VARAFIN: 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.
VARAFIN
Largest movements
- Cash -€97,342
down €97,342 (-63.4%), from €153,509 to €56,167
mainly Contributions, distributions and other (-€115,302) and Net result for the year (-€22,084)
- Receivables within one year -€18,783
down €18,783 (-66.5%), from €28,251 to €9,468
of which Trade receivables: -€17,433
- Reserves -€137,386
down €137,386 (-62.9%), from €218,459 to €81,073
- Other debts +€16,925
up €16,925 (+1,092%), from €1,549 to €18,475
- Gross operating margin +€1,871
up €1,871 (+11.6%), from -€16,074 to -€14,203
- Financial charges +€1,048
up €1,048 (+222%), from €472 to €1,520
- Depreciation +€941
up €941 (+22.1%), from €4,260 to €5,201
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 | €241,490 | €124,835 | -€116,654 | -48.3% |
| Fixed assets | 21/28 | €58,573 | €58,321 | -€251 | -0.4% |
| Tangible fixed assets | 22/27 | €58,523 | €58,271 | -€251 | -0.4% |
| Land and buildings | 22 | €52,223 | €52,028 | -€195 | -0.4% |
| Plant, machinery and equipment | 23 | €2,577 | €1,203 | -€1,374 | -53.3% |
| Furniture and vehicles | 24 | €3,723 | €5,040 | +€1,318 | +35.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €182,917 | €66,514 | -€116,403 | -63.6% |
| Amounts receivable within one year | 40/41 | €28,251 | €9,468 | -€18,783 | -66.5% |
| Trade receivables | 40 | €24,192 | €6,759 | -€17,433 | -72.1% |
| Other amounts receivable | 41 | €4,059 | €2,709 | -€1,350 | -33.3% |
| Cash at bank and in hand | 54/58 | €153,509 | €56,167 | -€97,342 | -63.4% |
| Deferred charges and accrued income | 490/1 | €1,157 | €879 | -€279 | -24.1% |
| Total equity and liabilities | 10/49 | €241,490 | €124,835 | -€116,654 | -48.3% |
| Equity | 10/15 | €237,059 | €99,673 | -€137,386 | -58.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €218,459 | €81,073 | -€137,386 | -62.9% |
| Distributable reserves | 133 | €218,459 | €81,073 | -€137,386 | -62.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,431 | €25,162 | +€20,732 | +468% |
| Amounts payable within one year | 42/48 | €2,824 | €21,662 | +€18,838 | +667% |
| Trade debts | 44 | €445 | €1,453 | +€1,008 | +227% |
| Suppliers | 440/4 | €445 | €1,453 | +€1,008 | +227% |
| Taxes, remuneration and social security | 45 | €830 | €1,735 | +€904 | +109% |
| Taxes | 450/3 | €830 | €1,735 | +€904 | +109% |
| Other amounts payable | 47/48 | €1,549 | €18,475 | +€16,925 | +1,092% |
| Accrued charges and deferred income | 492/3 | €1,607 | €3,500 | +€1,893 | +118% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,260 | €5,201 | +€941 | +22.1% |
| Other operating charges | 640/8 | €1,843 | €1,839 | -€4 | -0.2% |
| Gross operating margin | 9900 | -€16,074 | -€14,203 | +€1,871 | +11.6% |
| Operating profit (loss) | 9901 | -€22,178 | -€21,243 | +€934 | +4.2% |
| Financial income | 75/76B | €1,196 | €1,109 | -€87 | -7.3% |
| Recurring financial income | 75 | €1,196 | €1,109 | -€87 | -7.3% |
| Financial charges | 65/66B | €472 | €1,520 | +€1,048 | +222% |
| Recurring financial charges | 65 | €472 | €1,520 | +€1,048 | +222% |
| Profit (loss) for the period before taxes | 9903 | -€21,454 | -€21,654 | -€200 | -0.9% |
| Income taxes | 67/77 | €424 | €430 | +€6 | +1.4% |
| Profit (loss) for the period | 9904 | -€21,878 | -€22,084 | -€206 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,878 | -€22,084 | -€206 | -0.9% |
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 24 October 2026 via checked.be.