Vanda Projects: 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 Projects
Largest movements
- Tangible fixed assets +€132,448
up €132,448 (+54.1%), from €244,670 to €377,118
of which Land and buildings: +€139,163
- Cash -€39,557
down €39,557 (-31.3%), from €126,281 to €86,725
mainly Investment in fixed assets (net) (-€190,150) and Contributions, distributions and other (-€41,900)
- Debts after one year +€100,000
new in 2025: €100,000
- Current portion of long-term debt +€30,000
new in 2025: €30,000
- Other debts -€27,541
down €27,541 (-31.4%), from €87,629 to €60,088
- Depreciation +€28,904
up €28,904 (+100%), from €28,798 to €57,703
- Taxes -€6,516
down €6,516 (-26.1%), from €24,932 to €18,416
- Gross operating margin +€5,696
up €5,696 (+5.0%), from €114,034 to €119,730
- Financial charges -€2,651
down €2,651 (-45.3%), from €5,850 to €3,199
- Other operating charges +€1,255
up €1,255 (+121%), from €1,038 to €2,293
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.
Derived cash bridge
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 | €375,576 | €466,351 | +€90,774 | +24.2% |
| Fixed assets | 21/28 | €244,670 | €377,118 | +€132,448 | +54.1% |
| Intangible fixed assets | 21 | €0 | - | -€0 | |
| Tangible fixed assets | 22/27 | €244,670 | €377,118 | +€132,448 | +54.1% |
| Land and buildings | 22 | €200,245 | €339,408 | +€139,163 | +69.5% |
| Plant, machinery and equipment | 23 | €3,777 | €1,467 | -€2,310 | -61.2% |
| Furniture and vehicles | 24 | €38,742 | €35,268 | -€3,473 | -9.0% |
| Other tangible fixed assets | 26 | €1,906 | €974 | -€932 | -48.9% |
| Current assets | 29/58 | €130,906 | €89,233 | -€41,673 | -31.8% |
| Amounts receivable within one year | 40/41 | €2,489 | - | -€2,489 | |
| Trade receivables | 40 | €2,489 | - | -€2,489 | |
| Cash at bank and in hand | 54/58 | €126,281 | €86,725 | -€39,557 | -31.3% |
| Deferred charges and accrued income | 490/1 | €2,136 | €2,508 | +€372 | +17.4% |
| Total equity and liabilities | 10/49 | €375,576 | €466,351 | +€90,774 | +24.2% |
| Equity | 10/15 | €269,032 | €265,500 | -€3,531 | -1.3% |
| Contributions | 10/11 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Reserves | 13 | €248,572 | €246,900 | -€1,671 | -0.7% |
| Distributable reserves | 133 | €248,572 | €246,900 | -€1,671 | -0.7% |
| Amounts payable | 17/49 | €106,545 | €200,850 | +€94,305 | +88.5% |
| Amounts payable after more than one year | 17 | - | €100,000 | +€100,000 | |
| Financial debts | 170/4 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €102,488 | €100,850 | -€1,638 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | - | €30,000 | +€30,000 | |
| Trade debts | 44 | €1,290 | €1,147 | -€143 | -11.1% |
| Suppliers | 440/4 | €1,290 | €1,147 | -€143 | -11.1% |
| Taxes, remuneration and social security | 45 | €13,569 | €9,615 | -€3,954 | -29.1% |
| Taxes | 450/3 | €13,569 | €9,615 | -€3,954 | -29.1% |
| Other amounts payable | 47/48 | €87,629 | €60,088 | -€27,541 | -31.4% |
| Accrued charges and deferred income | 492/3 | €4,057 | - | -€4,057 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,798 | €57,703 | +€28,904 | +100% |
| Other operating charges | 640/8 | €1,038 | €2,293 | +€1,255 | +121% |
| Gross operating margin | 9900 | €114,034 | €119,730 | +€5,696 | +5.0% |
| Operating profit (loss) | 9901 | €84,198 | €59,734 | -€24,464 | -29.1% |
| Financial income | 75/76B | €2 | €250 | +€248 | +12,510% |
| Recurring financial income | 75 | €2 | €250 | +€248 | +12,510% |
| Financial charges | 65/66B | €5,850 | €3,199 | -€2,651 | -45.3% |
| Recurring financial charges | 65 | €5,850 | €3,199 | -€2,651 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €78,350 | €56,785 | -€21,565 | -27.5% |
| Income taxes | 67/77 | €24,932 | €18,416 | -€6,516 | -26.1% |
| Profit (loss) for the period | 9904 | €53,418 | €38,369 | -€15,049 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €53,418 | €38,369 | -€15,049 | -28.2% |
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 13 October 2026 via checked.be.