VARCOFISC: 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.
VARCOFISC
Largest movements
- Receivables within one year -€62,931
down €62,931 (-31.4%), from €200,649 to €137,718
of which Trade receivables: -€41,621
- Cash -€10,396
down €10,396 (-8.7%), from €119,230 to €108,835
mainly Debts after one year (-€68,419) and Contributions, distributions and other (-€47,500)
- Debts after one year -€68,419
down €68,419 (-26.4%), from €259,330 to €190,911
- Other debts +€41,212
up €41,212 (+9978.2%), from €413 to €41,625
- Current portion of long-term debt -€28,821
down €28,821 (-24.8%), from €116,317 to €87,496
- Reserves -€12,500
down €12,500 (-3.3%), from €377,500 to €365,000
- Trade debts -€11,071
down €11,071 (-58.6%), from €18,893 to €7,821
- Gross operating margin -€45,175
down €45,175 (-15.6%), from €290,498 to €245,323
- Staff costs -€20,633
down €20,633 (-11.8%), from €175,263 to €154,631
- Taxes -€3,690
down €3,690 (-20.7%), from €17,802 to €14,112
- Depreciation +€3,267
up €3,267 (+15.3%), from €21,329 to €24,596
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 | €843,423 | €770,578 | -€72,845 | -8.6% |
| Fixed assets | 21/28 | €519,754 | €520,297 | +€543 | +0.1% |
| Tangible fixed assets | 22/27 | €138,055 | €138,598 | +€543 | +0.4% |
| Plant, machinery and equipment | 23 | €103,875 | €109,357 | +€5,482 | +5.3% |
| Furniture and vehicles | 24 | €34,180 | €29,241 | -€4,939 | -14.5% |
| Financial fixed assets | 28 | €381,700 | €381,700 | = | 0.0% |
| Current assets | 29/58 | €323,668 | €250,280 | -€73,388 | -22.7% |
| Amounts receivable within one year | 40/41 | €200,649 | €137,718 | -€62,931 | -31.4% |
| Trade receivables | 40 | €173,451 | €131,830 | -€41,621 | -24.0% |
| Other amounts receivable | 41 | €27,198 | €5,888 | -€21,310 | -78.4% |
| Cash at bank and in hand | 54/58 | €119,230 | €108,835 | -€10,396 | -8.7% |
| Deferred charges and accrued income | 490/1 | €3,790 | €3,728 | -€62 | -1.6% |
| Total equity and liabilities | 10/49 | €843,423 | €770,578 | -€72,845 | -8.6% |
| Equity | 10/15 | €398,940 | €386,870 | -€12,071 | -3.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €377,500 | €365,000 | -€12,500 | -3.3% |
| Distributable reserves | 133 | €377,500 | €365,000 | -€12,500 | -3.3% |
| Profit (loss) carried forward | 14 | €1,440 | €1,870 | +€429 | +29.8% |
| Amounts payable | 17/49 | €444,482 | €383,708 | -€60,775 | -13.7% |
| Amounts payable after more than one year | 17 | €259,330 | €190,911 | -€68,419 | -26.4% |
| Financial debts | 170/4 | €259,330 | €190,911 | -€68,419 | -26.4% |
| Amounts payable within one year | 42/48 | €185,153 | €192,797 | +€7,644 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €116,317 | €87,496 | -€28,821 | -24.8% |
| Trade debts | 44 | €18,893 | €7,821 | -€11,071 | -58.6% |
| Suppliers | 440/4 | €18,893 | €7,821 | -€11,071 | -58.6% |
| Taxes, remuneration and social security | 45 | €49,530 | €55,854 | +€6,324 | +12.8% |
| Taxes | 450/3 | €23,756 | €34,636 | +€10,881 | +45.8% |
| Remuneration and social security | 454/9 | €25,775 | €21,218 | -€4,557 | -17.7% |
| Other amounts payable | 47/48 | €413 | €41,625 | +€41,212 | +9978.2% |
| Remuneration, social security and pensions | 62 | €175,263 | €154,631 | -€20,633 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,329 | €24,596 | +€3,267 | +15.3% |
| Other operating charges | 640/8 | €8,663 | €6,053 | -€2,610 | -30.1% |
| Gross operating margin | 9900 | €290,498 | €245,323 | -€45,175 | -15.6% |
| Operating profit (loss) | 9901 | €85,243 | €60,043 | -€25,199 | -29.6% |
| Financial income | 75/76B | €6 | €21 | +€15 | +249.6% |
| Recurring financial income | 75 | €6 | €21 | +€15 | +249.6% |
| Financial charges | 65/66B | €10,076 | €10,523 | +€446 | +4.4% |
| Recurring financial charges | 65 | €10,076 | €10,523 | +€446 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €75,172 | €49,541 | -€25,631 | -34.1% |
| Income taxes | 67/77 | €17,802 | €14,112 | -€3,690 | -20.7% |
| Profit (loss) for the period | 9904 | €57,371 | €35,429 | -€21,941 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €57,371 | €35,429 | -€21,941 | -38.2% |
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 6 October 2026 via checked.be.