VARIMA: what changed
Two fiscal 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.
VARIMA
Largest movements
- Cash -€356,088
down €356,088 (-66.5%), from €535,776 to €179,688
mainly Contributions, distributions and other (-€770,000) and Receivables within one year (-€252,623)
- Receivables within one year +€252,623
up €252,623 (+37.0%), from €682,329 to €934,952
of which Other amounts receivable: +€257,980
- Tangible fixed assets -€178,041
down €178,041 (-8.7%), from €2.1m to €1.9m
of which Other tangible fixed assets: -€189,353
- Stocks and contracts +€50,956
up €50,956 (+12.0%), from €425,139 to €476,095
- Other debts +€570,063
up €570,063 (+284.2%), from €200,564 to €770,626
- Reserves -€462,722
down €462,722 (-82.5%), from €560,967 to €98,246
of which Distributable reserves: -€462,722
- Trade debts -€167,212
down €167,212 (-18.7%), from €896,241 to €729,029
- Debts after one year -€167,052
down €167,052 (-11.8%), from €1.4m to €1.2m
- Financial income +€97,976
up €97,976 (+796.2%), from €12,306 to €110,282
- Taxes +€38,956
up €38,956 (+60.4%), from €64,453 to €103,409
- Other operating charges -€38,065
down €38,065 (-82.6%), from €46,068 to €8,003
- Gross operating margin +€24,392
up €24,392 (+1.9%), from €1.3m to €1.3m
- Financial charges +€14,979
up €14,979 (+14.8%), from €101,506 to €116,485
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 | €3,726,788 | €3,487,992 | -€238,796 | -6.4% |
| Fixed assets | 21/28 | €2,067,245 | €1,880,374 | -€186,871 | -9.0% |
| Intangible fixed assets | 21 | €13,493 | €4,663 | -€8,830 | -65.4% |
| Tangible fixed assets | 22/27 | €2,053,752 | €1,875,711 | -€178,041 | -8.7% |
| Plant, machinery and equipment | 23 | €302,430 | €319,507 | +€17,077 | +5.6% |
| Furniture and vehicles | 24 | €25,230 | €19,465 | -€5,765 | -22.8% |
| Other tangible fixed assets | 26 | €1,726,092 | €1,536,739 | -€189,353 | -11.0% |
| Current assets | 29/58 | €1,659,543 | €1,607,618 | -€51,925 | -3.1% |
| Stocks and contracts in progress | 3 | €425,139 | €476,095 | +€50,956 | +12.0% |
| Stocks | 30/36 | €425,139 | €476,095 | +€50,956 | +12.0% |
| Amounts receivable within one year | 40/41 | €682,329 | €934,952 | +€252,623 | +37.0% |
| Trade receivables | 40 | €81,283 | €75,926 | -€5,357 | -6.6% |
| Other amounts receivable | 41 | €601,046 | €859,025 | +€257,980 | +42.9% |
| Cash at bank and in hand | 54/58 | €535,776 | €179,688 | -€356,088 | -66.5% |
| Deferred charges and accrued income | 490/1 | €16,299 | €16,882 | +€583 | +3.6% |
| Total equity and liabilities | 10/49 | €3,726,788 | €3,487,992 | -€238,796 | -6.4% |
| Equity | 10/15 | €785,967 | €323,246 | -€462,722 | -58.9% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €560,967 | €98,246 | -€462,722 | -82.5% |
| Tax-exempt reserves | 132 | €220 | €220 | = | 0.0% |
| Distributable reserves | 133 | €560,747 | €98,025 | -€462,722 | -82.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,940,820 | €3,164,746 | +€223,926 | +7.6% |
| Amounts payable after more than one year | 17 | €1,411,818 | €1,244,767 | -€167,052 | -11.8% |
| Financial debts | 170/4 | €1,411,818 | €1,244,767 | -€167,052 | -11.8% |
| Amounts payable within one year | 42/48 | €1,349,002 | €1,775,979 | +€426,977 | +31.7% |
| Current portion of amounts payable after more than one year | 42 | €163,967 | €167,052 | +€3,085 | +1.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €896,241 | €729,029 | -€167,212 | -18.7% |
| Suppliers | 440/4 | €896,241 | €729,029 | -€167,212 | -18.7% |
| Taxes, remuneration and social security | 45 | €88,230 | €109,272 | +€21,042 | +23.8% |
| Taxes | 450/3 | €13,102 | €58,163 | +€45,061 | +343.9% |
| Remuneration and social security | 454/9 | €75,129 | €51,109 | -€24,019 | -32.0% |
| Other amounts payable | 47/48 | €200,564 | €770,626 | +€570,063 | +284.2% |
| Accrued charges and deferred income | 492/3 | €180,000 | €144,000 | -€36,000 | -20.0% |
| Non-recurring operating income | 76A | €6,794 | €0 | -€6,794 | -100.0% |
| Remuneration, social security and pensions | 62 | €626,725 | €636,530 | +€9,805 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €270,311 | €271,383 | +€1,073 | +0.4% |
| Other operating charges | 640/8 | €46,068 | €8,003 | -€38,065 | -82.6% |
| Non-recurring operating charges | 66A | €0 | €3,774 | +€3,774 | |
| Gross operating margin | 9900 | €1,312,189 | €1,336,580 | +€24,392 | +1.9% |
| Operating profit (loss) | 9901 | €369,086 | €416,890 | +€47,805 | +13.0% |
| Financial income | 75/76B | €12,306 | €110,282 | +€97,976 | +796.2% |
| Recurring financial income | 75 | €12,306 | €110,282 | +€97,976 | +796.2% |
| Financial charges | 65/66B | €101,506 | €116,485 | +€14,979 | +14.8% |
| Recurring financial charges | 65 | €101,506 | €116,485 | +€14,979 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €279,885 | €410,687 | +€130,802 | +46.7% |
| Income taxes | 67/77 | €64,453 | €103,409 | +€38,956 | +60.4% |
| Profit (loss) for the period | 9904 | €215,432 | €307,278 | +€91,847 | +42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €215,432 | €307,278 | +€91,847 | +42.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.