VAREGRO: 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.
VAREGRO
Largest movements
- Current investments +€4.6m
new in 2025: €4.6m
- Cash -€4.0m
down €4.0m (-83.7%), from €4.8m to €783,825
mainly Current investments (-€4.6m) and Receivables within one year (-€457,559)
- Receivables within one year +€457,559
up €457,559 (+82.1%), from €557,300 to €1.0m
of which Trade receivables: +€469,251
- Trade debts +€614,215
up €614,215 (+117.2%), from €524,085 to €1.1m
- Reserves +€554,189
up €554,189 (+21.2%), from €2.6m to €3.2m
of which Distributable reserves: +€427,889
- Other debts +€97,728
up €97,728 (+13.1%), from €745,374 to €843,102
- Tax, wage and social debts -€96,283
down €96,283 (-55.8%), from €172,462 to €76,179
of which Taxes: -€104,577
- Financial income +€143,993
up €143,993 (+186.0%), from €77,414 to €221,407
- Taxes -€125,932
down €125,932 (-48.8%), from €258,034 to €132,102
- Other operating charges +€63,194
up €63,194 (+314.6%), from €20,090 to €83,284
- Gross operating margin -€62,562
down €62,562 (-6.5%), from €964,329 to €901,767
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 | €6,021,560 | €7,171,409 | +€1.1m | +19.1% |
| Fixed assets | 21/28 | €602,499 | €642,568 | +€40,069 | +6.7% |
| Tangible fixed assets | 22/27 | €601,474 | €639,543 | +€38,069 | +6.3% |
| Land and buildings | 22 | €570,278 | €533,472 | -€36,806 | -6.5% |
| Plant, machinery and equipment | 23 | €5,177 | €91,246 | +€86,069 | +1662.6% |
| Furniture and vehicles | 24 | €26,019 | €14,825 | -€11,194 | -43.0% |
| Financial fixed assets | 28 | €1,025 | €3,025 | +€2,000 | +195.1% |
| Current assets | 29/58 | €5,419,061 | €6,528,840 | +€1.1m | +20.5% |
| Stocks and contracts in progress | 3 | €51,105 | €113,189 | +€62,084 | +121.5% |
| Stocks | 30/36 | €51,105 | €113,189 | +€62,084 | +121.5% |
| Amounts receivable within one year | 40/41 | €557,300 | €1,014,859 | +€457,559 | +82.1% |
| Trade receivables | 40 | €496,598 | €965,849 | +€469,251 | +94.5% |
| Other amounts receivable | 41 | €60,702 | €49,010 | -€11,692 | -19.3% |
| Current investments | 50/53 | - | €4,616,967 | +€4.6m | |
| Cash at bank and in hand | 54/58 | €4,810,655 | €783,825 | -€4.0m | -83.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €6,021,560 | €7,171,409 | +€1.1m | +19.1% |
| Equity | 10/15 | €4,499,639 | €5,053,828 | +€554,189 | +12.3% |
| Contributions | 10/11 | €920,000 | €920,000 | = | 0.0% |
| Reserves | 13 | €2,609,479 | €3,163,668 | +€554,189 | +21.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €589,400 | €715,700 | +€126,300 | +21.4% |
| Distributable reserves | 133 | €2,020,079 | €2,447,968 | +€427,889 | +21.2% |
| Profit (loss) carried forward | 14 | €970,159 | €970,159 | = | 0.0% |
| Amounts payable | 17/49 | €1,521,921 | €2,117,581 | +€595,659 | +39.1% |
| Amounts payable after more than one year | 17 | €60,000 | €40,000 | -€20,000 | -33.3% |
| Financial debts | 170/4 | €60,000 | €40,000 | -€20,000 | -33.3% |
| Amounts payable within one year | 42/48 | €1,461,921 | €2,077,581 | +€615,659 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €524,085 | €1,138,300 | +€614,215 | +117.2% |
| Suppliers | 440/4 | €524,085 | €1,138,300 | +€614,215 | +117.2% |
| Taxes, remuneration and social security | 45 | €172,462 | €76,179 | -€96,283 | -55.8% |
| Taxes | 450/3 | €166,055 | €61,478 | -€104,577 | -63.0% |
| Remuneration and social security | 454/9 | €6,407 | €14,701 | +€8,294 | +129.5% |
| Other amounts payable | 47/48 | €745,374 | €843,102 | +€97,728 | +13.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €1,099 | +€1,099 | |
| Remuneration, social security and pensions | 62 | €243,802 | €248,771 | +€4,969 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,122 | €66,134 | +€4,011 | +6.5% |
| Other operating charges | 640/8 | €20,090 | €83,284 | +€63,194 | +314.6% |
| Gross operating margin | 9900 | €964,329 | €901,767 | -€62,562 | -6.5% |
| Operating profit (loss) | 9901 | €638,315 | €503,578 | -€134,737 | -21.1% |
| Financial income | 75/76B | €77,414 | €221,407 | +€143,993 | +186.0% |
| Recurring financial income | 75 | €77,414 | €221,407 | +€143,993 | +186.0% |
| Financial charges | 65/66B | €6,444 | €8,693 | +€2,249 | +34.9% |
| Recurring financial charges | 65 | €6,444 | €8,693 | +€2,249 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | €709,285 | €716,291 | +€7,007 | +1.0% |
| Income taxes | 67/77 | €258,034 | €132,102 | -€125,932 | -48.8% |
| Profit (loss) for the period | 9904 | €451,251 | €584,189 | +€132,938 | +29.5% |
| Transfer to tax-exempt reserves | 689 | €315,750 | €126,300 | -€189,450 | -60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €135,501 | €457,889 | +€322,388 | +237.9% |
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 7 October 2026 via checked.be.