VAREL SECURITY: what changed
What changed
VAREL SECURITY
NACE 43.211, General electrical installation work
filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €296,388+€1.0m
Equity
€97,166
2024 · €484,455-€387,289
Cash
€615,563
2024 · €645,568-€30,005
Balance sheet total
€13.1m
2024 · €15.9m-€2.7m
Largest movements
Assets
- Financial fixed assets -€1.8m
down €1.8m (-99.8%), from €1.8m to €3,997
of which Affiliated companies: -€1.8m
- Intangible fixed assets -€1.2m
down €1.2m (-14.5%), from €8.3m to €7.1m
- Stocks and contracts +€301,880
up €301,880 (+21.7%), from €1.4m to €1.7m
of which Stocks: +€387,952
- Tangible fixed assets -€210,627
down €210,627 (-21.7%), from €971,638 to €761,011
of which Furniture and vehicles: -€167,032
- Receivables within one year +€198,215
up €198,215 (+7.4%), from €2.7m to €2.9m
of which Trade receivables: +€418,896
Equity and liabilities
- Debts after one year -€2.2m
down €2.2m (-25.0%), from €8.8m to €6.6m
- Tax, wage and social debts -€975,937
down €975,937 (-68.4%), from €1.4m to €450,778
of which Taxes: -€790,614
- Other debts +€632,936
up €632,936 (+90.7%), from €697,732 to €1.3m
- Contributions -€356,189
down €356,189 (-83.3%), from €427,550 to €71,361
- Advances received +€299,821
up €299,821 (+845%), from €35,479 to €335,300
Income statement
- Staff costs -€1.2m
down €1.2m (-16.7%), from €7.0m to €5.9m
- Services and other goods +€993,442
up €993,442 (+18.6%), from €5.3m to €6.3m
- Taxes -€746,356
down €746,356 (-79.6%), from €937,765 to €191,409
of which Taxes: -€746,356
- Goods and materials -€644,212
down €644,212 (-10.8%), from €6.0m to €5.3m
of which Purchases: -€485,859
- Turnover -€254,057
down €254,057 (-1.2%), from €20.4m to €20.1m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€296,388
Turnover
-€254,057
Other operating income
-€87,046
Goods and materials
+€644,212
Services and other goods
-€993,442
Staff costs
+€1.2m
Depreciation
-€24,804
Write-downs
-€28,167
Provisions
+€4,782
Other operating charges
+€14,692
Other operating items
-€72,968
Financial income
-€73,905
Financial charges
-€12,928
Taxes
+€746,356
Result 2025
€1.3m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.9m
Investment
+€2.2m
Financing
-€4.1m
Cash 2024
€645,568
From operations (derived)
+€1.9m
Net result for the year
+€1.3m
Depreciation
+€1.0m
Stocks and contracts
-€301,880
Receivables within one year
-€198,215
Deferred charges and accrued income
+€11,042
Trade debts
+€10,234
Tax, wage and social debts
-€975,937
Advances received
+€299,821
Other debts
+€632,936
Accrued charges and deferred income
+€92,707
Investment (derived)
+€2.2m
Investment in fixed assets (net)
+€2.2m
Financing
-€4.1m
Debts after one year
-€2.2m
Current portion of long-term debt
-€201,657
Short-term financial debts
-€9,580
Contributions, distributions and other
-€1.7m
Cash 2025
€615,563
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,864,315 | €13,118,058 | -€2.7m | -17.3% |
| Fixed assets | 21/28 | €11,038,814 | €7,833,509 | -€3.2m | -29.0% |
| Intangible fixed assets | 21 | €8,263,538 | €7,068,501 | -€1.2m | -14.5% |
| Tangible fixed assets | 22/27 | €971,638 | €761,011 | -€210,627 | -21.7% |
| Land and buildings | 22 | €533,128 | €509,932 | -€23,196 | -4.4% |
| Plant, machinery and equipment | 23 | €78,135 | €63,700 | -€14,435 | -18.5% |
| Furniture and vehicles | 24 | €331,975 | €164,943 | -€167,032 | -50.3% |
| Other tangible fixed assets | 26 | €28,400 | €22,436 | -€5,965 | -21.0% |
| Financial fixed assets | 28 | €1,803,638 | €3,997 | -€1.8m | -99.8% |
| Affiliated companies | 280/1 | €1,800,000 | €0 | -€1.8m | -100% |
| Participating interests | 280 | €1,800,000 | €0 | -€1.8m | -100% |
| Other financial fixed assets | 284/8 | €3,638 | €3,997 | +€359 | +9.9% |
| Amounts receivable and cash guarantees | 285/8 | €3,638 | €3,997 | +€359 | +9.9% |
| Current assets | 29/58 | €4,825,501 | €5,284,549 | +€459,048 | +9.5% |
| Stocks and contracts in progress | 3 | €1,393,273 | €1,695,153 | +€301,880 | +21.7% |
| Stocks | 30/36 | €1,268,866 | €1,656,818 | +€387,952 | +30.6% |
| Goods purchased for resale | 34 | €1,268,866 | €1,656,818 | +€387,952 | +30.6% |
| Contracts in progress | 37 | €124,407 | €38,335 | -€86,072 | -69.2% |
| Amounts receivable within one year | 40/41 | €2,686,372 | €2,884,587 | +€198,215 | +7.4% |
| Trade receivables | 40 | €2,090,465 | €2,509,361 | +€418,896 | +20.0% |
| Other amounts receivable | 41 | €595,907 | €375,225 | -€220,681 | -37.0% |
| Cash at bank and in hand | 54/58 | €645,568 | €615,563 | -€30,005 | -4.6% |
| Deferred charges and accrued income | 490/1 | €100,288 | €89,246 | -€11,042 | -11.0% |
| Total equity and liabilities | 10/49 | €15,864,315 | €13,118,058 | -€2.7m | -17.3% |
| Equity | 10/15 | €484,455 | €97,166 | -€387,289 | -79.9% |
| Contributions | 10/11 | €427,550 | €71,361 | -€356,189 | -83.3% |
| Capital | 10 | €427,550 | €71,361 | -€356,189 | -83.3% |
| Issued capital | 100 | €427,550 | €71,361 | -€356,189 | -83.3% |
| Reserves | 13 | €46,244 | €7,718 | -€38,526 | -83.3% |
| Non-distributable reserves | 130/1 | €46,244 | €7,718 | -€38,526 | -83.3% |
| Legal reserve | 130 | €46,244 | €7,718 | -€38,526 | -83.3% |
| Profit (loss) carried forward | 14 | €10,660 | €18,087 | +€7,426 | +69.7% |
| Amounts payable | 17/49 | €15,379,860 | €13,020,892 | -€2.4m | -15.3% |
| Amounts payable after more than one year | 17 | €8,828,218 | €6,620,727 | -€2.2m | -25.0% |
| Financial debts | 170/4 | €8,828,218 | €6,620,727 | -€2.2m | -25.0% |
| Credit institutions | 173 | €4,476,073 | €2,620,727 | -€1.9m | -41.5% |
| Other loans | 174 | €4,352,145 | €4,000,000 | -€352,145 | -8.1% |
| Amounts payable within one year | 42/48 | €5,292,481 | €5,048,298 | -€244,183 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €1,280,174 | €1,078,516 | -€201,657 | -15.8% |
| Financial debts | 43 | €464,585 | €455,006 | -€9,580 | -2.1% |
| Credit institutions | 430/8 | €464,585 | €455,006 | -€9,580 | -2.1% |
| Trade debts | 44 | €1,387,796 | €1,398,031 | +€10,234 | +0.7% |
| Suppliers | 440/4 | €1,387,796 | €1,398,031 | +€10,234 | +0.7% |
| Advances received on contracts in progress | 46 | €35,479 | €335,300 | +€299,821 | +845% |
| Taxes, remuneration and social security | 45 | €1,426,715 | €450,778 | -€975,937 | -68.4% |
| Taxes | 450/3 | €815,167 | €24,553 | -€790,614 | -97.0% |
| Remuneration and social security | 454/9 | €611,548 | €426,225 | -€185,323 | -30.3% |
| Other amounts payable | 47/48 | €697,732 | €1,330,668 | +€632,936 | +90.7% |
| Accrued charges and deferred income | 492/3 | €1,259,160 | €1,351,867 | +€92,707 | +7.4% |
| Operating income | 70/76A | €20,915,520 | €20,543,027 | -€372,494 | -1.8% |
| Turnover | 70 | €20,351,737 | €20,097,680 | -€254,057 | -1.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €124,407 | €16,386 | -€108,021 | -86.8% |
| Other operating income | 74 | €439,376 | €352,330 | -€87,046 | -19.8% |
| Non-recurring operating income | 76A | - | €76,631 | +€76,631 | |
| Operating charges | 60/66A | €19,379,559 | €18,633,669 | -€745,890 | -3.8% |
| Goods for resale, raw materials and consumables | 60 | €5,981,841 | €5,337,629 | -€644,212 | -10.8% |
| Purchases | 600/8 | €6,225,331 | €5,739,473 | -€485,859 | -7.8% |
| Change in stocks: decrease (increase) | 609 | -€243,491 | -€401,844 | -€158,353 | -65.0% |
| Services and other goods | 61 | €5,340,051 | €6,333,493 | +€993,442 | +18.6% |
| Remuneration, social security and pensions | 62 | €7,021,613 | €5,851,417 | -€1.2m | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,002,606 | €1,027,410 | +€24,804 | +2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€30,737 | -€2,570 | +€28,167 | +91.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€15,239 | -€20,020 | -€4,782 | -31.4% |
| Other operating charges | 640/8 | €55,591 | €40,898 | -€14,692 | -26.4% |
| Non-recurring operating charges | 66A | €23,834 | €65,412 | +€41,578 | +174% |
| Operating profit (loss) | 9901 | €1,535,961 | €1,909,358 | +€373,396 | +24.3% |
| Financial income | 75/76B | €74,308 | €403 | -€73,905 | -99.5% |
| Recurring financial income | 75 | €638 | €403 | -€235 | -36.8% |
| Income from current assets | 751 | €200 | €31 | -€169 | -84.7% |
| Other financial income | 752/9 | €438 | €373 | -€65 | -14.9% |
| Non-recurring financial income | 76B | €73,670 | €0 | -€73,670 | -100% |
| Financial charges | 65/66B | €376,116 | €389,044 | +€12,928 | +3.4% |
| Recurring financial charges | 65 | €376,116 | €389,044 | +€12,928 | +3.4% |
| Debt charges | 650 | €353,342 | €372,196 | +€18,854 | +5.3% |
| Other financial charges | 652/9 | €22,774 | €16,849 | -€5,926 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €1,234,153 | €1,520,717 | +€286,563 | +23.2% |
| Income taxes | 67/77 | €937,765 | €191,409 | -€746,356 | -79.6% |
| Taxes | 670/3 | €937,765 | €191,409 | -€746,356 | -79.6% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €296,388 | €1,329,307 | +€1.0m | +349% |
| Profit (loss) for the period to be appropriated | 9905 | €296,388 | €1,329,307 | +€1.0m | +349% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.