VARIRES: 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.
VARIRES
Largest movements
- Tangible fixed assets +€20,335
up €20,335 (+4.5%), from €454,821 to €475,156
of which Furniture and vehicles: +€44,235
- Financial fixed assets +€14,035
up €14,035 (+31189.8%), from €45 to €14,080
- Cash -€13,085
down €13,085 (-4.4%), from €299,538 to €286,453
- Reserves +€103,365
up €103,365 (+23.7%), from €435,884 to €539,249
of which Distributable reserves: +€103,365
- Debts after one year -€101,387
down €101,387 (-42.5%), from €238,638 to €137,251
- Other debts +€26,664
up €26,664 (+162.5%), from €16,405 to €43,069
- Tax, wage and social debts -€14,438
down €14,438 (-36.0%), from €40,145 to €25,707
- Current portion of long-term debt +€10,063
up €10,063 (+48.7%), from €20,682 to €30,745
- Gross operating margin -€14,223
down €14,223 (-8.1%), from €175,239 to €161,015
- Taxes -€9,233
down €9,233 (-27.4%), from €33,716 to €24,483
- Depreciation +€9,021
up €9,021 (+20.4%), from €44,169 to €53,190
- Financial charges -€7,796
down €7,796 (-53.2%), from €14,666 to €6,870
- Other operating charges +€6,262
up €6,262 (+129.5%), from €4,836 to €11,098
From the 2023 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
A cash bridge needs two consecutive fiscal 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 | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €822,950 | €849,224 | +€26,274 | +3.2% |
| Fixed assets | 21/28 | €454,866 | €489,237 | +€34,370 | +7.6% |
| Tangible fixed assets | 22/27 | €454,821 | €475,156 | +€20,335 | +4.5% |
| Land and buildings | 22 | €453,714 | €429,815 | -€23,900 | -5.3% |
| Furniture and vehicles | 24 | €1,107 | €45,342 | +€44,235 | +3995.4% |
| Financial fixed assets | 28 | €45 | €14,080 | +€14,035 | +31189.8% |
| Current assets | 29/58 | €368,083 | €359,987 | -€8,096 | -2.2% |
| Amounts receivable within one year | 40/41 | €67,266 | €72,310 | +€5,044 | +7.5% |
| Trade receivables | 40 | €2,266 | - | -€2,266 | |
| Other amounts receivable | 41 | €65,000 | €72,310 | +€7,310 | +11.2% |
| Cash at bank and in hand | 54/58 | €299,538 | €286,453 | -€13,085 | -4.4% |
| Deferred charges and accrued income | 490/1 | €1,279 | €1,224 | -€55 | -4.3% |
| Total equity and liabilities | 10/49 | €822,950 | €849,224 | +€26,274 | +3.2% |
| Equity | 10/15 | €500,276 | €603,641 | +€103,365 | +20.7% |
| Contributions | 10/11 | €8,200 | €8,200 | = | 0.0% |
| Reserves | 13 | €435,884 | €539,249 | +€103,365 | +23.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €434,024 | €537,389 | +€103,365 | +23.8% |
| Profit (loss) carried forward | 14 | €56,193 | €56,193 | = | 0.0% |
| Amounts payable | 17/49 | €322,674 | €245,582 | -€77,091 | -23.9% |
| Amounts payable after more than one year | 17 | €238,638 | €137,251 | -€101,387 | -42.5% |
| Financial debts | 170/4 | €238,638 | €137,251 | -€101,387 | -42.5% |
| Amounts payable within one year | 42/48 | €77,232 | €102,331 | +€25,099 | +32.5% |
| Current portion of amounts payable after more than one year | 42 | €20,682 | €30,745 | +€10,063 | +48.7% |
| Trade debts | 44 | - | €2,810 | +€2,810 | |
| Suppliers | 440/4 | - | €2,810 | +€2,810 | |
| Taxes, remuneration and social security | 45 | €40,145 | €25,707 | -€14,438 | -36.0% |
| Taxes | 450/3 | €40,145 | €25,707 | -€14,438 | -36.0% |
| Other amounts payable | 47/48 | €16,405 | €43,069 | +€26,664 | +162.5% |
| Accrued charges and deferred income | 492/3 | €6,804 | €6,000 | -€804 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,169 | €53,190 | +€9,021 | +20.4% |
| Other operating charges | 640/8 | €4,836 | €11,098 | +€6,262 | +129.5% |
| Gross operating margin | 9900 | €175,239 | €161,015 | -€14,223 | -8.1% |
| Operating profit (loss) | 9901 | €126,233 | €96,727 | -€29,506 | -23.4% |
| Financial income | 75/76B | €2,959 | €2,694 | -€265 | -8.9% |
| Recurring financial income | 75 | €2,959 | €2,694 | -€265 | -8.9% |
| Financial charges | 65/66B | €14,666 | €6,870 | -€7,796 | -53.2% |
| Recurring financial charges | 65 | €14,666 | €6,870 | -€7,796 | -53.2% |
| Profit (loss) for the period before taxes | 9903 | €114,526 | €92,552 | -€21,975 | -19.2% |
| Income taxes | 67/77 | €33,716 | €24,483 | -€9,233 | -27.4% |
| Profit (loss) for the period | 9904 | €80,810 | €68,069 | -€12,741 | -15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €80,810 | €68,069 | -€12,741 | -15.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.