PHARMA-THIM: 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.
PHARMA-THIM
Largest movements
- Tangible fixed assets +€142,403
up €142,403 (+50.7%), from €281,028 to €423,431
of which Land and buildings: +€140,333
- Cash -€60,717
down €60,717 (-68.8%), from €88,304 to €27,587
mainly Investment in fixed assets (net) (-€169,872) and Trade debts (-€80,883)
- Receivables within one year +€55,637
up €55,637 (+64.0%), from €86,962 to €142,600
of which Trade receivables: +€39,614
- Intangible fixed assets -€32,503
down €32,503 (-17.4%), from €186,889 to €154,386
- Debts after one year +€127,773
up €127,773 (+58.1%), from €219,774 to €347,546
- Trade debts -€80,883
down €80,883 (-84.3%), from €95,922 to €15,040
of which Suppliers: -€62,502
- Reserves +€75,938
up €75,938 (+22.1%), from €344,127 to €420,065
of which Distributable reserves: +€75,938
- Current portion of long-term debt -€23,917
down €23,917 (-29.3%), from €81,734 to €57,817
- Staff costs -€17,178
down €17,178 (-27.7%), from €62,084 to €44,906
- Other operating charges +€10,875
up €10,875 (+350%), from €3,104 to €13,979
- Gross operating margin +€7,459
up €7,459 (+3.1%), from €241,682 to €249,141
- Taxes -€2,561
down €2,561 (-6.2%), from €41,203 to €38,642
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 | €779,874 | €883,008 | +€103,134 | +13.2% |
| Fixed assets | 21/28 | €469,541 | €579,441 | +€109,900 | +23.4% |
| Intangible fixed assets | 21 | €186,889 | €154,386 | -€32,503 | -17.4% |
| Tangible fixed assets | 22/27 | €281,028 | €423,431 | +€142,403 | +50.7% |
| Land and buildings | 22 | €266,694 | €407,027 | +€140,333 | +52.6% |
| Plant, machinery and equipment | 23 | €3,768 | €16,404 | +€12,636 | +335% |
| Furniture and vehicles | 24 | €10,566 | €0 | -€10,566 | -100% |
| Financial fixed assets | 28 | €1,624 | €1,624 | = | 0.0% |
| Current assets | 29/58 | €310,333 | €303,567 | -€6,766 | -2.2% |
| Stocks and contracts in progress | 3 | €134,825 | €133,310 | -€1,515 | -1.1% |
| Stocks | 30/36 | €134,825 | €133,310 | -€1,515 | -1.1% |
| Amounts receivable within one year | 40/41 | €86,962 | €142,600 | +€55,637 | +64.0% |
| Trade receivables | 40 | €40,595 | €80,209 | +€39,614 | +97.6% |
| Other amounts receivable | 41 | €46,368 | €62,391 | +€16,023 | +34.6% |
| Cash at bank and in hand | 54/58 | €88,304 | €27,587 | -€60,717 | -68.8% |
| Deferred charges and accrued income | 490/1 | €242 | €70 | -€172 | -71.1% |
| Total equity and liabilities | 10/49 | €779,874 | €883,008 | +€103,134 | +13.2% |
| Equity | 10/15 | €356,527 | €432,465 | +€75,938 | +21.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €344,127 | €420,065 | +€75,938 | +22.1% |
| 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 | €342,267 | €418,205 | +€75,938 | +22.2% |
| Amounts payable | 17/49 | €423,347 | €450,543 | +€27,196 | +6.4% |
| Amounts payable after more than one year | 17 | €219,774 | €347,546 | +€127,773 | +58.1% |
| Financial debts | 170/4 | €219,774 | €347,546 | +€127,773 | +58.1% |
| Amounts payable within one year | 42/48 | €203,573 | €102,997 | -€100,577 | -49.4% |
| Current portion of amounts payable after more than one year | 42 | €81,734 | €57,817 | -€23,917 | -29.3% |
| Trade debts | 44 | €95,922 | €15,040 | -€80,883 | -84.3% |
| Suppliers | 440/4 | €77,542 | €15,040 | -€62,502 | -80.6% |
| Bills of exchange payable | 441 | €18,380 | - | -€18,380 | |
| Taxes, remuneration and social security | 45 | €25,917 | €30,141 | +€4,223 | +16.3% |
| Taxes | 450/3 | €15,407 | €20,964 | +€5,556 | +36.1% |
| Remuneration and social security | 454/9 | €10,510 | €9,177 | -€1,333 | -12.7% |
| Remuneration, social security and pensions | 62 | €62,084 | €44,906 | -€17,178 | -27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,130 | €59,972 | -€1,157 | -1.9% |
| Other operating charges | 640/8 | €3,104 | €13,979 | +€10,875 | +350% |
| Gross operating margin | 9900 | €241,682 | €249,141 | +€7,459 | +3.1% |
| Operating profit (loss) | 9901 | €115,365 | €130,283 | +€14,918 | +12.9% |
| Financial income | 75/76B | - | €142 | +€142 | |
| Recurring financial income | 75 | - | €142 | +€142 | |
| Financial charges | 65/66B | €13,824 | €15,845 | +€2,021 | +14.6% |
| Recurring financial charges | 65 | €13,824 | €15,845 | +€2,021 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €101,541 | €114,580 | +€13,039 | +12.8% |
| Income taxes | 67/77 | €41,203 | €38,642 | -€2,561 | -6.2% |
| Profit (loss) for the period | 9904 | €60,338 | €75,938 | +€15,600 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €60,338 | €75,938 | +€15,600 | +25.9% |
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 19 October 2026 via checked.be.