VAR CONSTRUCT: what changed
Two fiscal 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.
VAR CONSTRUCT
Largest movements
- Stocks and contracts +€291,765
up €291,765 (+70.8%), from €412,229 to €703,994
- Cash +€71,362
up €71,362 (+3944.4%), from €1,809 to €73,171
mainly Accrued charges and deferred income (+€357,351) and Tax, wage and social debts (+€16,822)
- Receivables after one year +€17,329
up €17,329 (+71.4%), from €24,261 to €41,590
- Financial fixed assets -€14,189
down €14,189 (-64.8%), from €21,893 to €7,704
- Receivables within one year -€9,211
down €9,211 (-25.6%), from €35,959 to €26,748
of which Trade receivables: -€9,722
- Accrued charges and deferred income +€357,351
up €357,351 (+419918.7%), from €85 to €357,436
- Profit (loss) carried forward -€29,168
down €29,168 (-27.3%), from -€106,657 to -€135,825
- Tax, wage and social debts +€16,822
up €16,822 (+1881.4%), from €894 to €17,716
- Trade debts +€13,438
up €13,438 (+564.8%), from €2,379 to €15,817
- Gross operating margin +€72,780
up €72,780 (+75.0%), from -€97,073 to -€24,293
- Other operating charges -€5,870
down €5,870 (-82.1%), from €7,152 to €1,283
- Financial charges +€3,478
up €3,478 (+72.7%), from €4,782 to €8,260
- Financial income +€3,384
up €3,384 (+46.0%), from €7,359 to €10,743
- Depreciation +€1,155
up €1,155 (+25.2%), from €4,584 to €5,739
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.
Cash bridge derived
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €521,542 | €873,336 | +€351,794 | +67.5% |
| Fixed assets | 21/28 | €46,067 | €26,139 | -€19,928 | -43.3% |
| Tangible fixed assets | 22/27 | €24,174 | €18,435 | -€5,739 | -23.7% |
| Plant, machinery and equipment | 23 | €1,716 | €1,287 | -€429 | -25.0% |
| Furniture and vehicles | 24 | €22,458 | €17,148 | -€5,310 | -23.6% |
| Financial fixed assets | 28 | €21,893 | €7,704 | -€14,189 | -64.8% |
| Current assets | 29/58 | €475,476 | €847,197 | +€371,722 | +78.2% |
| Amounts receivable after more than one year | 29 | €24,261 | €41,590 | +€17,329 | +71.4% |
| Other amounts receivable | 291 | €24,261 | €41,590 | +€17,329 | +71.4% |
| Stocks and contracts in progress | 3 | €412,229 | €703,994 | +€291,765 | +70.8% |
| Stocks | 30/36 | €412,229 | €703,994 | +€291,765 | +70.8% |
| Amounts receivable within one year | 40/41 | €35,959 | €26,748 | -€9,211 | -25.6% |
| Trade receivables | 40 | €11,075 | €1,353 | -€9,722 | -87.8% |
| Other amounts receivable | 41 | €24,884 | €25,396 | +€511 | +2.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,809 | €73,171 | +€71,362 | +3944.4% |
| Deferred charges and accrued income | 490/1 | €1,217 | €1,694 | +€477 | +39.2% |
| Total equity and liabilities | 10/49 | €521,542 | €873,336 | +€351,794 | +67.5% |
| Equity | 10/15 | -€84,435 | -€113,604 | -€29,168 | -34.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,621 | €3,621 | = | 0.0% |
| Distributable reserves | 133 | €3,621 | €3,621 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€106,657 | -€135,825 | -€29,168 | -27.3% |
| Amounts payable | 17/49 | €605,978 | €986,940 | +€380,962 | +62.9% |
| Amounts payable after more than one year | 17 | €602,619 | €595,970 | -€6,649 | -1.1% |
| Other amounts payable | 178/9 | €602,619 | €595,970 | -€6,649 | -1.1% |
| Amounts payable within one year | 42/48 | €3,273 | €33,534 | +€30,260 | +924.4% |
| Trade debts | 44 | €2,379 | €15,817 | +€13,438 | +564.8% |
| Suppliers | 440/4 | €2,379 | €15,817 | +€13,438 | +564.8% |
| Taxes, remuneration and social security | 45 | €894 | €17,716 | +€16,822 | +1881.4% |
| Taxes | 450/3 | €894 | €17,716 | +€16,822 | +1881.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €85 | €357,436 | +€357,351 | +419918.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,584 | €5,739 | +€1,155 | +25.2% |
| Other operating charges | 640/8 | €7,152 | €1,283 | -€5,870 | -82.1% |
| Gross operating margin | 9900 | -€97,073 | -€24,293 | +€72,780 | +75.0% |
| Operating profit (loss) | 9901 | -€108,809 | -€31,314 | +€77,495 | +71.2% |
| Financial income | 75/76B | €7,359 | €10,743 | +€3,384 | +46.0% |
| Recurring financial income | 75 | €7,359 | €10,743 | +€3,384 | +46.0% |
| Financial charges | 65/66B | €4,782 | €8,260 | +€3,478 | +72.7% |
| Recurring financial charges | 65 | €4,782 | €8,260 | +€3,478 | +72.7% |
| Profit (loss) for the period before taxes | 9903 | -€106,232 | -€28,831 | +€77,401 | +72.9% |
| Income taxes | 67/77 | €425 | €337 | -€87 | -20.5% |
| Profit (loss) for the period | 9904 | -€106,657 | -€29,168 | +€77,488 | +72.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€106,657 | -€29,168 | +€77,488 | +72.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.