VAREA: 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.
VAREA
Largest movements
- Cash -€215,824
down €215,824 (-53.2%), from €405,546 to €189,722
mainly Debts after one year (-€198,288) and Other debts (-€85,075)
- Stocks and contracts -€60,638
down €60,638 (-5.8%), from €1.0m to €981,408
- Receivables within one year -€23,821
down €23,821 (-95.0%), from €25,070 to €1,249
of which Trade receivables: -€25,070
- Debts after one year -€198,288
no longer reported in 2025 (was €198,288)
- Other debts -€85,075
down €85,075 (-8.4%), from €1.0m to €930,431
- Reserves +€83,562
up €83,562 (+85.8%), from €97,404 to €180,966
of which Distributable reserves: +€83,562
- Tax, wage and social debts -€64,547
down €64,547 (-91.8%), from €70,331 to €5,784
of which Taxes: -€62,550
- Trade debts -€38,846
down €38,846 (-79.2%), from €49,055 to €10,210
- Gross operating margin +€153,521
up €153,521, from -€33,622 to €119,899
- Taxes +€13,611
up €13,611 (+9755.9%), from €140 to €13,751
- Financial charges -€8,496
down €8,496 (-39.6%), from €21,456 to €12,960
- Other operating charges -€4,675
down €4,675 (-38.3%), from €12,197 to €7,522
- Depreciation -€3,104
down €3,104 (-43.5%), from €7,142 to €4,038
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 | €1,492,559 | €1,189,365 | -€303,194 | -20.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €17,036 | €12,999 | -€4,038 | -23.7% |
| Tangible fixed assets | 22/27 | €16,559 | €12,521 | -€4,038 | -24.4% |
| Plant, machinery and equipment | 23 | €14,088 | €11,765 | -€2,323 | -16.5% |
| Furniture and vehicles | 24 | €2,471 | €756 | -€1,714 | -69.4% |
| Financial fixed assets | 28 | €477 | €477 | = | 0.0% |
| Current assets | 29/58 | €1,475,522 | €1,176,366 | -€299,156 | -20.3% |
| Stocks and contracts in progress | 3 | €1,042,047 | €981,408 | -€60,638 | -5.8% |
| Stocks | 30/36 | €1,042,047 | €981,408 | -€60,638 | -5.8% |
| Amounts receivable within one year | 40/41 | €25,070 | €1,249 | -€23,821 | -95.0% |
| Trade receivables | 40 | €25,070 | - | -€25,070 | |
| Other amounts receivable | 41 | - | €1,249 | +€1,249 | |
| Cash at bank and in hand | 54/58 | €405,546 | €189,722 | -€215,824 | -53.2% |
| Deferred charges and accrued income | 490/1 | €2,860 | €3,987 | +€1,127 | +39.4% |
| Total equity and liabilities | 10/49 | €1,492,559 | €1,189,365 | -€303,194 | -20.3% |
| Equity | 10/15 | €159,377 | €242,940 | +€83,562 | +52.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €97,404 | €180,966 | +€83,562 | +85.8% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €91,206 | €174,769 | +€83,562 | +91.6% |
| Amounts payable | 17/49 | €1,333,181 | €946,425 | -€386,756 | -29.0% |
| Amounts payable after more than one year | 17 | €198,288 | - | -€198,288 | |
| Financial debts | 170/4 | €198,288 | - | -€198,288 | |
| Amounts payable within one year | 42/48 | €1,134,893 | €946,425 | -€188,468 | -16.6% |
| Trade debts | 44 | €49,055 | €10,210 | -€38,846 | -79.2% |
| Suppliers | 440/4 | €49,055 | €10,210 | -€38,846 | -79.2% |
| Taxes, remuneration and social security | 45 | €70,331 | €5,784 | -€64,547 | -91.8% |
| Taxes | 450/3 | €68,331 | €5,781 | -€62,550 | -91.5% |
| Remuneration and social security | 454/9 | €2,001 | €4 | -€1,997 | -99.8% |
| Other amounts payable | 47/48 | €1,015,507 | €930,431 | -€85,075 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,142 | €4,038 | -€3,104 | -43.5% |
| Other operating charges | 640/8 | €12,197 | €7,522 | -€4,675 | -38.3% |
| Gross operating margin | 9900 | -€33,622 | €119,899 | +€153,521 | |
| Operating profit (loss) | 9901 | -€52,961 | €108,339 | +€161,300 | |
| Financial income | 75/76B | €1,517 | €1,934 | +€417 | +27.5% |
| Recurring financial income | 75 | €1,517 | €1,934 | +€417 | +27.5% |
| Financial charges | 65/66B | €21,456 | €12,960 | -€8,496 | -39.6% |
| Recurring financial charges | 65 | €21,456 | €12,960 | -€8,496 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | -€72,900 | €97,313 | +€170,214 | |
| Income taxes | 67/77 | €140 | €13,751 | +€13,611 | +9755.9% |
| Profit (loss) for the period | 9904 | -€73,040 | €83,562 | +€156,602 | |
| Profit (loss) for the period to be appropriated | 9905 | -€73,040 | €83,562 | +€156,602 |
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 5 October 2026 via checked.be.