Varbell: 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.
Varbell
Largest movements
- Receivables within one year -€383,108
down €383,108 (-54.1%), from €708,122 to €325,015
of which Trade receivables: -€386,994
- Cash +€100,456
up €100,456 (+57.5%), from €174,670 to €275,127
mainly Receivables within one year (+€383,108) and Net result for the year (+€282,560)
- Tangible fixed assets +€44,812
up €44,812 (+1.6%), from €2.8m to €2.9m
of which Plant, machinery and equipment: +€126,677
- Debts after one year -€549,086
down €549,086 (-23.1%), from €2.4m to €1.8m
- Investment grants +€351,354
new in 2025: €351,354
- Tax, wage and social debts -€70,177
down €70,177 (-52.2%), from €134,502 to €64,324
of which Taxes: -€63,844
- Accrued charges and deferred income -€44,762
down €44,762 (-71.7%), from €62,441 to €17,679
- Gross operating margin -€214,555
down €214,555 (-26.0%), from €824,203 to €609,648
- Financial income +€40,391
up €40,391 (+409.1%), from €9,874 to €50,265
- Taxes -€28,580
down €28,580 (-22.7%), from €125,989 to €97,409
- Financial charges -€19,913
down €19,913 (-44.3%), from €44,904 to €24,991
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 | €4,348,672 | €4,116,237 | -€232,435 | -5.3% |
| Fixed assets | 21/28 | €2,903,002 | €2,940,120 | +€37,118 | +1.3% |
| Intangible fixed assets | 21 | €54,683 | €46,989 | -€7,694 | -14.1% |
| Tangible fixed assets | 22/27 | €2,848,319 | €2,893,131 | +€44,812 | +1.6% |
| Land and buildings | 22 | €1,702,252 | €1,624,869 | -€77,383 | -4.5% |
| Plant, machinery and equipment | 23 | €1,141,586 | €1,268,263 | +€126,677 | +11.1% |
| Furniture and vehicles | 24 | €4,482 | €0 | -€4,482 | -100.0% |
| Current assets | 29/58 | €1,445,671 | €1,176,117 | -€269,553 | -18.6% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €478,238 | €490,118 | +€11,880 | +2.5% |
| Stocks | 30/36 | €478,238 | €490,118 | +€11,880 | +2.5% |
| Amounts receivable within one year | 40/41 | €708,122 | €325,015 | -€383,108 | -54.1% |
| Trade receivables | 40 | €703,217 | €316,223 | -€386,994 | -55.0% |
| Other amounts receivable | 41 | €4,906 | €8,792 | +€3,886 | +79.2% |
| Cash at bank and in hand | 54/58 | €174,670 | €275,127 | +€100,456 | +57.5% |
| Deferred charges and accrued income | 490/1 | €9,640 | €10,858 | +€1,218 | +12.6% |
| Total equity and liabilities | 10/49 | €4,348,672 | €4,116,237 | -€232,435 | -5.3% |
| Equity | 10/15 | €1,421,767 | €1,806,303 | +€384,536 | +27.0% |
| Contributions | 10/11 | €163,961 | €163,961 | = | 0.0% |
| Reserves | 13 | €1,257,806 | €1,290,988 | +€33,183 | +2.6% |
| Tax-exempt reserves | 132 | €23,500 | €23,500 | = | 0.0% |
| Distributable reserves | 133 | €1,234,306 | €1,267,488 | +€33,183 | +2.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | - | €351,354 | +€351,354 | |
| Provisions and deferred taxes | 16 | - | €18,492 | +€18,492 | |
| Deferred taxes | 168 | - | €18,492 | +€18,492 | |
| Amounts payable | 17/49 | €2,926,905 | €2,291,442 | -€635,463 | -21.7% |
| Amounts payable after more than one year | 17 | €2,377,474 | €1,828,388 | -€549,086 | -23.1% |
| Financial debts | 170/4 | €2,377,474 | €1,828,388 | -€549,086 | -23.1% |
| Amounts payable within one year | 42/48 | €486,990 | €445,375 | -€41,615 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €198,015 | €216,229 | +€18,214 | +9.2% |
| Trade debts | 44 | €139,654 | €128,601 | -€11,052 | -7.9% |
| Suppliers | 440/4 | €139,654 | €128,601 | -€11,052 | -7.9% |
| Taxes, remuneration and social security | 45 | €134,502 | €64,324 | -€70,177 | -52.2% |
| Taxes | 450/3 | €112,658 | €48,814 | -€63,844 | -56.7% |
| Remuneration and social security | 454/9 | €21,844 | €15,511 | -€6,333 | -29.0% |
| Other amounts payable | 47/48 | €14,820 | €36,220 | +€21,401 | +144.4% |
| Accrued charges and deferred income | 492/3 | €62,441 | €17,679 | -€44,762 | -71.7% |
| Remuneration, social security and pensions | 62 | €65,949 | €63,680 | -€2,269 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,679 | €167,277 | -€7,401 | -4.2% |
| Other operating charges | 640/8 | €21,486 | €26,307 | +€4,821 | +22.4% |
| Gross operating margin | 9900 | €824,203 | €609,648 | -€214,555 | -26.0% |
| Operating profit (loss) | 9901 | €562,090 | €352,384 | -€209,706 | -37.3% |
| Financial income | 75/76B | €9,874 | €50,265 | +€40,391 | +409.1% |
| Recurring financial income | 75 | €9,874 | €50,265 | +€40,391 | +409.1% |
| Financial charges | 65/66B | €44,904 | €24,991 | -€19,913 | -44.3% |
| Recurring financial charges | 65 | €44,904 | €24,991 | -€19,913 | -44.3% |
| Profit (loss) for the period before taxes | 9903 | €527,060 | €377,658 | -€149,402 | -28.3% |
| Transfer from deferred taxes | 780 | - | €2,312 | +€2,312 | |
| Income taxes | 67/77 | €125,989 | €97,409 | -€28,580 | -22.7% |
| Profit (loss) for the period | 9904 | €401,071 | €282,560 | -€118,511 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €401,071 | €282,560 | -€118,511 | -29.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.