VARAHOL: 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.
What changed
VARAHOL
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.8m
2024 · -€39,715+€3.8m
Equity
€2.5m
2024 · €5.8m-€3.3m
Cash
€70,529
2024 · €149,219-€78,690
Balance sheet total
€21.7m
2024 · €21.5m+€276,581
Largest movements
Assets
- Receivables within one year +€283,449
up €283,449 (+4.0%), from €7.1m to €7.4m
of which Trade receivables: +€267,246
Equity and liabilities
- Reserves -€3.3m
down €3.3m (-78.1%), from €4.3m to €936,948
of which Distributable reserves: -€3.3m
- Other debts +€2.5m
up €2.5m (+18.2%), from €14.0m to €16.5m
- Tax, wage and social debts +€1.3m
up €1.3m (+103%), from €1.2m to €2.5m
of which Taxes: +€1.3m
Income statement
- Financial income +€3.5m
up €3.5m (+1,682%), from €208,607 to €3.7m
- Turnover +€532,720
up €532,720 (+41.2%), from €1.3m to €1.8m
- Taxes +€126,487
up €126,487 (+10,279%), from €1,231 to €127,717
- Services and other goods -€111,129
down €111,129 (-16.7%), from €663,570 to €552,441
- Staff costs +€82,464
up €82,464 (+33.2%), from €248,608 to €331,072
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.
Result 2024
-€39,715
Turnover
+€532,720
Other operating income
+€22,228
Goods and materials
+€6,973
Services and other goods
+€111,129
Staff costs
-€82,464
Depreciation
-€81,169
Other operating charges
+€34,255
Other operating items
-€14,125
Financial income
+€3.5m
Financial charges
-€69,506
Taxes
-€126,487
Deferred taxes and other
+€1,951
Result 2025
€3.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€7.6m
Investment
-€341,113
Financing
-€7.3m
Cash 2024
€149,219
From operations (derived)
+€7.6m
Net result for the year
+€3.8m
Depreciation
+€309,557
Receivables within one year
-€283,449
Deferred charges and accrued income
-€40,266
Smaller working-capital items
-€11,571
Tax, wage and social debts
+€1.3m
Other debts
+€2.5m
Investment (derived)
-€341,113
Investment in fixed assets (net)
-€341,113
Financing
-€7.3m
Debts after one year
-€52,000
Current portion of long-term debt
-€142,857
Contributions, distributions and other
-€7.1m
Cash 2025
€70,529
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,455,049 | €21,731,630 | +€276,581 | +1.3% |
| Fixed assets | 21/28 | €14,078,184 | €14,109,740 | +€31,556 | +0.2% |
| Intangible fixed assets | 21 | - | €15,318 | +€15,318 | |
| Tangible fixed assets | 22/27 | €4,943,874 | €4,835,053 | -€108,821 | -2.2% |
| Land and buildings | 22 | €4,622,716 | €4,446,022 | -€176,694 | -3.8% |
| Plant, machinery and equipment | 23 | €8,368 | €5,579 | -€2,789 | -33.3% |
| Furniture and vehicles | 24 | €312,790 | €383,452 | +€70,662 | +22.6% |
| Financial fixed assets | 28 | €9,134,310 | €9,259,370 | +€125,060 | +1.4% |
| Affiliated companies | 280/1 | €6,986,041 | €6,986,041 | = | 0.0% |
| Participating interests | 280 | €6,984,885 | €6,984,885 | = | 0.0% |
| Amounts receivable | 281 | €1,156 | €1,156 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,148,269 | €2,273,329 | +€125,060 | +5.8% |
| Amounts receivable and cash guarantees | 285/8 | €2,148,269 | €2,273,329 | +€125,060 | +5.8% |
| Current assets | 29/58 | €7,376,865 | €7,621,890 | +€245,025 | +3.3% |
| Amounts receivable within one year | 40/41 | €7,071,734 | €7,355,183 | +€283,449 | +4.0% |
| Trade receivables | 40 | €21,035 | €288,282 | +€267,246 | +1,270% |
| Other amounts receivable | 41 | €7,050,699 | €7,066,902 | +€16,203 | +0.2% |
| Cash at bank and in hand | 54/58 | €149,219 | €70,529 | -€78,690 | -52.7% |
| Deferred charges and accrued income | 490/1 | €155,911 | €196,177 | +€40,266 | +25.8% |
| Total equity and liabilities | 10/49 | €21,455,049 | €21,731,630 | +€276,581 | +1.3% |
| Equity | 10/15 | €5,836,085 | €2,496,948 | -€3.3m | -57.2% |
| Contributions | 10/11 | €1,560,000 | €1,560,000 | = | 0.0% |
| Capital | 10 | €1,560,000 | €1,560,000 | = | 0.0% |
| Issued capital | 100 | €1,560,000 | €1,560,000 | = | 0.0% |
| Reserves | 13 | €4,276,085 | €936,948 | -€3.3m | -78.1% |
| Non-distributable reserves | 130/1 | €156,000 | €156,000 | = | 0.0% |
| Legal reserve | 130 | €156,000 | €156,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €275,373 | €267,109 | -€8,264 | -3.0% |
| Distributable reserves | 133 | €3,844,712 | €513,840 | -€3.3m | -86.6% |
| Provisions and deferred taxes | 16 | €54,291 | €51,536 | -€2,755 | -5.1% |
| Deferred taxes | 168 | €54,291 | €51,536 | -€2,755 | -5.1% |
| Amounts payable | 17/49 | €15,564,673 | €19,183,145 | +€3.6m | +23.2% |
| Amounts payable after more than one year | 17 | €73,667 | €21,667 | -€52,000 | -70.6% |
| Financial debts | 170/4 | €73,667 | €21,667 | -€52,000 | -70.6% |
| Credit institutions | 173 | €73,667 | €21,667 | -€52,000 | -70.6% |
| Amounts payable within one year | 42/48 | €15,491,006 | €19,161,478 | +€3.7m | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €194,857 | €52,000 | -€142,857 | -73.3% |
| Trade debts | 44 | €59,172 | €50,355 | -€8,817 | -14.9% |
| Suppliers | 440/4 | €59,172 | €50,355 | -€8,817 | -14.9% |
| Taxes, remuneration and social security | 45 | €1,239,796 | €2,519,316 | +€1.3m | +103% |
| Taxes | 450/3 | €1,177,285 | €2,474,865 | +€1.3m | +110% |
| Remuneration and social security | 454/9 | €62,512 | €44,451 | -€18,060 | -28.9% |
| Other amounts payable | 47/48 | €13,997,181 | €16,539,807 | +€2.5m | +18.2% |
| Operating income | 70/76A | €1,392,290 | €1,933,112 | +€540,822 | +38.8% |
| Turnover | 70 | €1,292,883 | €1,825,603 | +€532,720 | +41.2% |
| Other operating income | 74 | €85,281 | €107,509 | +€22,228 | +26.1% |
| Non-recurring operating income | 76A | €14,125 | - | -€14,125 | |
| Operating charges | 60/66A | €1,357,833 | €1,369,108 | +€11,276 | +0.8% |
| Goods for resale, raw materials and consumables | 60 | €149,991 | €143,018 | -€6,973 | -4.6% |
| Purchases | 600/8 | €149,991 | €143,018 | -€6,973 | -4.6% |
| Services and other goods | 61 | €663,570 | €552,441 | -€111,129 | -16.7% |
| Remuneration, social security and pensions | 62 | €248,608 | €331,072 | +€82,464 | +33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €228,388 | €309,557 | +€81,169 | +35.5% |
| Other operating charges | 640/8 | €67,275 | €33,020 | -€34,255 | -50.9% |
| Operating profit (loss) | 9901 | €34,457 | €564,003 | +€529,547 | +1,537% |
| Financial income | 75/76B | €208,607 | €3,716,537 | +€3.5m | +1,682% |
| Recurring financial income | 75 | €208,607 | €3,716,537 | +€3.5m | +1,682% |
| Income from financial fixed assets | 750 | - | €3,507,825 | +€3.5m | |
| Income from current assets | 751 | €208,607 | €208,712 | +€106 | +0.1% |
| Financial charges | 65/66B | €282,352 | €351,858 | +€69,506 | +24.6% |
| Recurring financial charges | 65 | €282,352 | €351,858 | +€69,506 | +24.6% |
| Debt charges | 650 | €279,498 | €344,763 | +€65,264 | +23.4% |
| Other financial charges | 652/9 | €2,854 | €7,095 | +€4,241 | +149% |
| Profit (loss) for the period before taxes | 9903 | -€39,288 | €3,928,683 | +€4.0m | |
| Transfer from deferred taxes | 780 | €803 | €2,755 | +€1,951 | +243% |
| Income taxes | 67/77 | €1,231 | €127,717 | +€126,487 | +10,279% |
| Taxes | 670/3 | €1,231 | €127,717 | +€126,487 | +10,279% |
| Profit (loss) for the period | 9904 | -€39,715 | €3,803,721 | +€3.8m | |
| Transfer from tax-exempt reserves | 789 | €2,410 | €8,264 | +€5,854 | +243% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,305 | €3,811,985 | +€3.8m |
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 27 October 2026 via checked.be.