VARAK: 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.
VARAK
Largest movements
- Tangible fixed assets -€317,356
down €317,356 (-98.0%), from €323,748 to €6,392
of which Land and buildings: -€279,289
- Receivables within one year +€82,685
up €82,685 (+245.7%), from €33,656 to €116,341
of which Other amounts receivable: +€94,185
- Cash -€10,633
down €10,633 (-77.1%), from €13,795 to €3,161
mainly Debts after one year (-€98,662) and Net result for the year (-€85,066)
- Receivables after one year -€4,000
no longer reported in 2025 (was €4,000)
- Debts after one year -€98,662
no longer reported in 2025 (was €98,662)
- Profit (loss) carried forward -€85,066
new in 2025: -€85,066
- Reserves -€66,319
down €66,319 (-37.4%), from €177,464 to €111,145
of which Distributable reserves: -€66,319
- Services and other goods -€96,301
no longer reported in 2025 (was €96,301)
- Staff costs -€52,830
no longer reported in 2025 (was €52,830)
- Write-downs +€48,128
no longer reported in 2025 (was -€48,128)
- Gross operating margin -€29,183
new in 2025: -€29,183
- Depreciation -€28,551
down €28,551 (-77.6%), from €36,782 to €8,231
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 | €375,558 | €125,895 | -€249,663 | -66.5% |
| Fixed assets | 21/28 | €324,107 | €6,392 | -€317,715 | -98.0% |
| Tangible fixed assets | 22/27 | €323,748 | €6,392 | -€317,356 | -98.0% |
| Land and buildings | 22 | €279,289 | - | -€279,289 | |
| Plant, machinery and equipment | 23 | €44,459 | €6,392 | -€38,066 | -85.6% |
| Financial fixed assets | 28 | €359 | - | -€359 | |
| Other financial fixed assets | 284/8 | €359 | - | -€359 | |
| Amounts receivable and cash guarantees | 285/8 | €359 | - | -€359 | |
| Current assets | 29/58 | €51,451 | €119,503 | +€68,052 | +132.3% |
| Amounts receivable after more than one year | 29 | €4,000 | - | -€4,000 | |
| Other amounts receivable | 291 | €4,000 | - | -€4,000 | |
| Amounts receivable within one year | 40/41 | €33,656 | €116,341 | +€82,685 | +245.7% |
| Trade receivables | 40 | €11,500 | - | -€11,500 | |
| Other amounts receivable | 41 | €22,156 | €116,341 | +€94,185 | +425.1% |
| Cash at bank and in hand | 54/58 | €13,795 | €3,161 | -€10,633 | -77.1% |
| Total equity and liabilities | 10/49 | €375,558 | €125,895 | -€249,663 | -66.5% |
| Equity | 10/15 | €273,720 | €122,335 | -€151,385 | -55.3% |
| Contributions | 10/11 | €96,256 | €96,256 | = | 0.0% |
| Capital | 10 | €96,256 | €96,256 | = | 0.0% |
| Issued capital | 100 | €96,256 | €96,256 | = | 0.0% |
| Reserves | 13 | €177,464 | €111,145 | -€66,319 | -37.4% |
| Non-distributable reserves | 130/1 | €9,626 | €9,626 | = | 0.0% |
| Legal reserve | 130 | €9,626 | €9,626 | = | 0.0% |
| Distributable reserves | 133 | €167,839 | €101,520 | -€66,319 | -39.5% |
| Profit (loss) carried forward | 14 | - | -€85,066 | -€85,066 | |
| Amounts payable | 17/49 | €101,838 | €3,560 | -€98,278 | -96.5% |
| Amounts payable after more than one year | 17 | €98,662 | - | -€98,662 | |
| Financial debts | 170/4 | €98,662 | - | -€98,662 | |
| Other loans | 174 | €98,662 | - | -€98,662 | |
| Amounts payable within one year | 42/48 | €3,176 | €3,560 | +€384 | +12.1% |
| Trade debts | 44 | €2,724 | €3,560 | +€837 | +30.7% |
| Suppliers | 440/4 | €2,724 | €3,560 | +€837 | +30.7% |
| Taxes, remuneration and social security | 45 | €453 | - | -€453 | |
| Taxes | 450/3 | €453 | - | -€453 | |
| Operating income | 70/76A | €15,843 | - | -€15,843 | |
| Turnover | 70 | €1,501 | - | -€1,501 | |
| Other operating income | 74 | €14,343 | - | -€14,343 | |
| Operating charges | 60/66A | €147,177 | - | -€147,177 | |
| Services and other goods | 61 | €96,301 | - | -€96,301 | |
| Remuneration, social security and pensions | 62 | €52,830 | - | -€52,830 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,782 | €8,231 | -€28,551 | -77.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€48,128 | - | +€48,128 | |
| Other operating charges | 640/8 | €9,391 | €5,093 | -€4,298 | -45.8% |
| Non-recurring operating charges | 66A | - | €34,124 | +€34,124 | |
| Gross operating margin | 9900 | - | -€29,183 | -€29,183 | |
| Operating profit (loss) | 9901 | -€131,333 | -€76,632 | +€54,701 | +41.7% |
| Financial income | 75/76B | €5,789 | €10,310 | +€4,521 | +78.1% |
| Recurring financial income | 75 | €5,789 | €10,310 | +€4,521 | +78.1% |
| Other financial income | 752/9 | €5,789 | - | -€5,789 | |
| Financial charges | 65/66B | €4,923 | €18,746 | +€13,823 | +280.8% |
| Recurring financial charges | 65 | €4,923 | €18,746 | +€13,823 | +280.8% |
| Debt charges | 650 | €1,743 | - | -€1,743 | |
| Other financial charges | 652/9 | €3,180 | - | -€3,180 | |
| Profit (loss) for the period before taxes | 9903 | -€130,467 | -€85,068 | +€45,399 | +34.8% |
| Income taxes | 67/77 | - | -€2 | -€2 | |
| Profit (loss) for the period | 9904 | -€130,467 | -€85,066 | +€45,401 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€130,467 | -€85,066 | +€45,401 | +34.8% |
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.