VARES: what changed
Two fiscal 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
VARES
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.5m
2024 · €2.9m-€425,505
Equity
€82.9m
2024 · €80.7m+€2.2m
Cash
€501,662
2024 · €5.7m-€5.2m
Balance sheet total
€83.3m
2024 · €81.3m+€1.9m
Largest movements
Assets
- Cash -€5.2m
down €5.2m (-91.2%), from €5.7m to €501,662
mainly Current investments (-€4.8m) and Investment in fixed assets (net) (-€2.8m)
- Current investments +€4.8m
up €4.8m (+63.0%), from €7.6m to €12.4m
- Financial fixed assets +€1.8m
up €1.8m (+3.0%), from €61.8m to €63.6m
Equity and liabilities
- Profit (loss) carried forward +€1.6m
up €1.6m (+5.8%), from €27.6m to €29.2m
Income statement
- Financial income -€401,453
down €401,453 (-10.9%), from €3.7m to €3.3m
of which Financial income: -€401,473
- Depreciation +€109,461
up €109,461 (+44.9%), from €244,045 to €353,506
- Gross operating margin +€67,979
up €67,979 (+57.3%), from -€118,535 to -€50,556
- Financial charges -€17,142
down €17,142 (-8.9%), from €192,296 to €175,154
- Taxes +€8,512
up €8,512 (+15.2%), from €56,149 to €64,660
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
€2.9m
Gross operating margin
+€67,979
Staff costs
+€2,119
Depreciation
-€109,461
Other operating charges
+€645
Other operating items
+€9,000
Financial income
-€401,453
Financial charges
+€17,142
Taxes
-€8,512
Deferred taxes and other
-€2,964
Result 2025
€2.5m
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.
From operations
+€2.7m
Investment
-€7.6m
Financing
-€300,000
Cash 2024
€5.7m
From operations (derived)
+€2.7m
Net result for the year
+€2.5m
Depreciation
+€353,506
Smaller working-capital items
+€5,908
Receivables within one year
+€87,198
Deferred charges and accrued income
+€45,238
Trade debts
-€43,670
Other debts
-€200,000
Investment (derived)
-€7.6m
Investment in fixed assets (net)
-€2.8m
Current investments
-€4.8m
Financing
-€300,000
Contributions, distributions and other
-€300,000
Cash 2025
€501,662
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €81,336,117 | €83,283,978 | +€1.9m | +2.4% |
| Fixed assets | 21/28 | €66,251,778 | €68,708,487 | +€2.5m | +3.7% |
| Tangible fixed assets | 22/27 | €4,492,601 | €5,121,590 | +€628,989 | +14.0% |
| Land and buildings | 22 | €4,324,937 | €4,948,571 | +€623,634 | +14.4% |
| Furniture and vehicles | 24 | €167,663 | €173,018 | +€5,355 | +3.2% |
| Financial fixed assets | 28 | €61,759,178 | €63,586,897 | +€1.8m | +3.0% |
| Current assets | 29/58 | €15,084,339 | €14,575,491 | -€508,848 | -3.4% |
| Amounts receivable after more than one year | 29 | €1,210,758 | €1,221,296 | +€10,538 | +0.9% |
| Other amounts receivable | 291 | €1,210,758 | €1,221,296 | +€10,538 | +0.9% |
| Amounts receivable within one year | 40/41 | €299,862 | €212,664 | -€87,198 | -29.1% |
| Trade receivables | 40 | €173,660 | €75,827 | -€97,833 | -56.3% |
| Other amounts receivable | 41 | €126,202 | €136,837 | +€10,635 | +8.4% |
| Current investments | 50/53 | €7,626,182 | €12,434,273 | +€4.8m | +63.0% |
| Cash at bank and in hand | 54/58 | €5,696,703 | €501,662 | -€5.2m | -91.2% |
| Deferred charges and accrued income | 490/1 | €250,834 | €205,596 | -€45,238 | -18.0% |
| Total equity and liabilities | 10/49 | €81,336,117 | €83,283,978 | +€1.9m | +2.4% |
| Equity | 10/15 | €80,741,177 | €82,916,262 | +€2.2m | +2.7% |
| Contributions | 10/11 | €47,875,000 | €47,875,000 | = | 0.0% |
| Capital | 10 | €47,875,000 | €47,875,000 | = | 0.0% |
| Issued capital | 100 | €47,875,000 | €47,875,000 | = | 0.0% |
| Reserves | 13 | €5,297,782 | €5,879,984 | +€582,202 | +11.0% |
| Non-distributable reserves | 130/1 | €1,897,782 | €2,021,092 | +€123,310 | +6.5% |
| Legal reserve | 130 | €1,897,782 | €2,021,092 | +€123,310 | +6.5% |
| Tax-exempt reserves | 132 | €0 | €8,892 | +€8,892 | |
| Distributable reserves | 133 | €3,400,000 | €3,850,000 | +€450,000 | +13.2% |
| Profit (loss) carried forward | 14 | €27,568,395 | €29,161,279 | +€1.6m | +5.8% |
| Provisions and deferred taxes | 16 | - | €2,964 | +€2,964 | |
| Deferred taxes | 168 | - | €2,964 | +€2,964 | |
| Amounts payable | 17/49 | €594,940 | €364,752 | -€230,189 | -38.7% |
| Amounts payable within one year | 42/48 | €590,725 | €358,122 | -€232,603 | -39.4% |
| Trade debts | 44 | €73,720 | €30,050 | -€43,670 | -59.2% |
| Suppliers | 440/4 | €73,720 | €30,050 | -€43,670 | -59.2% |
| Taxes, remuneration and social security | 45 | €17,005 | €28,072 | +€11,067 | +65.1% |
| Taxes | 450/3 | €13,540 | €16,502 | +€2,962 | +21.9% |
| Remuneration and social security | 454/9 | €3,465 | €11,570 | +€8,105 | +233.9% |
| Other amounts payable | 47/48 | €500,000 | €300,000 | -€200,000 | -40.0% |
| Accrued charges and deferred income | 492/3 | €4,215 | €6,630 | +€2,414 | +57.3% |
| Remuneration, social security and pensions | 62 | €128,556 | €126,437 | -€2,119 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €244,045 | €353,506 | +€109,461 | +44.9% |
| Other operating charges | 640/8 | €36,223 | €35,578 | -€645 | -1.8% |
| Non-recurring operating charges | 66A | €9,000 | €0 | -€9,000 | -100.0% |
| Gross operating margin | 9900 | -€118,535 | -€50,556 | +€67,979 | +57.3% |
| Operating profit (loss) | 9901 | -€536,358 | -€566,077 | -€29,719 | -5.5% |
| Financial income | 75/76B | €3,685,394 | €3,283,941 | -€401,453 | -10.9% |
| Recurring financial income | 75 | €3,658,731 | €3,257,258 | -€401,473 | -11.0% |
| Non-recurring financial income | 76B | €26,663 | €26,683 | +€19 | +0.1% |
| Financial charges | 65/66B | €192,296 | €175,154 | -€17,142 | -8.9% |
| Recurring financial charges | 65 | €192,296 | €175,154 | -€17,142 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €2,956,740 | €2,542,710 | -€414,030 | -14.0% |
| Transfer from deferred taxes | 780 | - | €430 | +€430 | |
| Transfer to deferred taxes | 680 | - | €3,394 | +€3,394 | |
| Income taxes | 67/77 | €56,149 | €64,660 | +€8,512 | +15.2% |
| Profit (loss) for the period | 9904 | €2,900,591 | €2,475,085 | -€425,505 | -14.7% |
| Transfer from tax-exempt reserves | 789 | €20,376 | €1,289 | -€19,087 | -93.7% |
| Transfer to tax-exempt reserves | 689 | - | €10,181 | +€10,181 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,920,967 | €2,466,193 | -€454,774 | -15.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.