VARDECO: 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.
What changed
VARDECO
NACE 01.461, Pig breeding farms
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€189,043
2024 · €498,444-€309,401
Equity
€1.8m
2024 · €1.7m+€122,361
Cash
€648,625
2024 · €188,713+€459,912
Balance sheet total
€4.1m
2024 · €4.0m+€56,840
Largest movements
Assets
- Cash +€459,912
up €459,912 (+244%), from €188,713 to €648,625
mainly Depreciation (+€340,346) and Receivables within one year (+€253,282)
- Receivables within one year -€253,282
down €253,282 (-77.6%), from €326,348 to €73,066
of which Other amounts receivable: -€145,576
- Current investments -€190,134
down €190,134 (-100%), from €190,134 to €0
- Tangible fixed assets +€43,971
up €43,971 (+2.1%), from €2.1m to €2.2m
of which Furniture and vehicles: +€76,040
Equity and liabilities
- Debts after one year -€151,123
down €151,123 (-11.2%), from €1.4m to €1.2m
- Reserves +€125,709
up €125,709 (+11.6%), from €1.1m to €1.2m
of which Distributable reserves: +€153,197
- Current portion of long-term debt +€99,691
up €99,691 (+27.9%), from €357,899 to €457,589
- Trade debts +€89,363
up €89,363 (+21.9%), from €407,581 to €496,944
- Short-term financial debts -€75,000
no longer reported in 2025 (was €75,000)
Income statement
- Gross operating margin -€463,104
down €463,104 (-40.2%), from €1.2m to €688,717
- Taxes -€149,224
down €149,224 (-65.6%), from €227,449 to €78,226
- Financial charges -€20,402
down €20,402 (-34.2%), from €59,648 to €39,247
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.
Result 2024
€498,444
Gross operating margin
-€463,104
Staff costs
-€8,214
Depreciation
-€7,467
Other operating charges
+€584
Financial income
-€825
Financial charges
+€20,402
Taxes
+€149,224
Result 2025
€189,043
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€845,457
Investment
-€192,431
Financing
-€193,114
Cash 2024
€188,713
From operations (derived)
+€845,457
Net result for the year
+€189,043
Depreciation
+€340,346
Stocks and contracts
+€2,186
Receivables within one year
+€253,282
Deferred charges and accrued income
-€312
Provisions
-€2,209
Trade debts
+€89,363
Tax, wage and social debts
-€49,691
Other debts
+€39,189
Accrued charges and deferred income
-€15,741
Investment (derived)
-€192,431
Investment in fixed assets (net)
-€382,565
Current investments
+€190,134
Financing
-€193,114
Debts after one year
-€151,123
Current portion of long-term debt
+€99,691
Short-term financial debts
-€75,000
Contributions, distributions and other
-€66,682
Cash 2025
€648,625
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,993,869 | €4,050,710 | +€56,840 | +1.4% |
| Fixed assets | 21/28 | €2,371,256 | €2,413,475 | +€42,219 | +1.8% |
| Intangible fixed assets | 21 | €8,780 | €7,028 | -€1,752 | -20.0% |
| Tangible fixed assets | 22/27 | €2,112,477 | €2,156,448 | +€43,971 | +2.1% |
| Land and buildings | 22 | €1,785,162 | €1,781,757 | -€3,404 | -0.2% |
| Plant, machinery and equipment | 23 | €158,612 | €130,807 | -€27,805 | -17.5% |
| Furniture and vehicles | 24 | €163,096 | €239,136 | +€76,040 | +46.6% |
| Other tangible fixed assets | 26 | €5,607 | €4,748 | -€859 | -15.3% |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €1,622,613 | €1,637,235 | +€14,622 | +0.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €899,052 | €896,866 | -€2,186 | -0.2% |
| Stocks | 30/36 | €899,052 | €896,866 | -€2,186 | -0.2% |
| Amounts receivable within one year | 40/41 | €326,348 | €73,066 | -€253,282 | -77.6% |
| Trade receivables | 40 | €133,267 | €25,561 | -€107,707 | -80.8% |
| Other amounts receivable | 41 | €193,081 | €47,506 | -€145,576 | -75.4% |
| Current investments | 50/53 | €190,134 | €0 | -€190,134 | -100% |
| Cash at bank and in hand | 54/58 | €188,713 | €648,625 | +€459,912 | +244% |
| Deferred charges and accrued income | 490/1 | €18,366 | €18,677 | +€312 | +1.7% |
| Total equity and liabilities | 10/49 | €3,993,869 | €4,050,710 | +€56,840 | +1.4% |
| Equity | 10/15 | €1,677,397 | €1,799,758 | +€122,361 | +7.3% |
| Contributions | 10/11 | €488,436 | €488,436 | = | 0.0% |
| Reserves | 13 | €1,084,567 | €1,210,276 | +€125,709 | +11.6% |
| Non-distributable reserves | 130/1 | €23,197 | €0 | -€23,197 | -100% |
| Reserves not available under the articles | 1311 | €23,197 | €0 | -€23,197 | -100% |
| Tax-exempt reserves | 132 | €46,370 | €42,079 | -€4,291 | -9.3% |
| Distributable reserves | 133 | €1,015,000 | €1,168,197 | +€153,197 | +15.1% |
| Profit (loss) carried forward | 14 | €48,852 | €62,185 | +€13,334 | +27.3% |
| Investment grants | 15 | €55,542 | €38,860 | -€16,682 | -30.0% |
| Provisions and deferred taxes | 16 | €14,677 | €12,468 | -€2,209 | -15.1% |
| Deferred taxes | 168 | €14,677 | €12,468 | -€2,209 | -15.1% |
| Amounts payable | 17/49 | €2,301,796 | €2,238,484 | -€63,312 | -2.8% |
| Amounts payable after more than one year | 17 | €1,354,447 | €1,203,324 | -€151,123 | -11.2% |
| Financial debts | 170/4 | €1,354,447 | €1,203,324 | -€151,123 | -11.2% |
| Amounts payable within one year | 42/48 | €931,608 | €1,035,160 | +€103,552 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €357,899 | €457,589 | +€99,691 | +27.9% |
| Financial debts | 43 | €75,000 | - | -€75,000 | |
| Credit institutions | 430/8 | €75,000 | - | -€75,000 | |
| Trade debts | 44 | €407,581 | €496,944 | +€89,363 | +21.9% |
| Suppliers | 440/4 | €407,581 | €496,944 | +€89,363 | +21.9% |
| Taxes, remuneration and social security | 45 | €80,318 | €30,626 | -€49,691 | -61.9% |
| Taxes | 450/3 | €77,548 | €27,864 | -€49,684 | -64.1% |
| Remuneration and social security | 454/9 | €2,770 | €2,762 | -€7 | -0.3% |
| Other amounts payable | 47/48 | €10,811 | €50,000 | +€39,189 | +363% |
| Accrued charges and deferred income | 492/3 | €15,741 | €0 | -€15,741 | -100% |
| Non-recurring operating income | 76A | €22,703 | €0 | -€22,703 | -100% |
| Remuneration, social security and pensions | 62 | €26,574 | €34,788 | +€8,214 | +30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €332,879 | €340,346 | +€7,467 | +2.2% |
| Other operating charges | 640/8 | €29,664 | €29,080 | -€584 | -2.0% |
| Gross operating margin | 9900 | €1,151,821 | €688,717 | -€463,104 | -40.2% |
| Operating profit (loss) | 9901 | €762,704 | €284,503 | -€478,202 | -62.7% |
| Financial income | 75/76B | €20,628 | €19,803 | -€825 | -4.0% |
| Recurring financial income | 75 | €20,628 | €19,803 | -€825 | -4.0% |
| Financial charges | 65/66B | €59,648 | €39,247 | -€20,402 | -34.2% |
| Recurring financial charges | 65 | €59,648 | €39,247 | -€20,402 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | €723,684 | €265,059 | -€458,625 | -63.4% |
| Transfer from deferred taxes | 780 | €2,209 | €2,209 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €227,449 | €78,226 | -€149,224 | -65.6% |
| Profit (loss) for the period | 9904 | €498,444 | €189,043 | -€309,401 | -62.1% |
| Transfer from tax-exempt reserves | 789 | €4,291 | €4,291 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €502,735 | €193,334 | -€309,401 | -61.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.