VAREC: 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
VAREC
NACE 22.120, Manufacture of rubber and plastic products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€288,681
2024 · €1.1m-€772,364
Equity
€5.1m
2024 · €5.0m+€24,171
Cash
€1.5m
2024 · €466,837+€1.0m
Balance sheet total
€7.7m
2024 · €10.4m-€2.7m
Largest movements
Assets
- Stocks and contracts -€5.1m
down €5.1m (-71.3%), from €7.2m to €2.1m
- Cash +€1.0m
up €1.0m (+216%), from €466,837 to €1.5m
mainly Stocks and contracts (+€5.1m) and Net result for the year (+€288,681)
- Current investments +€986,145
up €986,145 (+3,971,588%), from €25 to €986,170
- Receivables within one year +€218,924
up €218,924 (+10.2%), from €2.1m to €2.4m
of which Trade receivables: +€201,756
- Tangible fixed assets +€204,607
up €204,607 (+34.9%), from €586,110 to €790,716
of which Plant, machinery and equipment: +€157,398
Equity and liabilities
- Trade debts -€1.6m
down €1.6m (-56.5%), from €2.8m to €1.2m
- Short-term financial debts -€614,142
down €614,142 (-66.8%), from €919,531 to €305,390
of which Credit institutions: -€414,142
- Other debts -€231,369
down €231,369 (-46.7%), from €495,928 to €264,559
- Tax, wage and social debts -€184,577
down €184,577 (-23.4%), from €790,121 to €605,544
of which Taxes: -€228,295
Income statement
- Financial charges +€586,318
up €586,318 (+285%), from €205,470 to €791,788
- Services and other goods -€405,502
down €405,502 (-13.6%), from €3.0m to €2.6m
- Staff costs +€257,818
up €257,818 (+12.8%), from €2.0m to €2.3m
- Turnover -€254,148
down €254,148 (-1.5%), from €16.4m to €16.2m
- Taxes -€223,461
down €223,461 (-61.4%), from €363,936 to €140,476
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
€1.1m
Turnover
-€254,148
Other operating income
-€3,197
Goods and materials
-€38,969
Services and other goods
+€405,502
Staff costs
-€257,818
Depreciation
-€29,314
Other operating charges
-€31,422
Financial income
-€200,142
Financial charges
-€586,318
Taxes
+€223,461
Result 2025
€288,681
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
+€3.3m
Investment
-€1.3m
Financing
-€929,052
Cash 2024
€466,837
From operations (derived)
+€3.3m
Net result for the year
+€288,681
Depreciation
+€142,701
Stocks and contracts
+€5.1m
Receivables within one year
-€218,924
Smaller working-capital items
-€5,555
Trade debts
-€1.6m
Tax, wage and social debts
-€184,577
Other debts
-€231,369
Accrued charges and deferred income
-€82,910
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€347,307
Current investments
-€986,145
Financing
-€929,052
Debts after one year
-€40,927
Current portion of long-term debt
-€9,473
Short-term financial debts
-€614,142
Contributions, distributions and other
-€264,510
Cash 2025
€1.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,411,085 | €7,695,000 | -€2.7m | -26.1% |
| Fixed assets | 21/28 | €586,823 | €791,430 | +€204,607 | +34.9% |
| Tangible fixed assets | 22/27 | €586,110 | €790,716 | +€204,607 | +34.9% |
| Plant, machinery and equipment | 23 | €561,317 | €718,715 | +€157,398 | +28.0% |
| Furniture and vehicles | 24 | €22,854 | €18,761 | -€4,093 | -17.9% |
| Other tangible fixed assets | 26 | €1,939 | €14,012 | +€12,073 | +623% |
| Assets under construction and advance payments | 27 | €0 | €39,229 | +€39,229 | |
| Financial fixed assets | 28 | €714 | €714 | = | 0.0% |
| Other financial fixed assets | 284/8 | €714 | €714 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €714 | €714 | = | 0.0% |
| Current assets | 29/58 | €9,824,261 | €6,903,570 | -€2.9m | -29.7% |
| Stocks and contracts in progress | 3 | €7,202,363 | €2,067,403 | -€5.1m | -71.3% |
| Stocks | 30/36 | €7,202,363 | €2,067,403 | -€5.1m | -71.3% |
| Goods purchased for resale | 34 | €7,202,363 | €2,067,403 | -€5.1m | -71.3% |
| Amounts receivable within one year | 40/41 | €2,148,382 | €2,367,305 | +€218,924 | +10.2% |
| Trade receivables | 40 | €1,872,781 | €2,074,538 | +€201,756 | +10.8% |
| Other amounts receivable | 41 | €275,600 | €292,768 | +€17,168 | +6.2% |
| Current investments | 50/53 | €25 | €986,170 | +€986,145 | +3,971,588% |
| Other investments | 51/53 | €25 | €986,170 | +€986,145 | +3,971,588% |
| Cash at bank and in hand | 54/58 | €466,837 | €1,475,483 | +€1.0m | +216% |
| Deferred charges and accrued income | 490/1 | €6,655 | €7,209 | +€554 | +8.3% |
| Total equity and liabilities | 10/49 | €10,411,085 | €7,695,000 | -€2.7m | -26.1% |
| Equity | 10/15 | €5,034,059 | €5,058,230 | +€24,171 | +0.5% |
| Contributions | 10/11 | €402,000 | €402,000 | = | 0.0% |
| Capital | 10 | €402,000 | €402,000 | = | 0.0% |
| Issued capital | 100 | €402,000 | €402,000 | = | 0.0% |
| Reserves | 13 | €615,470 | €600,467 | -€15,002 | -2.4% |
| Non-distributable reserves | 130/1 | €40,200 | €40,200 | = | 0.0% |
| Legal reserve | 130 | €40,200 | €40,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,005 | €15,002 | -€15,002 | -50.0% |
| Distributable reserves | 133 | €545,265 | €545,265 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,016,589 | €4,055,762 | +€39,173 | +1.0% |
| Provisions and deferred taxes | 16 | €10,002 | €5,001 | -€5,001 | -50.0% |
| Deferred taxes | 168 | €10,002 | €5,001 | -€5,001 | -50.0% |
| Amounts payable | 17/49 | €5,367,024 | €2,631,770 | -€2.7m | -51.0% |
| Amounts payable after more than one year | 17 | €195,382 | €154,455 | -€40,927 | -20.9% |
| Financial debts | 170/4 | €195,382 | €154,455 | -€40,927 | -20.9% |
| Credit institutions | 173 | €195,382 | €154,455 | -€40,927 | -20.9% |
| Amounts payable within one year | 42/48 | €5,035,906 | €2,424,489 | -€2.6m | -51.9% |
| Current portion of amounts payable after more than one year | 42 | €50,400 | €40,927 | -€9,473 | -18.8% |
| Financial debts | 43 | €919,531 | €305,390 | -€614,142 | -66.8% |
| Credit institutions | 430/8 | €719,531 | €305,390 | -€414,142 | -57.6% |
| Other loans | 439 | €200,000 | €0 | -€200,000 | -100% |
| Trade debts | 44 | €2,779,926 | €1,208,069 | -€1.6m | -56.5% |
| Suppliers | 440/4 | €2,779,926 | €1,208,069 | -€1.6m | -56.5% |
| Taxes, remuneration and social security | 45 | €790,121 | €605,544 | -€184,577 | -23.4% |
| Taxes | 450/3 | €440,025 | €211,731 | -€228,295 | -51.9% |
| Remuneration and social security | 454/9 | €350,095 | €393,814 | +€43,718 | +12.5% |
| Other amounts payable | 47/48 | €495,928 | €264,559 | -€231,369 | -46.7% |
| Accrued charges and deferred income | 492/3 | €135,735 | €52,825 | -€82,910 | -61.1% |
| Operating income | 70/76A | €16,475,788 | €16,218,444 | -€257,344 | -1.6% |
| Turnover | 70 | €16,436,205 | €16,182,057 | -€254,148 | -1.5% |
| Other operating income | 74 | €39,583 | €36,386 | -€3,197 | -8.1% |
| Operating charges | 60/66A | €15,091,233 | €15,043,255 | -€47,979 | -0.3% |
| Goods for resale, raw materials and consumables | 60 | €9,905,424 | €9,944,393 | +€38,969 | +0.4% |
| Purchases | 600/8 | €12,347,623 | €5,283,314 | -€7.1m | -57.2% |
| Change in stocks: decrease (increase) | 609 | -€2,442,199 | €4,661,079 | +€7.1m | |
| Services and other goods | 61 | €2,983,536 | €2,578,034 | -€405,502 | -13.6% |
| Remuneration, social security and pensions | 62 | €2,012,022 | €2,269,839 | +€257,818 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,386 | €142,701 | +€29,314 | +25.9% |
| Other operating charges | 640/8 | €76,865 | €108,287 | +€31,422 | +40.9% |
| Operating profit (loss) | 9901 | €1,384,555 | €1,175,189 | -€209,365 | -15.1% |
| Financial income | 75/76B | €240,896 | €40,755 | -€200,142 | -83.1% |
| Recurring financial income | 75 | €240,896 | €40,755 | -€200,142 | -83.1% |
| Income from current assets | 751 | €1,183 | €10,751 | +€9,568 | +809% |
| Other financial income | 752/9 | €239,714 | €30,004 | -€209,710 | -87.5% |
| Financial charges | 65/66B | €205,470 | €791,788 | +€586,318 | +285% |
| Recurring financial charges | 65 | €205,470 | €791,788 | +€586,318 | +285% |
| Debt charges | 650 | €89,029 | €39,406 | -€49,622 | -55.7% |
| Other financial charges | 652/9 | €116,441 | €752,382 | +€635,940 | +546% |
| Profit (loss) for the period before taxes | 9903 | €1,419,981 | €424,156 | -€995,825 | -70.1% |
| Transfer from deferred taxes | 780 | €5,001 | €5,001 | = | 0.0% |
| Income taxes | 67/77 | €363,936 | €140,476 | -€223,461 | -61.4% |
| Taxes | 670/3 | €363,936 | €140,476 | -€223,461 | -61.4% |
| Profit (loss) for the period | 9904 | €1,061,045 | €288,681 | -€772,364 | -72.8% |
| Transfer from tax-exempt reserves | 789 | €15,002 | €15,002 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,076,048 | €303,683 | -€772,364 | -71.8% |
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 16 October 2026 via checked.be.