VASCO 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.
VASCO PHARMA
Largest movements
- Cash -€81,773
down €81,773 (-80.1%), from €102,066 to €20,293
mainly Debts after one year (-€93,974) and Other debts (-€87,759)
- Tangible fixed assets -€37,486
down €37,486 (-3.1%), from €1.2m to €1.2m
of which Land and buildings: -€36,866
- Debts after one year -€93,974
down €93,974 (-10.2%), from €921,478 to €827,505
- Other debts -€87,759
down €87,759 (-36.0%), from €243,649 to €155,889
- Reserves +€59,136
up €59,136 (+11.3%), from €523,051 to €582,187
of which Distributable reserves: +€67,309
- Gross operating margin +€57,809
up €57,809 (+49.1%), from €117,685 to €175,494
- Financial charges -€55,224
down €55,224 (-61.6%), from €89,655 to €34,430
of which Non-recurring financial charges: -€43,018
- Financial income -€19,358
down €19,358 (-100.0%), from €19,358 to €0
- Taxes +€15,103
up €15,103 (+166%), from €9,124 to €24,227
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.
Derived cash bridge
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 | €2,207,753 | €2,071,182 | -€136,571 | -6.2% |
| Fixed assets | 21/28 | €2,105,687 | €2,049,601 | -€56,086 | -2.7% |
| Tangible fixed assets | 22/27 | €1,194,949 | €1,157,463 | -€37,486 | -3.1% |
| Land and buildings | 22 | €1,193,402 | €1,156,536 | -€36,866 | -3.1% |
| Plant, machinery and equipment | 23 | €1,547 | €927 | -€620 | -40.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €910,738 | €892,138 | -€18,600 | -2.0% |
| Current assets | 29/58 | €102,066 | €21,581 | -€80,485 | -78.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €0 | €850 | +€850 | |
| Other amounts receivable | 41 | €0 | €850 | +€850 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €102,066 | €20,293 | -€81,773 | -80.1% |
| Deferred charges and accrued income | 490/1 | €0 | €438 | +€438 | |
| Total equity and liabilities | 10/49 | €2,207,753 | €2,071,182 | -€136,571 | -6.2% |
| Equity | 10/15 | €818,497 | €877,633 | +€59,136 | +7.2% |
| Contributions | 10/11 | €295,446 | €295,446 | = | 0.0% |
| Reserves | 13 | €523,051 | €582,187 | +€59,136 | +11.3% |
| Tax-exempt reserves | 132 | €114,418 | €106,246 | -€8,173 | -7.1% |
| Distributable reserves | 133 | €408,633 | €475,941 | +€67,309 | +16.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €58,917 | €54,708 | -€4,208 | -7.1% |
| Deferred taxes | 168 | €58,917 | €54,708 | -€4,208 | -7.1% |
| Amounts payable | 17/49 | €1,330,340 | €1,138,841 | -€191,499 | -14.4% |
| Amounts payable after more than one year | 17 | €921,478 | €827,505 | -€93,974 | -10.2% |
| Financial debts | 170/4 | €921,478 | €827,505 | -€93,974 | -10.2% |
| Amounts payable within one year | 42/48 | €395,695 | €307,945 | -€87,749 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €117,719 | €127,437 | +€9,719 | +8.3% |
| Financial debts | 43 | €4,406 | €5,059 | +€653 | +14.8% |
| Credit institutions | 430/8 | €4,406 | €5,059 | +€653 | +14.8% |
| Trade debts | 44 | €13,779 | €7,032 | -€6,747 | -49.0% |
| Suppliers | 440/4 | €13,779 | €7,032 | -€6,747 | -49.0% |
| Taxes, remuneration and social security | 45 | €16,142 | €12,528 | -€3,614 | -22.4% |
| Taxes | 450/3 | €16,142 | €12,528 | -€3,614 | -22.4% |
| Other amounts payable | 47/48 | €243,649 | €155,889 | -€87,759 | -36.0% |
| Accrued charges and deferred income | 492/3 | €13,167 | €3,391 | -€9,775 | -74.2% |
| Non-recurring operating income | 76A | €9,645 | €0 | -€9,645 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,385 | €37,486 | +€101 | +0.3% |
| Other operating charges | 640/8 | €4,399 | €4,991 | +€592 | +13.5% |
| Non-recurring operating charges | 66A | €9,535 | €18,600 | +€9,065 | +95.1% |
| Gross operating margin | 9900 | €117,685 | €175,494 | +€57,809 | +49.1% |
| Operating profit (loss) | 9901 | €66,366 | €114,418 | +€48,052 | +72.4% |
| Financial income | 75/76B | €19,358 | €0 | -€19,358 | -100.0% |
| Recurring financial income | 75 | €19,358 | €0 | -€19,358 | -100.0% |
| Financial charges | 65/66B | €89,655 | €34,430 | -€55,224 | -61.6% |
| Recurring financial charges | 65 | €46,636 | €34,430 | -€12,206 | -26.2% |
| Non-recurring financial charges | 66B | €43,018 | €0 | -€43,018 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€3,931 | €79,987 | +€83,918 | |
| Transfer from deferred taxes | 780 | €4,208 | €4,208 | = | 0.0% |
| Income taxes | 67/77 | €9,124 | €24,227 | +€15,103 | +166% |
| Profit (loss) for the period | 9904 | -€8,846 | €59,969 | +€68,816 | |
| Transfer from tax-exempt reserves | 789 | €8,173 | €8,173 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€674 | €68,142 | +€68,816 |
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 30 October 2026 via checked.be.