VA 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.
VA PHARMA
Largest movements
- Cash +€80,561
up €80,561 (+37.0%), from €217,542 to €298,103
mainly Net result for the year (+€58,359) and Receivables within one year (+€40,183)
- Receivables within one year -€40,183
down €40,183 (-9.8%), from €410,952 to €370,769
of which Trade receivables: -€125,698
- Tangible fixed assets -€34,931
down €34,931 (-25.8%), from €135,396 to €100,464
of which Plant, machinery and equipment: -€33,420
- Reserves +€58,359
up €58,359 (+16.9%), from €344,708 to €403,068
- Debts after one year -€55,525
down €55,525 (-22.3%), from €248,912 to €193,387
- Tax, wage and social debts -€22,239
down €22,239 (-44.0%), from €50,542 to €28,304
of which Taxes: -€23,806
- Trade debts +€14,213
up €14,213 (+7.4%), from €191,964 to €206,177
of which Suppliers: +€142,554
- Gross operating margin -€33,906
down €33,906 (-17.4%), from €194,976 to €161,071
- Taxes -€9,789
down €9,789 (-25.5%), from €38,357 to €28,568
- Financial charges -€3,408
down €3,408 (-31.4%), from €10,848 to €7,441
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 | €901,813 | €898,242 | -€3,571 | -0.4% |
| Fixed assets | 21/28 | €135,493 | €100,562 | -€34,931 | -25.8% |
| Tangible fixed assets | 22/27 | €135,396 | €100,464 | -€34,931 | -25.8% |
| Land and buildings | 22 | €4,822 | €3,749 | -€1,073 | -22.3% |
| Plant, machinery and equipment | 23 | €129,227 | €95,807 | -€33,420 | -25.9% |
| Furniture and vehicles | 24 | €1,347 | €908 | -€439 | -32.6% |
| Financial fixed assets | 28 | €98 | €98 | = | 0.0% |
| Current assets | 29/58 | €766,319 | €797,680 | +€31,361 | +4.1% |
| Stocks and contracts in progress | 3 | €136,177 | €128,158 | -€8,019 | -5.9% |
| Stocks | 30/36 | €136,177 | €128,158 | -€8,019 | -5.9% |
| Amounts receivable within one year | 40/41 | €410,952 | €370,769 | -€40,183 | -9.8% |
| Trade receivables | 40 | €220,694 | €94,996 | -€125,698 | -57.0% |
| Other amounts receivable | 41 | €190,259 | €275,774 | +€85,515 | +44.9% |
| Cash at bank and in hand | 54/58 | €217,542 | €298,103 | +€80,561 | +37.0% |
| Deferred charges and accrued income | 490/1 | €1,649 | €650 | -€999 | -60.6% |
| Total equity and liabilities | 10/49 | €901,813 | €898,242 | -€3,571 | -0.4% |
| Equity | 10/15 | €350,908 | €409,268 | +€58,359 | +16.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €344,708 | €403,068 | +€58,359 | +16.9% |
| Distributable reserves | 133 | €344,708 | €403,068 | +€58,359 | +16.9% |
| Amounts payable | 17/49 | €550,904 | €488,974 | -€61,930 | -11.2% |
| Amounts payable after more than one year | 17 | €248,912 | €193,387 | -€55,525 | -22.3% |
| Financial debts | 170/4 | €248,912 | €193,387 | -€55,525 | -22.3% |
| Amounts payable within one year | 42/48 | €296,958 | €295,119 | -€1,839 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €54,111 | €60,087 | +€5,977 | +11.0% |
| Trade debts | 44 | €191,964 | €206,177 | +€14,213 | +7.4% |
| Suppliers | 440/4 | €63,623 | €206,177 | +€142,554 | +224.1% |
| Bills of exchange payable | 441 | €128,341 | - | -€128,341 | |
| Taxes, remuneration and social security | 45 | €50,542 | €28,304 | -€22,239 | -44.0% |
| Taxes | 450/3 | €44,932 | €21,126 | -€23,806 | -53.0% |
| Remuneration and social security | 454/9 | €5,610 | €7,178 | +€1,568 | +27.9% |
| Other amounts payable | 47/48 | €341 | €551 | +€210 | +61.6% |
| Accrued charges and deferred income | 492/3 | €5,035 | €468 | -€4,567 | -90.7% |
| Remuneration, social security and pensions | 62 | €33,321 | €33,384 | +€64 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,459 | €34,931 | +€472 | +1.4% |
| Other operating charges | 640/8 | €739 | €936 | +€197 | +26.6% |
| Gross operating margin | 9900 | €194,976 | €161,071 | -€33,906 | -17.4% |
| Operating profit (loss) | 9901 | €126,457 | €91,819 | -€34,638 | -27.4% |
| Financial income | 75/76B | €1,210 | €2,549 | +€1,338 | +110.5% |
| Recurring financial income | 75 | €1,210 | €2,549 | +€1,338 | +110.5% |
| Financial charges | 65/66B | €10,848 | €7,441 | -€3,408 | -31.4% |
| Recurring financial charges | 65 | €10,848 | €7,441 | -€3,408 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €116,819 | €86,927 | -€29,892 | -25.6% |
| Income taxes | 67/77 | €38,357 | €28,568 | -€9,789 | -25.5% |
| Profit (loss) for the period | 9904 | €78,462 | €58,359 | -€20,103 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €78,462 | €58,359 | -€20,103 | -25.6% |
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 10 October 2026 via checked.be.