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
- Cash +€2,857
up €2,857 (+31.1%), from €9,199 to €12,056
mainly Debts after one year (+€9,965) and Current portion of long-term debt (+€3,981)
- Stocks and contracts +€2,517
up €2,517 (+46.3%), from €5,431 to €7,948
- Profit (loss) carried forward -€12,165
down €12,165 (-101.9%), from -€11,943 to -€24,108
- Debts after one year +€9,965
new in 2025: €9,965
- Current portion of long-term debt +€3,981
new in 2025: €3,981
- Other debts +€2,876
up €2,876 (+22.4%), from €12,818 to €15,694
- Advances received +€1,994
new in 2025: €1,994
- Gross operating margin -€7,392
down €7,392, from €1,039 to -€6,353
- Taxes +€4,400
no longer reported in 2025 (was -€4,400)
- Other operating charges -€1,167
down €1,167 (-42.6%), from €2,740 to €1,573
- Financial charges +€737
up €737 (+69.5%), from €1,061 to €1,798
- Staff costs +€591
up €591 (+687.2%), from €86 to €677
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 | €33,840 | €39,760 | +€5,920 | +17.5% |
| Fixed assets | 21/28 | €4,251 | €4,437 | +€186 | +4.4% |
| Tangible fixed assets | 22/27 | €4,251 | €4,437 | +€186 | +4.4% |
| Plant, machinery and equipment | 23 | €4,251 | €2,747 | -€1,504 | -35.4% |
| Furniture and vehicles | 24 | - | €1,690 | +€1,690 | |
| Current assets | 29/58 | €29,589 | €35,323 | +€5,734 | +19.4% |
| Stocks and contracts in progress | 3 | €5,431 | €7,948 | +€2,517 | +46.3% |
| Stocks | 30/36 | €5,431 | €7,948 | +€2,517 | +46.3% |
| Amounts receivable within one year | 40/41 | €14,959 | €15,319 | +€360 | +2.4% |
| Other amounts receivable | 41 | €14,959 | €15,319 | +€360 | +2.4% |
| Cash at bank and in hand | 54/58 | €9,199 | €12,056 | +€2,857 | +31.1% |
| Total equity and liabilities | 10/49 | €33,840 | €39,760 | +€5,920 | +17.5% |
| Equity | 10/15 | €7,897 | -€4,268 | -€12,165 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,240 | €1,240 | = | 0.0% |
| Distributable reserves | 133 | €1,240 | €1,240 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,943 | -€24,108 | -€12,165 | -101.9% |
| Amounts payable | 17/49 | €25,943 | €44,028 | +€18,085 | +69.7% |
| Amounts payable after more than one year | 17 | - | €9,965 | +€9,965 | |
| Financial debts | 170/4 | - | €9,965 | +€9,965 | |
| Amounts payable within one year | 42/48 | €25,943 | €34,063 | +€8,120 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | - | €3,981 | +€3,981 | |
| Financial debts | 43 | €5,170 | €4,870 | -€300 | -5.8% |
| Credit institutions | 430/8 | €5,170 | €4,870 | -€300 | -5.8% |
| Trade debts | 44 | €4,284 | €5,609 | +€1,325 | +30.9% |
| Suppliers | 440/4 | €4,284 | €5,609 | +€1,325 | +30.9% |
| Advances received on contracts in progress | 46 | - | €1,994 | +€1,994 | |
| Taxes, remuneration and social security | 45 | €3,671 | €1,915 | -€1,756 | -47.8% |
| Taxes | 450/3 | €3,671 | €1,412 | -€2,259 | -61.5% |
| Remuneration and social security | 454/9 | - | €503 | +€503 | |
| Other amounts payable | 47/48 | €12,818 | €15,694 | +€2,876 | +22.4% |
| Remuneration, social security and pensions | 62 | €86 | €677 | +€591 | +687.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,504 | €1,764 | +€260 | +17.3% |
| Other operating charges | 640/8 | €2,740 | €1,573 | -€1,167 | -42.6% |
| Gross operating margin | 9900 | €1,039 | -€6,353 | -€7,392 | |
| Operating profit (loss) | 9901 | -€3,291 | -€10,367 | -€7,076 | -215.0% |
| Financial charges | 65/66B | €1,061 | €1,798 | +€737 | +69.5% |
| Recurring financial charges | 65 | €1,061 | €1,798 | +€737 | +69.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,352 | -€12,165 | -€7,813 | -179.5% |
| Income taxes | 67/77 | -€4,400 | - | +€4,400 | |
| Profit (loss) for the period | 9904 | €48 | -€12,165 | -€12,213 | |
| Profit (loss) for the period to be appropriated | 9905 | €48 | -€12,165 | -€12,213 |
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 9 October 2026 via checked.be.