VAREKO: 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.
VAREKO
Largest movements
- Cash -€73,085
down €73,085 (-67.1%), from €108,997 to €35,912
mainly Stocks and contracts (-€61,100) and Contributions, distributions and other (-€50,158)
- Stocks and contracts +€61,100
up €61,100 (+96.6%), from €63,245 to €124,345
- Receivables within one year -€41,411
down €41,411 (-15.5%), from €266,566 to €225,156
of which Trade receivables: -€37,549
- Tangible fixed assets +€14,005
up €14,005 (+45.0%), from €31,141 to €45,146
of which Furniture and vehicles: +€14,648
- Trade debts -€49,076
down €49,076 (-42.2%), from €116,410 to €67,334
- Other debts +€18,480
up €18,480 (+63.4%), from €29,151 to €47,632
- Reserves -€16,714
down €16,714 (-6.6%), from €251,799 to €235,085
of which Distributable reserves: -€16,714
- Tax, wage and social debts +€15,943
up €15,943 (+440%), from €3,619 to €19,562
- Debts after one year -€8,720
down €8,720 (-56.3%), from €15,495 to €6,775
- Gross operating margin +€35,493
up €35,493 (+102%), from €34,657 to €70,151
- Taxes +€15,824
up €15,824 (+450%), from €3,518 to €19,342
- Other operating charges +€1,184
up €1,184 (+80.7%), from €1,468 to €2,652
- Financial charges -€753
down €753 (-24.9%), from €3,021 to €2,267
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €478,846 | €439,504 | -€39,342 | -8.2% |
| Fixed assets | 21/28 | €31,141 | €45,146 | +€14,005 | +45.0% |
| Tangible fixed assets | 22/27 | €31,141 | €45,146 | +€14,005 | +45.0% |
| Land and buildings | 22 | €2,211 | €1,739 | -€471 | -21.3% |
| Plant, machinery and equipment | 23 | €171 | - | -€171 | |
| Furniture and vehicles | 24 | €28,759 | €43,407 | +€14,648 | +50.9% |
| Current assets | 29/58 | €447,705 | €394,358 | -€53,347 | -11.9% |
| Stocks and contracts in progress | 3 | €63,245 | €124,345 | +€61,100 | +96.6% |
| Stocks | 30/36 | €63,245 | €124,345 | +€61,100 | +96.6% |
| Amounts receivable within one year | 40/41 | €266,566 | €225,156 | -€41,411 | -15.5% |
| Trade receivables | 40 | €262,704 | €225,156 | -€37,549 | -14.3% |
| Other amounts receivable | 41 | €3,862 | - | -€3,862 | |
| Current investments | 50/53 | €8,897 | €8,915 | +€18 | +0.2% |
| Cash at bank and in hand | 54/58 | €108,997 | €35,912 | -€73,085 | -67.1% |
| Deferred charges and accrued income | 490/1 | - | €31 | +€31 | |
| Total equity and liabilities | 10/49 | €478,846 | €439,504 | -€39,342 | -8.2% |
| Equity | 10/15 | €305,795 | €289,081 | -€16,714 | -5.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €251,799 | €235,085 | -€16,714 | -6.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €249,799 | €233,085 | -€16,714 | -6.7% |
| Profit (loss) carried forward | 14 | €33,996 | €33,996 | = | 0.0% |
| Amounts payable | 17/49 | €173,051 | €150,423 | -€22,628 | -13.1% |
| Amounts payable after more than one year | 17 | €15,495 | €6,775 | -€8,720 | -56.3% |
| Financial debts | 170/4 | €15,495 | €6,775 | -€8,720 | -56.3% |
| Amounts payable within one year | 42/48 | €157,556 | €143,249 | -€14,307 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €8,375 | €8,720 | +€345 | +4.1% |
| Trade debts | 44 | €116,410 | €67,334 | -€49,076 | -42.2% |
| Suppliers | 440/4 | €116,410 | €67,334 | -€49,076 | -42.2% |
| Taxes, remuneration and social security | 45 | €3,619 | €19,562 | +€15,943 | +440% |
| Taxes | 450/3 | €3,619 | €19,562 | +€15,943 | +440% |
| Other amounts payable | 47/48 | €29,151 | €47,632 | +€18,480 | +63.4% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,601 | €12,537 | -€64 | -0.5% |
| Other operating charges | 640/8 | €1,468 | €2,652 | +€1,184 | +80.7% |
| Gross operating margin | 9900 | €34,657 | €70,151 | +€35,493 | +102% |
| Operating profit (loss) | 9901 | €20,589 | €54,961 | +€34,373 | +167% |
| Financial income | 75/76B | €641 | €92 | -€550 | -85.7% |
| Recurring financial income | 75 | €641 | €92 | -€550 | -85.7% |
| Financial charges | 65/66B | €3,021 | €2,267 | -€753 | -24.9% |
| Recurring financial charges | 65 | €3,021 | €2,267 | -€753 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €18,209 | €52,786 | +€34,576 | +190% |
| Income taxes | 67/77 | €3,518 | €19,342 | +€15,824 | +450% |
| Profit (loss) for the period | 9904 | €14,691 | €33,444 | +€18,753 | +128% |
| Profit (loss) for the period to be appropriated | 9905 | €14,691 | €33,444 | +€18,753 | +128% |
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 22 October 2026 via checked.be.