VARICO: 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.
VARICO
Largest movements
- Tangible fixed assets -€208,160
down €208,160 (-15.5%), from €1.3m to €1.1m
of which Plant, machinery and equipment: -€122,342
- Receivables within one year -€129,655
down €129,655 (-55.3%), from €234,564 to €104,909
- Cash -€85,537
down €85,537 (-6.3%), from €1.4m to €1.3m
mainly Other debts (-€350,387) and Current portion of long-term debt (-€228,750)
- Intangible fixed assets -€35,964
down €35,964 (-100.0%), from €35,964 to €0
- Other debts -€350,387
down €350,387 (-47.4%), from €738,436 to €388,049
- Reserves +€339,389
up €339,389 (+24.1%), from €1.4m to €1.7m
- Current portion of long-term debt -€228,750
down €228,750 (-49.4%), from €462,708 to €233,958
- Debts after one year -€187,083
down €187,083 (-88.2%), from €212,084 to €25,000
- Trade debts -€72,864
down €72,864 (-98.4%), from €74,072 to €1,208
- Gross operating margin +€191,334
up €191,334 (+34.8%), from €549,930 to €741,263
- Taxes +€58,974
up €58,974 (+63.7%), from €92,625 to €151,598
- Staff costs +€9,657
up €9,657, from -€9,657 to €0
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 | €3,023,626 | €2,578,806 | -€444,820 | -14.7% |
| Fixed assets | 21/28 | €1,382,493 | €1,138,369 | -€244,124 | -17.7% |
| Intangible fixed assets | 21 | €35,964 | €0 | -€35,964 | -100.0% |
| Tangible fixed assets | 22/27 | €1,345,562 | €1,137,402 | -€208,160 | -15.5% |
| Land and buildings | 22 | €646,868 | €579,175 | -€67,694 | -10.5% |
| Plant, machinery and equipment | 23 | €673,207 | €550,865 | -€122,342 | -18.2% |
| Furniture and vehicles | 24 | €25,487 | €7,362 | -€18,124 | -71.1% |
| Financial fixed assets | 28 | €967 | €967 | = | 0.0% |
| Current assets | 29/58 | €1,641,133 | €1,440,437 | -€200,696 | -12.2% |
| Amounts receivable after more than one year | 29 | €45,000 | €60,000 | +€15,000 | +33.3% |
| Other amounts receivable | 291 | €45,000 | €60,000 | +€15,000 | +33.3% |
| Amounts receivable within one year | 40/41 | €234,564 | €104,909 | -€129,655 | -55.3% |
| Trade receivables | 40 | €234,564 | €104,909 | -€129,655 | -55.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,358,501 | €1,272,964 | -€85,537 | -6.3% |
| Deferred charges and accrued income | 490/1 | €3,069 | €2,564 | -€504 | -16.4% |
| Total equity and liabilities | 10/49 | €3,023,626 | €2,578,806 | -€444,820 | -14.7% |
| Equity | 10/15 | €1,439,407 | €1,773,777 | +€334,370 | +23.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,409,388 | €1,748,777 | +€339,389 | +24.1% |
| Distributable reserves | 133 | €1,409,388 | €1,748,777 | +€339,389 | +24.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €5,019 | €0 | -€5,019 | -100.0% |
| Provisions and deferred taxes | 16 | €264 | €0 | -€264 | -100.0% |
| Deferred taxes | 168 | €264 | €0 | -€264 | -100.0% |
| Amounts payable | 17/49 | €1,583,955 | €805,029 | -€778,926 | -49.2% |
| Amounts payable after more than one year | 17 | €212,084 | €25,000 | -€187,083 | -88.2% |
| Financial debts | 170/4 | €212,084 | €25,000 | -€187,083 | -88.2% |
| Amounts payable within one year | 42/48 | €1,333,424 | €734,147 | -€599,277 | -44.9% |
| Current portion of amounts payable after more than one year | 42 | €462,708 | €233,958 | -€228,750 | -49.4% |
| Trade debts | 44 | €74,072 | €1,208 | -€72,864 | -98.4% |
| Suppliers | 440/4 | €74,072 | €1,208 | -€72,864 | -98.4% |
| Taxes, remuneration and social security | 45 | €58,207 | €110,931 | +€52,724 | +90.6% |
| Taxes | 450/3 | €54,285 | €110,931 | +€56,646 | +104.3% |
| Remuneration and social security | 454/9 | €3,922 | €0 | -€3,922 | -100.0% |
| Other amounts payable | 47/48 | €738,436 | €388,049 | -€350,387 | -47.4% |
| Accrued charges and deferred income | 492/3 | €38,447 | €45,882 | +€7,434 | +19.3% |
| Remuneration, social security and pensions | 62 | -€9,657 | €0 | +€9,657 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,981 | €208,160 | -€4,821 | -2.3% |
| Other operating charges | 640/8 | €20,855 | €21,391 | +€535 | +2.6% |
| Gross operating margin | 9900 | €549,930 | €741,263 | +€191,334 | +34.8% |
| Operating profit (loss) | 9901 | €325,751 | €511,713 | +€185,962 | +57.1% |
| Financial income | 75/76B | €17,513 | €18,599 | +€1,086 | +6.2% |
| Recurring financial income | 75 | €17,513 | €18,599 | +€1,086 | +6.2% |
| Financial charges | 65/66B | €44,206 | €39,588 | -€4,618 | -10.4% |
| Recurring financial charges | 65 | €44,206 | €39,588 | -€4,618 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €299,058 | €490,723 | +€191,665 | +64.1% |
| Transfer from deferred taxes | 780 | €264 | €264 | = | 0.0% |
| Income taxes | 67/77 | €92,625 | €151,598 | +€58,974 | +63.7% |
| Profit (loss) for the period | 9904 | €206,697 | €339,389 | +€132,692 | +64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €206,697 | €339,389 | +€132,692 | +64.2% |
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 10 October 2026 via checked.be.