VETPHARM: 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.
What changed
VETPHARM
NACE 46.460, Wholesale of pharmaceutical and medical goods
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€31,770
2024 · €376,696-€344,925
Equity
€937,060
2024 · €905,290+€31,770
Cash
€67,101
2024 · €12,618+€54,483
Balance sheet total
€5.6m
2024 · €7.0m-€1.4m
Largest movements
Assets
- Receivables within one year -€1.2m
down €1.2m (-32.3%), from €3.7m to €2.5m
of which Other amounts receivable: -€1.2m
- Deferred charges and accrued income -€414,292
down €414,292 (-87.8%), from €471,675 to €57,383
- Stocks and contracts +€125,665
up €125,665 (+4.6%), from €2.7m to €2.9m
Equity and liabilities
- Other debts -€1.8m
down €1.8m (-88.8%), from €2.0m to €227,542
- Current portion of long-term debt +€511,717
up €511,717 (+4,325%), from €11,832 to €523,549
- Trade debts -€257,551
down €257,551 (-8.4%), from €3.1m to €2.8m
- Debts after one year +€125,000
new in 2025: €125,000
Income statement
- Gross operating margin -€381,563
down €381,563 (-75.5%), from €505,635 to €124,072
- Financial income -€93,560
down €93,560 (-92.7%), from €100,918 to €7,358
- Taxes -€92,159
down €92,159 (-89.9%), from €102,460 to €10,301
- Financial charges -€42,681
down €42,681 (-36.8%), from €115,914 to €73,233
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
€376,696
Gross operating margin
-€381,563
Depreciation
-€3,397
Write-downs
-€1,600
Other operating charges
+€355
Financial income
-€93,560
Financial charges
+€42,681
Taxes
+€92,159
Result 2025
€31,770
raises the resultlowers the result
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.
From operations
-€516,126
Investment
-€29,637
Financing
+€600,246
Cash 2024
€12,618
From operations (derived)
-€516,126
Net result for the year
+€31,770
Depreciation
+€15,397
Stocks and contracts
-€125,665
Receivables within one year
+€1.2m
Deferred charges and accrued income
+€414,292
Trade debts
-€257,551
Tax, wage and social debts
-€20,854
Other debts
-€1.8m
Accrued charges and deferred income
+€21,614
Investment (derived)
-€29,637
Investment in fixed assets (net)
-€29,637
Financing
+€600,246
Debts after one year
+€125,000
Current portion of long-term debt
+€511,717
Short-term financial debts
-€36,471
Cash 2025
€67,101
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,000,146 | €5,570,560 | -€1.4m | -20.4% |
| Fixed assets | 21/28 | €30,005 | €44,245 | +€14,240 | +47.5% |
| Intangible fixed assets | 21 | - | €15,946 | +€15,946 | |
| Tangible fixed assets | 22/27 | €26,705 | €26,500 | -€205 | -0.8% |
| Plant, machinery and equipment | 23 | €26,705 | €23,855 | -€2,850 | -10.7% |
| Furniture and vehicles | 24 | - | €2,645 | +€2,645 | |
| Financial fixed assets | 28 | €3,300 | €1,800 | -€1,500 | -45.5% |
| Current assets | 29/58 | €6,970,141 | €5,526,314 | -€1.4m | -20.7% |
| Stocks and contracts in progress | 3 | €2,743,467 | €2,869,132 | +€125,665 | +4.6% |
| Stocks | 30/36 | €2,743,467 | €2,869,132 | +€125,665 | +4.6% |
| Amounts receivable within one year | 40/41 | €3,742,381 | €2,532,698 | -€1.2m | -32.3% |
| Trade receivables | 40 | €2,453,771 | €2,472,242 | +€18,471 | +0.8% |
| Other amounts receivable | 41 | €1,288,610 | €60,456 | -€1.2m | -95.3% |
| Cash at bank and in hand | 54/58 | €12,618 | €67,101 | +€54,483 | +432% |
| Deferred charges and accrued income | 490/1 | €471,675 | €57,383 | -€414,292 | -87.8% |
| Total equity and liabilities | 10/49 | €7,000,146 | €5,570,560 | -€1.4m | -20.4% |
| Equity | 10/15 | €905,290 | €937,060 | +€31,770 | +3.5% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €865,290 | €897,060 | +€31,770 | +3.7% |
| Distributable reserves | 133 | €865,290 | €897,060 | +€31,770 | +3.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €6,094,856 | €4,633,500 | -€1.5m | -24.0% |
| Amounts payable after more than one year | 17 | - | €125,000 | +€125,000 | |
| Financial debts | 170/4 | - | €125,000 | +€125,000 | |
| Amounts payable within one year | 42/48 | €6,061,688 | €4,453,717 | -€1.6m | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €11,832 | €523,549 | +€511,717 | +4,325% |
| Financial debts | 43 | €930,735 | €894,264 | -€36,471 | -3.9% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Other loans | 439 | €430,735 | €394,264 | -€36,471 | -8.5% |
| Trade debts | 44 | €3,065,913 | €2,808,362 | -€257,551 | -8.4% |
| Suppliers | 440/4 | €3,065,913 | €2,808,362 | -€257,551 | -8.4% |
| Taxes, remuneration and social security | 45 | €20,854 | €0 | -€20,854 | -100% |
| Taxes | 450/3 | €20,854 | €0 | -€20,854 | -100% |
| Other amounts payable | 47/48 | €2,032,353 | €227,542 | -€1.8m | -88.8% |
| Accrued charges and deferred income | 492/3 | €33,168 | €54,783 | +€21,614 | +65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,000 | €15,397 | +€3,397 | +28.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,600 | €0 | +€1,600 | |
| Other operating charges | 640/8 | €1,085 | €730 | -€355 | -32.7% |
| Gross operating margin | 9900 | €505,635 | €124,072 | -€381,563 | -75.5% |
| Operating profit (loss) | 9901 | €494,151 | €107,945 | -€386,206 | -78.2% |
| Financial income | 75/76B | €100,918 | €7,358 | -€93,560 | -92.7% |
| Recurring financial income | 75 | €100,918 | €7,358 | -€93,560 | -92.7% |
| Financial charges | 65/66B | €115,914 | €73,233 | -€42,681 | -36.8% |
| Recurring financial charges | 65 | €115,914 | €73,233 | -€42,681 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | €479,156 | €42,071 | -€437,085 | -91.2% |
| Income taxes | 67/77 | €102,460 | €10,301 | -€92,159 | -89.9% |
| Profit (loss) for the period | 9904 | €376,696 | €31,770 | -€344,925 | -91.6% |
| Profit (loss) for the period to be appropriated | 9905 | €376,696 | €31,770 | -€344,925 | -91.6% |
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 22 October 2026 via checked.be.