ThePharm: 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.
ThePharm
Largest movements
- Intangible fixed assets -€49,700
down €49,700 (-33.3%), from €149,100 to €99,400
- Cash -€49,649
down €49,649 (-32.7%), from €151,976 to €102,327
mainly Contributions, distributions and other (-€133,000) and Investment in fixed assets (net) (-€50,768)
- Tangible fixed assets +€22,660
up €22,660 (+24.5%), from €92,577 to €115,237
of which Plant, machinery and equipment: +€26,345
- Debts after one year -€32,324
down €32,324 (-29.3%), from €110,237 to €77,913
- Other debts -€26,389
down €26,389 (-31.0%), from €85,042 to €58,653
- Reserves -€18,760
down €18,760 (-61.7%), from €30,383 to €11,623
of which Tax-exempt reserves: -€9,623
- Trade debts +€8,987
up €8,987 (+9.9%), from €90,926 to €99,913
- Current portion of long-term debt +€8,779
up €8,779 (+13.1%), from €66,831 to €75,611
- Staff costs +€30,511
up €30,511 (+26.1%), from €116,937 to €147,448
- Taxes -€7,868
down €7,868 (-15.4%), from €51,174 to €43,306
- Depreciation +€7,641
up €7,641 (+10.9%), from €70,168 to €77,809
- Financial charges +€4,563
up €4,563 (+48.1%), from €9,487 to €14,050
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 | €664,806 | €593,897 | -€70,908 | -10.7% |
| Fixed assets | 21/28 | €241,677 | €214,637 | -€27,040 | -11.2% |
| Intangible fixed assets | 21 | €149,100 | €99,400 | -€49,700 | -33.3% |
| Tangible fixed assets | 22/27 | €92,577 | €115,237 | +€22,660 | +24.5% |
| Land and buildings | 22 | €75,666 | €70,854 | -€4,812 | -6.4% |
| Plant, machinery and equipment | 23 | €14,653 | €40,998 | +€26,345 | +179.8% |
| Furniture and vehicles | 24 | €2,258 | €3,385 | +€1,127 | +49.9% |
| Current assets | 29/58 | €423,129 | €379,261 | -€43,868 | -10.4% |
| Stocks and contracts in progress | 3 | €106,357 | €110,615 | +€4,258 | +4.0% |
| Stocks | 30/36 | €106,357 | €110,615 | +€4,258 | +4.0% |
| Amounts receivable within one year | 40/41 | €150,512 | €154,069 | +€3,557 | +2.4% |
| Trade receivables | 40 | €142,163 | €136,093 | -€6,070 | -4.3% |
| Other amounts receivable | 41 | €8,349 | €17,976 | +€9,627 | +115.3% |
| Cash at bank and in hand | 54/58 | €151,976 | €102,327 | -€49,649 | -32.7% |
| Deferred charges and accrued income | 490/1 | €14,284 | €12,250 | -€2,034 | -14.2% |
| Total equity and liabilities | 10/49 | €664,806 | €593,897 | -€70,908 | -10.7% |
| Equity | 10/15 | €288,977 | €268,374 | -€20,603 | -7.1% |
| Contributions | 10/11 | €239,592 | €239,592 | = | 0.0% |
| Reserves | 13 | €30,383 | €11,623 | -€18,760 | -61.7% |
| Tax-exempt reserves | 132 | €21,245 | €11,623 | -€9,623 | -45.3% |
| Distributable reserves | 133 | €9,138 | €0 | -€9,138 | -100.0% |
| Profit (loss) carried forward | 14 | €19,002 | €17,159 | -€1,843 | -9.7% |
| Provisions and deferred taxes | 16 | €4,787 | €3,874 | -€913 | -19.1% |
| Deferred taxes | 168 | €4,787 | €3,874 | -€913 | -19.1% |
| Amounts payable | 17/49 | €371,041 | €321,649 | -€49,392 | -13.3% |
| Amounts payable after more than one year | 17 | €110,237 | €77,913 | -€32,324 | -29.3% |
| Financial debts | 170/4 | €110,237 | €77,913 | -€32,324 | -29.3% |
| Amounts payable within one year | 42/48 | €260,804 | €243,736 | -€17,068 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €66,831 | €75,611 | +€8,779 | +13.1% |
| Trade debts | 44 | €90,926 | €99,913 | +€8,987 | +9.9% |
| Suppliers | 440/4 | €90,926 | €99,913 | +€8,987 | +9.9% |
| Taxes, remuneration and social security | 45 | €18,006 | €9,560 | -€8,446 | -46.9% |
| Taxes | 450/3 | €3,783 | €0 | -€3,783 | -100.0% |
| Remuneration and social security | 454/9 | €14,223 | €9,560 | -€4,664 | -32.8% |
| Other amounts payable | 47/48 | €85,042 | €58,653 | -€26,389 | -31.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €2,515 | €0 | -€2,515 | -100.0% |
| Remuneration, social security and pensions | 62 | €116,937 | €147,448 | +€30,511 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,168 | €77,809 | +€7,641 | +10.9% |
| Other operating charges | 640/8 | €3,246 | €3,598 | +€352 | +10.8% |
| Non-recurring operating charges | 66A | €5,483 | €1,896 | -€3,587 | -65.4% |
| Gross operating margin | 9900 | €395,241 | €394,908 | -€334 | -0.1% |
| Operating profit (loss) | 9901 | €199,408 | €164,157 | -€35,251 | -17.7% |
| Financial income | 75/76B | €2,340 | €4,683 | +€2,344 | +100.2% |
| Recurring financial income | 75 | €2,340 | €4,683 | +€2,344 | +100.2% |
| Financial charges | 65/66B | €9,487 | €14,050 | +€4,563 | +48.1% |
| Recurring financial charges | 65 | €9,487 | €14,050 | +€4,563 | +48.1% |
| Profit (loss) for the period before taxes | 9903 | €192,260 | €154,790 | -€37,470 | -19.5% |
| Transfer from deferred taxes | 780 | €913 | €913 | = | 0.0% |
| Income taxes | 67/77 | €51,174 | €43,306 | -€7,868 | -15.4% |
| Profit (loss) for the period | 9904 | €141,998 | €112,397 | -€29,602 | -20.8% |
| Transfer from tax-exempt reserves | 789 | €2,738 | €9,623 | +€6,884 | +251.4% |
| Profit (loss) for the period to be appropriated | 9905 | €144,737 | €122,019 | -€22,717 | -15.7% |
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 5 October 2026 via checked.be.