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
- Cash +€132,566
up €132,566 (+32.8%), from €404,457 to €537,024
mainly Debts after one year (+€257,454) and Depreciation (+€121,416)
- Debts after one year +€257,454
up €257,454 (+24.8%), from €1.0m to €1.3m
of which Financial debts: +€257,454
- Profit (loss) carried forward -€101,151
down €101,151 (-21.4%), from -€472,386 to -€573,537
- Other debts -€21,250
down €21,250 (-100.0%), from €21,250 to €0
- Gross operating margin -€15,037
down €15,037 (-10.4%), from €144,764 to €129,727
- Financial charges +€12,805
up €12,805 (+16.9%), from €75,861 to €88,666
- Depreciation +€2,372
up €2,372 (+2.0%), from €119,044 to €121,416
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 | €1,720,198 | €1,864,389 | +€144,192 | +8.4% |
| Fixed assets | 21/28 | €1,307,839 | €1,311,428 | +€3,588 | +0.3% |
| Tangible fixed assets | 22/27 | €1,307,839 | €1,311,428 | +€3,588 | +0.3% |
| Land and buildings | 22 | €1,226,613 | €1,241,678 | +€15,065 | +1.2% |
| Plant, machinery and equipment | 23 | €81,227 | €69,750 | -€11,477 | -14.1% |
| Current assets | 29/58 | €412,358 | €552,962 | +€140,604 | +34.1% |
| Amounts receivable within one year | 40/41 | €55 | €8,661 | +€8,607 | +15737.2% |
| Trade receivables | 40 | €0 | €3,039 | +€3,039 | |
| Other amounts receivable | 41 | €55 | €5,623 | +€5,568 | +10181.0% |
| Current investments | 50/53 | €5,600 | €5,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €404,457 | €537,024 | +€132,566 | +32.8% |
| Deferred charges and accrued income | 490/1 | €2,246 | €1,677 | -€569 | -25.3% |
| Total equity and liabilities | 10/49 | €1,720,198 | €1,864,389 | +€144,192 | +8.4% |
| Equity | 10/15 | €581,614 | €480,463 | -€101,151 | -17.4% |
| Contributions | 10/11 | €1,054,000 | €1,054,000 | = | 0.0% |
| Capital | 10 | €1,054,000 | €1,054,000 | = | 0.0% |
| Issued capital | 100 | €1,054,000 | €1,054,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€472,386 | -€573,537 | -€101,151 | -21.4% |
| Amounts payable | 17/49 | €1,138,583 | €1,383,926 | +€245,343 | +21.5% |
| Amounts payable after more than one year | 17 | €1,037,775 | €1,295,229 | +€257,454 | +24.8% |
| Financial debts | 170/4 | €1,026,851 | €1,284,305 | +€257,454 | +25.1% |
| Other amounts payable | 178/9 | €10,924 | €10,924 | = | 0.0% |
| Amounts payable within one year | 42/48 | €24,061 | €45 | -€24,016 | -99.8% |
| Trade debts | 44 | €2,534 | €0 | -€2,534 | -100.0% |
| Suppliers | 440/4 | €2,534 | €0 | -€2,534 | -100.0% |
| Taxes, remuneration and social security | 45 | €277 | €45 | -€232 | -83.6% |
| Taxes | 450/3 | €277 | €45 | -€232 | -83.6% |
| Other amounts payable | 47/48 | €21,250 | €0 | -€21,250 | -100.0% |
| Accrued charges and deferred income | 492/3 | €76,747 | €88,652 | +€11,905 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,044 | €121,416 | +€2,372 | +2.0% |
| Other operating charges | 640/8 | €19,879 | €20,451 | +€573 | +2.9% |
| Gross operating margin | 9900 | €144,764 | €129,727 | -€15,037 | -10.4% |
| Operating profit (loss) | 9901 | €5,841 | -€12,141 | -€17,982 | |
| Financial income | 75/76B | €1 | €1 | -€0 | -27.6% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -27.6% |
| Financial charges | 65/66B | €75,861 | €88,666 | +€12,805 | +16.9% |
| Recurring financial charges | 65 | €75,861 | €88,666 | +€12,805 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | -€70,019 | -€100,806 | -€30,787 | -44.0% |
| Income taxes | 67/77 | €346 | €346 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€70,364 | -€101,151 | -€30,787 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€70,364 | -€101,151 | -€30,787 | -43.8% |
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 30 September 2026 via checked.be.