VARADO: 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.
VARADO
Largest movements
- Tangible fixed assets -€20,148
down €20,148 (-10.1%), from €199,717 to €179,569
of which Land and buildings: -€23,273
- Profit (loss) carried forward -€22,148
down €22,148 (-39.7%), from -€55,839 to -€77,987
- Short-term financial debts +€8,038
up €8,038 (+3.8%), from €212,870 to €220,908
- Accrued charges and deferred income -€6,217
no longer reported in 2025 (was €6,217)
- Trade debts +€4,551
up €4,551 (+1,196%), from €380 to €4,931
- Tax, wage and social debts -€3,242
down €3,242 (-84.1%), from €3,857 to €615
- Gross operating margin -€9,901
down €9,901 (-57.4%), from €17,255 to €7,354
- Depreciation -€6,752
down €6,752 (-22.3%), from €30,266 to €23,514
- Financial charges -€6,168
down €6,168 (-95.2%), from €6,481 to €313
- Other operating charges +€207
up €207 (+4.0%), from €5,173 to €5,380
- Taxes +€174
up €174 (+143%), from €121 to €295
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.
Derived cash bridge
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 | €206,819 | €187,799 | -€19,020 | -9.2% |
| Fixed assets | 21/28 | €199,717 | €179,569 | -€20,148 | -10.1% |
| Tangible fixed assets | 22/27 | €199,717 | €179,569 | -€20,148 | -10.1% |
| Land and buildings | 22 | €199,717 | €176,444 | -€23,273 | -11.7% |
| Plant, machinery and equipment | 23 | - | €3,125 | +€3,125 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €7,102 | €8,230 | +€1,128 | +15.9% |
| Cash at bank and in hand | 54/58 | €2,895 | €3,248 | +€353 | +12.2% |
| Deferred charges and accrued income | 490/1 | €4,206 | €4,982 | +€776 | +18.4% |
| Total equity and liabilities | 10/49 | €206,819 | €187,799 | -€19,020 | -9.2% |
| Equity | 10/15 | -€16,507 | -€38,655 | -€22,148 | -134% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €19,332 | €19,332 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €17,332 | €17,332 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€55,839 | -€77,987 | -€22,148 | -39.7% |
| Amounts payable | 17/49 | €223,326 | €226,454 | +€3,128 | +1.4% |
| Amounts payable within one year | 42/48 | €217,108 | €226,454 | +€9,346 | +4.3% |
| Financial debts | 43 | €212,870 | €220,908 | +€8,038 | +3.8% |
| Other loans | 439 | €212,870 | €220,908 | +€8,038 | +3.8% |
| Trade debts | 44 | €380 | €4,931 | +€4,551 | +1,196% |
| Suppliers | 440/4 | €380 | €4,931 | +€4,551 | +1,196% |
| Taxes, remuneration and social security | 45 | €3,857 | €615 | -€3,242 | -84.1% |
| Taxes | 450/3 | €3,857 | €615 | -€3,242 | -84.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €6,217 | - | -€6,217 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,266 | €23,514 | -€6,752 | -22.3% |
| Other operating charges | 640/8 | €5,173 | €5,380 | +€207 | +4.0% |
| Gross operating margin | 9900 | €17,255 | €7,354 | -€9,901 | -57.4% |
| Operating profit (loss) | 9901 | -€18,184 | -€21,540 | -€3,356 | -18.5% |
| Financial charges | 65/66B | €6,481 | €313 | -€6,168 | -95.2% |
| Recurring financial charges | 65 | €6,481 | €313 | -€6,168 | -95.2% |
| Profit (loss) for the period before taxes | 9903 | -€24,664 | -€21,853 | +€2,811 | +11.4% |
| Income taxes | 67/77 | €121 | €295 | +€174 | +143% |
| Profit (loss) for the period | 9904 | -€24,786 | -€22,148 | +€2,638 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,786 | -€22,148 | +€2,638 | +10.6% |
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 31 October 2026 via checked.be.