VARI SMILE: 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 SMILE
Largest movements
- Cash +€174,885
up €174,885 (+102.2%), from €171,104 to €345,989
mainly Net result for the year (+€283,252) and Tax, wage and social debts (+€53,353)
- Tangible fixed assets -€19,478
down €19,478 (-15.8%), from €122,900 to €103,422
of which Plant, machinery and equipment: -€15,268
- Reserves +€123,252
up €123,252 (+64.6%), from €190,822 to €314,074
- Tax, wage and social debts +€53,353
up €53,353 (+99.0%), from €53,906 to €107,260
- Debts after one year -€26,472
down €26,472 (-7.2%), from €365,404 to €338,932
- Gross operating margin +€186,605
up €186,605 (+82.6%), from €225,914 to €412,519
- Taxes +€46,957
up €46,957 (+95.0%), from €49,414 to €96,371
- Depreciation +€7,595
up €7,595 (+66.4%), from €11,431 to €19,025
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
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 | €641,504 | €799,301 | +€157,797 | +24.6% |
| Fixed assets | 21/28 | €470,400 | €450,922 | -€19,478 | -4.1% |
| Tangible fixed assets | 22/27 | €122,900 | €103,422 | -€19,478 | -15.8% |
| Plant, machinery and equipment | 23 | €93,295 | €78,027 | -€15,268 | -16.4% |
| Furniture and vehicles | 24 | €13,815 | €11,427 | -€2,388 | -17.3% |
| Other tangible fixed assets | 26 | €15,790 | €13,967 | -€1,822 | -11.5% |
| Financial fixed assets | 28 | €347,500 | €347,500 | = | 0.0% |
| Current assets | 29/58 | €171,104 | €348,379 | +€177,275 | +103.6% |
| Cash at bank and in hand | 54/58 | €171,104 | €345,989 | +€174,885 | +102.2% |
| Deferred charges and accrued income | 490/1 | - | €2,390 | +€2,390 | |
| Total equity and liabilities | 10/49 | €641,504 | €799,301 | +€157,797 | +24.6% |
| Equity | 10/15 | €194,822 | €318,074 | +€123,252 | +63.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €190,822 | €314,074 | +€123,252 | +64.6% |
| Distributable reserves | 133 | €190,822 | €314,074 | +€123,252 | +64.6% |
| Amounts payable | 17/49 | €446,682 | €481,227 | +€34,545 | +7.7% |
| Amounts payable after more than one year | 17 | €365,404 | €338,932 | -€26,472 | -7.2% |
| Financial debts | 170/4 | €365,404 | €338,932 | -€26,472 | -7.2% |
| Amounts payable within one year | 42/48 | €81,279 | €142,295 | +€61,017 | +75.1% |
| Current portion of amounts payable after more than one year | 42 | €25,593 | €26,472 | +€879 | +3.4% |
| Trade debts | 44 | €1,499 | €4,227 | +€2,728 | +182.0% |
| Suppliers | 440/4 | €1,499 | €4,227 | +€2,728 | +182.0% |
| Taxes, remuneration and social security | 45 | €53,906 | €107,260 | +€53,353 | +99.0% |
| Taxes | 450/3 | €53,906 | €107,260 | +€53,353 | +99.0% |
| Other amounts payable | 47/48 | €280 | €4,336 | +€4,056 | +1446.8% |
| Non-recurring operating income | 76A | €0 | - | -€0 | |
| Remuneration, social security and pensions | 62 | €28 | - | -€28 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,431 | €19,025 | +€7,595 | +66.4% |
| Other operating charges | 640/8 | €285 | €695 | +€409 | +143.4% |
| Non-recurring operating charges | 66A | €2 | €77 | +€75 | +3390.1% |
| Gross operating margin | 9900 | €225,914 | €412,519 | +€186,605 | +82.6% |
| Operating profit (loss) | 9901 | €214,167 | €392,721 | +€178,554 | +83.4% |
| Financial charges | 65/66B | €10,803 | €13,098 | +€2,295 | +21.2% |
| Recurring financial charges | 65 | €10,803 | €13,035 | +€2,231 | +20.7% |
| Non-recurring financial charges | 66B | - | €63 | +€63 | |
| Profit (loss) for the period before taxes | 9903 | €203,364 | €379,623 | +€176,260 | +86.7% |
| Income taxes | 67/77 | €49,414 | €96,371 | +€46,957 | +95.0% |
| Profit (loss) for the period | 9904 | €153,950 | €283,252 | +€129,302 | +84.0% |
| Profit (loss) for the period to be appropriated | 9905 | €153,950 | €283,252 | +€129,302 | +84.0% |
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 11 October 2026 via checked.be.