VARE: 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.
VARE
Largest movements
- Receivables within one year +€71,796
up €71,796 (+2149.4%), from €3,340 to €75,136
of which Other amounts receivable: +€74,128
- Tangible fixed assets -€30,378
down €30,378 (-3.5%), from €877,016 to €846,637
of which Land and buildings: -€34,742
- Debts after one year -€59,045
down €59,045 (-3.0%), from €1.9m to €1.9m
of which Financial debts: -€59,265
- Other debts +€49,793
up €49,793 (+116.2%), from €42,854 to €92,647
- Gross operating margin -€14,159
down €14,159 (-19.3%), from €73,189 to €59,030
- Financial charges -€1,387
down €1,387 (-5.9%), from €23,493 to €22,107
- Other operating charges +€845
up €845 (+25.6%), from €3,305 to €4,150
- Depreciation -€804
down €804 (-1.6%), from €50,744 to €49,939
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 | €2,085,753 | €2,116,118 | +€30,365 | +1.5% |
| Fixed assets | 21/28 | €2,011,272 | €1,980,894 | -€30,378 | -1.5% |
| Tangible fixed assets | 22/27 | €877,016 | €846,637 | -€30,378 | -3.5% |
| Land and buildings | 22 | €846,605 | €811,863 | -€34,742 | -4.1% |
| Plant, machinery and equipment | 23 | €4,294 | €9,494 | +€5,199 | +121.1% |
| Furniture and vehicles | 24 | €9,634 | €7,798 | -€1,836 | -19.1% |
| Other tangible fixed assets | 26 | €16,483 | €17,483 | +€1,000 | +6.1% |
| Financial fixed assets | 28 | €1,134,256 | €1,134,256 | = | 0.0% |
| Current assets | 29/58 | €74,480 | €135,224 | +€60,744 | +81.6% |
| Stocks and contracts in progress | 3 | €7,259 | €7,259 | = | 0.0% |
| Stocks | 30/36 | €7,259 | €7,259 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,340 | €75,136 | +€71,796 | +2149.4% |
| Trade receivables | 40 | €3,332 | €1,000 | -€2,332 | -70.0% |
| Other amounts receivable | 41 | €8 | €74,136 | +€74,128 | +896345.5% |
| Cash at bank and in hand | 54/58 | €62,710 | €51,643 | -€11,066 | -17.6% |
| Deferred charges and accrued income | 490/1 | €1,171 | €1,186 | +€14 | +1.2% |
| Total equity and liabilities | 10/49 | €2,085,753 | €2,116,118 | +€30,365 | +1.5% |
| Equity | 10/15 | €1,145 | €34,028 | +€32,883 | +2872.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €15,428 | +€15,428 | |
| Distributable reserves | 133 | - | €15,428 | +€15,428 | |
| Profit (loss) carried forward | 14 | -€17,455 | €0 | +€17,455 | |
| Amounts payable | 17/49 | €2,084,608 | €2,082,091 | -€2,517 | -0.1% |
| Amounts payable after more than one year | 17 | €1,941,094 | €1,882,048 | -€59,045 | -3.0% |
| Financial debts | 170/4 | €1,932,689 | €1,873,423 | -€59,265 | -3.1% |
| Other amounts payable | 178/9 | €8,405 | €8,625 | +€220 | +2.6% |
| Amounts payable within one year | 42/48 | €138,264 | €194,792 | +€56,528 | +40.9% |
| Current portion of amounts payable after more than one year | 42 | €59,107 | €60,621 | +€1,514 | +2.6% |
| Trade debts | 44 | €30,366 | €39,095 | +€8,729 | +28.7% |
| Suppliers | 440/4 | €30,366 | €39,095 | +€8,729 | +28.7% |
| Advances received on contracts in progress | 46 | €2,025 | €925 | -€1,100 | -54.3% |
| Taxes, remuneration and social security | 45 | €3,913 | €1,505 | -€2,408 | -61.5% |
| Taxes | 450/3 | €3,913 | €1,505 | -€2,408 | -61.5% |
| Other amounts payable | 47/48 | €42,854 | €92,647 | +€49,793 | +116.2% |
| Accrued charges and deferred income | 492/3 | €5,250 | €5,250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,744 | €49,939 | -€804 | -1.6% |
| Other operating charges | 640/8 | €3,305 | €4,150 | +€845 | +25.6% |
| Gross operating margin | 9900 | €73,189 | €59,030 | -€14,159 | -19.3% |
| Operating profit (loss) | 9901 | €19,141 | €4,941 | -€14,199 | -74.2% |
| Financial income | 75/76B | €49,464 | €50,048 | +€585 | +1.2% |
| Recurring financial income | 75 | €49,464 | €50,048 | +€585 | +1.2% |
| Financial charges | 65/66B | €23,493 | €22,107 | -€1,387 | -5.9% |
| Recurring financial charges | 65 | €23,493 | €22,107 | -€1,387 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €45,111 | €32,883 | -€12,228 | -27.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €45,111 | €32,883 | -€12,228 | -27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €45,111 | €32,883 | -€12,228 | -27.1% |
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 10 October 2026 via checked.be.