GlaxoSmithKline plc – Annual report – 31 December 2025
Industry: pharmaceuticals
42. Reconciliation of net cash flow to movement in net debt
(1) Repayment of long-term loans includes the current portion of long-term borrowings which are classified as short-term borrowings on the balance sheet. This change in presentation was made in 2024. Previously, the repayment of short-term borrowings was presented as repayment of short-term loans (2023: £2,116 million) (2) Other short-term loans include bank loans presented within short-term borrowings on the balance sheet, with an initial maturity of greater than three months
* Excluding cash and cash equivalents, overdrafts and liquid investments.
* Excluding cash and cash equivalents, overdrafts and liquid investments.
For further information on significant changes in net debt see Note 29, ‘Net debt’.
Accounts examples 