VaRi-A: 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.
VaRi-A
Largest movements
- Receivables within one year +€35,910
up €35,910 (+175%), from €20,485 to €56,395
of which Trade receivables: +€36,205
- Current investments +€21,531
up €21,531 (+18.9%), from €113,813 to €135,345
- Cash +€3,865
up €3,865 (+12.6%), from €30,640 to €34,505
mainly Other debts (+€132,443) and Net result for the year (+€96,484)
- Other debts +€132,443
up €132,443 (+447%), from €29,624 to €162,067
- Reserves -€78,649
down €78,649 (-67.9%), from €115,769 to €37,120
- Current portion of long-term debt +€8,418
new in 2025: €8,418
- Gross operating margin +€45,496
up €45,496 (+56.9%), from €80,020 to €125,515
- Financial income -€19,707
down €19,707 (-91.9%), from €21,454 to €1,746
- Taxes +€5,791
up €5,791 (+27.5%), from €21,033 to €26,823
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 | €171,331 | €235,480 | +€64,149 | +37.4% |
| Fixed assets | 21/28 | €2,500 | €4,690 | +€2,190 | +87.6% |
| Tangible fixed assets | 22/27 | €2,500 | €4,690 | +€2,190 | +87.6% |
| Land and buildings | 22 | - | €2,289 | +€2,289 | |
| Furniture and vehicles | 24 | €2,500 | €2,401 | -€99 | -4.0% |
| Current assets | 29/58 | €168,831 | €230,790 | +€61,959 | +36.7% |
| Amounts receivable within one year | 40/41 | €20,485 | €56,395 | +€35,910 | +175% |
| Trade receivables | 40 | €20,191 | €56,395 | +€36,205 | +179% |
| Other amounts receivable | 41 | €294 | €0 | -€294 | -100% |
| Current investments | 50/53 | €113,813 | €135,345 | +€21,531 | +18.9% |
| Cash at bank and in hand | 54/58 | €30,640 | €34,505 | +€3,865 | +12.6% |
| Deferred charges and accrued income | 490/1 | €3,893 | €4,545 | +€652 | +16.7% |
| Total equity and liabilities | 10/49 | €171,331 | €235,480 | +€64,149 | +37.4% |
| Equity | 10/15 | €134,319 | €55,670 | -€78,649 | -58.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €115,769 | €37,120 | -€78,649 | -67.9% |
| Distributable reserves | 133 | €115,769 | €37,120 | -€78,649 | -67.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €37,013 | €179,810 | +€142,797 | +386% |
| Amounts payable within one year | 42/48 | €36,997 | €178,789 | +€141,792 | +383% |
| Current portion of amounts payable after more than one year | 42 | - | €8,418 | +€8,418 | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,222 | €425 | -€797 | -65.2% |
| Suppliers | 440/4 | €1,222 | €425 | -€797 | -65.2% |
| Taxes, remuneration and social security | 45 | €6,151 | €7,879 | +€1,728 | +28.1% |
| Taxes | 450/3 | €5,983 | €7,742 | +€1,759 | +29.4% |
| Remuneration and social security | 454/9 | €168 | €137 | -€31 | -18.6% |
| Other amounts payable | 47/48 | €29,624 | €162,067 | +€132,443 | +447% |
| Accrued charges and deferred income | 492/3 | €15 | €1,021 | +€1,005 | +6,488% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,036 | €1,374 | +€338 | +32.6% |
| Other operating charges | 640/8 | €1,549 | €1,156 | -€392 | -25.3% |
| Gross operating margin | 9900 | €80,020 | €125,515 | +€45,496 | +56.9% |
| Operating profit (loss) | 9901 | €77,435 | €122,985 | +€45,550 | +58.8% |
| Financial income | 75/76B | €21,454 | €1,746 | -€19,707 | -91.9% |
| Recurring financial income | 75 | €21,454 | €1,746 | -€19,707 | -91.9% |
| Financial charges | 65/66B | €229 | €1,424 | +€1,195 | +521% |
| Recurring financial charges | 65 | €229 | €1,424 | +€1,195 | +521% |
| Profit (loss) for the period before taxes | 9903 | €98,659 | €123,308 | +€24,648 | +25.0% |
| Income taxes | 67/77 | €21,033 | €26,823 | +€5,791 | +27.5% |
| Profit (loss) for the period | 9904 | €77,627 | €96,484 | +€18,858 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,627 | €96,484 | +€18,858 | +24.3% |
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 14 October 2026 via checked.be.