VAREL: 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.
VAREL
Largest movements
- Current investments +€300,000
up €300,000 (+300.0%), from €100,000 to €400,000
- Cash -€104,083
down €104,083 (-78.1%), from €133,258 to €29,175
mainly Current investments (-€300,000) and Tax, wage and social debts (-€35,132)
- Stocks and contracts -€90,591
down €90,591 (-100.0%), from €90,591 to €0
- Receivables within one year -€21,272
down €21,272 (-55.0%), from €38,666 to €17,393
of which Trade receivables: -€24,018
- Tangible fixed assets -€7,281
down €7,281 (-14.3%), from €51,077 to €43,796
of which Plant, machinery and equipment: -€6,870
- Reserves +€142,891
up €142,891 (+65.8%), from €217,290 to €360,181
of which Distributable reserves: +€142,891
- Tax, wage and social debts -€35,132
down €35,132 (-73.5%), from €47,782 to €12,650
- Provisions -€12,825
down €12,825 (-45.7%), from €28,080 to €15,255
- Trade debts -€11,746
down €11,746 (-95.0%), from €12,360 to €614
- Other debts -€5,209
down €5,209 (-100.0%), from €5,209 to €0
- Gross operating margin +€50,921
up €50,921 (+33.6%), from €151,592 to €202,514
- Provisions -€30,465
down €30,465, from €17,640 to -€12,825
- Taxes +€23,042
up €23,042 (+52.6%), from €43,838 to €66,880
- Financial income +€5,528
up €5,528 (+2298.3%), from €241 to €5,769
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 | €413,943 | €490,701 | +€76,758 | +18.5% |
| Fixed assets | 21/28 | €51,077 | €43,796 | -€7,281 | -14.3% |
| Tangible fixed assets | 22/27 | €51,077 | €43,796 | -€7,281 | -14.3% |
| Land and buildings | 22 | €42,597 | €42,597 | = | 0.0% |
| Plant, machinery and equipment | 23 | €6,870 | €0 | -€6,870 | -100.0% |
| Furniture and vehicles | 24 | €1,610 | €1,199 | -€411 | -25.5% |
| Current assets | 29/58 | €362,866 | €446,905 | +€84,039 | +23.2% |
| Stocks and contracts in progress | 3 | €90,591 | €0 | -€90,591 | -100.0% |
| Stocks | 30/36 | €90,591 | €0 | -€90,591 | -100.0% |
| Amounts receivable within one year | 40/41 | €38,666 | €17,393 | -€21,272 | -55.0% |
| Trade receivables | 40 | €38,660 | €14,642 | -€24,018 | -62.1% |
| Other amounts receivable | 41 | €5 | €2,752 | +€2,746 | +51815.8% |
| Current investments | 50/53 | €100,000 | €400,000 | +€300,000 | +300.0% |
| Cash at bank and in hand | 54/58 | €133,258 | €29,175 | -€104,083 | -78.1% |
| Deferred charges and accrued income | 490/1 | €352 | €337 | -€15 | -4.2% |
| Total equity and liabilities | 10/49 | €413,943 | €490,701 | +€76,758 | +18.5% |
| Equity | 10/15 | €317,290 | €460,181 | +€142,891 | +45.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €217,290 | €360,181 | +€142,891 | +65.8% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €207,290 | €350,181 | +€142,891 | +68.9% |
| Provisions and deferred taxes | 16 | €28,080 | €15,255 | -€12,825 | -45.7% |
| Provisions for liabilities and charges | 160/5 | €28,080 | €15,255 | -€12,825 | -45.7% |
| Other liabilities and charges | 164/5 | €28,080 | €15,255 | -€12,825 | -45.7% |
| Amounts payable | 17/49 | €68,573 | €15,266 | -€53,308 | -77.7% |
| Amounts payable within one year | 42/48 | €65,350 | €13,263 | -€52,087 | -79.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €12,360 | €614 | -€11,746 | -95.0% |
| Suppliers | 440/4 | €12,360 | €614 | -€11,746 | -95.0% |
| Taxes, remuneration and social security | 45 | €47,782 | €12,650 | -€35,132 | -73.5% |
| Taxes | 450/3 | €47,782 | €12,650 | -€35,132 | -73.5% |
| Other amounts payable | 47/48 | €5,209 | €0 | -€5,209 | -100.0% |
| Accrued charges and deferred income | 492/3 | €3,223 | €2,002 | -€1,220 | -37.9% |
| Non-recurring operating income | 76A | - | €6,000 | +€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,906 | €1,622 | -€284 | -14.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €17,640 | -€12,825 | -€30,465 | |
| Other operating charges | 640/8 | €3,286 | €3,863 | +€577 | +17.6% |
| Non-recurring operating charges | 66A | - | €5,659 | +€5,659 | |
| Gross operating margin | 9900 | €151,592 | €202,514 | +€50,921 | +33.6% |
| Operating profit (loss) | 9901 | €128,760 | €204,195 | +€75,435 | +58.6% |
| Financial income | 75/76B | €241 | €5,769 | +€5,528 | +2298.3% |
| Recurring financial income | 75 | €241 | €5,769 | +€5,528 | +2298.3% |
| Financial charges | 65/66B | €96 | €192 | +€97 | +101.2% |
| Recurring financial charges | 65 | €96 | €192 | +€97 | +101.2% |
| Profit (loss) for the period before taxes | 9903 | €128,905 | €209,771 | +€80,867 | +62.7% |
| Income taxes | 67/77 | €43,838 | €66,880 | +€23,042 | +52.6% |
| Profit (loss) for the period | 9904 | €85,066 | €142,891 | +€57,825 | +68.0% |
| Profit (loss) for the period to be appropriated | 9905 | €85,066 | €142,891 | +€57,825 | +68.0% |
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 12 October 2026 via checked.be.