VANDAELE PHARMA: 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.
VANDAELE PHARMA
Largest movements
- Tangible fixed assets +€647,490
up €647,490 (+1215.0%), from €53,292 to €700,782
of which Other tangible fixed assets: +€634,539
- Receivables within one year +€51,447
up €51,447 (+53.5%), from €96,133 to €147,581
of which Trade receivables: +€51,226
- Stocks and contracts +€28,402
up €28,402 (+13.6%), from €208,166 to €236,568
- Cash -€24,326
down €24,326 (-13.8%), from €176,326 to €152,000
mainly Investment in fixed assets (net) (-€697,874) and Receivables within one year (-€51,447)
- Intangible fixed assets -€14,000
down €14,000 (-10.9%), from €128,884 to €114,884
- Debts after one year +€489,874
new in 2025: €489,874
- Other debts +€84,609
up €84,609 (+30.7%), from €275,614 to €360,224
- Current portion of long-term debt +€57,853
up €57,853, from €0 to €57,853
- Profit (loss) carried forward +€53,941
up €53,941 (+22.0%), from €245,647 to €299,588
- Depreciation +€43,142
up €43,142 (+196.2%), from €21,992 to €65,134
- Financial charges +€20,088
up €20,088 (+330.0%), from €6,088 to €26,176
- Gross operating margin +€5,513
up €5,513 (+2.2%), from €249,456 to €254,969
- Staff costs +€3,490
up €3,490 (+3.3%), from €107,186 to €110,676
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 | €669,124 | €1,360,474 | +€691,350 | +103.3% |
| Fixed assets | 21/28 | €183,131 | €815,871 | +€632,740 | +345.5% |
| Intangible fixed assets | 21 | €128,884 | €114,884 | -€14,000 | -10.9% |
| Tangible fixed assets | 22/27 | €53,292 | €700,782 | +€647,490 | +1215.0% |
| Plant, machinery and equipment | 23 | €2,441 | €4,554 | +€2,113 | +86.6% |
| Furniture and vehicles | 24 | €11,246 | €22,083 | +€10,838 | +96.4% |
| Other tangible fixed assets | 26 | €39,605 | €674,144 | +€634,539 | +1602.2% |
| Financial fixed assets | 28 | €955 | €205 | -€750 | -78.5% |
| Current assets | 29/58 | €485,993 | €544,603 | +€58,610 | +12.1% |
| Stocks and contracts in progress | 3 | €208,166 | €236,568 | +€28,402 | +13.6% |
| Stocks | 30/36 | €208,166 | €236,568 | +€28,402 | +13.6% |
| Amounts receivable within one year | 40/41 | €96,133 | €147,581 | +€51,447 | +53.5% |
| Trade receivables | 40 | €80,435 | €131,661 | +€51,226 | +63.7% |
| Other amounts receivable | 41 | €15,698 | €15,919 | +€221 | +1.4% |
| Cash at bank and in hand | 54/58 | €176,326 | €152,000 | -€24,326 | -13.8% |
| Deferred charges and accrued income | 490/1 | €5,366 | €8,453 | +€3,087 | +57.5% |
| Total equity and liabilities | 10/49 | €669,124 | €1,360,474 | +€691,350 | +103.3% |
| Equity | 10/15 | €266,107 | €320,048 | +€53,941 | +20.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €245,647 | €299,588 | +€53,941 | +22.0% |
| Amounts payable | 17/49 | €403,017 | €1,040,425 | +€637,409 | +158.2% |
| Amounts payable after more than one year | 17 | - | €489,874 | +€489,874 | |
| Financial debts | 170/4 | - | €489,874 | +€489,874 | |
| Amounts payable within one year | 42/48 | €401,189 | €537,398 | +€136,209 | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | €57,853 | +€57,853 | |
| Trade debts | 44 | €110,955 | €101,929 | -€9,026 | -8.1% |
| Suppliers | 440/4 | €110,955 | €101,929 | -€9,026 | -8.1% |
| Taxes, remuneration and social security | 45 | €14,620 | €17,393 | +€2,773 | +19.0% |
| Taxes | 450/3 | €47 | €5,271 | +€5,224 | +11010.9% |
| Remuneration and social security | 454/9 | €14,572 | €12,122 | -€2,451 | -16.8% |
| Other amounts payable | 47/48 | €275,614 | €360,224 | +€84,609 | +30.7% |
| Accrued charges and deferred income | 492/3 | €1,827 | €13,153 | +€11,326 | +619.8% |
| Remuneration, social security and pensions | 62 | €107,186 | €110,676 | +€3,490 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,992 | €65,134 | +€43,142 | +196.2% |
| Other operating charges | 640/8 | €718 | €733 | +€15 | +2.1% |
| Non-recurring operating charges | 66A | €106 | €0 | -€106 | -100.0% |
| Gross operating margin | 9900 | €249,456 | €254,969 | +€5,513 | +2.2% |
| Operating profit (loss) | 9901 | €119,454 | €78,426 | -€41,029 | -34.3% |
| Financial income | 75/76B | €2,179 | €1,692 | -€487 | -22.4% |
| Recurring financial income | 75 | €2,179 | €1,692 | -€487 | -22.4% |
| Financial charges | 65/66B | €6,088 | €26,176 | +€20,088 | +330.0% |
| Recurring financial charges | 65 | €6,088 | €26,176 | +€20,088 | +330.0% |
| Profit (loss) for the period before taxes | 9903 | €115,546 | €53,941 | -€61,604 | -53.3% |
| Income taxes | 67/77 | €2,521 | €0 | -€2,521 | -100.0% |
| Profit (loss) for the period | 9904 | €113,025 | €53,941 | -€59,084 | -52.3% |
| Profit (loss) for the period to be appropriated | 9905 | €113,025 | €53,941 | -€59,084 | -52.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.