VARASCO: what changed
Two fiscal 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.
VARASCO
Largest movements
- Cash +€13,030
up €13,030 (+18.1%), from €72,136 to €85,166
mainly Net result for the year (+€27,796) and Depreciation (+€10,489)
- Tangible fixed assets -€10,489
down €10,489 (-22.5%), from €46,649 to €36,161
- Receivables within one year +€2,805
up €2,805 (+11.1%), from €25,162 to €27,967
of which Trade receivables: +€5,183
- Debts after one year -€13,232
down €13,232 (-75.7%), from €17,490 to €4,258
- Reserves +€10,930
up €10,930 (+12.3%), from €88,860 to €99,790
- Current portion of long-term debt +€6,870
new in 2026: €6,870
- Tax, wage and social debts +€3,041
up €3,041 (+2710.9%), from €112 to €3,153
- Gross operating margin +€15,382
up €15,382 (+41.4%), from €37,127 to €52,509
- Financial income -€11,265
down €11,265 (-97.0%), from €11,609 to €344
of which Non-recurring financial income: -€11,356
- Depreciation +€5,410
up €5,410 (+106.5%), from €5,079 to €10,489
- Other operating charges -€2,692
down €2,692 (-74.3%), from €3,625 to €933
- Taxes +€1,178
up €1,178 (+10.5%), from €11,199 to €12,377
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €148,691 | €154,400 | +€5,709 | +3.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €46,702 | €36,213 | -€10,489 | -22.5% |
| Tangible fixed assets | 22/27 | €46,649 | €36,161 | -€10,489 | -22.5% |
| Furniture and vehicles | 24 | €46,649 | €36,161 | -€10,489 | -22.5% |
| Financial fixed assets | 28 | €53 | €53 | = | 0.0% |
| Current assets | 29/58 | €101,989 | €118,187 | +€16,198 | +15.9% |
| Amounts receivable within one year | 40/41 | €25,162 | €27,967 | +€2,805 | +11.1% |
| Trade receivables | 40 | €22,785 | €27,967 | +€5,183 | +22.7% |
| Other amounts receivable | 41 | €2,377 | - | -€2,377 | |
| Cash at bank and in hand | 54/58 | €72,136 | €85,166 | +€13,030 | +18.1% |
| Deferred charges and accrued income | 490/1 | €4,691 | €5,054 | +€363 | +7.7% |
| Total equity and liabilities | 10/49 | €148,691 | €154,400 | +€5,709 | +3.8% |
| Equity | 10/15 | €110,675 | €120,775 | +€10,099 | +9.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €88,860 | €99,790 | +€10,930 | +12.3% |
| Distributable reserves | 133 | €88,860 | €99,790 | +€10,930 | +12.3% |
| Profit (loss) carried forward | 14 | €9,415 | €8,585 | -€831 | -8.8% |
| Amounts payable | 17/49 | €38,016 | €33,625 | -€4,390 | -11.5% |
| Amounts payable after more than one year | 17 | €17,490 | €4,258 | -€13,232 | -75.7% |
| Financial debts | 170/4 | €17,490 | €4,258 | -€13,232 | -75.7% |
| Amounts payable within one year | 42/48 | €20,525 | €29,346 | +€8,821 | +43.0% |
| Current portion of amounts payable after more than one year | 42 | - | €6,870 | +€6,870 | |
| Trade debts | 44 | €421 | €662 | +€240 | +57.0% |
| Suppliers | 440/4 | €421 | €662 | +€240 | +57.0% |
| Taxes, remuneration and social security | 45 | €112 | €3,153 | +€3,041 | +2710.9% |
| Taxes | 450/3 | €112 | €3,153 | +€3,041 | +2710.9% |
| Other amounts payable | 47/48 | €19,992 | €18,662 | -€1,330 | -6.7% |
| Accrued charges and deferred income | 492/3 | - | €21 | +€21 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,079 | €10,489 | +€5,410 | +106.5% |
| Other operating charges | 640/8 | €3,625 | €933 | -€2,692 | -74.3% |
| Gross operating margin | 9900 | €37,127 | €52,509 | +€15,382 | +41.4% |
| Operating profit (loss) | 9901 | €28,423 | €41,087 | +€12,664 | +44.6% |
| Financial income | 75/76B | €11,609 | €344 | -€11,265 | -97.0% |
| Recurring financial income | 75 | €253 | €344 | +€91 | +36.0% |
| Non-recurring financial income | 76B | €11,356 | - | -€11,356 | |
| Financial charges | 65/66B | €734 | €1,258 | +€524 | +71.4% |
| Recurring financial charges | 65 | €734 | €1,258 | +€524 | +71.4% |
| Profit (loss) for the period before taxes | 9903 | €39,298 | €40,173 | +€875 | +2.2% |
| Income taxes | 67/77 | €11,199 | €12,377 | +€1,178 | +10.5% |
| Profit (loss) for the period | 9904 | €28,099 | €27,796 | -€303 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,099 | €27,796 | -€303 | -1.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.