Will - 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.
What changed
Will - Pharma
NACE 21.201, Manufacture of basic pharmaceutical products and pharmaceutical preparations
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€358,166
2024 · €310,424+€47,741
Equity
€4.7m
2024 · €4.3m+€358,166
Cash
€1.5m
2024 · €557,429+€978,435
Balance sheet total
€9.7m
2024 · €9.0m+€720,783
Largest movements
Assets
- Cash +€978,435
up €978,435 (+175.5%), from €557,429 to €1.5m
mainly Net result for the year (+€358,166) and Depreciation (+€339,490)
- Stocks and contracts -€265,511
down €265,511 (-5.1%), from €5.2m to €5.0m
- Receivables within one year +€243,764
up €243,764 (+13.6%), from €1.8m to €2.0m
of which Other amounts receivable: +€162,151
- Intangible fixed assets -€126,580
down €126,580 (-19.2%), from €657,947 to €531,367
Equity and liabilities
- Profit (loss) carried forward +€403,111
up €403,111 (+49.3%), from €817,472 to €1.2m
- Trade debts +€193,492
up €193,492 (+6.9%), from €2.8m to €3.0m
- Tax, wage and social debts +€146,932
up €146,932 (+29.2%), from €503,553 to €650,485
of which Remuneration and social security: +€152,864
Income statement
- Turnover +€1.6m
up €1.6m (+9.5%), from €16.3m to €17.8m
- Goods and materials +€750,561
up €750,561 (+12.3%), from €6.1m to €6.9m
of which Change in stocks: decrease (increase): +€753,624
- Services and other goods +€335,161
up €335,161 (+5.0%), from €6.7m to €7.1m
- Staff costs +€238,476
up €238,476 (+9.3%), from €2.6m to €2.8m
- Write-downs +€237,878
up €237,878 (+432.0%), from €55,066 to €292,944
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
€310,424
Turnover
+€1.6m
Other operating income
+€77,207
Goods and materials
-€750,561
Services and other goods
-€335,161
Staff costs
-€238,476
Depreciation
-€4,880
Write-downs
-€237,878
Provisions
-€30,000
Other operating charges
-€84
Financial income
+€9,581
Financial charges
+€7,814
Taxes
+€4,246
Deferred taxes and other
-€4,950
Result 2025
€358,166
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.
From operations
+€1.1m
Investment
-€138,224
Financing
€0
Cash 2024
€557,429
From operations (derived)
+€1.1m
Net result for the year
+€358,166
Depreciation
+€339,490
Stocks and contracts
+€265,511
Receivables within one year
-€243,764
Deferred charges and accrued income
+€34,638
Provisions
-€14,978
Trade debts
+€193,492
Tax, wage and social debts
+€146,932
Other debts
+€30,263
Accrued charges and deferred income
+€6,909
Investment (derived)
-€138,224
Investment in fixed assets (net)
-€138,251
Current investments
+€27
Cash 2025
€1.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,008,775 | €9,729,558 | +€720,783 | +8.0% |
| Fixed assets | 21/28 | €1,254,419 | €1,053,179 | -€201,240 | -16.0% |
| Intangible fixed assets | 21 | €657,947 | €531,367 | -€126,580 | -19.2% |
| Tangible fixed assets | 22/27 | €593,009 | €518,349 | -€74,660 | -12.6% |
| Land and buildings | 22 | €389,120 | €344,421 | -€44,699 | -11.5% |
| Plant, machinery and equipment | 23 | €152,598 | €128,700 | -€23,898 | -15.7% |
| Furniture and vehicles | 24 | €35,461 | €31,941 | -€3,520 | -9.9% |
| Other tangible fixed assets | 26 | €9,839 | €9,839 | = | 0.0% |
| Assets under construction and advance payments | 27 | €5,991 | €3,449 | -€2,542 | -42.4% |
| Financial fixed assets | 28 | €3,463 | €3,463 | = | 0.0% |
| Other financial fixed assets | 284/8 | €3,463 | €3,463 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,463 | €3,463 | = | 0.0% |
| Current assets | 29/58 | €7,754,356 | €8,676,379 | +€922,023 | +11.9% |
| Stocks and contracts in progress | 3 | €5,217,434 | €4,951,922 | -€265,511 | -5.1% |
| Stocks | 30/36 | €5,217,434 | €4,951,922 | -€265,511 | -5.1% |
| Raw materials and consumables | 30/31 | €389,971 | €447,645 | +€57,673 | +14.8% |
| Goods purchased for resale | 34 | €4,827,463 | €4,504,278 | -€323,185 | -6.7% |
| Amounts receivable within one year | 40/41 | €1,794,939 | €2,038,703 | +€243,764 | +13.6% |
| Trade receivables | 40 | €1,449,981 | €1,531,594 | +€81,613 | +5.6% |
| Other amounts receivable | 41 | €344,959 | €507,109 | +€162,151 | +47.0% |
| Current investments | 50/53 | €2,752 | €2,726 | -€27 | -1.0% |
| Other investments | 51/53 | €2,752 | €2,726 | -€27 | -1.0% |
| Cash at bank and in hand | 54/58 | €557,429 | €1,535,863 | +€978,435 | +175.5% |
| Deferred charges and accrued income | 490/1 | €181,802 | €147,164 | -€34,638 | -19.1% |
| Total equity and liabilities | 10/49 | €9,008,775 | €9,729,558 | +€720,783 | +8.0% |
| Equity | 10/15 | €4,306,280 | €4,664,446 | +€358,166 | +8.3% |
| Contributions | 10/11 | €3,008,981 | €3,008,981 | = | 0.0% |
| Capital | 10 | €2,970,000 | €2,970,000 | = | 0.0% |
| Issued capital | 100 | €2,970,000 | €2,970,000 | = | 0.0% |
| Outside capital | 11 | €38,981 | €38,981 | = | 0.0% |
| Share premium | 1100/10 | €38,981 | €38,981 | = | 0.0% |
| Reserves | 13 | €479,827 | €434,882 | -€44,945 | -9.4% |
| Non-distributable reserves | 130/1 | €318,445 | €318,445 | = | 0.0% |
| Legal reserve | 130 | €297,000 | €297,000 | = | 0.0% |
| Other | 1319 | €21,445 | €21,445 | = | 0.0% |
| Tax-exempt reserves | 132 | €156,305 | €111,360 | -€44,945 | -28.8% |
| Distributable reserves | 133 | €5,077 | €5,077 | = | 0.0% |
| Profit (loss) carried forward | 14 | €817,472 | €1,220,583 | +€403,111 | +49.3% |
| Provisions and deferred taxes | 16 | €52,088 | €37,111 | -€14,978 | -28.8% |
| Deferred taxes | 168 | €52,088 | €37,111 | -€14,978 | -28.8% |
| Amounts payable | 17/49 | €4,650,406 | €5,028,001 | +€377,595 | +8.1% |
| Amounts payable within one year | 42/48 | €4,486,225 | €4,856,911 | +€370,686 | +8.3% |
| Trade debts | 44 | €2,805,735 | €2,999,227 | +€193,492 | +6.9% |
| Suppliers | 440/4 | €2,805,735 | €2,999,227 | +€193,492 | +6.9% |
| Taxes, remuneration and social security | 45 | €503,553 | €650,485 | +€146,932 | +29.2% |
| Taxes | 450/3 | €100,256 | €94,324 | -€5,932 | -5.9% |
| Remuneration and social security | 454/9 | €403,297 | €556,161 | +€152,864 | +37.9% |
| Other amounts payable | 47/48 | €1,176,937 | €1,207,200 | +€30,263 | +2.6% |
| Accrued charges and deferred income | 492/3 | €164,181 | €171,090 | +€6,909 | +4.2% |
| Operating income | 70/76A | €16,454,847 | €18,082,939 | +€1.6m | +9.9% |
| Turnover | 70 | €16,250,726 | €17,801,611 | +€1.6m | +9.5% |
| Other operating income | 74 | €204,121 | €281,328 | +€77,207 | +37.8% |
| Operating charges | 60/66A | €15,895,971 | €17,493,013 | +€1.6m | +10.0% |
| Goods for resale, raw materials and consumables | 60 | €6,109,693 | €6,860,255 | +€750,561 | +12.3% |
| Purchases | 600/8 | €6,963,548 | €6,960,485 | -€3,063 | 0.0% |
| Change in stocks: decrease (increase) | 609 | -€853,855 | -€100,231 | +€753,624 | +88.3% |
| Services and other goods | 61 | €6,720,788 | €7,055,949 | +€335,161 | +5.0% |
| Remuneration, social security and pensions | 62 | €2,571,282 | €2,809,759 | +€238,476 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €334,610 | €339,490 | +€4,880 | +1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €55,066 | €292,944 | +€237,878 | +432.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€30,000 | - | +€30,000 | |
| Other operating charges | 640/8 | €134,532 | €134,616 | +€84 | +0.1% |
| Operating profit (loss) | 9901 | €558,876 | €589,926 | +€31,050 | +5.6% |
| Financial income | 75/76B | €883 | €10,464 | +€9,581 | +1084.7% |
| Recurring financial income | 75 | €883 | €10,464 | +€9,581 | +1084.7% |
| Other financial income | 752/9 | €883 | €10,464 | +€9,581 | +1084.7% |
| Financial charges | 65/66B | €103,156 | €95,342 | -€7,814 | -7.6% |
| Recurring financial charges | 65 | €103,156 | €95,342 | -€7,814 | -7.6% |
| Debt charges | 650 | €39,702 | €41,515 | +€1,813 | +4.6% |
| Other financial charges | 652/9 | €63,454 | €53,828 | -€9,627 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €456,603 | €505,048 | +€48,445 | +10.6% |
| Transfer from deferred taxes | 780 | €19,928 | €14,978 | -€4,950 | -24.8% |
| Income taxes | 67/77 | €166,106 | €161,860 | -€4,246 | -2.6% |
| Taxes | 670/3 | €166,106 | €161,860 | -€4,246 | -2.6% |
| Profit (loss) for the period | 9904 | €310,424 | €358,166 | +€47,741 | +15.4% |
| Transfer from tax-exempt reserves | 789 | €59,798 | €44,945 | -€14,853 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €370,222 | €403,111 | +€32,888 | +8.9% |
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 8 October 2026 via checked.be.