AD VARSENARE: what changed
AD VARSENARE
Largest movements
- Stocks and contracts -€743,063
down €743,063 (-100%), from €743,063 to €0
- Cash +€416,325
up €416,325 (+773%), from €53,893 to €470,217
mainly Stocks and contracts (+€743,063) and Net result for the year (+€599,542)
- Receivables within one year -€143,737
down €143,737 (-96.8%), from €148,520 to €4,783
of which Trade receivables: -€141,037
- Tangible fixed assets -€79,061
down €79,061 (-100%), from €79,061 to €0
of which Plant, machinery and equipment: -€77,822
- Other debts -€832,680
down €832,680 (-43.4%), from €1.9m to €1.1m
- Profit (loss) carried forward +€599,542
up €599,542 (+33.9%), from -€1.8m to -€1.2m
- Debts after one year -€350,000
down €350,000 (-100%), from €350,000 to €0
- Trade debts +€108,277
up €108,277 (+58.0%), from €186,775 to €295,052
- Tax, wage and social debts -€51,578
down €51,578 (-99.9%), from €51,608 to €30
of which Remuneration and social security: -€51,446
- Gross operating margin +€603,168
up €603,168 (+179%), from €336,525 to €939,693
- Staff costs -€95,260
down €95,260 (-25.8%), from €368,864 to €273,604
- Depreciation -€11,159
down €11,159 (-100%), from €11,159 to €0
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,118,834 | €563,398 | -€555,436 | -49.6% |
| Fixed assets | 21/28 | €81,716 | €2,655 | -€79,061 | -96.8% |
| Tangible fixed assets | 22/27 | €79,061 | €0 | -€79,061 | -100% |
| Plant, machinery and equipment | 23 | €77,822 | €0 | -€77,822 | -100% |
| Other tangible fixed assets | 26 | €1,239 | €0 | -€1,239 | -100% |
| Financial fixed assets | 28 | €2,655 | €2,655 | = | 0.0% |
| Current assets | 29/58 | €1,037,118 | €560,743 | -€476,375 | -45.9% |
| Stocks and contracts in progress | 3 | €743,063 | €0 | -€743,063 | -100% |
| Stocks | 30/36 | €743,063 | €0 | -€743,063 | -100% |
| Amounts receivable within one year | 40/41 | €148,520 | €4,783 | -€143,737 | -96.8% |
| Trade receivables | 40 | €141,109 | €72 | -€141,037 | -99.9% |
| Other amounts receivable | 41 | €7,411 | €4,711 | -€2,700 | -36.4% |
| Current investments | 50/53 | €78,368 | €78,351 | -€17 | 0.0% |
| Cash at bank and in hand | 54/58 | €53,893 | €470,217 | +€416,325 | +773% |
| Deferred charges and accrued income | 490/1 | €13,275 | €7,391 | -€5,884 | -44.3% |
| Total equity and liabilities | 10/49 | €1,118,834 | €563,398 | -€555,436 | -49.6% |
| Equity | 10/15 | -€1,416,945 | -€817,403 | +€599,542 | +42.3% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,766,945 | -€1,167,403 | +€599,542 | +33.9% |
| Amounts payable | 17/49 | €2,535,779 | €1,380,801 | -€1.2m | -45.5% |
| Amounts payable after more than one year | 17 | €350,000 | €0 | -€350,000 | -100% |
| Trade debts | 175 | €350,000 | €0 | -€350,000 | -100% |
| Amounts payable within one year | 42/48 | €2,156,782 | €1,380,801 | -€775,982 | -36.0% |
| Trade debts | 44 | €186,775 | €295,052 | +€108,277 | +58.0% |
| Suppliers | 440/4 | €186,775 | €295,052 | +€108,277 | +58.0% |
| Taxes, remuneration and social security | 45 | €51,608 | €30 | -€51,578 | -99.9% |
| Taxes | 450/3 | €162 | €30 | -€132 | -81.6% |
| Remuneration and social security | 454/9 | €51,446 | €0 | -€51,446 | -100% |
| Other amounts payable | 47/48 | €1,918,399 | €1,085,719 | -€832,680 | -43.4% |
| Accrued charges and deferred income | 492/3 | €28,997 | €0 | -€28,997 | -100% |
| Non-recurring operating income | 76A | - | €26,401 | +€26,401 | |
| Remuneration, social security and pensions | 62 | €368,864 | €273,604 | -€95,260 | -25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,159 | €0 | -€11,159 | -100% |
| Other operating charges | 640/8 | €3,846 | €5,398 | +€1,552 | +40.4% |
| Gross operating margin | 9900 | €336,525 | €939,693 | +€603,168 | +179% |
| Operating profit (loss) | 9901 | -€47,343 | €660,691 | +€708,035 | |
| Financial income | 75/76B | €185 | €1,538 | +€1,352 | +729% |
| Recurring financial income | 75 | €185 | €1,538 | +€1,352 | +729% |
| Financial charges | 65/66B | €64,729 | €62,546 | -€2,183 | -3.4% |
| Recurring financial charges | 65 | €64,729 | €62,546 | -€2,183 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | -€111,886 | €599,683 | +€711,570 | |
| Income taxes | 67/77 | €164 | €141 | -€24 | -14.4% |
| Profit (loss) for the period | 9904 | -€112,051 | €599,542 | +€711,593 | |
| Profit (loss) for the period to be appropriated | 9905 | -€112,051 | €599,542 | +€711,593 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.