Claus Varsenare: what changed
What changed
Claus Varsenare
filed annual accounts (NBB)
Net result for the year
€6,841
2024 · €37,252-€30,411
Equity
€563,791
2024 · €556,950+€6,841
Cash
€35,234
2024 · €29,395+€5,838
Balance sheet total
€669,777
2024 · €560,535+€109,242
Largest movements
Assets
- Tangible fixed assets +€111,425
up €111,425 (+50.4%), from €220,986 to €332,411
of which Furniture and vehicles: +€115,337
- Receivables within one year -€13,705
no longer reported in 2025 (was €13,705)
Equity and liabilities
- Other debts +€95,594
new in 2025: €95,594
- Accrued charges and deferred income +€8,487
new in 2025: €8,487
- Reserves +€6,841
up €6,841 (+3.1%), from €221,778 to €228,619
Income statement
- Financial charges +€26,102
up €26,102, from -€19,101 to €7,002
- Depreciation +€10,557
up €10,557 (+90.1%), from €11,723 to €22,280
- Taxes -€9,445
down €9,445 (-73.7%), from €12,819 to €3,374
- Gross operating margin -€5,127
down €5,127 (-9.5%), from €53,740 to €48,614
- Financial income +€2,337
up €2,337 (+56.8%), from €4,115 to €6,451
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
€37,252
Gross operating margin
-€5,127
Depreciation
-€10,557
Other operating charges
-€407
Financial income
+€2,337
Financial charges
-€26,102
Taxes
+€9,445
Result 2025
€6,841
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
+€145,064
Investment
-€139,226
Financing
€0
Cash 2024
€29,395
From operations (derived)
+€145,064
Net result for the year
+€6,841
Depreciation
+€22,280
Receivables within one year
+€13,705
Deferred charges and accrued income
-€163
Tax, wage and social debts
-€1,681
Other debts
+€95,594
Accrued charges and deferred income
+€8,487
Investment (derived)
-€139,226
Investment in fixed assets (net)
-€133,705
Current investments
-€5,521
Cash 2025
€35,234
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €560,535 | €669,777 | +€109,242 | +19.5% |
| Fixed assets | 21/28 | €220,986 | €332,411 | +€111,425 | +50.4% |
| Tangible fixed assets | 22/27 | €220,986 | €332,411 | +€111,425 | +50.4% |
| Land and buildings | 22 | €217,074 | €217,074 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,912 | - | -€3,912 | |
| Furniture and vehicles | 24 | - | €115,337 | +€115,337 | |
| Current assets | 29/58 | €339,548 | €337,366 | -€2,183 | -0.6% |
| Amounts receivable within one year | 40/41 | €13,705 | - | -€13,705 | |
| Trade receivables | 40 | €13,705 | - | -€13,705 | |
| Current investments | 50/53 | €295,726 | €301,247 | +€5,521 | +1.9% |
| Cash at bank and in hand | 54/58 | €29,395 | €35,234 | +€5,838 | +19.9% |
| Deferred charges and accrued income | 490/1 | €722 | €885 | +€163 | +22.6% |
| Total equity and liabilities | 10/49 | €560,535 | €669,777 | +€109,242 | +19.5% |
| Equity | 10/15 | €556,950 | €563,791 | +€6,841 | +1.2% |
| Contributions | 10/11 | €324,000 | €324,000 | = | 0.0% |
| Reserves | 13 | €221,778 | €228,619 | +€6,841 | +3.1% |
| Distributable reserves | 133 | €221,778 | €228,619 | +€6,841 | +3.1% |
| Profit (loss) carried forward | 14 | €11,172 | €11,172 | = | 0.0% |
| Amounts payable | 17/49 | €3,585 | €105,986 | +€102,401 | +2,857% |
| Amounts payable within one year | 42/48 | €3,585 | €97,499 | +€93,914 | +2,620% |
| Taxes, remuneration and social security | 45 | €3,585 | €1,904 | -€1,681 | -46.9% |
| Taxes | 450/3 | €3,585 | €1,904 | -€1,681 | -46.9% |
| Other amounts payable | 47/48 | - | €95,594 | +€95,594 | |
| Accrued charges and deferred income | 492/3 | - | €8,487 | +€8,487 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,723 | €22,280 | +€10,557 | +90.1% |
| Other operating charges | 640/8 | €15,161 | €15,568 | +€407 | +2.7% |
| Gross operating margin | 9900 | €53,740 | €48,614 | -€5,127 | -9.5% |
| Operating profit (loss) | 9901 | €26,856 | €10,765 | -€16,091 | -59.9% |
| Financial income | 75/76B | €4,115 | €6,451 | +€2,337 | +56.8% |
| Recurring financial income | 75 | €4,115 | €6,451 | +€2,337 | +56.8% |
| Financial charges | 65/66B | -€19,101 | €7,002 | +€26,102 | |
| Recurring financial charges | 65 | -€19,101 | €7,002 | +€26,102 | |
| Profit (loss) for the period before taxes | 9903 | €50,071 | €10,215 | -€39,856 | -79.6% |
| Income taxes | 67/77 | €12,819 | €3,374 | -€9,445 | -73.7% |
| Profit (loss) for the period | 9904 | €37,252 | €6,841 | -€30,411 | -81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €37,252 | €6,841 | -€30,411 | -81.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.