VARA: 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.
VARA
Largest movements
- Current investments -€51,250
down €51,250 (-100.0%), from €51,250 to €0
- Cash +€24,726
up €24,726 (+42.8%), from €57,756 to €82,482
mainly Current investments (+€51,250) and Net result for the year (+€24,044)
- Tangible fixed assets -€10,255
down €10,255 (-5.5%), from €185,079 to €174,824
of which Land and buildings: -€8,972
- Receivables within one year +€5,546
new in 2025: €5,546
- Other debts -€37,621
down €37,621 (-100.0%), from €37,621 to €0
- Reserves +€24,044
up €24,044 (+37.7%), from €63,773 to €87,817
of which Distributable reserves: +€24,094
- Contributions -€19,313
down €19,313 (-23.9%), from €80,813 to €61,500
- Tax, wage and social debts +€6,905
up €6,905 (+734.1%), from €941 to €7,845
- Accrued charges and deferred income -€4,622
down €4,622 (-100.0%), from €4,622 to €0
- Gross operating margin +€10,262
up €10,262 (+43.0%), from €23,868 to €34,130
- Financial income +€9,884
new in 2025: €9,884
- Taxes +€5,093
up €5,093 (+103.1%), from €4,941 to €10,034
- Financial charges +€2,093
up €2,093 (+1635.7%), from €128 to €2,221
- Depreciation -€1,099
down €1,099 (-31.4%), from €3,496 to €2,396
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 | €295,911 | €263,372 | -€32,539 | -11.0% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €185,079 | €174,824 | -€10,255 | -5.5% |
| Tangible fixed assets | 22/27 | €185,079 | €174,824 | -€10,255 | -5.5% |
| Land and buildings | 22 | €181,789 | €172,816 | -€8,972 | -4.9% |
| Plant, machinery and equipment | 23 | €835 | €382 | -€453 | -54.2% |
| Furniture and vehicles | 24 | €2,455 | €1,625 | -€830 | -33.8% |
| Current assets | 29/58 | €110,832 | €88,548 | -€22,284 | -20.1% |
| Amounts receivable within one year | 40/41 | - | €5,546 | +€5,546 | |
| Other amounts receivable | 41 | - | €5,546 | +€5,546 | |
| Current investments | 50/53 | €51,250 | €0 | -€51,250 | -100.0% |
| Cash at bank and in hand | 54/58 | €57,756 | €82,482 | +€24,726 | +42.8% |
| Deferred charges and accrued income | 490/1 | €1,827 | €520 | -€1,307 | -71.5% |
| Total equity and liabilities | 10/49 | €295,911 | €263,372 | -€32,539 | -11.0% |
| Equity | 10/15 | €248,876 | €253,607 | +€4,731 | +1.9% |
| Contributions | 10/11 | €80,813 | €61,500 | -€19,313 | -23.9% |
| Capital | 10 | €80,813 | - | -€80,813 | |
| Issued capital | 100 | €80,813 | - | -€80,813 | |
| Revaluation surpluses | 12 | €301,199 | €301,199 | = | 0.0% |
| Reserves | 13 | €63,773 | €87,817 | +€24,044 | +37.7% |
| Non-distributable reserves | 130/1 | €49 | - | -€49 | |
| Legal reserve | 130 | €49 | - | -€49 | |
| Distributable reserves | 133 | €63,723 | €87,817 | +€24,094 | +37.8% |
| Profit (loss) carried forward | 14 | -€196,909 | -€196,909 | = | 0.0% |
| Amounts payable | 17/49 | €47,035 | €9,765 | -€37,270 | -79.2% |
| Amounts payable within one year | 42/48 | €42,413 | €9,765 | -€32,648 | -77.0% |
| Trade debts | 44 | €3,146 | €1,214 | -€1,931 | -61.4% |
| Suppliers | 440/4 | €3,146 | €1,214 | -€1,931 | -61.4% |
| Advances received on contracts in progress | 46 | €705 | €705 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €941 | €7,845 | +€6,905 | +734.1% |
| Taxes | 450/3 | €941 | €7,845 | +€6,905 | +734.1% |
| Other amounts payable | 47/48 | €37,621 | €0 | -€37,621 | -100.0% |
| Accrued charges and deferred income | 492/3 | €4,622 | €0 | -€4,622 | -100.0% |
| Non-recurring operating income | 76A | - | €4,142 | +€4,142 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,496 | €2,396 | -€1,099 | -31.4% |
| Other operating charges | 640/8 | €5,226 | €5,318 | +€91 | +1.7% |
| Gross operating margin | 9900 | €23,868 | €34,130 | +€10,262 | +43.0% |
| Operating profit (loss) | 9901 | €15,146 | €26,416 | +€11,270 | +74.4% |
| Financial income | 75/76B | - | €9,884 | +€9,884 | |
| Recurring financial income | 75 | - | €9,884 | +€9,884 | |
| Financial charges | 65/66B | €128 | €2,221 | +€2,093 | +1635.7% |
| Recurring financial charges | 65 | €128 | €2,221 | +€2,093 | +1635.7% |
| Profit (loss) for the period before taxes | 9903 | €15,018 | €34,078 | +€19,061 | +126.9% |
| Income taxes | 67/77 | €4,941 | €10,034 | +€5,093 | +103.1% |
| Profit (loss) for the period | 9904 | €10,077 | €24,044 | +€13,967 | +138.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,077 | €24,044 | +€13,967 | +138.6% |
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 5 October 2026 via checked.be.