G Varnish: 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.
What changed
G Varnish
NACE 18.130, Pre-press and pre-media services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€12,063
2024 · €108,811-€96,748
Equity
€378,290
2024 · €366,226+€12,064
Cash
€88,798
2024 · €66,653+€22,145
Balance sheet total
€3.1m
2024 · €2.8m+€268,055
Largest movements
Assets
- Stocks and contracts +€146,950
up €146,950 (+12.3%), from €1.2m to €1.3m
- Receivables within one year +€110,928
up €110,928 (+14.0%), from €791,297 to €902,225
of which Trade receivables: +€81,229
Equity and liabilities
- Trade debts +€149,520
up €149,520 (+18.7%), from €801,524 to €951,044
- Short-term financial debts +€100,000
up €100,000 (+15.4%), from €650,000 to €750,000
- Debts after one year -€95,326
down €95,326 (-10.5%), from €909,517 to €814,191
- Other debts +€72,839
new in 2025: €72,839
Income statement
- Turnover -€3.9m
no longer reported in 2025 (was €3.9m)
- Purchases and services -€3.3m
no longer reported in 2025 (was €3.3m)
- Gross operating margin -€154,727
down €154,727 (-20.6%), from €750,005 to €595,278
- Taxes -€68,476
down €68,476 (-90.0%), from €76,086 to €7,610
- Staff costs +€49,990
up €49,990 (+15.8%), from €316,095 to €366,085
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.
Result 2024
€108,811
Gross operating margin
-€154,727
Staff costs
-€49,990
Depreciation
+€178
Other operating charges
+€26,697
Financial income
-€4,458
Financial charges
+€17,077
Taxes
+€68,476
Result 2025
€12,063
raises the resultlowers the result
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.
From operations
+€128,222
Investment
-€114,611
Financing
+€8,534
Cash 2024
€66,653
From operations (derived)
+€128,222
Net result for the year
+€12,063
Depreciation
+€122,050
Stocks and contracts
-€146,950
Receivables within one year
-€110,928
Deferred charges and accrued income
+€4,528
Trade debts
+€149,520
Tax, wage and social debts
+€25,099
Other debts
+€72,839
Investment (derived)
-€114,611
Investment in fixed assets (net)
-€114,611
Financing
+€8,534
Debts after one year
-€95,326
Current portion of long-term debt
+€3,860
Short-term financial debts
+€100,000
Contributions, distributions and other
+€0
Cash 2025
€88,798
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,843,695 | €3,111,750 | +€268,055 | +9.4% |
| Fixed assets | 21/28 | €770,979 | €763,540 | -€7,439 | -1.0% |
| Tangible fixed assets | 22/27 | €770,979 | €763,540 | -€7,439 | -1.0% |
| Land and buildings | 22 | €1,090 | €14,817 | +€13,727 | +1,259% |
| Plant, machinery and equipment | 23 | €53,945 | €102,958 | +€49,013 | +90.9% |
| Furniture and vehicles | 24 | €126,485 | €117,806 | -€8,679 | -6.9% |
| Leasing and similar rights | 25 | €589,459 | €527,959 | -€61,500 | -10.4% |
| Current assets | 29/58 | €2,072,716 | €2,348,211 | +€275,495 | +13.3% |
| Stocks and contracts in progress | 3 | €1,195,850 | €1,342,800 | +€146,950 | +12.3% |
| Stocks | 30/36 | €1,195,850 | €1,342,800 | +€146,950 | +12.3% |
| Amounts receivable within one year | 40/41 | €791,297 | €902,225 | +€110,928 | +14.0% |
| Trade receivables | 40 | €667,814 | €749,043 | +€81,229 | +12.2% |
| Other amounts receivable | 41 | €123,483 | €153,182 | +€29,699 | +24.1% |
| Cash at bank and in hand | 54/58 | €66,653 | €88,798 | +€22,145 | +33.2% |
| Deferred charges and accrued income | 490/1 | €18,916 | €14,388 | -€4,528 | -23.9% |
| Total equity and liabilities | 10/49 | €2,843,695 | €3,111,750 | +€268,055 | +9.4% |
| Equity | 10/15 | €366,226 | €378,290 | +€12,064 | +3.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €118,705 | €130,769 | +€12,064 | +10.2% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €108,705 | €120,769 | +€12,064 | +11.1% |
| Profit (loss) carried forward | 14 | €147,521 | €147,521 | -€0 | 0.0% |
| Amounts payable | 17/49 | €2,477,469 | €2,733,461 | +€255,992 | +10.3% |
| Amounts payable after more than one year | 17 | €909,517 | €814,191 | -€95,326 | -10.5% |
| Financial debts | 170/4 | €909,517 | €814,191 | -€95,326 | -10.5% |
| Amounts payable within one year | 42/48 | €1,567,952 | €1,919,270 | +€351,318 | +22.4% |
| Current portion of amounts payable after more than one year | 42 | €83,196 | €87,056 | +€3,860 | +4.6% |
| Financial debts | 43 | €650,000 | €750,000 | +€100,000 | +15.4% |
| Credit institutions | 430/8 | €650,000 | €750,000 | +€100,000 | +15.4% |
| Trade debts | 44 | €801,524 | €951,044 | +€149,520 | +18.7% |
| Suppliers | 440/4 | €801,524 | €951,044 | +€149,520 | +18.7% |
| Taxes, remuneration and social security | 45 | €33,232 | €58,331 | +€25,099 | +75.5% |
| Taxes | 450/3 | €12,721 | €11,396 | -€1,325 | -10.4% |
| Remuneration and social security | 454/9 | €20,511 | €46,936 | +€26,425 | +129% |
| Other amounts payable | 47/48 | - | €72,839 | +€72,839 | |
| Turnover | 70 | €3,897,863 | - | -€3.9m | |
| Non-recurring operating income | 76A | €2,114 | - | -€2,114 | |
| Goods, raw materials, services and sundry goods | 60/61 | €3,290,178 | - | -€3.3m | |
| Remuneration, social security and pensions | 62 | €316,095 | €366,085 | +€49,990 | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,228 | €122,050 | -€178 | -0.1% |
| Other operating charges | 640/8 | €36,189 | €9,492 | -€26,697 | -73.8% |
| Gross operating margin | 9900 | €750,005 | €595,278 | -€154,727 | -20.6% |
| Operating profit (loss) | 9901 | €275,493 | €97,650 | -€177,843 | -64.6% |
| Financial income | 75/76B | €4,981 | €523 | -€4,458 | -89.5% |
| Recurring financial income | 75 | €4,981 | €523 | -€4,458 | -89.5% |
| Financial charges | 65/66B | €95,577 | €78,500 | -€17,077 | -17.9% |
| Recurring financial charges | 65 | €95,577 | €78,500 | -€17,077 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €184,897 | €19,673 | -€165,224 | -89.4% |
| Income taxes | 67/77 | €76,086 | €7,610 | -€68,476 | -90.0% |
| Profit (loss) for the period | 9904 | €108,811 | €12,063 | -€96,748 | -88.9% |
| Profit (loss) for the period to be appropriated | 9905 | €108,811 | €12,063 | -€96,748 | -88.9% |
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 27 October 2026 via checked.be.