VARCAP: 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.
VARCAP
Largest movements
- Cash +€315,245
up €315,245 (+17.5%), from €1.8m to €2.1m
mainly Advances received (+€248,685) and Net result for the year (+€148,783)
- Stocks and contracts -€82,434
down €82,434 (-25.9%), from €318,512 to €236,078
- Reserves +€545,191
up €545,191 (+34.0%), from €1.6m to €2.1m
of which Distributable reserves: +€545,191
- Profit (loss) carried forward -€396,408
down €396,408 (-100.0%), from €396,408 to €0
- Advances received +€248,685
new in 2025: €248,685
- Tax, wage and social debts -€144,325
down €144,325 (-86.9%), from €165,995 to €21,670
- Trade debts -€47,206
down €47,206 (-40.8%), from €115,794 to €68,588
- Gross operating margin -€405,365
down €405,365 (-63.5%), from €638,005 to €232,641
- Taxes -€144,767
down €144,767 (-70.7%), from €204,842 to €60,075
- Financial income +€25,255
up €25,255 (+136.1%), from €18,551 to €43,806
- Other operating charges +€6,746
up €6,746 (+52.2%), from €12,918 to €19,664
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 | €2,576,094 | €2,809,475 | +€233,381 | +9.1% |
| Fixed assets | 21/28 | €169,368 | €157,296 | -€12,072 | -7.1% |
| Tangible fixed assets | 22/27 | €160,724 | €148,652 | -€12,072 | -7.5% |
| Land and buildings | 22 | €744 | €631 | -€114 | -15.2% |
| Plant, machinery and equipment | 23 | €46,062 | €33,592 | -€12,470 | -27.1% |
| Furniture and vehicles | 24 | €113,918 | €114,429 | +€511 | +0.4% |
| Financial fixed assets | 28 | €8,644 | €8,644 | = | 0.0% |
| Current assets | 29/58 | €2,406,727 | €2,652,179 | +€245,452 | +10.2% |
| Stocks and contracts in progress | 3 | €318,512 | €236,078 | -€82,434 | -25.9% |
| Stocks | 30/36 | €318,512 | €236,078 | -€82,434 | -25.9% |
| Amounts receivable within one year | 40/41 | €283,884 | €291,720 | +€7,836 | +2.8% |
| Trade receivables | 40 | €283,884 | €260,488 | -€23,396 | -8.2% |
| Other amounts receivable | 41 | €0 | €31,233 | +€31,233 | |
| Cash at bank and in hand | 54/58 | €1,804,331 | €2,119,576 | +€315,245 | +17.5% |
| Deferred charges and accrued income | 490/1 | - | €4,805 | +€4,805 | |
| Total equity and liabilities | 10/49 | €2,576,094 | €2,809,475 | +€233,381 | +9.1% |
| Equity | 10/15 | €2,179,504 | €2,328,287 | +€148,783 | +6.8% |
| Contributions | 10/11 | €179,376 | €179,376 | = | 0.0% |
| Capital | 10 | €179,376 | €179,376 | = | 0.0% |
| Issued capital | 100 | €179,376 | €179,376 | = | 0.0% |
| Reserves | 13 | €1,603,720 | €2,148,911 | +€545,191 | +34.0% |
| Non-distributable reserves | 130/1 | €18,716 | €18,716 | = | 0.0% |
| Legal reserve | 130 | €17,938 | €17,938 | = | 0.0% |
| Reserves not available under the articles | 1311 | €778 | €778 | = | 0.0% |
| Distributable reserves | 133 | €1,585,004 | €2,130,195 | +€545,191 | +34.4% |
| Profit (loss) carried forward | 14 | €396,408 | €0 | -€396,408 | -100.0% |
| Amounts payable | 17/49 | €396,590 | €481,188 | +€84,598 | +21.3% |
| Amounts payable within one year | 42/48 | €390,446 | €445,043 | +€54,598 | +14.0% |
| Trade debts | 44 | €115,794 | €68,588 | -€47,206 | -40.8% |
| Suppliers | 440/4 | €115,794 | €68,588 | -€47,206 | -40.8% |
| Advances received on contracts in progress | 46 | - | €248,685 | +€248,685 | |
| Taxes, remuneration and social security | 45 | €165,995 | €21,670 | -€144,325 | -86.9% |
| Taxes | 450/3 | €165,995 | €21,670 | -€144,325 | -86.9% |
| Other amounts payable | 47/48 | €108,656 | €106,100 | -€2,557 | -2.4% |
| Accrued charges and deferred income | 492/3 | €6,145 | €36,145 | +€30,000 | +488.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,387 | €47,620 | +€2,233 | +4.9% |
| Other operating charges | 640/8 | €12,918 | €19,664 | +€6,746 | +52.2% |
| Gross operating margin | 9900 | €638,005 | €232,641 | -€405,365 | -63.5% |
| Operating profit (loss) | 9901 | €579,700 | €165,357 | -€414,344 | -71.5% |
| Financial income | 75/76B | €18,551 | €43,806 | +€25,255 | +136.1% |
| Recurring financial income | 75 | €18,551 | €43,806 | +€25,255 | +136.1% |
| Financial charges | 65/66B | €1,000 | €304 | -€696 | -69.6% |
| Recurring financial charges | 65 | €1,000 | €304 | -€696 | -69.6% |
| Profit (loss) for the period before taxes | 9903 | €597,251 | €208,858 | -€388,393 | -65.0% |
| Income taxes | 67/77 | €204,842 | €60,075 | -€144,767 | -70.7% |
| Profit (loss) for the period | 9904 | €392,409 | €148,783 | -€243,626 | -62.1% |
| Profit (loss) for the period to be appropriated | 9905 | €392,409 | €148,783 | -€243,626 | -62.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.