VANDA
ActiveSummary
VANDA has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €480k and a net result of €-101k. Equity is shrinking by ~2.5% per year across the filed fiscal years. Its solvency ranks better than 44% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability22▼-5
Solvency51▼-8
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
short-term debt: 0% and cash: 28.8% of total assets, and 74.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-101k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-05-2026, 70 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
70 d early
2024
31 d early
2023
71 d early
2022
27 d early
2021
38 d early
2020
36 d early
2019
23 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication
Financials · fiscal year 2025, abbreviated schema
Equity
€480k▼ 17.4%
2024 · €582k
Total assets
€1.86M▲ 8.4%
2024 · €1.72M
Net result
€-101k▼ 43.8%
2024 · €-70k
Working capital
€553k▲ 42.4%
2024 · €388k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€40k▼ 36.2%€23k▼ 41.6%€21k▼ 11.3%€6k▼ 71.9%€-12k
Net result€3k▼ 87.2%€-16k€-34k▼ 113%€-70k▼ 109%€-101k▼ 43.8%
Equity€701k▲ 0.5%€686k▼ 2.3%€652k▼ 4.9%€582k▼ 10.8%€480k▼ 17.4%
Total assets€1.71M▲ 0.5%€1.74M▲ 1.5%€1.65M▼ 5.2%€1.72M▲ 4.5%€1.86M▲ 8.4%
Debt€1.01M▲ 0.5%€1.05M▲ 4.2%€995k▼ 5.3%€1.14M▲ 14.5%€1.38M▲ 21.5%
Working capital€274k▼ 15.5%€282k▲ 2.7%€240k▼ 14.9%€388k▲ 61.9%€553k▲ 42.4%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €12k after €6k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.86M
Fixed assets
€1.31M ▲ 0.3%
Current assets
€553k ▲ 34.1%
Equity and liabilities €1.86M
Equity
€480k ▼ 17.4%
Debt
€1.38M ▲ 21.5%
Debt's share of the balance-sheet total rises from 66.2% to 74.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€109k▼
2024 · €125k
Cash flow
€20k▼
2024 · €49k
Debt to equity
2.88▲
2024 · 1.96
ROE
-21.1%▼
2024 · -12.1%
ROA
-5.4%▼
2024 · -4.1%
Interest coverage
1.23▼
2024 · 1.65
Debt ≤ 1 year
€45▼
2024 · €24k
Debt > 1 year
€1.30M▲
2024 · €1.04M
Income taxes
€346=
2024 · €346
A ratio outside any meaningful range has been withheld (balance sheet total €1.86M, equity €480k).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €97k | €115k | €117k | €119k | €121k | ▲ 2.0% |
| Other operating charges640/8 | €16k | €17k | €20k | €20k | €20k | ▲ 2.9% |
| Gross operating margin9900 | €154k | €156k | €157k | €145k | €130k | ▼ 10.4% |
| Operating profit (loss)9901 | €40k | €23k | €21k | €6k | €-12k | ▼ 308% |
| Financial income75/76B | €38 | €45 | €12 | €1 | €1 | ▼ 27.6% |
| Recurring financial income75 | €38 | €45 | €12 | €1 | €1 | ▼ 27.6% |
| Financial charges65/66B | €36k | €39k | €54k | €76k | €89k | ▲ 16.9% |
| Recurring financial charges65 | €36k | €39k | €54k | €76k | €89k | ▲ 16.9% |
| Profit (loss) for the period before taxes9903 | €4k | €-15k | €-33k | €-70k | €-101k | ▼ 44.0% |
| Income taxes67/77 | €346 | €346 | €346 | €346 | €346 | = |
| Profit (loss) for the period9904 | €3k | €-16k | €-34k | €-70k | €-101k | ▼ 43.8% |
| Profit (loss) for the period to be appropriated9905 | €3k | €-16k | €-34k | €-70k | €-101k | ▼ 43.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.71M | €1.74M | €1.65M | €1.72M | €1.86M | ▲ 8.4% |
| Fixed assets21/28 | €1.36M | €1.39M | €1.33M | €1.31M | €1.31M | ▲ 0.3% |
| Tangible fixed assets22/27 | €1.36M | €1.39M | €1.33M | €1.31M | €1.31M | ▲ 0.3% |
| Land and buildings22 | €1.32M | €1.35M | €1.25M | €1.23M | €1.24M | ▲ 1.2% |
| Plant, machinery and equipment23 | €35k | €35k | €77k | €81k | €70k | ▼ 14.1% |
| Financial fixed assets28 | €0 | - | - | - | - | - |
| Current assets29/58 | €351k | €349k | €315k | €412k | €553k | ▲ 34.1% |
| Amounts receivable within one year40/41 | €0 | - | €2k | €55 | €9k | ▲ 15,737% |
| Trade receivables40 | €0 | - | €2k | €0 | €3k | - |
| Other amounts receivable41 | - | - | - | €55 | €6k | ▲ 10,181% |
| Current investments50/53 | €8k | €7k | €7k | €6k | €6k | = |
| Cash at bank and in hand54/58 | €343k | €335k | €306k | €404k | €537k | ▲ 32.8% |
| Deferred charges and accrued income490/1 | €104 | €7k | €0 | €2k | €2k | ▼ 25.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.71M | €1.74M | €1.65M | €1.72M | €1.86M | ▲ 8.4% |
| Equity10/15 | €701k | €686k | €652k | €582k | €480k | ▼ 17.4% |
| Contributions10/11 | €1.05M | €1.05M | €1.05M | €1.05M | €1.05M | = |
| Capital10 | €1.05M | €1.05M | €1.05M | €1.05M | €1.05M | = |
| Issued capital100 | €1.05M | €1.05M | €1.05M | €1.05M | €1.05M | = |
| Reserves13 | €0 | - | - | - | - | - |
| Distributable reserves133 | €0 | - | - | - | - | - |
| Profit (loss) carried forward14 | €-353k | €-368k | €-402k | €-472k | €-574k | ▼ 21.4% |
| Amounts payable17/49 | €1.01M | €1.05M | €995k | €1.14M | €1.38M | ▲ 21.5% |
| Amounts payable after more than one year17 | €932k | €984k | €919k | €1.04M | €1.30M | ▲ 24.8% |
| Financial debts170/4 | €921k | €973k | €908k | €1.03M | €1.28M | ▲ 25.1% |
| Other amounts payable178/9 | €11k | €11k | €11k | €11k | €11k | = |
| Amounts payable within one year42/48 | €76k | €67k | €75k | €24k | €45 | ▼ 99.8% |
| Current portion of amounts payable after more than one year42 | €20k | €20k | €0 | - | - | - |
| Trade debts44 | €20k | €7k | €2k | €3k | €0 | ▼ 100% |
| Suppliers440/4 | €20k | €7k | €2k | €3k | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €229 | €715 | €415 | €277 | €45 | ▼ 83.6% |
| Taxes450/3 | €229 | €715 | €415 | €277 | €45 | ▼ 83.6% |
| Other amounts payable47/48 | €36k | €39k | €73k | €21k | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | €1k | €77k | €89k | ▲ 15.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3k | €-16k | €-34k | €-70k | €-101k | ▼ 43.8% |
| + Depreciation and write-downs630 | €97k | €115k | €117k | €119k | €121k | ▲ 2.0% |
| Operating cash flow (approximation) | €101k | €99k | €83k | €49k | €20k | ▼ 58.4% |
| Investment in fixed assets (approximation) | - | €-144k | €-61k | €-95k | €-125k | ▼ 31.3% |
| Change in cash | - | €-8k | €-29k | €99k | €133k | ▲ 34.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
22-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €-101k
Net result drops to €-101k, the lowest in the series.
31-12
Financial
Liquidity times 710current ratio 12161.03
Current ratio from 17.14 to 12161.03; short-term debt falls from €24k to €45.
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Liquidity quadruplescurrent ratio 17.14
Current ratio from 4.19 to 17.14; short-term debt falls from €75k to €24k.
21-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
23-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Highest result since 2018net €26k ▲4,636%
Operating result €63k, net result €26k, both a record.
08-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €543
Net result €543 after one loss-making year.
Show earlier events
31-12
Financial
Liquidity times 7current ratio 8.70
Current ratio from 1.31 to 8.70; short-term debt falls from €48k to €30k.
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
11-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
10-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 1993
Ground area
1,238 m²
Building footprint
274 m²
Volume, LiDAR
1,794 m³
Parcel 44051B0363/00A002, Flanders · tallest building 12.3 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Domien Geersstraat 19, 9041 Gent
since 19932.198.532.417
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44051B0363/00A002 | Flanders | 1,238 m² | 1 · 274 m² | 12.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 12,041 companies in sector 68203 we hold annual accounts for 5,994. 4,420 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded29-04-1993
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.