VARIMMO: 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.
VARIMMO
Largest movements
- Receivables after one year -€175,800
no longer reported in 2025 (was €175,800)
- Tangible fixed assets -€20,584
down €20,584 (-6.6%), from €311,495 to €290,910
of which Land and buildings: -€19,864
- Receivables within one year -€13,225
down €13,225 (-95.9%), from €13,792 to €568
of which Trade receivables: -€7,402
- Deferred charges and accrued income -€8,275
down €8,275 (-64.1%), from €12,901 to €4,626
- Short-term financial debts -€145,000
down €145,000 (-25.4%), from €570,000 to €425,000
- Profit (loss) carried forward -€78,339
down €78,339 (-10.9%), from -€719,636 to -€797,975
- Other debts +€9,210
new in 2025: €9,210
- Gross operating margin -€17,547
down €17,547 (-38941.2%), from -€45 to -€17,592
- Financial income -€8,904
no longer reported in 2025 (was €8,904)
- Financial charges -€7,250
down €7,250 (-21.0%), from €34,495 to €27,245
- Depreciation -€1,204
down €1,204 (-4.0%), from €30,128 to €28,924
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 | €518,285 | €296,454 | -€221,831 | -42.8% |
| Fixed assets | 21/28 | €311,495 | €290,910 | -€20,584 | -6.6% |
| Tangible fixed assets | 22/27 | €311,495 | €290,910 | -€20,584 | -6.6% |
| Land and buildings | 22 | €305,423 | €285,559 | -€19,864 | -6.5% |
| Plant, machinery and equipment | 23 | €344 | €250 | -€94 | -27.3% |
| Furniture and vehicles | 24 | €5,728 | €2,360 | -€3,368 | -58.8% |
| Other tangible fixed assets | 26 | - | €2,742 | +€2,742 | |
| Current assets | 29/58 | €206,790 | €5,543 | -€201,247 | -97.3% |
| Amounts receivable after more than one year | 29 | €175,800 | - | -€175,800 | |
| Other amounts receivable | 291 | €175,800 | - | -€175,800 | |
| Amounts receivable within one year | 40/41 | €13,792 | €568 | -€13,225 | -95.9% |
| Trade receivables | 40 | €7,402 | - | -€7,402 | |
| Other amounts receivable | 41 | €6,390 | €568 | -€5,823 | -91.1% |
| Cash at bank and in hand | 54/58 | €4,297 | €350 | -€3,947 | -91.9% |
| Deferred charges and accrued income | 490/1 | €12,901 | €4,626 | -€8,275 | -64.1% |
| Total equity and liabilities | 10/49 | €518,285 | €296,454 | -€221,831 | -42.8% |
| Equity | 10/15 | -€74,752 | -€156,157 | -€81,405 | -108.9% |
| Contributions | 10/11 | €560,239 | €560,239 | = | 0.0% |
| Capital | 10 | €560,239 | €560,239 | = | 0.0% |
| Issued capital | 100 | €560,239 | €560,239 | = | 0.0% |
| Reserves | 13 | €84,645 | €81,579 | -€3,067 | -3.6% |
| Non-distributable reserves | 130/1 | €56,024 | €56,024 | = | 0.0% |
| Legal reserve | 130 | €56,024 | €56,024 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,621 | €25,555 | -€3,067 | -10.7% |
| Profit (loss) carried forward | 14 | -€719,636 | -€797,975 | -€78,339 | -10.9% |
| Provisions and deferred taxes | 16 | €7,155 | €6,389 | -€767 | -10.7% |
| Deferred taxes | 168 | €7,155 | €6,389 | -€767 | -10.7% |
| Amounts payable | 17/49 | €585,881 | €446,222 | -€139,659 | -23.8% |
| Amounts payable within one year | 42/48 | €584,047 | €444,338 | -€139,709 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €5,563 | €1,294 | -€4,269 | -76.7% |
| Financial debts | 43 | €570,000 | €425,000 | -€145,000 | -25.4% |
| Credit institutions | 430/8 | €570,000 | €425,000 | -€145,000 | -25.4% |
| Trade debts | 44 | €2,608 | €3,486 | +€878 | +33.7% |
| Suppliers | 440/4 | €2,608 | €3,486 | +€878 | +33.7% |
| Taxes, remuneration and social security | 45 | €5,876 | €5,348 | -€527 | -9.0% |
| Taxes | 450/3 | €5,876 | €5,348 | -€527 | -9.0% |
| Other amounts payable | 47/48 | - | €9,210 | +€9,210 | |
| Accrued charges and deferred income | 492/3 | €1,835 | €1,884 | +€50 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,128 | €28,924 | -€1,204 | -4.0% |
| Other operating charges | 640/8 | €8,171 | €8,123 | -€48 | -0.6% |
| Gross operating margin | 9900 | -€45 | -€17,592 | -€17,547 | -38941.2% |
| Operating profit (loss) | 9901 | -€38,344 | -€54,639 | -€16,295 | -42.5% |
| Financial income | 75/76B | €8,904 | - | -€8,904 | |
| Recurring financial income | 75 | €8,904 | - | -€8,904 | |
| Financial charges | 65/66B | €34,495 | €27,245 | -€7,250 | -21.0% |
| Recurring financial charges | 65 | €34,495 | €27,245 | -€7,250 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | -€63,935 | -€81,885 | -€17,949 | -28.1% |
| Transfer from deferred taxes | 780 | €767 | €767 | = | 0.0% |
| Income taxes | 67/77 | €298 | €288 | -€10 | -3.5% |
| Profit (loss) for the period | 9904 | -€63,467 | -€81,405 | -€17,939 | -28.3% |
| Transfer from tax-exempt reserves | 789 | €3,067 | €3,067 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,400 | -€78,339 | -€17,939 | -29.7% |
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 11 October 2026 via checked.be.