Smart Pharma: 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.
Smart Pharma
Largest movements
- Stocks and contracts -€20,960
down €20,960 (-16.3%), from €128,463 to €107,503
- Receivables within one year +€20,305
up €20,305 (+29.8%), from €68,079 to €88,384
of which Other amounts receivable: +€19,385
- Tangible fixed assets -€11,549
down €11,549 (-4.1%), from €281,422 to €269,873
of which Land and buildings: -€9,252
- Cash +€5,299
up €5,299 (+53.6%), from €9,880 to €15,179
mainly Other debts (+€30,272) and Stocks and contracts (+€20,960)
- Profit (loss) carried forward -€37,265
down €37,265 (-32.9%), from €113,314 to €76,049
- Other debts +€30,272
up €30,272 (+45.2%), from €67,047 to €97,320
- Debts after one year -€24,991
down €24,991 (-13.4%), from €186,344 to €161,353
- Trade debts +€20,177
up €20,177 (+26.5%), from €76,232 to €96,409
- Tax, wage and social debts +€5,737
up €5,737 (+47.8%), from €11,995 to €17,732
of which Remuneration and social security: +€3,527
- Depreciation -€14,379
down €14,379 (-55.5%), from €25,928 to €11,549
- Gross operating margin -€8,791
down €8,791 (-13.6%), from €64,649 to €55,858
- Staff costs +€4,909
up €4,909 (+7.1%), from €68,963 to €73,872
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 | €490,603 | €483,477 | -€7,126 | -1.5% |
| Fixed assets | 21/28 | €281,422 | €269,873 | -€11,549 | -4.1% |
| Tangible fixed assets | 22/27 | €281,422 | €269,873 | -€11,549 | -4.1% |
| Land and buildings | 22 | €274,462 | €265,210 | -€9,252 | -3.4% |
| Plant, machinery and equipment | 23 | €6,959 | €4,663 | -€2,297 | -33.0% |
| Current assets | 29/58 | €209,181 | €213,605 | +€4,423 | +2.1% |
| Stocks and contracts in progress | 3 | €128,463 | €107,503 | -€20,960 | -16.3% |
| Stocks | 30/36 | €128,463 | €107,503 | -€20,960 | -16.3% |
| Amounts receivable within one year | 40/41 | €68,079 | €88,384 | +€20,305 | +29.8% |
| Trade receivables | 40 | €35,248 | €36,168 | +€920 | +2.6% |
| Other amounts receivable | 41 | €32,831 | €52,216 | +€19,385 | +59.0% |
| Cash at bank and in hand | 54/58 | €9,880 | €15,179 | +€5,299 | +53.6% |
| Deferred charges and accrued income | 490/1 | €2,760 | €2,539 | -€221 | -8.0% |
| Total equity and liabilities | 10/49 | €490,603 | €483,477 | -€7,126 | -1.5% |
| Equity | 10/15 | €121,374 | €84,109 | -€37,265 | -30.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,314 | €76,049 | -€37,265 | -32.9% |
| Amounts payable | 17/49 | €369,228 | €399,368 | +€30,140 | +8.2% |
| Amounts payable after more than one year | 17 | €186,344 | €161,353 | -€24,991 | -13.4% |
| Financial debts | 170/4 | €186,344 | €161,353 | -€24,991 | -13.4% |
| Amounts payable within one year | 42/48 | €181,175 | €236,451 | +€55,276 | +30.5% |
| Current portion of amounts payable after more than one year | 42 | €25,901 | €24,991 | -€910 | -3.5% |
| Trade debts | 44 | €76,232 | €96,409 | +€20,177 | +26.5% |
| Suppliers | 440/4 | €76,232 | €96,409 | +€20,177 | +26.5% |
| Taxes, remuneration and social security | 45 | €11,995 | €17,732 | +€5,737 | +47.8% |
| Taxes | 450/3 | - | €2,209 | +€2,209 | |
| Remuneration and social security | 454/9 | €11,995 | €15,522 | +€3,527 | +29.4% |
| Other amounts payable | 47/48 | €67,047 | €97,320 | +€30,272 | +45.2% |
| Accrued charges and deferred income | 492/3 | €1,709 | €1,563 | -€145 | -8.5% |
| Remuneration, social security and pensions | 62 | €68,963 | €73,872 | +€4,909 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,928 | €11,549 | -€14,379 | -55.5% |
| Other operating charges | 640/8 | €0 | €1 | +€1 | +6000.0% |
| Gross operating margin | 9900 | €64,649 | €55,858 | -€8,791 | -13.6% |
| Operating profit (loss) | 9901 | -€30,241 | -€29,564 | +€678 | +2.2% |
| Financial charges | 65/66B | €8,182 | €7,701 | -€481 | -5.9% |
| Recurring financial charges | 65 | €8,182 | €7,701 | -€481 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | -€38,424 | -€37,265 | +€1,159 | +3.0% |
| Profit (loss) for the period | 9904 | -€38,424 | -€37,265 | +€1,159 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,424 | -€37,265 | +€1,159 | +3.0% |
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 28 September 2026 via checked.be.