Varieke: 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.
Varieke
Largest movements
- Receivables after one year +€8.2m
new in 2025: €8.2m
- Tangible fixed assets +€6.8m
up €6.8m (+128%), from €5.3m to €12.2m
of which Land and buildings: +€6.9m
- Current investments -€2.8m
no longer reported in 2025 (was €2.8m)
- Accrued charges and deferred income +€8.3m
up €8.3m (+5,295%), from €156,216 to €8.4m
- Debts after one year +€2.6m
up €2.6m (+91.9%), from €2.9m to €5.5m
- Other debts +€596,891
up €596,891 (+8,152%), from €7,322 to €604,213
- Reserves +€465,023
up €465,023 (+7.5%), from €6.2m to €6.7m
of which Distributable reserves: +€494,747
- Gross operating margin +€454,409
up €454,409 (+52.9%), from €859,704 to €1.3m
- Depreciation +€205,374
up €205,374 (+97.7%), from €210,221 to €415,595
- Taxes +€152,683
up €152,683 (+171%), from €89,475 to €242,157
- Financial charges +€111,869
up €111,869 (+111%), from €100,668 to €212,537
- Other operating charges +€68,071
up €68,071 (+115%), from €58,972 to €127,042
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,998,484 | €22,424,548 | +€12.4m | +124% |
| Fixed assets | 21/28 | €5,323,633 | €12,164,207 | +€6.8m | +128% |
| Tangible fixed assets | 22/27 | €5,323,633 | €12,164,207 | +€6.8m | +128% |
| Land and buildings | 22 | €5,285,977 | €12,152,114 | +€6.9m | +130% |
| Plant, machinery and equipment | 23 | €2,550 | €2,100 | -€450 | -17.6% |
| Furniture and vehicles | 24 | €35,106 | €9,993 | -€25,112 | -71.5% |
| Current assets | 29/58 | €4,674,851 | €10,260,340 | +€5.6m | +119% |
| Amounts receivable after more than one year | 29 | - | €8,167,201 | +€8.2m | |
| Trade receivables | 290 | - | €8,167,201 | +€8.2m | |
| Amounts receivable within one year | 40/41 | €1,794,573 | €1,983,375 | +€188,802 | +10.5% |
| Trade receivables | 40 | €3,677 | €68,187 | +€64,509 | +1,754% |
| Other amounts receivable | 41 | €1,790,896 | €1,915,189 | +€124,293 | +6.9% |
| Current investments | 50/53 | €2,800,000 | - | -€2.8m | |
| Cash at bank and in hand | 54/58 | €62,273 | €104,512 | +€42,240 | +67.8% |
| Deferred charges and accrued income | 490/1 | €18,005 | €5,251 | -€12,753 | -70.8% |
| Total equity and liabilities | 10/49 | €9,998,484 | €22,424,548 | +€12.4m | +124% |
| Equity | 10/15 | €6,280,346 | €6,745,369 | +€465,023 | +7.4% |
| Contributions | 10/11 | €61,590 | €61,590 | = | 0.0% |
| Capital | 10 | €61,587 | €61,587 | = | 0.0% |
| Issued capital | 100 | €61,587 | €61,587 | = | 0.0% |
| Contributions outside capital | 11 | €3 | €3 | = | 0.0% |
| Share premium | 1100/10 | €3 | €3 | = | 0.0% |
| Reserves | 13 | €6,218,755 | €6,683,779 | +€465,023 | +7.5% |
| Non-distributable reserves | 130/1 | €66,931 | €66,931 | = | 0.0% |
| Legal reserve | 130 | €66,931 | €66,931 | = | 0.0% |
| Tax-exempt reserves | 132 | €891,712 | €861,988 | -€29,724 | -3.3% |
| Distributable reserves | 133 | €5,260,112 | €5,754,859 | +€494,747 | +9.4% |
| Provisions and deferred taxes | 16 | €297,237 | €287,330 | -€9,908 | -3.3% |
| Deferred taxes | 168 | €297,237 | €287,330 | -€9,908 | -3.3% |
| Amounts payable | 17/49 | €3,420,901 | €15,391,849 | +€12.0m | +350% |
| Amounts payable after more than one year | 17 | €2,852,678 | €5,474,301 | +€2.6m | +91.9% |
| Financial debts | 170/4 | €2,852,678 | €5,474,301 | +€2.6m | +91.9% |
| Amounts payable within one year | 42/48 | €412,007 | €1,489,221 | +€1.1m | +261% |
| Current portion of amounts payable after more than one year | 42 | €396,285 | €583,805 | +€187,520 | +47.3% |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €8,400 | €25,710 | +€17,309 | +206% |
| Suppliers | 440/4 | €8,400 | €25,710 | +€17,309 | +206% |
| Taxes, remuneration and social security | 45 | - | €125,494 | +€125,494 | |
| Taxes | 450/3 | - | €125,494 | +€125,494 | |
| Other amounts payable | 47/48 | €7,322 | €604,213 | +€596,891 | +8,152% |
| Accrued charges and deferred income | 492/3 | €156,216 | €8,428,328 | +€8.3m | +5,295% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210,221 | €415,595 | +€205,374 | +97.7% |
| Other operating charges | 640/8 | €58,972 | €127,042 | +€68,071 | +115% |
| Gross operating margin | 9900 | €859,704 | €1,314,112 | +€454,409 | +52.9% |
| Operating profit (loss) | 9901 | €590,511 | €771,475 | +€180,964 | +30.6% |
| Financial income | 75/76B | €136,973 | €138,335 | +€1,362 | +1.0% |
| Recurring financial income | 75 | €136,973 | €138,335 | +€1,362 | +1.0% |
| Financial charges | 65/66B | €100,668 | €212,537 | +€111,869 | +111% |
| Recurring financial charges | 65 | €100,668 | €212,537 | +€111,869 | +111% |
| Profit (loss) for the period before taxes | 9903 | €626,816 | €697,273 | +€70,457 | +11.2% |
| Transfer from deferred taxes | 780 | - | €9,908 | +€9,908 | |
| Income taxes | 67/77 | €89,475 | €242,157 | +€152,683 | +171% |
| Profit (loss) for the period | 9904 | €537,342 | €465,023 | -€72,318 | -13.5% |
| Transfer from tax-exempt reserves | 789 | - | €29,724 | +€29,724 | |
| Profit (loss) for the period to be appropriated | 9905 | €537,342 | €494,747 | -€42,594 | -7.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.