VARGEN: 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.
VARGEN
Largest movements
- Cash +€19,404
up €19,404 (+21.8%), from €89,190 to €108,594
mainly Net result for the year (+€55,086) and Depreciation (+€15,988)
- Tangible fixed assets -€14,170
down €14,170 (-25.2%), from €56,269 to €42,099
of which Furniture and vehicles: -€13,117
- Receivables within one year +€7,621
up €7,621 (+48.6%), from €15,689 to €23,309
of which Trade receivables: +€10,189
- Other debts +€6,797
up €6,797 (+11.4%), from €59,395 to €66,192
- Provisions +€6,172
up €6,172 (+8.0%), from €77,075 to €83,247
- Gross operating margin +€12,370
up €12,370 (+14.6%), from €84,899 to €97,270
- Taxes +€3,106
up €3,106 (+19.1%), from €16,238 to €19,344
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €163,331 | €175,988 | +€12,657 | +7.7% |
| Fixed assets | 21/28 | €56,269 | €42,099 | -€14,170 | -25.2% |
| Tangible fixed assets | 22/27 | €56,269 | €42,099 | -€14,170 | -25.2% |
| Plant, machinery and equipment | 23 | €1,751 | €1,293 | -€458 | -26.1% |
| Furniture and vehicles | 24 | €52,384 | €39,267 | -€13,117 | -25.0% |
| Other tangible fixed assets | 26 | €2,134 | €1,539 | -€596 | -27.9% |
| Current assets | 29/58 | €107,061 | €133,889 | +€26,828 | +25.1% |
| Amounts receivable within one year | 40/41 | €15,689 | €23,309 | +€7,621 | +48.6% |
| Trade receivables | 40 | €11,858 | €22,047 | +€10,189 | +85.9% |
| Other amounts receivable | 41 | €3,831 | €1,262 | -€2,568 | -67.0% |
| Cash at bank and in hand | 54/58 | €89,190 | €108,594 | +€19,404 | +21.8% |
| Deferred charges and accrued income | 490/1 | €2,183 | €1,985 | -€197 | -9.0% |
| Total equity and liabilities | 10/49 | €163,331 | €175,988 | +€12,657 | +7.7% |
| Equity | 10/15 | €18,700 | €18,700 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €100 | €100 | = | 0.0% |
| Provisions and deferred taxes | 16 | €77,075 | €83,247 | +€6,172 | +8.0% |
| Provisions for liabilities and charges | 160/5 | €77,075 | €83,247 | +€6,172 | +8.0% |
| Other liabilities and charges | 164/5 | €77,075 | €83,247 | +€6,172 | +8.0% |
| Amounts payable | 17/49 | €67,556 | €74,042 | +€6,485 | +9.6% |
| Amounts payable within one year | 42/48 | €67,556 | €74,042 | +€6,485 | +9.6% |
| Trade debts | 44 | €4,098 | €3,808 | -€290 | -7.1% |
| Suppliers | 440/4 | €4,098 | €3,808 | -€290 | -7.1% |
| Taxes, remuneration and social security | 45 | €4,064 | €4,041 | -€22 | -0.5% |
| Taxes | 450/3 | €4,064 | €4,041 | -€22 | -0.5% |
| Other amounts payable | 47/48 | €59,395 | €66,192 | +€6,797 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,190 | €15,988 | -€202 | -1.2% |
| Other operating charges | 640/8 | €515 | €567 | +€52 | +10.1% |
| Non-recurring operating charges | 66A | €5 | €6 | +€1 | +11.4% |
| Gross operating margin | 9900 | €84,899 | €97,270 | +€12,370 | +14.6% |
| Operating profit (loss) | 9901 | €68,190 | €80,710 | +€12,520 | +18.4% |
| Financial charges | 65/66B | €5,853 | €6,281 | +€428 | +7.3% |
| Recurring financial charges | 65 | €5,853 | €6,281 | +€428 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €62,337 | €74,429 | +€12,092 | +19.4% |
| Income taxes | 67/77 | €16,238 | €19,344 | +€3,106 | +19.1% |
| Profit (loss) for the period | 9904 | €46,100 | €55,086 | +€8,986 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,100 | €55,086 | +€8,986 | +19.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.