VARITECH: 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.
VARITECH
Largest movements
- Receivables within one year +€70,826
up €70,826 (+59.9%), from €118,286 to €189,113
of which Other amounts receivable: +€72,172
- Stocks and contracts -€40,881
down €40,881 (-23.2%), from €175,867 to €134,986
- Tangible fixed assets -€30,770
down €30,770 (-13.7%), from €224,345 to €193,576
- Intangible fixed assets -€6,685
down €6,685 (-22.1%), from €30,248 to €23,563
- Cash +€6,151
up €6,151 (+18.1%), from €33,923 to €40,074
mainly Depreciation (+€42,471) and Stocks and contracts (+€40,881)
- Debts after one year -€34,916
down €34,916 (-89.1%), from €39,184 to €4,268
- Short-term financial debts -€25,000
down €25,000 (-33.3%), from €75,000 to €50,000
- Trade debts +€24,184
up €24,184 (+53.0%), from €45,599 to €69,783
- Other debts +€22,979
up €22,979 (+1698.9%), from €1,353 to €24,332
- Profit (loss) carried forward +€13,904
up €13,904 (+4.3%), from €322,228 to €336,132
- Gross operating margin -€59,114
down €59,114 (-20.9%), from €282,916 to €223,801
- Staff costs -€27,602
down €27,602 (-17.7%), from €155,757 to €128,156
- Financial income -€9,439
down €9,439 (-51.1%), from €18,467 to €9,028
- Depreciation +€7,426
up €7,426 (+21.2%), from €35,044 to €42,471
- Taxes -€6,144
down €6,144 (-29.7%), from €20,685 to €14,541
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 | €591,073 | €585,728 | -€5,344 | -0.9% |
| Fixed assets | 21/28 | €254,643 | €217,188 | -€37,455 | -14.7% |
| Intangible fixed assets | 21 | €30,248 | €23,563 | -€6,685 | -22.1% |
| Tangible fixed assets | 22/27 | €224,345 | €193,576 | -€30,770 | -13.7% |
| Land and buildings | 22 | €153,233 | €143,598 | -€9,635 | -6.3% |
| Plant, machinery and equipment | 23 | €52,528 | €37,727 | -€14,800 | -28.2% |
| Furniture and vehicles | 24 | €18,584 | €12,250 | -€6,334 | -34.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €336,430 | €368,541 | +€32,111 | +9.5% |
| Stocks and contracts in progress | 3 | €175,867 | €134,986 | -€40,881 | -23.2% |
| Stocks | 30/36 | €175,867 | €134,986 | -€40,881 | -23.2% |
| Amounts receivable within one year | 40/41 | €118,286 | €189,113 | +€70,826 | +59.9% |
| Trade receivables | 40 | €112,310 | €110,964 | -€1,345 | -1.2% |
| Other amounts receivable | 41 | €5,977 | €78,149 | +€72,172 | +1207.5% |
| Cash at bank and in hand | 54/58 | €33,923 | €40,074 | +€6,151 | +18.1% |
| Deferred charges and accrued income | 490/1 | €8,354 | €4,368 | -€3,986 | -47.7% |
| Total equity and liabilities | 10/49 | €591,073 | €585,728 | -€5,344 | -0.9% |
| Equity | 10/15 | €342,680 | €356,583 | +€13,904 | +4.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €322,228 | €336,132 | +€13,904 | +4.3% |
| Amounts payable | 17/49 | €248,393 | €229,145 | -€19,248 | -7.7% |
| Amounts payable after more than one year | 17 | €39,184 | €4,268 | -€34,916 | -89.1% |
| Financial debts | 170/4 | €39,184 | €4,268 | -€34,916 | -89.1% |
| Amounts payable within one year | 42/48 | €208,232 | €224,429 | +€16,197 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €40,159 | €41,290 | +€1,130 | +2.8% |
| Financial debts | 43 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Credit institutions | 430/8 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Trade debts | 44 | €45,599 | €69,783 | +€24,184 | +53.0% |
| Suppliers | 440/4 | €45,599 | €69,783 | +€24,184 | +53.0% |
| Advances received on contracts in progress | 46 | €16,140 | €5,499 | -€10,641 | -65.9% |
| Taxes, remuneration and social security | 45 | €29,982 | €33,526 | +€3,544 | +11.8% |
| Taxes | 450/3 | €6,879 | €14,521 | +€7,642 | +111.1% |
| Remuneration and social security | 454/9 | €23,103 | €19,005 | -€4,098 | -17.7% |
| Other amounts payable | 47/48 | €1,353 | €24,332 | +€22,979 | +1698.9% |
| Accrued charges and deferred income | 492/3 | €977 | €448 | -€529 | -54.2% |
| Remuneration, social security and pensions | 62 | €155,757 | €128,156 | -€27,602 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,044 | €42,471 | +€7,426 | +21.2% |
| Other operating charges | 640/8 | €2,428 | €2,248 | -€180 | -7.4% |
| Non-recurring operating charges | 66A | €58 | €95 | +€37 | +63.8% |
| Gross operating margin | 9900 | €282,916 | €223,801 | -€59,114 | -20.9% |
| Operating profit (loss) | 9901 | €89,628 | €50,832 | -€38,796 | -43.3% |
| Financial income | 75/76B | €18,467 | €9,028 | -€9,439 | -51.1% |
| Recurring financial income | 75 | €18,467 | €9,028 | -€9,439 | -51.1% |
| Financial charges | 65/66B | €15,599 | €11,165 | -€4,434 | -28.4% |
| Recurring financial charges | 65 | €15,599 | €11,165 | -€4,434 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €92,495 | €48,695 | -€43,801 | -47.4% |
| Income taxes | 67/77 | €20,685 | €14,541 | -€6,144 | -29.7% |
| Profit (loss) for the period | 9904 | €71,810 | €34,154 | -€37,657 | -52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €71,810 | €34,154 | -€37,657 | -52.4% |
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 10 October 2026 via checked.be.