UCB 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.
What changed
UCB PHARMA
NACE 46.460, Wholesale of pharmaceutical and medical goods
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.24bn
2024 · €947.4m+€3.29bn
Equity
€16.23bn
2024 · €12.40bn+€3.84bn
Cash
€7.9m
2024 · €11.1m-€3.2m
Balance sheet total
€20.74bn
2024 · €16.41bn+€4.33bn
Largest movements
Assets
- Financial fixed assets +€3.82bn
up €3.82bn (+31.3%), from €12.20bn to €16.03bn
- Receivables within one year +€333.5m
up €333.5m (+16.4%), from €2.03bn to €2.36bn
of which Trade receivables: +€181.5m
Equity and liabilities
- Profit (loss) carried forward +€3.38bn
up €3.38bn (+79.3%), from €4.27bn to €7.65bn
- Trade debts +€764.6m
up €764.6m (+78.2%), from €977.8m to €1.74bn
- Reserves +€455.5m
up €455.5m (+140.1%), from €325.1m to €780.6m
of which Non-distributable reserves: +€455.9m
- Short-term financial debts -€292.9m
down €292.9m (-96.0%), from €305.1m to €12.3m
of which Other loans: -€275.2m
Income statement
- Financial income +€3.64bn
up €3.64bn (+918.8%), from €395.8m to €4.03bn
of which Non-recurring financial income: +€3.82bn
- Services and other goods +€904.2m
up €904.2m (+27.2%), from €3.32bn to €4.22bn
- Turnover +€411.2m
up €411.2m (+9.8%), from €4.21bn to €4.62bn
- Financial charges -€204.4m
down €204.4m (-61.5%), from €332.5m to €128.1m
of which Financial charges: -€182.0m
- Other operating income +€162.7m
up €162.7m (+11.6%), from €1.40bn to €1.56bn
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.
Result 2024
€947.4m
Turnover
+€411.2m
Other operating income
+€162.7m
Goods and materials
-€39.4m
Services and other goods
-€904.2m
Staff costs
-€41.6m
Depreciation
-€20.7m
Write-downs
-€9.9m
Provisions
-€218,829
Other operating charges
-€4.1m
Other operating items
-€246.4m
Financial income
+€3.64bn
Financial charges
+€204.4m
Taxes
+€143.7m
Deferred taxes and other
-€1
Result 2025
€4.24bn
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.
From operations
+€4.72bn
Investment
-€4.00bn
Financing
-€720.4m
Cash 2024
€11.1m
From operations (derived)
+€4.72bn
Net result for the year
+€4.24bn
Depreciation
+€75.8m
Stocks and contracts
-€69.2m
Receivables within one year
-€333.5m
Deferred charges and accrued income
-€5.8m
Provisions
+€48.9m
Trade debts
+€764.6m
Tax, wage and social debts
-€29.6m
Other debts
+€43.7m
Accrued charges and deferred income
-€19.4m
Investment (derived)
-€4.00bn
Investment in fixed assets (net)
-€4.00bn
Financing
-€720.4m
Debts after one year
-€27.5m
Short-term financial debts
-€292.9m
Contributions, distributions and other
-€400.0m
Cash 2025
€7.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,414,794,946 | €20,742,385,083 | +€4.33bn | +26.4% |
| Fixed assets | 21/28 | €13,186,810,614 | €17,109,044,394 | +€3.92bn | +29.7% |
| Intangible fixed assets | 21 | €8,837,507 | €8,381,273 | -€456,234 | -5.2% |
| Tangible fixed assets | 22/27 | €975,353,777 | €1,075,264,999 | +€99.9m | +10.2% |
| Land and buildings | 22 | €203,674,814 | €412,941,560 | +€209.3m | +102.7% |
| Plant, machinery and equipment | 23 | €107,767,700 | €282,713,167 | +€174.9m | +162.3% |
| Furniture and vehicles | 24 | €4,085,780 | €6,692,369 | +€2.6m | +63.8% |
| Other tangible fixed assets | 26 | €9,701,522 | €8,031,985 | -€1.7m | -17.2% |
| Assets under construction and advance payments | 27 | €650,123,961 | €364,885,918 | -€285.2m | -43.9% |
| Financial fixed assets | 28 | €12,202,619,330 | €16,025,398,122 | +€3.82bn | +31.3% |
| Affiliated companies | 280/1 | €12,202,619,330 | €16,025,398,122 | +€3.82bn | +31.3% |
| Participating interests | 280 | €12,202,619,330 | €16,025,398,122 | +€3.82bn | +31.3% |
| Current assets | 29/58 | €3,227,984,332 | €3,633,340,689 | +€405.4m | +12.6% |
| Stocks and contracts in progress | 3 | €1,084,547,748 | €1,153,698,655 | +€69.2m | +6.4% |
| Stocks | 30/36 | €1,084,547,748 | €1,153,698,655 | +€69.2m | +6.4% |
| Raw materials and consumables | 30/31 | €123,261,918 | €172,798,849 | +€49.5m | +40.2% |
| Work in progress | 32 | €5,629,357 | €4,188,698 | -€1.4m | -25.6% |
| Finished goods | 33 | €955,622,258 | €976,699,490 | +€21.1m | +2.2% |
| Goods purchased for resale | 34 | €34,215 | €11,618 | -€22,597 | -66.0% |
| Amounts receivable within one year | 40/41 | €2,029,812,283 | €2,363,356,460 | +€333.5m | +16.4% |
| Trade receivables | 40 | €1,186,239,719 | €1,367,717,967 | +€181.5m | +15.3% |
| Other amounts receivable | 41 | €843,572,564 | €995,638,493 | +€152.1m | +18.0% |
| Cash at bank and in hand | 54/58 | €11,059,144 | €7,874,572 | -€3.2m | -28.8% |
| Deferred charges and accrued income | 490/1 | €102,565,157 | €108,411,002 | +€5.8m | +5.7% |
| Total equity and liabilities | 10/49 | €16,414,794,946 | €20,742,385,083 | +€4.33bn | +26.4% |
| Equity | 10/15 | €12,395,168,174 | €16,234,819,937 | +€3.84bn | +31.0% |
| Contributions | 10/11 | €7,804,773,810 | €7,804,773,810 | = | 0.0% |
| Capital | 10 | €7,804,773,798 | €7,804,773,798 | = | 0.0% |
| Issued capital | 100 | €7,804,773,798 | €7,804,773,798 | = | 0.0% |
| Outside capital | 11 | €12 | €12 | = | 0.0% |
| Share premium | 1100/10 | €12 | €12 | = | 0.0% |
| Reserves | 13 | €325,137,360 | €780,643,687 | +€455.5m | +140.1% |
| Non-distributable reserves | 130/1 | €324,581,469 | €780,480,362 | +€455.9m | +140.5% |
| Legal reserve | 130 | €324,578,487 | €780,477,381 | +€455.9m | +140.5% |
| Other | 1319 | €2,982 | €2,981 | -€1 | 0.0% |
| Tax-exempt reserves | 132 | €555,891 | €163,325 | -€392,566 | -70.6% |
| Profit (loss) carried forward | 14 | €4,265,257,004 | €7,649,402,440 | +€3.38bn | +79.3% |
| Provisions and deferred taxes | 16 | €87,563,574 | €136,487,956 | +€48.9m | +55.9% |
| Provisions for liabilities and charges | 160/5 | €87,159,859 | €136,215,097 | +€49.1m | +56.3% |
| Major repairs and maintenance | 162 | €17,010,668 | €22,804,836 | +€5.8m | +34.1% |
| Environmental obligations | 163 | €19,727,779 | €21,257,825 | +€1.5m | +7.8% |
| Other liabilities and charges | 164/5 | €50,421,412 | €92,152,436 | +€41.7m | +82.8% |
| Deferred taxes | 168 | €403,715 | €272,859 | -€130,856 | -32.4% |
| Amounts payable | 17/49 | €3,932,063,198 | €4,371,077,190 | +€439.0m | +11.2% |
| Amounts payable after more than one year | 17 | €2,113,463,674 | €2,085,984,545 | -€27.5m | -1.3% |
| Financial debts | 170/4 | €2,103,864,003 | €2,077,858,716 | -€26.0m | -1.2% |
| Other loans | 174 | €2,103,864,003 | €2,077,858,716 | -€26.0m | -1.2% |
| Other amounts payable | 178/9 | €9,599,671 | €8,125,829 | -€1.5m | -15.4% |
| Amounts payable within one year | 42/48 | €1,779,243,837 | €2,265,106,332 | +€485.9m | +27.3% |
| Financial debts | 43 | €305,148,846 | €12,277,015 | -€292.9m | -96.0% |
| Credit institutions | 430/8 | €19,636,424 | €1,959,854 | -€17.7m | -90.0% |
| Other loans | 439 | €285,512,422 | €10,317,161 | -€275.2m | -96.4% |
| Trade debts | 44 | €977,816,973 | €1,742,403,711 | +€764.6m | +78.2% |
| Suppliers | 440/4 | €977,816,973 | €1,742,403,711 | +€764.6m | +78.2% |
| Taxes, remuneration and social security | 45 | €102,232,452 | €72,669,345 | -€29.6m | -28.9% |
| Taxes | 450/3 | €66,223,522 | €30,491,539 | -€35.7m | -54.0% |
| Remuneration and social security | 454/9 | €36,008,930 | €42,177,806 | +€6.2m | +17.1% |
| Other amounts payable | 47/48 | €394,045,566 | €437,756,261 | +€43.7m | +11.1% |
| Accrued charges and deferred income | 492/3 | €39,355,687 | €19,986,313 | -€19.4m | -49.2% |
| Operating income | 70/76A | €5,877,730,993 | €6,225,012,057 | +€347.3m | +5.9% |
| Turnover | 70 | €4,211,459,762 | €4,622,639,386 | +€411.2m | +9.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €253,596,575 | €19,636,573 | -€234.0m | -92.3% |
| Own construction capitalised | 72 | €15,961,178 | €23,382,685 | +€7.4m | +46.5% |
| Other operating income | 74 | €1,396,660,758 | €1,559,334,922 | +€162.7m | +11.6% |
| Non-recurring operating income | 76A | €52,720 | €18,491 | -€34,229 | -64.9% |
| Operating charges | 60/66A | €4,850,272,577 | €5,890,341,974 | +€1.04bn | +21.4% |
| Goods for resale, raw materials and consumables | 60 | €1,174,006,845 | €1,213,424,871 | +€39.4m | +3.4% |
| Purchases | 600/8 | €1,180,923,323 | €1,282,356,693 | +€101.4m | +8.6% |
| Change in stocks: decrease (increase) | 609 | -€6,916,478 | -€68,931,822 | -€62.0m | -896.6% |
| Services and other goods | 61 | €3,318,475,942 | €4,222,705,134 | +€904.2m | +27.2% |
| Remuneration, social security and pensions | 62 | €249,704,424 | €291,343,444 | +€41.6m | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,173,823 | €75,848,337 | +€20.7m | +37.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,019,836 | €15,936,539 | +€9.9m | +164.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €24,459,101 | €24,677,930 | +€218,829 | +0.9% |
| Other operating charges | 640/8 | €22,552,544 | €26,656,894 | +€4.1m | +18.2% |
| Non-recurring operating charges | 66A | -€119,938 | €19,748,825 | +€19.9m | |
| Operating profit (loss) | 9901 | €1,027,458,416 | €334,670,083 | -€692.8m | -67.4% |
| Financial income | 75/76B | €395,842,562 | €4,032,822,809 | +€3.64bn | +918.8% |
| Recurring financial income | 75 | €388,171,324 | €210,044,017 | -€178.1m | -45.9% |
| Income from financial fixed assets | 750 | €216,408,476 | €109,996,974 | -€106.4m | -49.2% |
| Income from current assets | 751 | €44,856,935 | €17,039,645 | -€27.8m | -62.0% |
| Other financial income | 752/9 | €126,905,913 | €83,007,398 | -€43.9m | -34.6% |
| Non-recurring financial income | 76B | €7,671,238 | €3,822,778,792 | +€3.82bn | +49732.6% |
| Financial charges | 65/66B | €332,457,435 | €128,102,553 | -€204.4m | -61.5% |
| Recurring financial charges | 65 | €310,072,388 | €128,102,553 | -€182.0m | -58.7% |
| Debt charges | 650 | €143,931,731 | €112,504,489 | -€31.4m | -21.8% |
| Other financial charges | 652/9 | €166,140,657 | €15,598,064 | -€150.5m | -90.6% |
| Non-recurring financial charges | 66B | €22,385,047 | - | -€22.4m | |
| Profit (loss) for the period before taxes | 9903 | €1,090,843,543 | €4,239,390,339 | +€3.15bn | +288.6% |
| Transfer from deferred taxes | 780 | €130,856 | €130,855 | -€1 | 0.0% |
| Income taxes | 67/77 | €143,546,099 | -€130,570 | -€143.7m | |
| Taxes | 670/3 | €143,584,723 | €28,185,124 | -€115.4m | -80.4% |
| Tax adjustments and reversals of tax provisions | 77 | €38,624 | €28,315,694 | +€28.3m | +73211.1% |
| Profit (loss) for the period | 9904 | €947,428,300 | €4,239,651,764 | +€3.29bn | +347.5% |
| Transfer from tax-exempt reserves | 789 | €392,566 | €392,566 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €947,820,866 | €4,240,044,330 | +€3.29bn | +347.3% |
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 7 October 2026 via checked.be.