VARACO: 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.
VARACO
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Reserves +€5,714
up €5,714 (+18.7%), from €30,506 to €36,220
of which Distributable reserves: +€5,714
- Trade debts +€5,476
up €5,476 (+1334.9%), from €410 to €5,886
- Other debts -€3,436
down €3,436 (-3.2%), from €105,825 to €102,390
- Gross operating margin -€1,533
down €1,533 (-5.8%), from €26,626 to €25,093
- Financial charges -€1,084
down €1,084 (-13.8%), from €7,831 to €6,748
- Write-downs -€638
no longer reported in 2025 (was €638)
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 | €268,929 | €275,415 | +€6,486 | +2.4% |
| Fixed assets | 21/28 | €246,890 | €249,301 | +€2,411 | +1.0% |
| Tangible fixed assets | 22/27 | €246,890 | €249,301 | +€2,411 | +1.0% |
| Land and buildings | 22 | €246,890 | €240,841 | -€6,050 | -2.5% |
| Plant, machinery and equipment | 23 | - | €8,461 | +€8,461 | |
| Current assets | 29/58 | €22,039 | €26,114 | +€4,076 | +18.5% |
| Amounts receivable within one year | 40/41 | €3,348 | €2,672 | -€676 | -20.2% |
| Trade receivables | 40 | €3,348 | €2,577 | -€771 | -23.0% |
| Other amounts receivable | 41 | - | €95 | +€95 | |
| Cash at bank and in hand | 54/58 | €15,360 | €17,827 | +€2,467 | +16.1% |
| Deferred charges and accrued income | 490/1 | €3,331 | €5,615 | +€2,284 | +68.6% |
| Total equity and liabilities | 10/49 | €268,929 | €275,415 | +€6,486 | +2.4% |
| Equity | 10/15 | €159,411 | €165,125 | +€5,714 | +3.6% |
| Contributions | 10/11 | €128,905 | €128,905 | = | 0.0% |
| Capital | 10 | €128,905 | €128,905 | = | 0.0% |
| Issued capital | 100 | €128,905 | €128,905 | = | 0.0% |
| Reserves | 13 | €30,506 | €36,220 | +€5,714 | +18.7% |
| Non-distributable reserves | 130/1 | €12,890 | €12,890 | = | 0.0% |
| Legal reserve | 130 | €12,890 | €12,890 | = | 0.0% |
| Distributable reserves | 133 | €17,616 | €23,330 | +€5,714 | +32.4% |
| Amounts payable | 17/49 | €109,518 | €110,291 | +€772 | +0.7% |
| Amounts payable within one year | 42/48 | €109,518 | €110,291 | +€772 | +0.7% |
| Trade debts | 44 | €410 | €5,886 | +€5,476 | +1334.9% |
| Suppliers | 440/4 | €410 | €5,886 | +€5,476 | +1334.9% |
| Taxes, remuneration and social security | 45 | €3,283 | €2,015 | -€1,268 | -38.6% |
| Taxes | 450/3 | €3,283 | €2,015 | -€1,268 | -38.6% |
| Other amounts payable | 47/48 | €105,825 | €102,390 | -€3,436 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,050 | €6,059 | +€9 | +0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €638 | - | -€638 | |
| Other operating charges | 640/8 | €4,687 | €4,668 | -€19 | -0.4% |
| Gross operating margin | 9900 | €26,626 | €25,093 | -€1,533 | -5.8% |
| Operating profit (loss) | 9901 | €15,251 | €14,366 | -€885 | -5.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €7,831 | €6,748 | -€1,084 | -13.8% |
| Recurring financial charges | 65 | €7,831 | €6,748 | -€1,084 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €7,420 | €7,619 | +€199 | +2.7% |
| Income taxes | 67/77 | €1,942 | €1,905 | -€37 | -1.9% |
| Profit (loss) for the period | 9904 | €5,478 | €5,714 | +€236 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,478 | €5,714 | +€236 | +4.3% |
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 12 October 2026 via checked.be.