Vanda: 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.
Vanda
Largest movements
- Current investments +€135,569
up €135,569 (+36.2%), from €375,000 to €510,569
- Cash -€111,737
down €111,737 (-64.0%), from €174,460 to €62,724
mainly Current investments (-€135,569) and Receivables within one year (-€91,822)
- Receivables within one year +€91,822
up €91,822 (+394.5%), from €23,276 to €115,098
of which Other amounts receivable: +€76,721
- Tangible fixed assets -€67,886
down €67,886 (-39.9%), from €170,288 to €102,402
of which Other tangible fixed assets: -€40,195
- Reserves +€44,894
up €44,894 (+7.7%), from €579,765 to €624,659
- Debts after one year -€20,512
down €20,512 (-26.8%), from €76,652 to €56,140
- Tax, wage and social debts +€15,737
up €15,737 (+51.7%), from €30,440 to €46,177
of which Taxes: +€28,075
- Gross operating margin +€34,033
up €34,033 (+9.1%), from €373,775 to €407,808
- Staff costs +€22,605
up €22,605 (+9.0%), from €252,484 to €275,089
- Financial income +€11,701
up €11,701, from €0 to €11,701
- Taxes +€9,087
up €9,087 (+71.4%), from €12,720 to €21,807
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €793,521 | €838,898 | +€45,376 | +5.7% |
| Fixed assets | 21/28 | €170,288 | €102,402 | -€67,886 | -39.9% |
| Tangible fixed assets | 22/27 | €170,288 | €102,402 | -€67,886 | -39.9% |
| Plant, machinery and equipment | 23 | €81,297 | €53,606 | -€27,691 | -34.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €88,991 | €48,796 | -€40,195 | -45.2% |
| Current assets | 29/58 | €623,234 | €736,496 | +€113,262 | +18.2% |
| Stocks and contracts in progress | 3 | €24,645 | €28,561 | +€3,916 | +15.9% |
| Stocks | 30/36 | €24,645 | €28,561 | +€3,916 | +15.9% |
| Amounts receivable within one year | 40/41 | €23,276 | €115,098 | +€91,822 | +394.5% |
| Trade receivables | 40 | €2,119 | €17,220 | +€15,101 | +712.7% |
| Other amounts receivable | 41 | €21,157 | €97,878 | +€76,721 | +362.6% |
| Current investments | 50/53 | €375,000 | €510,569 | +€135,569 | +36.2% |
| Cash at bank and in hand | 54/58 | €174,460 | €62,724 | -€111,737 | -64.0% |
| Deferred charges and accrued income | 490/1 | €25,852 | €19,544 | -€6,308 | -24.4% |
| Total equity and liabilities | 10/49 | €793,521 | €838,898 | +€45,376 | +5.7% |
| Equity | 10/15 | €598,365 | €643,259 | +€44,894 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €579,765 | €624,659 | +€44,894 | +7.7% |
| Distributable reserves | 133 | €579,765 | €624,659 | +€44,894 | +7.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €195,157 | €195,639 | +€482 | +0.2% |
| Amounts payable after more than one year | 17 | €76,652 | €56,140 | -€20,512 | -26.8% |
| Financial debts | 170/4 | €76,652 | €56,140 | -€20,512 | -26.8% |
| Amounts payable within one year | 42/48 | €118,505 | €139,499 | +€20,994 | +17.7% |
| Current portion of amounts payable after more than one year | 42 | €20,223 | €20,512 | +€289 | +1.4% |
| Trade debts | 44 | €67,700 | €72,704 | +€5,004 | +7.4% |
| Suppliers | 440/4 | €67,700 | €72,704 | +€5,004 | +7.4% |
| Taxes, remuneration and social security | 45 | €30,440 | €46,177 | +€15,737 | +51.7% |
| Taxes | 450/3 | €4,710 | €32,785 | +€28,075 | +596.1% |
| Remuneration and social security | 454/9 | €25,730 | €13,391 | -€12,339 | -48.0% |
| Other amounts payable | 47/48 | €142 | €106 | -€36 | -25.4% |
| Non-recurring operating income | 76A | €15,702 | €10,665 | -€5,037 | -32.1% |
| Remuneration, social security and pensions | 62 | €252,484 | €275,089 | +€22,605 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,906 | €67,886 | -€21 | 0.0% |
| Other operating charges | 640/8 | €1,642 | €807 | -€835 | -50.9% |
| Non-recurring operating charges | 66A | €3,663 | €0 | -€3,663 | -100.0% |
| Gross operating margin | 9900 | €373,775 | €407,808 | +€34,033 | +9.1% |
| Operating profit (loss) | 9901 | €48,079 | €64,026 | +€15,947 | +33.2% |
| Financial income | 75/76B | €0 | €11,701 | +€11,701 | |
| Recurring financial income | 75 | €0 | €11,701 | +€11,701 | |
| Financial charges | 65/66B | €9,574 | €9,026 | -€548 | -5.7% |
| Recurring financial charges | 65 | €9,574 | €9,026 | -€548 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €38,505 | €66,701 | +€28,196 | +73.2% |
| Income taxes | 67/77 | €12,720 | €21,807 | +€9,087 | +71.4% |
| Profit (loss) for the period | 9904 | €25,785 | €44,894 | +€19,110 | +74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,785 | €44,894 | +€19,110 | +74.1% |
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 3 October 2026 via checked.be.