VARIAX: 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.
VARIAX
Largest movements
- Tangible fixed assets +€32,518
up €32,518 (+5,727%), from €568 to €33,086
of which Other tangible fixed assets: +€21,532
- Cash -€28,872
down €28,872 (-27.8%), from €103,924 to €75,053
mainly Investment in fixed assets (net) (-€36,116) and Receivables within one year (-€14,560)
- Receivables within one year +€14,560
up €14,560 (+48.4%), from €30,065 to €44,625
of which Trade receivables: +€11,537
- Reserves +€20,833
up €20,833 (+19.6%), from €106,084 to €126,917
- Tax, wage and social debts -€2,801
down €2,801 (-12.2%), from €23,019 to €20,218
of which Remuneration and social security: -€5,494
- Gross operating margin -€21,385
down €21,385 (-35.1%), from €61,008 to €39,623
- Taxes -€5,408
down €5,408 (-41.6%), from €12,990 to €7,582
- Depreciation +€3,401
up €3,401 (+1,723%), from €197 to €3,598
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 | €135,437 | €152,764 | +€17,327 | +12.8% |
| Fixed assets | 21/28 | €568 | €33,086 | +€32,518 | +5,727% |
| Tangible fixed assets | 22/27 | €568 | €33,086 | +€32,518 | +5,727% |
| Furniture and vehicles | 24 | €568 | €11,554 | +€10,986 | +1,935% |
| Other tangible fixed assets | 26 | - | €21,532 | +€21,532 | |
| Current assets | 29/58 | €134,870 | €119,678 | -€15,192 | -11.3% |
| Amounts receivable within one year | 40/41 | €30,065 | €44,625 | +€14,560 | +48.4% |
| Trade receivables | 40 | €30,065 | €41,602 | +€11,537 | +38.4% |
| Other amounts receivable | 41 | €0 | €3,023 | +€3,023 | |
| Cash at bank and in hand | 54/58 | €103,924 | €75,053 | -€28,872 | -27.8% |
| Deferred charges and accrued income | 490/1 | €880 | €0 | -€880 | -100% |
| Total equity and liabilities | 10/49 | €135,437 | €152,764 | +€17,327 | +12.8% |
| Equity | 10/15 | €109,084 | €129,917 | +€20,833 | +19.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €106,084 | €126,917 | +€20,833 | +19.6% |
| Distributable reserves | 133 | €106,084 | €126,917 | +€20,833 | +19.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €26,354 | €22,847 | -€3,506 | -13.3% |
| Amounts payable within one year | 42/48 | €26,354 | €22,847 | -€3,506 | -13.3% |
| Trade debts | 44 | €3,334 | €2,629 | -€705 | -21.1% |
| Suppliers | 440/4 | €3,334 | €2,629 | -€705 | -21.1% |
| Taxes, remuneration and social security | 45 | €23,019 | €20,218 | -€2,801 | -12.2% |
| Taxes | 450/3 | €16,135 | €18,828 | +€2,693 | +16.7% |
| Remuneration and social security | 454/9 | €6,884 | €1,390 | -€5,494 | -79.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197 | €3,598 | +€3,401 | +1,723% |
| Other operating charges | 640/8 | €392 | €722 | +€330 | +84.0% |
| Non-recurring operating charges | 66A | - | €568 | +€568 | |
| Gross operating margin | 9900 | €61,008 | €39,623 | -€21,385 | -35.1% |
| Operating profit (loss) | 9901 | €60,418 | €34,735 | -€25,683 | -42.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €64 | €70 | +€6 | +9.5% |
| Recurring financial charges | 65 | €64 | €70 | +€6 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €60,354 | €34,666 | -€25,689 | -42.6% |
| Income taxes | 67/77 | €12,990 | €7,582 | -€5,408 | -41.6% |
| Profit (loss) for the period | 9904 | €47,364 | €27,083 | -€20,281 | -42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,364 | €27,083 | -€20,281 | -42.8% |
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 15 October 2026 via checked.be.