V.A.R.O.: 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.
V.A.R.O.
Largest movements
- Tangible fixed assets -€11,559
down €11,559 (-35.1%), from €32,927 to €21,368
- Current assets -€9,818
down €9,818 (-25.9%), from €37,961 to €28,143
of which Stocks and contracts: -€12,249
- Financial fixed assets +€1,210
new in 2020: €1,210
- Debts after one year -€14,437
down €14,437 (-77.8%), from €18,558 to €4,121
- Debts within one year -€7,344
down €7,344 (-20.1%), from €36,533 to €29,189
- Equity +€1,465
up €1,465 (+9.2%), from €15,921 to €17,386
of which Profit (loss) carried forward: +€1,465
- Gross operating margin +€8,265
up €8,265 (+18.9%), from €43,637 to €51,902
From the 2019 result to the 2020 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.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2019 | 2020 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €71,011 | €50,721 | -€20,291 | -28.6% |
| Fixed assets | 21/28 | €33,050 | €22,578 | -€10,473 | -31.7% |
| Intangible fixed assets | 21 | €123 | - | -€123 | |
| Tangible fixed assets | 22/27 | €32,927 | €21,368 | -€11,559 | -35.1% |
| Financial fixed assets | 28 | - | €1,210 | +€1,210 | |
| Current assets | 29/58 | €37,961 | €28,143 | -€9,818 | -25.9% |
| Stocks and contracts in progress | 3 | €19,710 | €7,461 | -€12,249 | -62.1% |
| Amounts receivable within one year | 40/41 | €13,973 | €12,190 | -€1,783 | -12.8% |
| Cash at bank and in hand | 54/58 | €4,103 | €7,768 | +€3,666 | +89.4% |
| Total equity and liabilities | 10/49 | €71,011 | €50,721 | -€20,291 | -28.6% |
| Equity | 10/15 | €15,921 | €17,386 | +€1,465 | +9.2% |
| Contributions | 10/11 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,861 | €9,326 | +€1,465 | +18.6% |
| Amounts payable | 17/49 | €55,091 | €33,335 | -€21,756 | -39.5% |
| Amounts payable after more than one year | 17 | €18,558 | €4,121 | -€14,437 | -77.8% |
| Amounts payable within one year | 42/48 | €36,533 | €29,189 | -€7,344 | -20.1% |
| Trade debts | 44 | €27,896 | €18,914 | -€8,982 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,887 | €12,628 | -€259 | -2.0% |
| Gross operating margin | 9900 | €43,637 | €51,902 | +€8,265 | +18.9% |
| Operating profit (loss) | 9901 | €26,183 | €20,804 | -€5,379 | -20.5% |
| Recurring financial income | 75 | €7 | €2 | -€5 | -73.2% |
| Recurring financial charges | 65 | €1,029 | €4,341 | +€3,312 | +322% |
| Profit (loss) for the period before taxes | 9903 | €25,161 | €16,465 | -€8,696 | -34.6% |
| Income taxes | 67/77 | €226 | - | -€226 | |
| Profit (loss) for the period | 9904 | €24,935 | €16,465 | -€8,470 | -34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,935 | €16,465 | -€8,470 | -34.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2019 and 31 December 2020. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.