VANDA: 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.
VANDA
Largest movements
- Receivables within one year +€24,262
up €24,262 (+31.2%), from €77,746 to €102,009
- Tangible fixed assets -€10,345
down €10,345 (-4.9%), from €209,870 to €199,525
of which Other tangible fixed assets: -€9,808
- Receivables after one year -€10,000
down €10,000 (-11.1%), from €90,000 to €80,000
of which Trade receivables: -€90,000
- Other debts +€66,800
up €66,800 (+2087.5%), from €3,200 to €70,000
- Profit (loss) carried forward -€53,851
new in 2025: -€53,851
- Debts after one year -€9,769
down €9,769 (-70.6%), from €13,841 to €4,071
- Reserves -€5,626
down €5,626 (-2.1%), from €274,358 to €268,731
of which Tax-exempt reserves: -€5,626
- Trade debts +€3,956
up €3,956 (+233.8%), from €1,692 to €5,648
- Taxes +€65,214
up €65,214 (+4786.0%), from €1,363 to €66,576
- Financial charges +€3,154
up €3,154 (+577.9%), from €546 to €3,700
- Gross operating margin +€2,135
up €2,135 (+8.0%), from €26,617 to €28,752
- Financial income +€1,040
up €1,040 (+31.0%), from €3,356 to €4,396
- Other operating charges +€920
up €920 (+12.2%), from €7,536 to €8,456
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 | €385,278 | €391,153 | +€5,875 | +1.5% |
| Fixed assets | 21/28 | €209,895 | €199,550 | -€10,345 | -4.9% |
| Tangible fixed assets | 22/27 | €209,870 | €199,525 | -€10,345 | -4.9% |
| Furniture and vehicles | 24 | €4,057 | €3,520 | -€537 | -13.2% |
| Other tangible fixed assets | 26 | €205,812 | €196,004 | -€9,808 | -4.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €175,384 | €191,603 | +€16,220 | +9.2% |
| Amounts receivable after more than one year | 29 | €90,000 | €80,000 | -€10,000 | -11.1% |
| Trade receivables | 290 | €90,000 | €0 | -€90,000 | -100.0% |
| Other amounts receivable | 291 | - | €80,000 | +€80,000 | |
| Amounts receivable within one year | 40/41 | €77,746 | €102,009 | +€24,262 | +31.2% |
| Other amounts receivable | 41 | €77,746 | €102,009 | +€24,262 | +31.2% |
| Cash at bank and in hand | 54/58 | - | €106 | +€106 | |
| Deferred charges and accrued income | 490/1 | €7,637 | €9,488 | +€1,851 | +24.2% |
| Total equity and liabilities | 10/49 | €385,278 | €391,153 | +€5,875 | +1.5% |
| Equity | 10/15 | €343,150 | €283,673 | -€59,477 | -17.3% |
| Contributions | 10/11 | €68,792 | €68,792 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €6,792 | €6,792 | = | 0.0% |
| Share premium | 1100/10 | €6,792 | €6,792 | = | 0.0% |
| Reserves | 13 | €274,358 | €268,731 | -€5,626 | -2.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €68,697 | €63,070 | -€5,626 | -8.2% |
| Distributable reserves | 133 | €199,461 | €199,461 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€53,851 | -€53,851 | |
| Provisions and deferred taxes | 16 | €16,484 | €14,608 | -€1,875 | -11.4% |
| Deferred taxes | 168 | €16,484 | €14,608 | -€1,875 | -11.4% |
| Amounts payable | 17/49 | €25,645 | €92,872 | +€67,227 | +262.1% |
| Amounts payable after more than one year | 17 | €13,841 | €4,071 | -€9,769 | -70.6% |
| Financial debts | 170/4 | €13,841 | €4,071 | -€9,769 | -70.6% |
| Amounts payable within one year | 42/48 | €11,804 | €86,491 | +€74,687 | +632.7% |
| Current portion of amounts payable after more than one year | 42 | €5,089 | €8,515 | +€3,426 | +67.3% |
| Financial debts | 43 | €345 | €789 | +€444 | +128.7% |
| Credit institutions | 430/8 | €345 | €789 | +€444 | +128.7% |
| Trade debts | 44 | €1,692 | €5,648 | +€3,956 | +233.8% |
| Suppliers | 440/4 | €1,692 | €5,648 | +€3,956 | +233.8% |
| Taxes, remuneration and social security | 45 | €1,478 | €1,539 | +€61 | +4.1% |
| Taxes | 450/3 | €1,478 | €1,539 | +€61 | +4.1% |
| Other amounts payable | 47/48 | €3,200 | €70,000 | +€66,800 | +2087.5% |
| Accrued charges and deferred income | 492/3 | - | €2,310 | +€2,310 | |
| Non-recurring operating income | 76A | €3,200 | €3,300 | +€100 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,001 | €15,769 | +€768 | +5.1% |
| Other operating charges | 640/8 | €7,536 | €8,456 | +€920 | +12.2% |
| Gross operating margin | 9900 | €26,617 | €28,752 | +€2,135 | +8.0% |
| Operating profit (loss) | 9901 | €4,080 | €4,527 | +€447 | +11.0% |
| Financial income | 75/76B | €3,356 | €4,396 | +€1,040 | +31.0% |
| Recurring financial income | 75 | €3,356 | €4,396 | +€1,040 | +31.0% |
| Financial charges | 65/66B | €546 | €3,700 | +€3,154 | +577.9% |
| Recurring financial charges | 65 | €546 | €3,700 | +€3,154 | +577.9% |
| Profit (loss) for the period before taxes | 9903 | €6,891 | €5,224 | -€1,667 | -24.2% |
| Transfer from deferred taxes | 780 | €1,588 | €1,875 | +€287 | +18.1% |
| Income taxes | 67/77 | €1,363 | €66,576 | +€65,214 | +4786.0% |
| Profit (loss) for the period | 9904 | €7,117 | -€59,477 | -€66,594 | |
| Transfer from tax-exempt reserves | 789 | €4,765 | €5,626 | +€861 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,882 | -€53,851 | -€65,733 |
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 12 October 2026 via checked.be.