VM 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.
VM Pharma
Largest movements
- Receivables within one year +€84,621
up €84,621 (+82.8%), from €102,181 to €186,803
of which Trade receivables: +€82,904
- Cash +€45,553
up €45,553 (+483.8%), from €9,415 to €54,967
mainly Trade debts (+€139,802) and Other debts (+€34,235)
- Stocks and contracts +€27,190
up €27,190 (+42.9%), from €63,436 to €90,626
- Tangible fixed assets -€14,742
down €14,742 (-17.2%), from €85,480 to €70,738
of which Plant, machinery and equipment: -€13,179
- Intangible fixed assets -€6,290
down €6,290 (-18.6%), from €33,762 to €27,471
- Trade debts +€139,802
up €139,802 (+542.1%), from €25,790 to €165,592
- Other debts +€34,235
up €34,235 (+8335.7%), from €411 to €34,645
- Debts after one year -€18,789
down €18,789 (-30.6%), from €61,355 to €42,565
- Profit (loss) carried forward -€17,906
down €17,906 (-22.3%), from €80,457 to €62,551
- Gross operating margin -€43,305
down €43,305 (-24.8%), from €174,740 to €131,435
- Financial charges -€17,887
down €17,887 (-26.6%), from €67,320 to €49,433
- Staff costs +€16,805
up €16,805 (+27.5%), from €61,030 to €77,835
- Taxes -€4,547
down €4,547 (-96.7%), from €4,704 to €157
- Other operating charges -€4,006
down €4,006 (-80.0%), from €5,008 to €1,002
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 | €392,444 | €528,725 | +€136,282 | +34.7% |
| Fixed assets | 21/28 | €119,292 | €98,210 | -€21,082 | -17.7% |
| Intangible fixed assets | 21 | €33,762 | €27,471 | -€6,290 | -18.6% |
| Tangible fixed assets | 22/27 | €85,480 | €70,738 | -€14,742 | -17.2% |
| Plant, machinery and equipment | 23 | €82,210 | €69,031 | -€13,179 | -16.0% |
| Furniture and vehicles | 24 | €3,270 | €1,708 | -€1,563 | -47.8% |
| Financial fixed assets | 28 | €50 | €0 | -€50 | -100.0% |
| Current assets | 29/58 | €273,152 | €430,516 | +€157,364 | +57.6% |
| Amounts receivable after more than one year | 29 | €98,120 | €98,120 | = | 0.0% |
| Trade receivables | 290 | €98,120 | €98,120 | = | 0.0% |
| Stocks and contracts in progress | 3 | €63,436 | €90,626 | +€27,190 | +42.9% |
| Stocks | 30/36 | €63,436 | €90,626 | +€27,190 | +42.9% |
| Amounts receivable within one year | 40/41 | €102,181 | €186,803 | +€84,621 | +82.8% |
| Trade receivables | 40 | €98,704 | €181,608 | +€82,904 | +84.0% |
| Other amounts receivable | 41 | €3,477 | €5,195 | +€1,718 | +49.4% |
| Cash at bank and in hand | 54/58 | €9,415 | €54,967 | +€45,553 | +483.8% |
| Total equity and liabilities | 10/49 | €392,444 | €528,725 | +€136,282 | +34.7% |
| Equity | 10/15 | €260,457 | €242,551 | -€17,906 | -6.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €130,000 | €130,000 | = | 0.0% |
| Distributable reserves | 133 | €130,000 | €130,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,457 | €62,551 | -€17,906 | -22.3% |
| Amounts payable | 17/49 | €131,987 | €286,174 | +€154,187 | +116.8% |
| Amounts payable after more than one year | 17 | €61,355 | €42,565 | -€18,789 | -30.6% |
| Financial debts | 170/4 | €61,355 | €42,565 | -€18,789 | -30.6% |
| Amounts payable within one year | 42/48 | €70,632 | €243,609 | +€172,977 | +244.9% |
| Current portion of amounts payable after more than one year | 42 | €18,577 | €18,176 | -€401 | -2.2% |
| Trade debts | 44 | €25,790 | €165,592 | +€139,802 | +542.1% |
| Suppliers | 440/4 | €25,790 | €165,592 | +€139,802 | +542.1% |
| Taxes, remuneration and social security | 45 | €25,854 | €25,195 | -€659 | -2.5% |
| Taxes | 450/3 | €16,471 | €4,100 | -€12,371 | -75.1% |
| Remuneration and social security | 454/9 | €9,384 | €21,096 | +€11,712 | +124.8% |
| Other amounts payable | 47/48 | €411 | €34,645 | +€34,235 | +8335.7% |
| Remuneration, social security and pensions | 62 | €61,030 | €77,835 | +€16,805 | +27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,712 | €21,032 | -€680 | -3.1% |
| Other operating charges | 640/8 | €5,008 | €1,002 | -€4,006 | -80.0% |
| Gross operating margin | 9900 | €174,740 | €131,435 | -€43,305 | -24.8% |
| Operating profit (loss) | 9901 | €86,990 | €31,565 | -€55,425 | -63.7% |
| Financial income | 75/76B | €20 | €120 | +€99 | +491.7% |
| Recurring financial income | 75 | €20 | €120 | +€99 | +491.7% |
| Financial charges | 65/66B | €67,320 | €49,433 | -€17,887 | -26.6% |
| Recurring financial charges | 65 | €67,320 | €49,433 | -€17,887 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €19,691 | -€17,748 | -€37,439 | |
| Income taxes | 67/77 | €4,704 | €157 | -€4,547 | -96.7% |
| Profit (loss) for the period | 9904 | €14,987 | -€17,906 | -€32,892 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,987 | -€17,906 | -€32,892 |
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 29 September 2026 via checked.be.