VARAMAR: what changed
VARAMAR
Largest movements
- Receivables within one year -€272,405
down €272,405 (-50.3%), from €541,729 to €269,324
of which Other amounts receivable: -€284,118
- Deferred charges and accrued income -€25,912
down €25,912 (-100%), from €25,912 to €0
- Other debts -€317,257
down €317,257 (-55.8%), from €568,838 to €251,581
- Tax, wage and social debts +€37,119
up €37,119 (+259%), from €14,354 to €51,473
of which Remuneration and social security: +€33,104
- Profit (loss) carried forward -€21,104
down €21,104 (-70.2%), from -€30,043 to -€51,147
- Trade debts +€8,489
up €8,489 (+439%), from €1,935 to €10,424
- Gross operating margin +€208,297
up €208,297 (+257%), from €81,026 to €289,323
- Staff costs +€103,723
up €103,723 (+84.5%), from €122,798 to €226,521
- Financial charges +€73,568
up €73,568 (+386%), from €19,072 to €92,641
- Financial income -€23,099
down €23,099 (-67.9%), from €34,009 to €10,910
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €588,523 | €295,771 | -€292,752 | -49.7% |
| Fixed assets | 21/28 | €18,625 | €21,762 | +€3,137 | +16.8% |
| Tangible fixed assets | 22/27 | - | €3,137 | +€3,137 | |
| Furniture and vehicles | 24 | - | €3,137 | +€3,137 | |
| Financial fixed assets | 28 | €18,625 | €18,625 | = | 0.0% |
| Current assets | 29/58 | €569,898 | €274,008 | -€295,889 | -51.9% |
| Amounts receivable within one year | 40/41 | €541,729 | €269,324 | -€272,405 | -50.3% |
| Trade receivables | 40 | €170 | €11,883 | +€11,713 | +6,889% |
| Other amounts receivable | 41 | €541,559 | €257,440 | -€284,118 | -52.5% |
| Cash at bank and in hand | 54/58 | €2,257 | €4,685 | +€2,428 | +108% |
| Deferred charges and accrued income | 490/1 | €25,912 | €0 | -€25,912 | -100% |
| Total equity and liabilities | 10/49 | €588,523 | €295,771 | -€292,752 | -49.7% |
| Equity | 10/15 | €3,396 | -€17,708 | -€21,104 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €23,439 | €23,439 | = | 0.0% |
| Distributable reserves | 133 | €23,439 | €23,439 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,043 | -€51,147 | -€21,104 | -70.2% |
| Amounts payable | 17/49 | €585,127 | €313,478 | -€271,649 | -46.4% |
| Amounts payable within one year | 42/48 | €585,127 | €313,478 | -€271,649 | -46.4% |
| Trade debts | 44 | €1,935 | €10,424 | +€8,489 | +439% |
| Suppliers | 440/4 | €1,935 | €10,424 | +€8,489 | +439% |
| Taxes, remuneration and social security | 45 | €14,354 | €51,473 | +€37,119 | +259% |
| Taxes | 450/3 | €4,021 | €8,036 | +€4,015 | +99.9% |
| Remuneration and social security | 454/9 | €10,333 | €43,437 | +€33,104 | +320% |
| Other amounts payable | 47/48 | €568,838 | €251,581 | -€317,257 | -55.8% |
| Remuneration, social security and pensions | 62 | €122,798 | €226,521 | +€103,723 | +84.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €313 | +€313 | |
| Other operating charges | 640/8 | €3,009 | €1,861 | -€1,148 | -38.1% |
| Gross operating margin | 9900 | €81,026 | €289,323 | +€208,297 | +257% |
| Operating profit (loss) | 9901 | -€44,781 | €60,628 | +€105,409 | |
| Financial income | 75/76B | €34,009 | €10,910 | -€23,099 | -67.9% |
| Recurring financial income | 75 | €34,009 | €10,910 | -€23,099 | -67.9% |
| Financial charges | 65/66B | €19,072 | €92,641 | +€73,568 | +386% |
| Recurring financial charges | 65 | €19,072 | €92,641 | +€73,568 | +386% |
| Profit (loss) for the period before taxes | 9903 | -€29,845 | -€21,104 | +€8,741 | +29.3% |
| Income taxes | 67/77 | €198 | €0 | -€198 | -100% |
| Profit (loss) for the period | 9904 | -€30,043 | -€21,104 | +€8,940 | +29.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,043 | -€21,104 | +€8,940 | +29.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.