VANDA: what changed
What changed
VANDA
filed annual accounts (NBB)
Net result for the year
-€15,267
2024 · €25,653-€40,920
Equity
€367,633
2024 · €382,900-€15,267
Cash
€5,897
2024 · €193,279-€187,383
Balance sheet total
€589,494
2024 · €634,563-€45,068
Largest movements
Assets
- Cash -€187,383
down €187,383 (-96.9%), from €193,279 to €5,897
mainly Investment in fixed assets (net) (-€162,107) and Debts after one year (-€83,990)
- Tangible fixed assets +€142,838
up €142,838 (+32.6%), from €438,073 to €580,912
of which Land and buildings: +€145,030
Equity and liabilities
- Debts after one year -€83,990
down €83,990 (-53.6%), from €156,760 to €72,771
of which Financial debts: -€83,990
- Other debts +€59,650
up €59,650 (+852%), from €7,000 to €66,650
- Reserves -€9,908
down €9,908 (-3.8%), from €258,953 to €249,045
of which Tax-exempt reserves: -€9,908
Income statement
- Gross operating margin -€42,298
down €42,298 (-59.8%), from €70,685 to €28,386
- Write-downs +€22,992
new in 2025: €22,992
- Taxes -€17,985
no longer reported in 2025 (was €17,985)
- Financial charges -€6,369
down €6,369 (-76.5%), from €8,327 to €1,959
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€25,653
Gross operating margin
-€42,298
Depreciation
-€167
Write-downs
-€22,992
Other operating charges
+€183
Financial charges
+€6,369
Taxes
+€17,985
Result 2025
-€15,267
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€58,563
Investment
-€162,107
Financing
-€83,840
Cash 2024
€193,279
From operations (derived)
+€58,563
Net result for the year
-€15,267
Depreciation
+€19,268
Receivables within one year
+€549
Deferred charges and accrued income
-€25
Provisions
-€5,102
Trade debts
+€453
Tax, wage and social debts
-€964
Other debts
+€59,650
Investment (derived)
-€162,107
Investment in fixed assets (net)
-€162,107
Financing
-€83,840
Debts after one year
-€83,990
Current portion of long-term debt
+€150
Cash 2025
€5,897
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €634,563 | €589,494 | -€45,068 | -7.1% |
| Fixed assets | 21/28 | €438,073 | €580,912 | +€142,838 | +32.6% |
| Tangible fixed assets | 22/27 | €438,073 | €580,912 | +€142,838 | +32.6% |
| Land and buildings | 22 | €433,227 | €578,257 | +€145,030 | +33.5% |
| Plant, machinery and equipment | 23 | €4,846 | €2,655 | -€2,191 | -45.2% |
| Current assets | 29/58 | €196,490 | €8,583 | -€187,907 | -95.6% |
| Amounts receivable within one year | 40/41 | €2,424 | €1,875 | -€549 | -22.7% |
| Other amounts receivable | 41 | €2,424 | €1,875 | -€549 | -22.7% |
| Cash at bank and in hand | 54/58 | €193,279 | €5,897 | -€187,383 | -96.9% |
| Deferred charges and accrued income | 490/1 | €786 | €811 | +€25 | +3.2% |
| Total equity and liabilities | 10/49 | €634,563 | €589,494 | -€45,068 | -7.1% |
| Equity | 10/15 | €382,900 | €367,633 | -€15,267 | -4.0% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Contributions outside capital | 11 | €123,947 | €123,947 | = | 0.0% |
| Other | 1109/19 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €258,953 | €249,045 | -€9,908 | -3.8% |
| Non-distributable reserves | 130/1 | €2,067 | €2,067 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,067 | €2,067 | = | 0.0% |
| Tax-exempt reserves | 132 | €154,237 | €144,330 | -€9,908 | -6.4% |
| Distributable reserves | 133 | €102,649 | €102,649 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€5,359 | -€5,359 | |
| Provisions and deferred taxes | 16 | €62,436 | €57,334 | -€5,102 | -8.2% |
| Deferred taxes | 168 | €62,436 | €57,334 | -€5,102 | -8.2% |
| Amounts payable | 17/49 | €189,227 | €164,527 | -€24,700 | -13.1% |
| Amounts payable after more than one year | 17 | €156,760 | €72,771 | -€83,990 | -53.6% |
| Financial debts | 170/4 | €154,624 | €70,634 | -€83,990 | -54.3% |
| Other amounts payable | 178/9 | €2,137 | €2,137 | = | 0.0% |
| Amounts payable within one year | 42/48 | €31,986 | €91,276 | +€59,290 | +185% |
| Current portion of amounts payable after more than one year | 42 | €8,840 | €8,990 | +€150 | +1.7% |
| Trade debts | 44 | €120 | €573 | +€453 | +379% |
| Suppliers | 440/4 | €120 | €573 | +€453 | +379% |
| Taxes, remuneration and social security | 45 | €16,027 | €15,064 | -€964 | -6.0% |
| Taxes | 450/3 | €16,027 | €15,064 | -€964 | -6.0% |
| Other amounts payable | 47/48 | €7,000 | €66,650 | +€59,650 | +852% |
| Accrued charges and deferred income | 492/3 | €481 | €481 | = | 0.0% |
| Non-recurring operating income | 76A | €38,648 | - | -€38,648 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,101 | €19,268 | +€167 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €22,992 | +€22,992 | |
| Other operating charges | 640/8 | €4,720 | €4,536 | -€183 | -3.9% |
| Gross operating margin | 9900 | €70,685 | €28,386 | -€42,298 | -59.8% |
| Operating profit (loss) | 9901 | €46,864 | -€18,410 | -€65,273 | |
| Financial charges | 65/66B | €8,327 | €1,959 | -€6,369 | -76.5% |
| Recurring financial charges | 65 | €8,327 | €1,959 | -€6,369 | -76.5% |
| Profit (loss) for the period before taxes | 9903 | €38,536 | -€20,368 | -€58,905 | |
| Transfer from deferred taxes | 780 | €5,102 | €5,102 | = | 0.0% |
| Income taxes | 67/77 | €17,985 | - | -€17,985 | |
| Profit (loss) for the period | 9904 | €25,653 | -€15,267 | -€40,920 | |
| Transfer from tax-exempt reserves | 789 | €9,908 | €9,908 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,561 | -€5,359 | -€40,920 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.