VARINA: 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.
What changed
VARINA
NACE 22.260, Manufacture of rubber and plastic products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€346,762
2024 · €212,996+€133,766
Equity
€1.2m
2024 · €861,988+€334,600
Cash
€228,718
2024 · €19,883+€208,835
Balance sheet total
€2.5m
2024 · €2.1m+€488,524
Largest movements
Assets
- Cash +€208,835
up €208,835 (+1,050%), from €19,883 to €228,718
mainly Net result for the year (+€346,762) and Depreciation (+€220,398)
- Receivables within one year +€145,811
up €145,811 (+28.4%), from €513,000 to €658,810
of which Trade receivables: +€120,931
- Tangible fixed assets +€139,779
up €139,779 (+11.1%), from €1.3m to €1.4m
of which Plant, machinery and equipment: +€216,843
Equity and liabilities
- Reserves +€346,762
up €346,762 (+63.8%), from €543,117 to €889,880
of which Distributable reserves: +€351,744
- Debts after one year +€172,032
up €172,032 (+144%), from €119,700 to €291,732
of which Other amounts payable: +€245,003
- Trade debts +€138,124
up €138,124 (+51.4%), from €268,618 to €406,742
- Other debts -€136,032
down €136,032 (-58.0%), from €234,372 to €98,340
- Provisions -€43,961
down €43,961 (-21.9%), from €200,374 to €156,414
of which Provisions for liabilities and charges: -€42,300
Income statement
- Gross operating margin +€301,027
up €301,027 (+47.6%), from €631,892 to €932,918
- Depreciation +€206,774
up €206,774 (+1,518%), from €13,623 to €220,398
- Provisions -€42,300
new in 2025: -€42,300
- Financial income -€22,495
down €22,495 (-71.4%), from €31,526 to €9,031
- Other operating charges -€15,235
down €15,235 (-77.8%), from €19,571 to €4,336
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.
Result 2024
€212,996
Gross operating margin
+€301,027
Staff costs
+€8,740
Depreciation
-€206,774
Write-downs
+€6,428
Provisions
+€42,300
Other operating charges
+€15,235
Other operating items
-€266
Financial income
-€22,495
Financial charges
+€1,546
Taxes
-€11,975
Result 2025
€346,762
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€417,590
Investment
-€354,631
Financing
+€145,875
Cash 2024
€19,883
From operations (derived)
+€417,590
Net result for the year
+€346,762
Depreciation
+€220,398
Stocks and contracts
-€7,473
Receivables within one year
-€145,811
Deferred charges and accrued income
+€7,828
Provisions
-€43,961
Trade debts
+€138,124
Tax, wage and social debts
+€42,207
Other debts
-€136,032
Accrued charges and deferred income
-€4,452
Investment (derived)
-€354,631
Investment in fixed assets (net)
-€354,631
Financing
+€145,875
Debts after one year
+€172,032
Current portion of long-term debt
+€11,986
Short-term financial debts
-€25,980
Contributions, distributions and other
-€12,162
Cash 2025
€228,718
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,058,447 | €2,546,971 | +€488,524 | +23.7% |
| Fixed assets | 21/28 | €1,297,734 | €1,431,967 | +€134,233 | +10.3% |
| Intangible fixed assets | 21 | €29,263 | €23,717 | -€5,546 | -19.0% |
| Tangible fixed assets | 22/27 | €1,264,144 | €1,403,923 | +€139,779 | +11.1% |
| Land and buildings | 22 | €666,347 | €629,372 | -€36,975 | -5.5% |
| Plant, machinery and equipment | 23 | €459,574 | €676,417 | +€216,843 | +47.2% |
| Furniture and vehicles | 24 | €4,283 | €6,943 | +€2,660 | +62.1% |
| Leasing and similar rights | 25 | €93,578 | €50,830 | -€42,748 | -45.7% |
| Assets under construction and advance payments | 27 | €40,362 | €40,362 | = | 0.0% |
| Financial fixed assets | 28 | €4,327 | €4,327 | = | 0.0% |
| Current assets | 29/58 | €760,713 | €1,115,004 | +€354,291 | +46.6% |
| Stocks and contracts in progress | 3 | €207,817 | €215,290 | +€7,473 | +3.6% |
| Stocks | 30/36 | €207,817 | €215,290 | +€7,473 | +3.6% |
| Amounts receivable within one year | 40/41 | €513,000 | €658,810 | +€145,811 | +28.4% |
| Trade receivables | 40 | €397,305 | €518,236 | +€120,931 | +30.4% |
| Other amounts receivable | 41 | €115,694 | €140,574 | +€24,880 | +21.5% |
| Cash at bank and in hand | 54/58 | €19,883 | €228,718 | +€208,835 | +1,050% |
| Deferred charges and accrued income | 490/1 | €20,013 | €12,186 | -€7,828 | -39.1% |
| Total equity and liabilities | 10/49 | €2,058,447 | €2,546,971 | +€488,524 | +23.7% |
| Equity | 10/15 | €861,988 | €1,196,588 | +€334,600 | +38.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €543,117 | €889,880 | +€346,762 | +63.8% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €76,409 | €71,428 | -€4,982 | -6.5% |
| Distributable reserves | 133 | €456,708 | €808,452 | +€351,744 | +77.0% |
| Investment grants | 15 | €218,871 | €206,708 | -€12,162 | -5.6% |
| Provisions and deferred taxes | 16 | €200,374 | €156,414 | -€43,961 | -21.9% |
| Provisions for liabilities and charges | 160/5 | €163,868 | €121,568 | -€42,300 | -25.8% |
| Environmental obligations | 163 | €163,868 | - | -€163,868 | |
| Other liabilities and charges | 164/5 | - | €121,568 | +€121,568 | |
| Deferred taxes | 168 | €36,506 | €34,846 | -€1,661 | -4.5% |
| Amounts payable | 17/49 | €996,084 | €1,193,969 | +€197,885 | +19.9% |
| Amounts payable after more than one year | 17 | €119,700 | €291,732 | +€172,032 | +144% |
| Financial debts | 170/4 | €119,700 | €46,729 | -€72,971 | -61.0% |
| Other amounts payable | 178/9 | - | €245,003 | +€245,003 | |
| Amounts payable within one year | 42/48 | €871,932 | €902,237 | +€30,305 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €87,905 | €99,890 | +€11,986 | +13.6% |
| Financial debts | 43 | €242,400 | €216,420 | -€25,980 | -10.7% |
| Credit institutions | 430/8 | €242,400 | €216,420 | -€25,980 | -10.7% |
| Trade debts | 44 | €268,618 | €406,742 | +€138,124 | +51.4% |
| Suppliers | 440/4 | €268,618 | €406,742 | +€138,124 | +51.4% |
| Taxes, remuneration and social security | 45 | €38,638 | €80,845 | +€42,207 | +109% |
| Taxes | 450/3 | €4,932 | €47,096 | +€42,164 | +855% |
| Remuneration and social security | 454/9 | €33,705 | €33,749 | +€43 | +0.1% |
| Other amounts payable | 47/48 | €234,372 | €98,340 | -€136,032 | -58.0% |
| Accrued charges and deferred income | 492/3 | €4,452 | €0 | -€4,452 | -100% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €396,541 | €387,802 | -€8,740 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,623 | €220,398 | +€206,774 | +1,518% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,538 | -€890 | -€6,428 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€42,300 | -€42,300 | |
| Other operating charges | 640/8 | €19,571 | €4,336 | -€15,235 | -77.8% |
| Operating charges capitalised as restructuring costs | 649 | -€266 | - | +€266 | |
| Gross operating margin | 9900 | €631,892 | €932,918 | +€301,027 | +47.6% |
| Operating profit (loss) | 9901 | €196,884 | €363,574 | +€166,690 | +84.7% |
| Financial income | 75/76B | €31,526 | €9,031 | -€22,495 | -71.4% |
| Recurring financial income | 75 | €31,526 | €9,031 | -€22,495 | -71.4% |
| Financial charges | 65/66B | €16,765 | €15,220 | -€1,546 | -9.2% |
| Recurring financial charges | 65 | €16,765 | €15,220 | -€1,546 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €211,645 | €357,385 | +€145,741 | +68.9% |
| Transfer from deferred taxes | 780 | €1,661 | €1,661 | = | 0.0% |
| Income taxes | 67/77 | €309 | €12,284 | +€11,975 | +3,877% |
| Profit (loss) for the period | 9904 | €212,996 | €346,762 | +€133,766 | +62.8% |
| Transfer from tax-exempt reserves | 789 | €4,982 | €4,982 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €217,978 | €351,744 | +€133,766 | +61.4% |
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 14 October 2026 via checked.be.