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
- Cash +€567,140
up €567,140 (+561.5%), from €101,006 to €668,145
mainly Depreciation (+€666,870) and Net result for the year (+€304,930)
- Tangible fixed assets -€457,906
down €457,906 (-9.2%), from €5.0m to €4.5m
of which Land and buildings: -€548,507
- Profit (loss) carried forward +€304,930
up €304,930 (+10.3%), from €3.0m to €3.3m
- Debts after one year -€181,111
down €181,111 (-33.5%), from €541,111 to €360,000
- Depreciation +€501,733
up €501,733 (+303.8%), from €165,137 to €666,870
- Gross operating margin +€178,376
up €178,376 (+20.3%), from €879,164 to €1.1m
- Taxes -€94,636
down €94,636 (-55.4%), from €170,870 to €76,234
- Financial charges -€30,273
down €30,273 (-76.2%), from €39,744 to €9,471
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 | €5,968,521 | €6,129,809 | +€161,289 | +2.7% |
| Fixed assets | 21/28 | €4,952,200 | €4,494,294 | -€457,906 | -9.2% |
| Tangible fixed assets | 22/27 | €4,952,200 | €4,494,294 | -€457,906 | -9.2% |
| Land and buildings | 22 | €4,637,139 | €4,088,633 | -€548,507 | -11.8% |
| Furniture and vehicles | 24 | €315,061 | €405,661 | +€90,601 | +28.8% |
| Current assets | 29/58 | €1,016,321 | €1,635,515 | +€619,194 | +60.9% |
| Amounts receivable within one year | 40/41 | €476,793 | €484,918 | +€8,124 | +1.7% |
| Trade receivables | 40 | €173,551 | €10,982 | -€162,568 | -93.7% |
| Other amounts receivable | 41 | €303,243 | €473,935 | +€170,693 | +56.3% |
| Current investments | 50/53 | €438,522 | €438,107 | -€415 | -0.1% |
| Cash at bank and in hand | 54/58 | €101,006 | €668,145 | +€567,140 | +561.5% |
| Deferred charges and accrued income | 490/1 | - | €44,345 | +€44,345 | |
| Total equity and liabilities | 10/49 | €5,968,521 | €6,129,809 | +€161,289 | +2.7% |
| Equity | 10/15 | €3,590,197 | €3,895,127 | +€304,930 | +8.5% |
| Contributions | 10/11 | €98,600 | €98,600 | = | 0.0% |
| Reserves | 13 | €534,374 | €534,374 | = | 0.0% |
| Tax-exempt reserves | 132 | €277,860 | €277,860 | = | 0.0% |
| Distributable reserves | 133 | €256,514 | €256,514 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,957,223 | €3,262,153 | +€304,930 | +10.3% |
| Amounts payable | 17/49 | €2,378,323 | €2,234,682 | -€143,641 | -6.0% |
| Amounts payable after more than one year | 17 | €541,111 | €360,000 | -€181,111 | -33.5% |
| Financial debts | 170/4 | €541,111 | €360,000 | -€181,111 | -33.5% |
| Amounts payable within one year | 42/48 | €1,837,212 | €1,873,929 | +€36,717 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €193,333 | €181,111 | -€12,222 | -6.3% |
| Trade debts | 44 | €43,827 | €30,201 | -€13,627 | -31.1% |
| Suppliers | 440/4 | €43,827 | €30,201 | -€13,627 | -31.1% |
| Taxes, remuneration and social security | 45 | €37,954 | €52,319 | +€14,364 | +37.8% |
| Taxes | 450/3 | €37,954 | €52,319 | +€14,364 | +37.8% |
| Other amounts payable | 47/48 | €1,562,097 | €1,610,299 | +€48,202 | +3.1% |
| Accrued charges and deferred income | 492/3 | - | €753 | +€753 | |
| Non-recurring operating income | 76A | - | €45,418 | +€45,418 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,137 | €666,870 | +€501,733 | +303.8% |
| Other operating charges | 640/8 | €7,481 | €11,735 | +€4,254 | +56.9% |
| Non-recurring operating charges | 66A | - | €4,618 | +€4,618 | |
| Gross operating margin | 9900 | €879,164 | €1,057,541 | +€178,376 | +20.3% |
| Operating profit (loss) | 9901 | €706,547 | €374,317 | -€332,230 | -47.0% |
| Financial income | 75/76B | €20,965 | €16,318 | -€4,647 | -22.2% |
| Recurring financial income | 75 | €20,965 | €16,318 | -€4,647 | -22.2% |
| Financial charges | 65/66B | €39,744 | €9,471 | -€30,273 | -76.2% |
| Recurring financial charges | 65 | €39,744 | €9,471 | -€30,273 | -76.2% |
| Profit (loss) for the period before taxes | 9903 | €687,768 | €381,164 | -€306,604 | -44.6% |
| Income taxes | 67/77 | €170,870 | €76,234 | -€94,636 | -55.4% |
| Profit (loss) for the period | 9904 | €516,898 | €304,930 | -€211,968 | -41.0% |
| Transfer to tax-exempt reserves | 689 | €277,860 | - | -€277,860 | |
| Profit (loss) for the period to be appropriated | 9905 | €239,038 | €304,930 | +€65,892 | +27.6% |
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.