VARIM: 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.
VARIM
Largest movements
- Tangible fixed assets -€14,516
down €14,516 (-2.1%), from €707,233 to €692,717
of which Land and buildings: -€15,152
- Cash +€11,418
up €11,418 (+8.1%), from €140,528 to €151,945
mainly Depreciation (+€31,501) and Other debts (+€30,931)
- Other debts +€30,931
up €30,931 (+101%), from €30,479 to €61,410
- Debts after one year -€25,168
down €25,168 (-8.1%), from €309,744 to €284,576
of which Financial debts: -€25,168
- Current portion of long-term debt -€10,499
down €10,499 (-30.5%), from €34,403 to €23,904
- Reserves +€10,393
up €10,393 (+4.5%), from €231,034 to €241,427
of which Distributable reserves: +€10,393
- Trade debts +€9,383
up €9,383 (+2,080%), from €451 to €9,834
- Gross operating margin +€16,726
up €16,726 (+20.2%), from €82,647 to €99,373
- Taxes +€4,747
up €4,747 (+66.2%), from €7,176 to €11,924
- Other operating charges +€1,349
up €1,349 (+34.8%), from €3,880 to €5,230
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 | €861,789 | €871,886 | +€10,097 | +1.2% |
| Fixed assets | 21/28 | €708,596 | €692,717 | -€15,879 | -2.2% |
| Intangible fixed assets | 21 | €1,363 | €0 | -€1,363 | -100% |
| Tangible fixed assets | 22/27 | €707,233 | €692,717 | -€14,516 | -2.1% |
| Land and buildings | 22 | €605,658 | €590,506 | -€15,152 | -2.5% |
| Plant, machinery and equipment | 23 | €83,897 | €86,704 | +€2,807 | +3.3% |
| Furniture and vehicles | 24 | €17,678 | €15,508 | -€2,170 | -12.3% |
| Current assets | 29/58 | €153,193 | €179,169 | +€25,976 | +17.0% |
| Amounts receivable within one year | 40/41 | €12,128 | €19,160 | +€7,031 | +58.0% |
| Trade receivables | 40 | €6,305 | €19,160 | +€12,855 | +204% |
| Other amounts receivable | 41 | €5,824 | - | -€5,824 | |
| Cash at bank and in hand | 54/58 | €140,528 | €151,945 | +€11,418 | +8.1% |
| Deferred charges and accrued income | 490/1 | €537 | €8,064 | +€7,526 | +1,401% |
| Total equity and liabilities | 10/49 | €861,789 | €871,886 | +€10,097 | +1.2% |
| Equity | 10/15 | €441,824 | €452,217 | +€10,393 | +2.4% |
| Contributions | 10/11 | €210,790 | €210,790 | = | 0.0% |
| Reserves | 13 | €231,034 | €241,427 | +€10,393 | +4.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €231,034 | €241,427 | +€10,393 | +4.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €419,965 | €419,669 | -€296 | -0.1% |
| Amounts payable after more than one year | 17 | €309,744 | €284,576 | -€25,168 | -8.1% |
| Financial debts | 170/4 | €49,744 | €24,576 | -€25,168 | -50.6% |
| Other amounts payable | 178/9 | €260,000 | €260,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €109,787 | €133,435 | +€23,648 | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €34,403 | €23,904 | -€10,499 | -30.5% |
| Trade debts | 44 | €451 | €9,834 | +€9,383 | +2,080% |
| Suppliers | 440/4 | €451 | €9,834 | +€9,383 | +2,080% |
| Taxes, remuneration and social security | 45 | €44,453 | €38,287 | -€6,166 | -13.9% |
| Taxes | 450/3 | €20,513 | €28,697 | +€8,184 | +39.9% |
| Remuneration and social security | 454/9 | €23,940 | €9,590 | -€14,350 | -59.9% |
| Other amounts payable | 47/48 | €30,479 | €61,410 | +€30,931 | +101% |
| Accrued charges and deferred income | 492/3 | €434 | €1,658 | +€1,224 | +282% |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,207 | €31,501 | -€706 | -2.2% |
| Other operating charges | 640/8 | €3,880 | €5,230 | +€1,349 | +34.8% |
| Gross operating margin | 9900 | €82,647 | €99,373 | +€16,726 | +20.2% |
| Operating profit (loss) | 9901 | €46,560 | €62,643 | +€16,083 | +34.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €22,222 | €22,326 | +€104 | +0.5% |
| Recurring financial charges | 65 | €22,222 | €22,326 | +€104 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €24,337 | €40,317 | +€15,979 | +65.7% |
| Income taxes | 67/77 | €7,176 | €11,924 | +€4,747 | +66.2% |
| Profit (loss) for the period | 9904 | €17,161 | €28,393 | +€11,232 | +65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,161 | €28,393 | +€11,232 | +65.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.