Varel Security Group: 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.
What changed
Varel Security Group
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€347,044
2024 · €1.1m-€773,778
Equity
€13.5m
2024 · €12.4m+€1.0m
Cash
€462,788
2024 · €218,228+€244,560
Balance sheet total
€23.7m
2024 · €23.1m+€599,101
Largest movements
Assets
- Receivables after one year +€500,000
up €500,000 (+17.2%), from €2.9m to €3.4m
- Cash +€244,560
up €244,560 (+112%), from €218,228 to €462,788
mainly Current portion of long-term debt (+€2.8m) and Trade debts (+€1.2m)
- Receivables within one year -€240,347
down €240,347 (-62.8%), from €382,592 to €142,246
of which Other amounts receivable: -€240,347
Equity and liabilities
- Debts after one year -€4.0m
down €4.0m (-48.5%), from €8.2m to €4.2m
- Current portion of long-term debt +€2.8m
up €2.8m (+175%), from €1.6m to €4.4m
- Trade debts +€1.2m
up €1.2m (+2,408%), from €49,463 to €1.2m
- Contributions +€695,077
up €695,077 (+13.2%), from €5.2m to €5.9m
- Other debts -€566,550
down €566,550 (-82.8%), from €684,488 to €117,939
Income statement
- Turnover +€1.6m
up €1.6m (+129%), from €1.3m to €2.9m
- Services and other goods +€890,486
up €890,486 (+114%), from €782,353 to €1.7m
- Staff costs +€866,635
new in 2025: €866,635
- Financial income -€585,042
down €585,042 (-57.6%), from €1.0m to €430,959
- Financial charges +€142,220
up €142,220 (+50.0%), from €284,401 to €426,621
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.
Result 2024
€1.1m
Turnover
+€1.6m
Other operating income
+€12,678
Services and other goods
-€890,486
Staff costs
-€866,635
Depreciation
-€11,994
Provisions
+€27,507
Other operating charges
-€958
Financial income
-€585,042
Financial charges
-€142,220
Taxes
+€53,371
Result 2025
€347,044
raises the resultlowers the result
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.
From operations
+€773,186
Investment
-€97,594
Financing
-€431,032
Cash 2024
€218,228
From operations (derived)
+€773,186
Net result for the year
+€347,044
Depreciation
+€11,994
Receivables after one year
-€500,000
Receivables within one year
+€240,347
Smaller working-capital items
-€9,772
Provisions
-€13,754
Trade debts
+€1.2m
Tax, wage and social debts
+€72,795
Other debts
-€566,550
Investment (derived)
-€97,594
Investment in fixed assets (net)
-€97,594
Financing
-€431,032
Debts after one year
-€4.0m
Current portion of long-term debt
+€2.8m
Short-term financial debts
+€23,949
Contributions, distributions and other
+€695,077
Cash 2025
€462,788
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,052,897 | €23,651,999 | +€599,101 | +2.6% |
| Fixed assets | 21/28 | €19,552,077 | €19,637,677 | +€85,600 | +0.4% |
| Intangible fixed assets | 21 | - | €84,347 | +€84,347 | |
| Tangible fixed assets | 22/27 | - | €1,253 | +€1,253 | |
| Furniture and vehicles | 24 | - | €1,253 | +€1,253 | |
| Financial fixed assets | 28 | €19,552,077 | €19,552,077 | = | 0.0% |
| Affiliated companies | 280/1 | €19,552,077 | €19,552,077 | = | 0.0% |
| Participating interests | 280 | €19,552,077 | €19,552,077 | = | 0.0% |
| Current assets | 29/58 | €3,500,820 | €4,014,321 | +€513,501 | +14.7% |
| Amounts receivable after more than one year | 29 | €2,900,000 | €3,400,000 | +€500,000 | +17.2% |
| Other amounts receivable | 291 | €2,900,000 | €3,400,000 | +€500,000 | +17.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €382,592 | €142,246 | -€240,347 | -62.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €382,592 | €142,246 | -€240,347 | -62.8% |
| Cash at bank and in hand | 54/58 | €218,228 | €462,788 | +€244,560 | +112% |
| Deferred charges and accrued income | 490/1 | €0 | €9,288 | +€9,288 | |
| Total equity and liabilities | 10/49 | €23,052,897 | €23,651,999 | +€599,101 | +2.6% |
| Equity | 10/15 | €12,407,913 | €13,450,035 | +€1.0m | +8.4% |
| Contributions | 10/11 | €5,248,563 | €5,943,640 | +€695,077 | +13.2% |
| Reserves | 13 | €55,000 | €55,000 | = | 0.0% |
| Distributable reserves | 133 | €55,000 | €55,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,104,351 | €7,451,395 | +€347,044 | +4.9% |
| Provisions and deferred taxes | 16 | €13,754 | €0 | -€13,754 | -100% |
| Provisions for liabilities and charges | 160/5 | €13,754 | €0 | -€13,754 | -100% |
| Other liabilities and charges | 164/5 | €13,754 | €0 | -€13,754 | -100% |
| Amounts payable | 17/49 | €10,631,230 | €10,201,964 | -€429,266 | -4.0% |
| Amounts payable after more than one year | 17 | €8,206,611 | €4,226,974 | -€4.0m | -48.5% |
| Financial debts | 170/4 | €8,206,611 | €4,226,974 | -€4.0m | -48.5% |
| Credit institutions | 173 | €4,946,527 | €2,644,500 | -€2.3m | -46.5% |
| Other loans | 174 | €3,260,083 | €1,582,474 | -€1.7m | -51.5% |
| Amounts payable within one year | 42/48 | €2,424,135 | €5,974,990 | +€3.6m | +146% |
| Current portion of amounts payable after more than one year | 42 | €1,612,532 | €4,442,111 | +€2.8m | +175% |
| Financial debts | 43 | €18,750 | €42,699 | +€23,949 | +128% |
| Credit institutions | 430/8 | €18,750 | €42,699 | +€23,949 | +128% |
| Trade debts | 44 | €49,463 | €1,240,544 | +€1.2m | +2,408% |
| Suppliers | 440/4 | €49,463 | €1,240,544 | +€1.2m | +2,408% |
| Taxes, remuneration and social security | 45 | €58,903 | €131,698 | +€72,795 | +124% |
| Taxes | 450/3 | €58,903 | €25,381 | -€33,522 | -56.9% |
| Remuneration and social security | 454/9 | - | €106,317 | +€106,317 | |
| Other amounts payable | 47/48 | €684,488 | €117,939 | -€566,550 | -82.8% |
| Accrued charges and deferred income | 492/3 | €484 | €0 | -€484 | -100% |
| Operating income | 70/76A | €1,260,000 | €2,902,678 | +€1.6m | +130% |
| Turnover | 70 | €1,260,000 | €2,890,000 | +€1.6m | +129% |
| Other operating income | 74 | €0 | €12,678 | +€12,678 | |
| Operating charges | 60/66A | €797,170 | €2,539,736 | +€1.7m | +219% |
| Services and other goods | 61 | €782,353 | €1,672,839 | +€890,486 | +114% |
| Remuneration, social security and pensions | 62 | - | €866,635 | +€866,635 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €11,994 | +€11,994 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €13,754 | -€13,754 | -€27,507 | |
| Other operating charges | 640/8 | €1,063 | €2,021 | +€958 | +90.1% |
| Operating profit (loss) | 9901 | €462,831 | €362,942 | -€99,888 | -21.6% |
| Financial income | 75/76B | €1,016,001 | €430,959 | -€585,042 | -57.6% |
| Recurring financial income | 75 | €1,016,001 | €430,959 | -€585,042 | -57.6% |
| Income from financial fixed assets | 750 | €900,000 | €300,000 | -€600,000 | -66.7% |
| Income from current assets | 751 | €116,000 | €130,959 | +€14,959 | +12.9% |
| Other financial income | 752/9 | €1 | €0 | -€1 | -97.0% |
| Financial charges | 65/66B | €284,401 | €426,621 | +€142,220 | +50.0% |
| Recurring financial charges | 65 | €284,401 | €426,621 | +€142,220 | +50.0% |
| Debt charges | 650 | €272,430 | €419,959 | +€147,529 | +54.2% |
| Other financial charges | 652/9 | €11,971 | €6,662 | -€5,309 | -44.4% |
| Profit (loss) for the period before taxes | 9903 | €1,194,430 | €367,281 | -€827,150 | -69.3% |
| Income taxes | 67/77 | €73,608 | €20,236 | -€53,371 | -72.5% |
| Taxes | 670/3 | €73,608 | €20,236 | -€53,371 | -72.5% |
| Profit (loss) for the period | 9904 | €1,120,823 | €347,044 | -€773,778 | -69.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,120,823 | €347,044 | -€773,778 | -69.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.