VARDANOR: 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.
VARDANOR
Largest movements
- Receivables within one year -€778
down €778 (-37.5%), from €2,075 to €1,297
- Formation expenses -€208
down €208 (-36.2%), from €575 to €367
- Deferred charges and accrued income +€88
up €88 (+142.3%), from €62 to €149
- Trade debts -€536
down €536 (-72.8%), from €737 to €201
- Profit (loss) carried forward -€363
down €363 (-12.0%), from -€3,025 to -€3,387
- Financial income +€26
up €26 (+42.3%), from €62 to €88
- Gross operating margin -€22
down €22 (-10.0%), from -€220 to -€242
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,712 | €1,813 | -€899 | -33.1% |
| Formation expenses | 20 | €575 | €367 | -€208 | -36.2% |
| Current assets | 29/58 | €2,137 | €1,446 | -€690 | -32.3% |
| Amounts receivable within one year | 40/41 | €2,075 | €1,297 | -€778 | -37.5% |
| Other amounts receivable | 41 | €2,075 | €1,297 | -€778 | -37.5% |
| Deferred charges and accrued income | 490/1 | €62 | €149 | +€88 | +142.3% |
| Total equity and liabilities | 10/49 | €2,712 | €1,813 | -€899 | -33.1% |
| Equity | 10/15 | €1,975 | €1,613 | -€363 | -18.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,025 | -€3,387 | -€363 | -12.0% |
| Amounts payable | 17/49 | €737 | €201 | -€536 | -72.8% |
| Amounts payable within one year | 42/48 | €737 | €201 | -€536 | -72.8% |
| Trade debts | 44 | €737 | €201 | -€536 | -72.8% |
| Suppliers | 440/4 | €737 | €201 | -€536 | -72.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €208 | €208 | = | 0.0% |
| Gross operating margin | 9900 | -€220 | -€242 | -€22 | -10.0% |
| Operating profit (loss) | 9901 | -€428 | -€450 | -€22 | -5.2% |
| Financial income | 75/76B | €62 | €88 | +€26 | +42.3% |
| Recurring financial income | 75 | €62 | €88 | +€26 | +42.3% |
| Profit (loss) for the period before taxes | 9903 | -€367 | -€363 | +€4 | +1.1% |
| Profit (loss) for the period | 9904 | -€367 | -€363 | +€4 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€367 | -€363 | +€4 | +1.1% |
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 4 October 2026 via checked.be.