VARETO: 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.
VARETO
Largest movements
- Tangible fixed assets -€15,103
down €15,103 (-3.2%), from €470,748 to €455,644
of which Land and buildings: -€12,429
- Short-term financial debts -€7,788
down €7,788 (-30.2%), from €25,788 to €18,000
- Gross operating margin +€2,223
up €2,223 (+21.2%), from €10,471 to €12,694
- Financial charges +€1,058
up €1,058 (+53.3%), from €1,986 to €3,044
- Financial income +€765
up €765 (+25.4%), from €3,015 to €3,780
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €538,629 | €527,461 | -€11,168 | -2.1% |
| Fixed assets | 21/28 | €470,748 | €455,644 | -€15,103 | -3.2% |
| Tangible fixed assets | 22/27 | €470,748 | €455,644 | -€15,103 | -3.2% |
| Land and buildings | 22 | €456,649 | €444,220 | -€12,429 | -2.7% |
| Plant, machinery and equipment | 23 | €14,098 | €11,424 | -€2,674 | -19.0% |
| Current assets | 29/58 | €67,882 | €71,817 | +€3,935 | +5.8% |
| Amounts receivable within one year | 40/41 | €67,882 | €71,424 | +€3,542 | +5.2% |
| Other amounts receivable | 41 | €67,882 | €71,424 | +€3,542 | +5.2% |
| Deferred charges and accrued income | 490/1 | - | €393 | +€393 | |
| Total equity and liabilities | 10/49 | €538,629 | €527,461 | -€11,168 | -2.1% |
| Equity | 10/15 | €478,276 | €476,092 | -€2,184 | -0.5% |
| Contributions | 10/11 | €117,749 | €117,749 | = | 0.0% |
| Reserves | 13 | €104,926 | €100,109 | -€4,816 | -4.6% |
| Non-distributable reserves | 130/1 | €11,775 | €11,775 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,775 | €11,775 | = | 0.0% |
| Tax-exempt reserves | 132 | €93,151 | €88,335 | -€4,816 | -5.2% |
| Profit (loss) carried forward | 14 | €255,601 | €258,233 | +€2,633 | +1.0% |
| Provisions and deferred taxes | 16 | €31,889 | €30,241 | -€1,648 | -5.2% |
| Deferred taxes | 168 | €31,889 | €30,241 | -€1,648 | -5.2% |
| Amounts payable | 17/49 | €28,464 | €21,127 | -€7,337 | -25.8% |
| Amounts payable within one year | 42/48 | €28,464 | €21,127 | -€7,337 | -25.8% |
| Financial debts | 43 | €25,788 | €18,000 | -€7,788 | -30.2% |
| Credit institutions | 430/8 | €25,788 | €18,000 | -€7,788 | -30.2% |
| Trade debts | 44 | €2,000 | €2,451 | +€451 | +22.6% |
| Suppliers | 440/4 | €2,000 | €2,451 | +€451 | +22.6% |
| Taxes, remuneration and social security | 45 | €676 | €676 | = | 0.0% |
| Taxes | 450/3 | €676 | €676 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,103 | €15,103 | = | 0.0% |
| Other operating charges | 640/8 | €1,889 | €1,824 | -€65 | -3.5% |
| Gross operating margin | 9900 | €10,471 | €12,694 | +€2,223 | +21.2% |
| Operating profit (loss) | 9901 | -€6,522 | -€4,233 | +€2,289 | +35.1% |
| Financial income | 75/76B | €3,015 | €3,780 | +€765 | +25.4% |
| Recurring financial income | 75 | €3,015 | €3,780 | +€765 | +25.4% |
| Financial charges | 65/66B | €1,986 | €3,044 | +€1,058 | +53.3% |
| Recurring financial charges | 65 | €1,986 | €3,044 | +€1,058 | +53.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,492 | -€3,497 | +€1,995 | +36.3% |
| Transfer from deferred taxes | 780 | €1,648 | €1,648 | = | 0.0% |
| Income taxes | 67/77 | €342 | €335 | -€7 | -2.1% |
| Profit (loss) for the period | 9904 | -€4,186 | -€2,184 | +€2,002 | +47.8% |
| Transfer from tax-exempt reserves | 789 | €4,816 | €4,816 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €630 | €2,633 | +€2,002 | +317.6% |
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 8 October 2026 via checked.be.