VARDACO: 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.
VARDACO
Largest movements
- Cash +€79,474
up €79,474 (+177.2%), from €44,845 to €124,319
mainly Other debts (+€183,106) and Net result for the year (+€122,390)
- Receivables within one year +€26,553
up €26,553 (+25.2%), from €105,300 to €131,853
of which Trade receivables: +€27,757
- Tangible fixed assets -€22,270
down €22,270 (-5.6%), from €399,803 to €377,532
of which Land and buildings: -€18,313
- Other debts +€183,106
up €183,106 (+394.5%), from €46,412 to €229,517
- Profit (loss) carried forward -€90,600
no longer reported in 2025 (was €90,600)
- Debts after one year -€23,743
down €23,743 (-7.6%), from €314,415 to €290,672
- Tax, wage and social debts +€23,603
up €23,603 (+203.0%), from €11,625 to €35,228
- Trade debts -€8,429
down €8,429 (-49.3%), from €17,115 to €8,685
- Depreciation -€26,689
down €26,689 (-42.2%), from €63,196 to €36,508
- Taxes -€15,816
down €15,816 (-68.3%), from €23,157 to €7,342
- Financial charges +€6,273
up €6,273 (+48.3%), from €12,996 to €19,269
- Gross operating margin -€5,086
down €5,086 (-2.6%), from €192,015 to €186,929
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 | €584,947 | €669,821 | +€84,874 | +14.5% |
| Fixed assets | 21/28 | €434,803 | €412,532 | -€22,270 | -5.1% |
| Tangible fixed assets | 22/27 | €399,803 | €377,532 | -€22,270 | -5.6% |
| Land and buildings | 22 | €356,424 | €338,111 | -€18,313 | -5.1% |
| Furniture and vehicles | 24 | €43,379 | €39,422 | -€3,957 | -9.1% |
| Financial fixed assets | 28 | €35,000 | €35,000 | = | 0.0% |
| Current assets | 29/58 | €150,144 | €257,288 | +€107,144 | +71.4% |
| Amounts receivable within one year | 40/41 | €105,300 | €131,853 | +€26,553 | +25.2% |
| Trade receivables | 40 | €104,096 | €131,853 | +€27,757 | +26.7% |
| Other amounts receivable | 41 | €1,204 | - | -€1,204 | |
| Cash at bank and in hand | 54/58 | €44,845 | €124,319 | +€79,474 | +177.2% |
| Deferred charges and accrued income | 490/1 | - | €1,116 | +€1,116 | |
| Total equity and liabilities | 10/49 | €584,947 | €669,821 | +€84,874 | +14.5% |
| Equity | 10/15 | €172,575 | €81,975 | -€90,600 | -52.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,375 | €63,375 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €61,515 | €61,515 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,600 | - | -€90,600 | |
| Amounts payable | 17/49 | €412,372 | €587,846 | +€175,474 | +42.6% |
| Amounts payable after more than one year | 17 | €314,415 | €290,672 | -€23,743 | -7.6% |
| Financial debts | 170/4 | €314,415 | €290,672 | -€23,743 | -7.6% |
| Amounts payable within one year | 42/48 | €97,957 | €297,174 | +€199,217 | +203.4% |
| Current portion of amounts payable after more than one year | 42 | €22,805 | €23,743 | +€938 | +4.1% |
| Trade debts | 44 | €17,115 | €8,685 | -€8,429 | -49.3% |
| Suppliers | 440/4 | €17,115 | €8,685 | -€8,429 | -49.3% |
| Taxes, remuneration and social security | 45 | €11,625 | €35,228 | +€23,603 | +203.0% |
| Taxes | 450/3 | €11,625 | €35,228 | +€23,603 | +203.0% |
| Other amounts payable | 47/48 | €46,412 | €229,517 | +€183,106 | +394.5% |
| Non-recurring operating income | 76A | €8,300 | - | -€8,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,196 | €36,508 | -€26,689 | -42.2% |
| Other operating charges | 640/8 | €2,137 | €1,421 | -€716 | -33.5% |
| Gross operating margin | 9900 | €192,015 | €186,929 | -€5,086 | -2.6% |
| Operating profit (loss) | 9901 | €126,682 | €149,001 | +€22,319 | +17.6% |
| Financial income | 75/76B | €72 | - | -€72 | |
| Recurring financial income | 75 | €72 | - | -€72 | |
| Financial charges | 65/66B | €12,996 | €19,269 | +€6,273 | +48.3% |
| Recurring financial charges | 65 | €12,996 | €19,269 | +€6,273 | +48.3% |
| Profit (loss) for the period before taxes | 9903 | €113,758 | €129,732 | +€15,974 | +14.0% |
| Income taxes | 67/77 | €23,157 | €7,342 | -€15,816 | -68.3% |
| Profit (loss) for the period | 9904 | €90,600 | €122,390 | +€31,789 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €90,600 | €122,390 | +€31,789 | +35.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.