €160,511 | +€60,864 | +61.1% |
| Other amounts receivable | 41 | €23,056 | €0 | -€23,056 | -100.0% |
| Cash at bank and in hand | 54/58 | €54,998 | €28,101 | -€26,897 | -48.9% |
| Deferred charges and accrued income | 490/1 | €11,708 | €10,251 | -€1,457 | -12.4% |
| Total equity and liabilities | 10/49 | €701,996 | €764,938 | +€62,943 | +9.0% |
| Equity | 10/15 | €303,595 | €320,239 | +€16,644 | +5.5% |
| Contributions | 10/11 | €78,600 | €78,600 | = | 0.0% |
| Reserves | 13 | €224,995 | €241,639 | +€16,644 | +7.4% |
| Tax-exempt reserves | 132 | €398 | €398 | = | 0.0% |
| Distributable reserves | 133 | €224,597 | €241,241 | +€16,644 | +7.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €398,401 | €444,699 | +€46,298 | +11.6% |
| Amounts payable after more than one year | 17 | €221,129 | €243,931 | +€22,802 | +10.3% |
| Financial debts | 170/4 | €221,129 | €243,931 | +€22,802 | +10.3% |
| Amounts payable within one year | 42/48 | €176,199 | €200,056 | +€23,857 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €18,669 | €27,284 | +€8,615 | +46.1% |
| Trade debts | 44 | €62,694 | €90,426 | +€27,731 | +44.2% |
| Suppliers | 440/4 | €62,694 | €90,426 | +€27,731 | +44.2% |
| Taxes, remuneration and social security | 45 | €21,930 | €36,414 | +€14,484 | +66.0% |
| Taxes | 450/3 | €4,130 | €9,918 | +€5,787 | +140.1% |
| Remuneration and social security | 454/9 | €17,800 | €26,496 | +€8,696 | +48.9% |
| Other amounts payable | 47/48 | €72,906 | €45,933 | -€26,973 | -37.0% |
| Accrued charges and deferred income | 492/3 | €1,072 | €712 | -€360 | -33.6% |
| Non-recurring operating income | 76A | - | €6,393 | +€6,393 | |
| Remuneration, social security and pensions | 62 | €110,068 | €156,741 | +€46,673 | +42.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,148 | €25,145 | +€2,997 | +13.5% |
| Other operating charges | 640/8 | €468 | €739 | +€271 | +58.0% |
| Gross operating margin | 9900 | €232,902 | €256,683 | +€23,781 | +10.2% |
| Operating profit (loss) | 9901 | €100,218 | €74,057 | -€26,161 | -26.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €7,364 | €10,648 | +€3,284 | +44.6% |
| Recurring financial charges | 65 | €7,364 | €10,648 | +€3,284 | +44.6% |
| Profit (loss) for the period before taxes | 9903 | €92,854 | €63,410 | -€29,444 | -31.7% |
| Income taxes | 67/77 | €9,932 | €7,766 | -€2,167 | -21.8% |
| Profit (loss) for the period | 9904 | €82,922 | €55,644 | -€27,277 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €82,922 | €55,644 | -€27,277 | -32.9% |
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 12 October 2026 via checked.be.