VARECO: 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.
VARECO
Largest movements
- Cash +€95,803
up €95,803 (+18.6%), from €515,086 to €610,889
mainly Net result for the year (+€112,067) and Receivables within one year (+€26,276)
- Receivables within one year -€26,276
down €26,276 (-35.8%), from €73,389 to €47,113
of which Trade receivables: -€27,920
- Stocks and contracts -€9,703
down €9,703 (-58.3%), from €16,651 to €6,948
- Reserves +€52,849
up €52,849 (+9.5%), from €554,885 to €607,734
- Trade debts +€7,805
up €7,805 (+83.8%), from €9,311 to €17,115
- Gross operating margin +€45,336
up €45,336 (+38.1%), from €119,141 to €164,477
- Taxes +€13,559
up €13,559 (+40.2%), from €33,766 to €47,325
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 | €613,267 | €674,531 | +€61,264 | +10.0% |
| Fixed assets | 21/28 | €5,365 | €3,360 | -€2,005 | -37.4% |
| Tangible fixed assets | 22/27 | €5,365 | €3,360 | -€2,005 | -37.4% |
| Land and buildings | 22 | €461 | - | -€461 | |
| Plant, machinery and equipment | 23 | €4,387 | €3,360 | -€1,026 | -23.4% |
| Furniture and vehicles | 24 | €518 | - | -€518 | |
| Current assets | 29/58 | €607,902 | €671,171 | +€63,268 | +10.4% |
| Stocks and contracts in progress | 3 | €16,651 | €6,948 | -€9,703 | -58.3% |
| Stocks | 30/36 | €16,651 | €6,948 | -€9,703 | -58.3% |
| Amounts receivable within one year | 40/41 | €73,389 | €47,113 | -€26,276 | -35.8% |
| Trade receivables | 40 | €39,787 | €11,867 | -€27,920 | -70.2% |
| Other amounts receivable | 41 | €33,602 | €35,247 | +€1,645 | +4.9% |
| Cash at bank and in hand | 54/58 | €515,086 | €610,889 | +€95,803 | +18.6% |
| Deferred charges and accrued income | 490/1 | €2,776 | €6,220 | +€3,445 | +124.1% |
| Total equity and liabilities | 10/49 | €613,267 | €674,531 | +€61,264 | +10.0% |
| Equity | 10/15 | €573,477 | €626,326 | +€52,849 | +9.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €554,885 | €607,734 | +€52,849 | +9.5% |
| Distributable reserves | 133 | €554,885 | €607,734 | +€52,849 | +9.5% |
| Amounts payable | 17/49 | €39,790 | €48,205 | +€8,415 | +21.1% |
| Amounts payable within one year | 42/48 | €39,790 | €48,205 | +€8,415 | +21.1% |
| Financial debts | 43 | €10,143 | €10,000 | -€143 | -1.4% |
| Credit institutions | 430/8 | €10,143 | €10,000 | -€143 | -1.4% |
| Trade debts | 44 | €9,311 | €17,115 | +€7,805 | +83.8% |
| Suppliers | 440/4 | €9,311 | €17,115 | +€7,805 | +83.8% |
| Taxes, remuneration and social security | 45 | €20,337 | €21,090 | +€754 | +3.7% |
| Taxes | 450/3 | €14,737 | €21,090 | +€6,354 | +43.1% |
| Remuneration and social security | 454/9 | €5,600 | - | -€5,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,234 | €2,005 | -€230 | -10.3% |
| Other operating charges | 640/8 | €2,895 | €3,157 | +€262 | +9.1% |
| Gross operating margin | 9900 | €119,141 | €164,477 | +€45,336 | +38.1% |
| Operating profit (loss) | 9901 | €114,012 | €159,316 | +€45,304 | +39.7% |
| Financial income | 75/76B | €229 | €710 | +€481 | +210.1% |
| Recurring financial income | 75 | €229 | €710 | +€481 | +210.1% |
| Financial charges | 65/66B | €947 | €635 | -€312 | -32.9% |
| Recurring financial charges | 65 | €947 | €635 | -€312 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | €113,295 | €159,391 | +€46,097 | +40.7% |
| Income taxes | 67/77 | €33,766 | €47,325 | +€13,559 | +40.2% |
| Profit (loss) for the period | 9904 | €79,529 | €112,067 | +€32,538 | +40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €79,529 | €112,067 | +€32,538 | +40.9% |
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 3 October 2026 via checked.be.