VARDA: 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.
VARDA
Largest movements
- Receivables within one year +€309,275
up €309,275 (+19.4%), from €1.6m to €1.9m
of which Other amounts receivable: +€673,666
- Intangible fixed assets +€98,862
new in 2025: €98,862
- Stocks and contracts -€97,744
down €97,744 (-49.3%), from €198,425 to €100,681
- Financial fixed assets -€81,928
down €81,928 (-27.5%), from €297,633 to €215,706
- Tangible fixed assets +€50,190
up €50,190 (+52.5%), from €95,554 to €145,744
of which Furniture and vehicles: +€50,695
- Other debts +€472,229
up €472,229 (+356.4%), from €132,500 to €604,729
- Trade debts -€408,953
down €408,953 (-27.6%), from €1.5m to €1.1m
- Reserves +€214,423
up €214,423 (+43.9%), from €488,521 to €702,944
of which Distributable reserves: +€214,423
- Current portion of long-term debt -€43,167
down €43,167 (-6.5%), from €664,561 to €621,394
- Debts after one year +€36,250
up €36,250 (+82.4%), from €44,009 to €80,259
- Gross operating margin +€174,579
up €174,579 (+10.5%), from €1.7m to €1.8m
- Taxes +€32,678
up €32,678 (+13.2%), from €246,904 to €279,582
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 | €2,933,387 | €3,217,248 | +€283,861 | +9.7% |
| Fixed assets | 21/28 | €393,187 | €460,312 | +€67,124 | +17.1% |
| Intangible fixed assets | 21 | - | €98,862 | +€98,862 | |
| Tangible fixed assets | 22/27 | €95,554 | €145,744 | +€50,190 | +52.5% |
| Plant, machinery and equipment | 23 | €505 | €0 | -€505 | -100.0% |
| Furniture and vehicles | 24 | €95,049 | €145,744 | +€50,695 | +53.3% |
| Financial fixed assets | 28 | €297,633 | €215,706 | -€81,928 | -27.5% |
| Current assets | 29/58 | €2,540,200 | €2,756,936 | +€216,736 | +8.5% |
| Stocks and contracts in progress | 3 | €198,425 | €100,681 | -€97,744 | -49.3% |
| Stocks | 30/36 | €198,425 | €100,681 | -€97,744 | -49.3% |
| Amounts receivable within one year | 40/41 | €1,597,395 | €1,906,670 | +€309,275 | +19.4% |
| Trade receivables | 40 | €1,540,789 | €1,176,397 | -€364,391 | -23.6% |
| Other amounts receivable | 41 | €56,606 | €730,273 | +€673,666 | +1190.1% |
| Cash at bank and in hand | 54/58 | €735,838 | €741,787 | +€5,949 | +0.8% |
| Deferred charges and accrued income | 490/1 | €8,542 | €7,799 | -€743 | -8.7% |
| Total equity and liabilities | 10/49 | €2,933,387 | €3,217,248 | +€283,861 | +9.7% |
| Equity | 10/15 | €548,521 | €762,944 | +€214,423 | +39.1% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €488,521 | €702,944 | +€214,423 | +43.9% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €368,342 | €368,342 | = | 0.0% |
| Distributable reserves | 133 | €114,180 | €328,602 | +€214,423 | +187.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,384,866 | €2,454,304 | +€69,438 | +2.9% |
| Amounts payable after more than one year | 17 | €44,009 | €80,259 | +€36,250 | +82.4% |
| Financial debts | 170/4 | €44,009 | €80,259 | +€36,250 | +82.4% |
| Amounts payable within one year | 42/48 | €2,340,857 | €2,374,045 | +€33,188 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €664,561 | €621,394 | -€43,167 | -6.5% |
| Trade debts | 44 | €1,481,376 | €1,072,423 | -€408,953 | -27.6% |
| Suppliers | 440/4 | €1,481,376 | €1,072,423 | -€408,953 | -27.6% |
| Taxes, remuneration and social security | 45 | €62,420 | €75,499 | +€13,079 | +21.0% |
| Taxes | 450/3 | €4,443 | €549 | -€3,894 | -87.6% |
| Remuneration and social security | 454/9 | €57,977 | €74,949 | +€16,973 | +29.3% |
| Other amounts payable | 47/48 | €132,500 | €604,729 | +€472,229 | +356.4% |
| Remuneration, social security and pensions | 62 | €657,313 | €673,870 | +€16,557 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,432 | €37,921 | +€5,489 | +16.9% |
| Other operating charges | 640/8 | €7,508 | €10,121 | +€2,613 | +34.8% |
| Gross operating margin | 9900 | €1,666,167 | €1,840,746 | +€174,579 | +10.5% |
| Operating profit (loss) | 9901 | €968,915 | €1,118,834 | +€149,920 | +15.5% |
| Financial income | 75/76B | €0 | €33 | +€33 | +8886.5% |
| Recurring financial income | 75 | €0 | €33 | +€33 | +8886.5% |
| Financial charges | 65/66B | €16,320 | €20,133 | +€3,814 | +23.4% |
| Recurring financial charges | 65 | €16,320 | €20,133 | +€3,814 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €952,595 | €1,098,734 | +€146,139 | +15.3% |
| Income taxes | 67/77 | €246,904 | €279,582 | +€32,678 | +13.2% |
| Profit (loss) for the period | 9904 | €705,691 | €819,152 | +€113,461 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €705,691 | €819,152 | +€113,461 | +16.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.