VISA 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.
VISA PHARMA
Largest movements
- Receivables within one year -€152,744
down €152,744 (-42.9%), from €356,028 to €203,284
of which Other amounts receivable: -€162,709
- Cash +€56,191
up €56,191 (+73.4%), from €76,515 to €132,707
mainly Receivables within one year (+€152,744) and Net result for the year (+€123,381)
- Stocks and contracts +€24,280
up €24,280 (+12.0%), from €201,645 to €225,925
- Intangible fixed assets -€9,358
down €9,358 (-47.3%), from €19,774 to €10,416
- Short-term financial debts -€91,840
down €91,840 (-91.8%), from €100,000 to €8,160
- Reserves +€61,593
up €61,593 (+97.0%), from €63,500 to €125,093
- Other debts -€28,233
down €28,233 (-29.3%), from €96,512 to €68,280
- Tax, wage and social debts -€14,122
down €14,122 (-38.3%), from €36,898 to €22,776
of which Remuneration and social security: -€7,904
- Debts after one year -€12,474
down €12,474 (-10.4%), from €119,761 to €107,287
- Financial charges +€8,609
up €8,609 (+98.6%), from €8,730 to €17,339
- Gross operating margin +€5,892
up €5,892 (+1.5%), from €397,524 to €403,416
- Staff costs -€4,174
down €4,174 (-2.0%), from €211,866 to €207,691
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 | €699,935 | €615,498 | -€84,437 | -12.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €64,754 | €52,518 | -€12,236 | -18.9% |
| Intangible fixed assets | 21 | €19,774 | €10,416 | -€9,358 | -47.3% |
| Tangible fixed assets | 22/27 | €44,930 | €42,051 | -€2,878 | -6.4% |
| Plant, machinery and equipment | 23 | €3,949 | €14,674 | +€10,725 | +271.6% |
| Furniture and vehicles | 24 | €7,138 | €3,667 | -€3,471 | -48.6% |
| Other tangible fixed assets | 26 | €33,843 | €23,711 | -€10,132 | -29.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €635,181 | €562,980 | -€72,201 | -11.4% |
| Stocks and contracts in progress | 3 | €201,645 | €225,925 | +€24,280 | +12.0% |
| Stocks | 30/36 | €201,645 | €225,925 | +€24,280 | +12.0% |
| Amounts receivable within one year | 40/41 | €356,028 | €203,284 | -€152,744 | -42.9% |
| Trade receivables | 40 | €77,702 | €87,666 | +€9,964 | +12.8% |
| Other amounts receivable | 41 | €278,326 | €115,618 | -€162,709 | -58.5% |
| Cash at bank and in hand | 54/58 | €76,515 | €132,707 | +€56,191 | +73.4% |
| Deferred charges and accrued income | 490/1 | €992 | €1,064 | +€72 | +7.3% |
| Total equity and liabilities | 10/49 | €699,935 | €615,498 | -€84,437 | -12.1% |
| Equity | 10/15 | €123,712 | €185,093 | +€61,381 | +49.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €63,500 | €125,093 | +€61,593 | +97.0% |
| Distributable reserves | 133 | €63,500 | €125,093 | +€61,593 | +97.0% |
| Profit (loss) carried forward | 14 | €212 | €0 | -€212 | -100.0% |
| Amounts payable | 17/49 | €576,224 | €430,405 | -€145,819 | -25.3% |
| Amounts payable after more than one year | 17 | €119,761 | €107,287 | -€12,474 | -10.4% |
| Financial debts | 170/4 | €119,761 | €107,287 | -€12,474 | -10.4% |
| Amounts payable within one year | 42/48 | €456,463 | €322,196 | -€134,267 | -29.4% |
| Current portion of amounts payable after more than one year | 42 | €32,401 | €32,011 | -€390 | -1.2% |
| Financial debts | 43 | €100,000 | €8,160 | -€91,840 | -91.8% |
| Credit institutions | 430/8 | €100,000 | €8,160 | -€91,840 | -91.8% |
| Trade debts | 44 | €190,651 | €190,969 | +€318 | +0.2% |
| Suppliers | 440/4 | €190,651 | €190,969 | +€318 | +0.2% |
| Taxes, remuneration and social security | 45 | €36,898 | €22,776 | -€14,122 | -38.3% |
| Taxes | 450/3 | €7,850 | €1,632 | -€6,218 | -79.2% |
| Remuneration and social security | 454/9 | €29,048 | €21,144 | -€7,904 | -27.2% |
| Other amounts payable | 47/48 | €96,512 | €68,280 | -€28,233 | -29.3% |
| Accrued charges and deferred income | 492/3 | - | €922 | +€922 | |
| Remuneration, social security and pensions | 62 | €211,866 | €207,691 | -€4,174 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,821 | €24,462 | -€360 | -1.4% |
| Other operating charges | 640/8 | €180 | €400 | +€220 | +122.1% |
| Gross operating margin | 9900 | €397,524 | €403,416 | +€5,892 | +1.5% |
| Operating profit (loss) | 9901 | €160,657 | €170,863 | +€10,206 | +6.4% |
| Financial income | 75/76B | €3,681 | €450 | -€3,231 | -87.8% |
| Recurring financial income | 75 | €3,681 | €450 | -€3,231 | -87.8% |
| Financial charges | 65/66B | €8,730 | €17,339 | +€8,609 | +98.6% |
| Recurring financial charges | 65 | €8,730 | €17,339 | +€8,609 | +98.6% |
| Profit (loss) for the period before taxes | 9903 | €155,609 | €153,974 | -€1,635 | -1.1% |
| Income taxes | 67/77 | €33,721 | €30,593 | -€3,128 | -9.3% |
| Profit (loss) for the period | 9904 | €121,888 | €123,381 | +€1,494 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €121,888 | €123,381 | +€1,494 | +1.2% |
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 11 October 2026 via checked.be.