ExpansionPharma: 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
ExpansionPharma
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€500,241
2024 · €328,759+€171,482
Equity
€6.6m
2024 · €6.1m+€500,241
Cash
€57,257
2024 · €36,018+€21,239
Balance sheet total
€9.9m
2024 · €9.6m+€363,337
Largest movements
Assets
- Receivables within one year +€104,182
up €104,182 (+6.5%), from €1.6m to €1.7m
of which Other amounts receivable: +€112,392
- Intangible fixed assets +€102,692
up €102,692 (+444.7%), from €23,091 to €125,783
Equity and liabilities
- Profit (loss) carried forward +€500,241
up €500,241 (+41.4%), from €1.2m to €1.7m
- Debts after one year -€242,628
down €242,628 (-23.1%), from €1.1m to €809,725
of which Financial debts: -€203,628
Income statement
- Gross operating margin +€337,213
up €337,213 (+53.0%), from €635,953 to €973,166
- Taxes +€133,763
up €133,763 (+276.3%), from €48,413 to €182,176
- Staff costs +€15,972
up €15,972 (+10.5%), from €151,936 to €167,908
- Depreciation +€14,397
up €14,397 (+32.9%), from €43,779 to €58,175
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
€328,759
Gross operating margin
+€337,213
Staff costs
-€15,972
Depreciation
-€14,397
Other operating charges
-€6,061
Financial income
-€136
Financial charges
+€4,597
Taxes
-€133,763
Result 2025
€500,241
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
+€427,453
Investment
-€193,219
Financing
-€212,995
Cash 2024
€36,018
From operations (derived)
+€427,453
Net result for the year
+€500,241
Depreciation
+€58,175
Stocks and contracts
-€42,731
Receivables within one year
-€104,182
Deferred charges and accrued income
-€60,141
Trade debts
-€10,994
Tax, wage and social debts
+€82,048
Other debts
+€37,747
Accrued charges and deferred income
-€32,710
Investment (derived)
-€193,219
Investment in fixed assets (net)
-€193,219
Financing
-€212,995
Debts after one year
-€242,628
Current portion of long-term debt
+€8,103
Short-term financial debts
+€21,530
Cash 2025
€57,257
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,561,775 | €9,925,112 | +€363,337 | +3.8% |
| Fixed assets | 21/28 | €7,499,402 | €7,634,445 | +€135,043 | +1.8% |
| Intangible fixed assets | 21 | €23,091 | €125,783 | +€102,692 | +444.7% |
| Tangible fixed assets | 22/27 | €122,956 | €155,307 | +€32,351 | +26.3% |
| Land and buildings | 22 | €95,280 | €130,101 | +€34,821 | +36.5% |
| Plant, machinery and equipment | 23 | €18,668 | €19,389 | +€721 | +3.9% |
| Furniture and vehicles | 24 | €9,008 | €5,817 | -€3,191 | -35.4% |
| Financial fixed assets | 28 | €7,353,356 | €7,353,356 | = | 0.0% |
| Current assets | 29/58 | €2,062,373 | €2,290,667 | +€228,294 | +11.1% |
| Stocks and contracts in progress | 3 | €357,256 | €399,987 | +€42,731 | +12.0% |
| Stocks | 30/36 | €357,256 | €399,987 | +€42,731 | +12.0% |
| Amounts receivable within one year | 40/41 | €1,590,759 | €1,694,941 | +€104,182 | +6.5% |
| Trade receivables | 40 | €31,329 | €23,119 | -€8,210 | -26.2% |
| Other amounts receivable | 41 | €1,559,430 | €1,671,822 | +€112,392 | +7.2% |
| Cash at bank and in hand | 54/58 | €36,018 | €57,257 | +€21,239 | +59.0% |
| Deferred charges and accrued income | 490/1 | €78,340 | €138,482 | +€60,141 | +76.8% |
| Total equity and liabilities | 10/49 | €9,561,775 | €9,925,112 | +€363,337 | +3.8% |
| Equity | 10/15 | €6,078,521 | €6,578,763 | +€500,241 | +8.2% |
| Contributions | 10/11 | €4,857,002 | €4,857,002 | = | 0.0% |
| Reserves | 13 | €14,182 | €14,182 | = | 0.0% |
| Distributable reserves | 133 | €14,182 | €14,182 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,207,338 | €1,707,579 | +€500,241 | +41.4% |
| Amounts payable | 17/49 | €3,483,254 | €3,346,350 | -€136,904 | -3.9% |
| Amounts payable after more than one year | 17 | €1,052,353 | €809,725 | -€242,628 | -23.1% |
| Financial debts | 170/4 | €904,353 | €700,725 | -€203,628 | -22.5% |
| Other amounts payable | 178/9 | €148,000 | €109,000 | -€39,000 | -26.4% |
| Amounts payable within one year | 42/48 | €2,371,571 | €2,510,005 | +€138,434 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €241,025 | €249,128 | +€8,103 | +3.4% |
| Financial debts | 43 | €503 | €22,032 | +€21,530 | +4282.4% |
| Credit institutions | 430/8 | €503 | €22,032 | +€21,530 | +4282.4% |
| Trade debts | 44 | €638,835 | €627,841 | -€10,994 | -1.7% |
| Suppliers | 440/4 | €638,835 | €627,841 | -€10,994 | -1.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €61,662 | €143,710 | +€82,048 | +133.1% |
| Taxes | 450/3 | €48,693 | €129,509 | +€80,817 | +166.0% |
| Remuneration and social security | 454/9 | €12,970 | €14,201 | +€1,231 | +9.5% |
| Other amounts payable | 47/48 | €1,429,547 | €1,467,294 | +€37,747 | +2.6% |
| Accrued charges and deferred income | 492/3 | €59,330 | €26,619 | -€32,710 | -55.1% |
| Remuneration, social security and pensions | 62 | €151,936 | €167,908 | +€15,972 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,779 | €58,175 | +€14,397 | +32.9% |
| Other operating charges | 640/8 | €3,666 | €9,726 | +€6,061 | +165.3% |
| Gross operating margin | 9900 | €635,953 | €973,166 | +€337,213 | +53.0% |
| Operating profit (loss) | 9901 | €436,574 | €737,357 | +€300,784 | +68.9% |
| Financial income | 75/76B | €136 | €0 | -€136 | -99.9% |
| Recurring financial income | 75 | €136 | €0 | -€136 | -99.9% |
| Financial charges | 65/66B | €59,537 | €54,940 | -€4,597 | -7.7% |
| Recurring financial charges | 65 | €59,537 | €54,940 | -€4,597 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €377,173 | €682,417 | +€305,244 | +80.9% |
| Income taxes | 67/77 | €48,413 | €182,176 | +€133,763 | +276.3% |
| Profit (loss) for the period | 9904 | €328,759 | €500,241 | +€171,482 | +52.2% |
| Profit (loss) for the period to be appropriated | 9905 | €328,759 | €500,241 | +€171,482 | +52.2% |
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 7 October 2026 via checked.be.