Varel Security Sud: what changed
What changed
Varel Security Sud
NACE 43.211, General electrical installation work
filed annual accounts (NBB)
Net result for the year
€100,354
2024 · €118,357-€18,003
Equity
€3.4m
2024 · €2.3m+€1.1m
Cash
€1.2m
2024 · €603,792+€600,211
Balance sheet total
€5.4m
2024 · €3.0m+€2.4m
Largest movements
Assets
- Intangible fixed assets +€1.6m
new in 2025: €1.6m
- Cash +€600,211
up €600,211 (+99.4%), from €603,792 to €1.2m
mainly Contributions, distributions and other (+€1.0m) and Debts after one year (+€468,716)
- Stocks and contracts +€351,690
up €351,690 (+138%), from €254,356 to €606,046
- Receivables within one year -€298,604
down €298,604 (-18.6%), from €1.6m to €1.3m
of which Other amounts receivable: -€618,027
- Tangible fixed assets +€93,067
up €93,067 (+19.5%), from €476,696 to €569,763
of which Plant, machinery and equipment: +€145,877
Equity and liabilities
- Profit (loss) carried forward +€671,795
up €671,795 (+568%), from €118,357 to €790,152
- Debts after one year +€468,716
up €468,716 (+211%), from €222,212 to €690,928
- Contributions +€361,385
up €361,385 (+5,829%), from €6,200 to €367,585
- Trade debts +€271,672
up €271,672 (+198%), from €137,077 to €408,749
- Tax, wage and social debts +€244,900
up €244,900 (+209%), from €117,364 to €362,264
of which Remuneration and social security: +€211,471
Income statement
- Gross operating margin +€1.7m
up €1.7m (+108%), from €1.6m to €3.4m
- Staff costs +€1.5m
up €1.5m (+119%), from €1.3m to €2.7m
- Depreciation +€206,087
up €206,087 (+179%), from €115,392 to €321,479
- Taxes +€41,558
up €41,558 (+55.8%), from €74,440 to €115,998
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
€118,357
Gross operating margin
+€1.7m
Staff costs
-€1.5m
Depreciation
-€206,087
Write-downs
+€18,995
Other operating charges
-€6,977
Other operating items
-€8,643
Financial income
-€6,387
Financial charges
-€19,949
Taxes
-€41,558
Deferred taxes and other
+€1
Result 2025
€100,354
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
+€962,983
Investment
-€2.1m
Financing
+€1.7m
Cash 2024
€603,792
From operations (derived)
+€962,983
Net result for the year
+€100,354
Depreciation
+€321,479
Stocks and contracts
-€351,690
Receivables within one year
+€298,604
Deferred charges and accrued income
-€12,107
Trade debts
+€271,672
Tax, wage and social debts
+€244,900
Accrued charges and deferred income
+€89,770
Investment (derived)
-€2.1m
Investment in fixed assets (net)
-€2.1m
Current investments
+€786
Financing
+€1.7m
Debts after one year
+€468,716
Current portion of long-term debt
+€198,343
Short-term financial debts
+€24,534
Contributions, distributions and other
+€1.0m
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,961,471 | €5,368,624 | +€2.4m | +81.3% |
| Fixed assets | 21/28 | €481,679 | €2,224,214 | +€1.7m | +362% |
| Intangible fixed assets | 21 | - | €1,639,901 | +€1.6m | |
| Tangible fixed assets | 22/27 | €476,696 | €569,763 | +€93,067 | +19.5% |
| Land and buildings | 22 | €306,573 | €277,659 | -€28,914 | -9.4% |
| Plant, machinery and equipment | 23 | €972 | €146,849 | +€145,877 | +15,014% |
| Furniture and vehicles | 24 | €169,151 | €145,255 | -€23,896 | -14.1% |
| Financial fixed assets | 28 | €4,983 | €14,550 | +€9,567 | +192% |
| Current assets | 29/58 | €2,479,792 | €3,144,410 | +€664,618 | +26.8% |
| Stocks and contracts in progress | 3 | €254,356 | €606,046 | +€351,690 | +138% |
| Stocks | 30/36 | €254,356 | €606,046 | +€351,690 | +138% |
| Amounts receivable within one year | 40/41 | €1,605,333 | €1,306,729 | -€298,604 | -18.6% |
| Trade receivables | 40 | €863,462 | €1,182,886 | +€319,424 | +37.0% |
| Other amounts receivable | 41 | €741,871 | €123,844 | -€618,027 | -83.3% |
| Current investments | 50/53 | €786 | - | -€786 | |
| Cash at bank and in hand | 54/58 | €603,792 | €1,204,003 | +€600,211 | +99.4% |
| Deferred charges and accrued income | 490/1 | €15,524 | €27,631 | +€12,107 | +78.0% |
| Total equity and liabilities | 10/49 | €2,961,471 | €5,368,624 | +€2.4m | +81.3% |
| Equity | 10/15 | €2,340,673 | €3,449,891 | +€1.1m | +47.4% |
| Contributions | 10/11 | €6,200 | €367,585 | +€361,385 | +5,829% |
| Reserves | 13 | €2,188,682 | €2,267,523 | +€78,841 | +3.6% |
| Non-distributable reserves | 130/1 | - | €40,755 | +€40,755 | |
| Reserves not available under the articles | 1311 | - | €40,755 | +€40,755 | |
| Tax-exempt reserves | 132 | €6,330 | €45,086 | +€38,756 | +612% |
| Distributable reserves | 133 | €2,182,352 | €2,181,682 | -€670 | 0.0% |
| Profit (loss) carried forward | 14 | €118,357 | €790,152 | +€671,795 | +568% |
| Investment grants | 15 | €27,434 | €24,630 | -€2,804 | -10.2% |
| Amounts payable | 17/49 | €620,798 | €1,918,732 | +€1.3m | +209% |
| Amounts payable after more than one year | 17 | €222,212 | €690,928 | +€468,716 | +211% |
| Financial debts | 170/4 | €222,212 | €690,928 | +€468,716 | +211% |
| Amounts payable within one year | 42/48 | €398,586 | €1,138,035 | +€739,449 | +186% |
| Current portion of amounts payable after more than one year | 42 | €75,583 | €273,926 | +€198,343 | +262% |
| Financial debts | 43 | €68,562 | €93,096 | +€24,534 | +35.8% |
| Credit institutions | 430/8 | €68,562 | €93,096 | +€24,534 | +35.8% |
| Trade debts | 44 | €137,077 | €408,749 | +€271,672 | +198% |
| Suppliers | 440/4 | €137,077 | €408,749 | +€271,672 | +198% |
| Taxes, remuneration and social security | 45 | €117,364 | €362,264 | +€244,900 | +209% |
| Taxes | 450/3 | €28,717 | €62,148 | +€33,431 | +116% |
| Remuneration and social security | 454/9 | €88,646 | €300,117 | +€211,471 | +239% |
| Accrued charges and deferred income | 492/3 | - | €89,770 | +€89,770 | |
| Non-recurring operating income | 76A | - | €14,167 | +€14,167 | |
| Remuneration, social security and pensions | 62 | €1,255,694 | €2,747,067 | +€1.5m | +119% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,392 | €321,479 | +€206,087 | +179% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€18,995 | -€18,995 | |
| Other operating charges | 640/8 | €46,161 | €53,138 | +€6,977 | +15.1% |
| Non-recurring operating charges | 66A | - | €8,642 | +€8,642 | |
| Gross operating margin | 9900 | €1,617,761 | €3,361,735 | +€1.7m | +108% |
| Operating profit (loss) | 9901 | €200,514 | €250,403 | +€49,889 | +24.9% |
| Financial income | 75/76B | €9,609 | €3,222 | -€6,387 | -66.5% |
| Recurring financial income | 75 | €9,609 | €3,222 | -€6,387 | -66.5% |
| Financial charges | 65/66B | €17,325 | €37,274 | +€19,949 | +115% |
| Recurring financial charges | 65 | €17,325 | €37,274 | +€19,949 | +115% |
| Profit (loss) for the period before taxes | 9903 | €192,797 | €216,351 | +€23,554 | +12.2% |
| Income taxes | 67/77 | €74,440 | €115,998 | +€41,558 | +55.8% |
| Profit (loss) for the period | 9904 | €118,357 | €100,354 | -€18,003 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €118,357 | €100,354 | -€18,003 | -15.2% |
Next steps
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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 1 November 2026 via checked.be.