WESTLAND 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.
"WESTLAND PHARMA"
Largest movements
- Receivables within one year +€560,807
up €560,807 (+101%), from €556,070 to €1.1m
of which Trade receivables: +€397,524
- Cash -€199,182
down €199,182 (-29.1%), from €684,851 to €485,669
mainly Receivables within one year (-€560,807) and Contributions, distributions and other (-€88,235)
- Stocks and contracts -€51,330
down €51,330 (-7.5%), from €688,143 to €636,812
- Trade debts +€247,694
up €247,694 (+34.8%), from €712,047 to €959,741
- Reserves +€138,602
up €138,602 (+12.6%), from €1.1m to €1.2m
of which Distributable reserves: +€138,602
- Debts after one year +€71,895
up €71,895 (+52.6%), from €136,611 to €208,506
- Short-term financial debts -€59,982
down €59,982 (-63.5%), from €94,439 to €34,457
- Other debts -€46,693
no longer reported in 2025 (was €46,693)
- Staff costs +€108,822
up €108,822 (+27.8%), from €391,911 to €500,733
- Gross operating margin -€82,470
down €82,470 (-8.3%), from €996,872 to €914,402
- Taxes -€48,962
down €48,962 (-36.6%), from €133,898 to €84,936
- Depreciation -€12,187
down €12,187 (-16.8%), from €72,561 to €60,373
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 | €2,450,774 | €2,757,629 | +€306,854 | +12.5% |
| Fixed assets | 21/28 | €472,258 | €465,019 | -€7,239 | -1.5% |
| Intangible fixed assets | 21 | €12,633 | - | -€12,633 | |
| Tangible fixed assets | 22/27 | €377,991 | €383,385 | +€5,394 | +1.4% |
| Plant, machinery and equipment | 23 | €46,991 | €37,508 | -€9,482 | -20.2% |
| Furniture and vehicles | 24 | €4,946 | €2,753 | -€2,193 | -44.3% |
| Other tangible fixed assets | 26 | €326,054 | €343,123 | +€17,069 | +5.2% |
| Financial fixed assets | 28 | €81,634 | €81,634 | = | 0.0% |
| Current assets | 29/58 | €1,978,516 | €2,292,610 | +€314,094 | +15.9% |
| Stocks and contracts in progress | 3 | €688,143 | €636,812 | -€51,330 | -7.5% |
| Stocks | 30/36 | €688,143 | €636,812 | -€51,330 | -7.5% |
| Amounts receivable within one year | 40/41 | €556,070 | €1,116,878 | +€560,807 | +101% |
| Trade receivables | 40 | €261,661 | €659,184 | +€397,524 | +152% |
| Other amounts receivable | 41 | €294,409 | €457,693 | +€163,284 | +55.5% |
| Cash at bank and in hand | 54/58 | €684,851 | €485,669 | -€199,182 | -29.1% |
| Deferred charges and accrued income | 490/1 | €49,453 | €53,251 | +€3,799 | +7.7% |
| Total equity and liabilities | 10/49 | €2,450,774 | €2,757,629 | +€306,854 | +12.5% |
| Equity | 10/15 | €1,120,600 | €1,259,202 | +€138,602 | +12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,102,000 | €1,240,602 | +€138,602 | +12.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,100,140 | €1,238,742 | +€138,602 | +12.6% |
| Amounts payable | 17/49 | €1,330,174 | €1,498,427 | +€168,253 | +12.6% |
| Amounts payable after more than one year | 17 | €136,611 | €208,506 | +€71,895 | +52.6% |
| Financial debts | 170/4 | €136,611 | €208,506 | +€71,895 | +52.6% |
| Amounts payable within one year | 42/48 | €1,043,563 | €1,139,921 | +€96,358 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €59,318 | €50,145 | -€9,173 | -15.5% |
| Financial debts | 43 | €94,439 | €34,457 | -€59,982 | -63.5% |
| Credit institutions | 430/8 | €94,439 | €34,457 | -€59,982 | -63.5% |
| Trade debts | 44 | €712,047 | €959,741 | +€247,694 | +34.8% |
| Suppliers | 440/4 | €712,047 | €959,741 | +€247,694 | +34.8% |
| Taxes, remuneration and social security | 45 | €131,066 | €95,578 | -€35,488 | -27.1% |
| Taxes | 450/3 | €56,166 | €2,999 | -€53,167 | -94.7% |
| Remuneration and social security | 454/9 | €74,900 | €92,579 | +€17,679 | +23.6% |
| Other amounts payable | 47/48 | €46,693 | - | -€46,693 | |
| Accrued charges and deferred income | 492/3 | €150,000 | €150,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €391,911 | €500,733 | +€108,822 | +27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,561 | €60,373 | -€12,187 | -16.8% |
| Other operating charges | 640/8 | €1,269 | €8,204 | +€6,936 | +547% |
| Gross operating margin | 9900 | €996,872 | €914,402 | -€82,470 | -8.3% |
| Operating profit (loss) | 9901 | €531,131 | €345,092 | -€186,039 | -35.0% |
| Financial income | 75/76B | €598 | €1,711 | +€1,113 | +186% |
| Recurring financial income | 75 | €598 | €1,711 | +€1,113 | +186% |
| Financial charges | 65/66B | €28,766 | €35,029 | +€6,264 | +21.8% |
| Recurring financial charges | 65 | €28,766 | €35,029 | +€6,264 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €502,964 | €311,773 | -€191,190 | -38.0% |
| Income taxes | 67/77 | €133,898 | €84,936 | -€48,962 | -36.6% |
| Profit (loss) for the period | 9904 | €369,065 | €226,837 | -€142,229 | -38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €369,065 | €226,837 | -€142,229 | -38.5% |
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.