VS 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.
VS PHARMA
Largest movements
- Receivables within one year -€146,490
down €146,490 (-29.8%), from €491,010 to €344,520
of which Other amounts receivable: -€128,545
- Cash +€92,274
up €92,274 (+533.0%), from €17,311 to €109,585
mainly Receivables within one year (+€146,490) and Net result for the year (+€107,287)
- Stocks and contracts +€35,191
up €35,191 (+15.0%), from €234,452 to €269,643
- Intangible fixed assets -€14,395
down €14,395 (-15.0%), from €96,146 to €81,750
- Reserves +€116,543
up €116,543 (+34.9%), from €333,821 to €450,364
of which Distributable reserves: +€179,416
- Profit (loss) carried forward -€88,066
down €88,066 (-100.0%), from €88,066 to €0
- Short-term financial debts -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Trade debts +€36,057
up €36,057 (+17.0%), from €212,389 to €248,446
- Debts after one year -€34,397
down €34,397 (-48.8%), from €70,423 to €36,026
- Gross operating margin -€61,300
down €61,300 (-10.4%), from €589,353 to €528,053
- Financial charges +€54,033
up €54,033 (+473.8%), from €11,403 to €65,436
- Staff costs +€31,945
up €31,945 (+13.3%), from €240,822 to €272,767
- Depreciation +€7,564
up €7,564 (+18.2%), from €41,486 to €49,050
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 | €1,242,044 | €1,198,787 | -€43,256 | -3.5% |
| Fixed assets | 21/28 | €190,406 | €167,280 | -€23,125 | -12.1% |
| Intangible fixed assets | 21 | €96,146 | €81,750 | -€14,395 | -15.0% |
| Tangible fixed assets | 22/27 | €94,260 | €85,530 | -€8,730 | -9.3% |
| Plant, machinery and equipment | 23 | €8,801 | €17,089 | +€8,288 | +94.2% |
| Furniture and vehicles | 24 | €51 | €10,304 | +€10,254 | +20211.9% |
| Leasing and similar rights | 25 | €72,109 | €57,199 | -€14,910 | -20.7% |
| Other tangible fixed assets | 26 | €13,299 | €939 | -€12,361 | -92.9% |
| Current assets | 29/58 | €1,051,638 | €1,031,507 | -€20,131 | -1.9% |
| Amounts receivable after more than one year | 29 | €300,000 | €300,000 | = | 0.0% |
| Trade receivables | 290 | €300,000 | €0 | -€300,000 | -100.0% |
| Other amounts receivable | 291 | - | €300,000 | +€300,000 | |
| Stocks and contracts in progress | 3 | €234,452 | €269,643 | +€35,191 | +15.0% |
| Stocks | 30/36 | €234,452 | €269,643 | +€35,191 | +15.0% |
| Amounts receivable within one year | 40/41 | €491,010 | €344,520 | -€146,490 | -29.8% |
| Trade receivables | 40 | €126,680 | €108,735 | -€17,945 | -14.2% |
| Other amounts receivable | 41 | €364,329 | €235,785 | -€128,545 | -35.3% |
| Cash at bank and in hand | 54/58 | €17,311 | €109,585 | +€92,274 | +533.0% |
| Deferred charges and accrued income | 490/1 | €8,865 | €7,759 | -€1,106 | -12.5% |
| Total equity and liabilities | 10/49 | €1,242,044 | €1,198,787 | -€43,256 | -3.5% |
| Equity | 10/15 | €691,888 | €720,364 | +€28,477 | +4.1% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Reserves | 13 | €333,821 | €450,364 | +€116,543 | +34.9% |
| Tax-exempt reserves | 132 | €77,421 | €14,549 | -€62,873 | -81.2% |
| Distributable reserves | 133 | €256,400 | €435,816 | +€179,416 | +70.0% |
| Profit (loss) carried forward | 14 | €88,066 | €0 | -€88,066 | -100.0% |
| Provisions and deferred taxes | 16 | €20,959 | €0 | -€20,959 | -100.0% |
| Deferred taxes | 168 | €20,959 | €0 | -€20,959 | -100.0% |
| Amounts payable | 17/49 | €529,197 | €478,423 | -€50,774 | -9.6% |
| Amounts payable after more than one year | 17 | €70,423 | €36,026 | -€34,397 | -48.8% |
| Financial debts | 170/4 | €70,423 | €36,026 | -€34,397 | -48.8% |
| Amounts payable within one year | 42/48 | €458,774 | €441,303 | -€17,471 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €98,151 | €82,435 | -€15,716 | -16.0% |
| Financial debts | 43 | €50,000 | €0 | -€50,000 | -100.0% |
| Credit institutions | 430/8 | €50,000 | €0 | -€50,000 | -100.0% |
| Trade debts | 44 | €212,389 | €248,446 | +€36,057 | +17.0% |
| Suppliers | 440/4 | €212,389 | €248,446 | +€36,057 | +17.0% |
| Taxes, remuneration and social security | 45 | €42,234 | €42,422 | +€188 | +0.4% |
| Taxes | 450/3 | €5,588 | €458 | -€5,129 | -91.8% |
| Remuneration and social security | 454/9 | €36,647 | €41,964 | +€5,317 | +14.5% |
| Other amounts payable | 47/48 | €56,000 | €68,000 | +€12,000 | +21.4% |
| Accrued charges and deferred income | 492/3 | - | €1,093 | +€1,093 | |
| Non-recurring operating income | 76A | €6,584 | €0 | -€6,584 | -100.0% |
| Remuneration, social security and pensions | 62 | €240,822 | €272,767 | +€31,945 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,486 | €49,050 | +€7,564 | +18.2% |
| Other operating charges | 640/8 | €2,133 | €1,856 | -€277 | -13.0% |
| Non-recurring operating charges | 66A | €382 | €0 | -€382 | -100.0% |
| Gross operating margin | 9900 | €589,353 | €528,053 | -€61,300 | -10.4% |
| Operating profit (loss) | 9901 | €304,529 | €204,379 | -€100,150 | -32.9% |
| Financial income | 75/76B | €3,043 | €1,713 | -€1,330 | -43.7% |
| Recurring financial income | 75 | €3,043 | €1,713 | -€1,330 | -43.7% |
| Financial charges | 65/66B | €11,403 | €65,436 | +€54,033 | +473.8% |
| Recurring financial charges | 65 | €11,403 | €65,436 | +€54,033 | +473.8% |
| Profit (loss) for the period before taxes | 9903 | €296,170 | €140,656 | -€155,513 | -52.5% |
| Transfer from deferred taxes | 780 | €3,184 | €20,959 | +€17,775 | +558.3% |
| Transfer to deferred taxes | 680 | €24,143 | €0 | -€24,143 | -100.0% |
| Income taxes | 67/77 | €54,192 | €54,328 | +€136 | +0.3% |
| Profit (loss) for the period | 9904 | €221,019 | €107,287 | -€113,733 | -51.5% |
| Transfer from tax-exempt reserves | 789 | €9,555 | €62,873 | +€53,318 | +558.0% |
| Transfer to tax-exempt reserves | 689 | €72,428 | €0 | -€72,428 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €158,147 | €170,160 | +€12,013 | +7.6% |
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 2 October 2026 via checked.be.