VARJO: 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.
VARJO
Largest movements
- Tangible fixed assets +€708,116
up €708,116 (+107%), from €662,312 to €1.4m
of which Land and buildings: +€729,779
- Cash -€111,777
down €111,777 (-84.5%), from €132,278 to €20,502
mainly Investment in fixed assets (net) (-€900,155) and Receivables within one year (-€91,032)
- Receivables within one year +€91,032
up €91,032 (+118%), from €76,943 to €167,975
of which Trade receivables: +€87,103
- Stocks and contracts +€29,502
up €29,502, from €0 to €29,502
of which Stocks: +€29,502
- Debts after one year +€522,962
up €522,962 (+170%), from €306,827 to €829,789
- Other debts +€68,038
up €68,038 (+54.4%), from €125,070 to €193,108
- Current portion of long-term debt +€46,787
up €46,787 (+75.1%), from €62,263 to €109,051
- Accrued charges and deferred income +€33,784
up €33,784 (+65.4%), from €51,656 to €85,439
- Trade debts +€29,198
up €29,198 (+96.2%), from €30,356 to €59,554
- Depreciation +€118,571
up €118,571 (+161%), from €73,468 to €192,039
- Gross operating margin +€96,051
up €96,051 (+62.1%), from €154,584 to €250,635
- Taxes -€10,232
down €10,232 (-73.2%), from €13,984 to €3,752
- Other operating charges +€7,785
up €7,785 (+61.0%), from €12,768 to €20,553
- Financial charges +€7,699
up €7,699 (+39.3%), from €19,580 to €27,279
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €890,693 | €1,593,317 | +€702,624 | +78.9% |
| Fixed assets | 21/28 | €662,312 | €1,370,428 | +€708,116 | +107% |
| Tangible fixed assets | 22/27 | €662,312 | €1,370,428 | +€708,116 | +107% |
| Land and buildings | 22 | €626,248 | €1,356,027 | +€729,779 | +117% |
| Plant, machinery and equipment | 23 | €29,437 | €10,213 | -€19,223 | -65.3% |
| Furniture and vehicles | 24 | €6,627 | €4,187 | -€2,440 | -36.8% |
| Current assets | 29/58 | €228,382 | €222,889 | -€5,492 | -2.4% |
| Stocks and contracts in progress | 3 | €0 | €29,502 | +€29,502 | |
| Stocks | 30/36 | - | €29,502 | +€29,502 | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €76,943 | €167,975 | +€91,032 | +118% |
| Trade receivables | 40 | €74,189 | €161,292 | +€87,103 | +117% |
| Other amounts receivable | 41 | €2,754 | €6,682 | +€3,928 | +143% |
| Cash at bank and in hand | 54/58 | €132,278 | €20,502 | -€111,777 | -84.5% |
| Deferred charges and accrued income | 490/1 | €19,160 | €4,912 | -€14,249 | -74.4% |
| Total equity and liabilities | 10/49 | €890,693 | €1,593,317 | +€702,624 | +78.9% |
| Equity | 10/15 | €305,938 | €311,094 | +€5,156 | +1.7% |
| Contributions | 10/11 | €268,600 | €268,600 | = | 0.0% |
| Reserves | 13 | €37,338 | €42,494 | +€5,156 | +13.8% |
| Tax-exempt reserves | 132 | €9,589 | €9,589 | = | 0.0% |
| Distributable reserves | 133 | €27,749 | €32,905 | +€5,156 | +18.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €584,755 | €1,282,223 | +€697,468 | +119% |
| Amounts payable after more than one year | 17 | €306,827 | €829,789 | +€522,962 | +170% |
| Financial debts | 170/4 | €306,827 | €829,789 | +€522,962 | +170% |
| Amounts payable within one year | 42/48 | €226,273 | €366,995 | +€140,722 | +62.2% |
| Current portion of amounts payable after more than one year | 42 | €62,263 | €109,051 | +€46,787 | +75.1% |
| Trade debts | 44 | €30,356 | €59,554 | +€29,198 | +96.2% |
| Suppliers | 440/4 | €30,356 | €59,554 | +€29,198 | +96.2% |
| Taxes, remuneration and social security | 45 | €8,584 | €5,282 | -€3,302 | -38.5% |
| Taxes | 450/3 | €8,584 | €5,282 | -€3,302 | -38.5% |
| Other amounts payable | 47/48 | €125,070 | €193,108 | +€68,038 | +54.4% |
| Accrued charges and deferred income | 492/3 | €51,656 | €85,439 | +€33,784 | +65.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,468 | €192,039 | +€118,571 | +161% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,720 | €0 | -€6,720 | -100% |
| Other operating charges | 640/8 | €12,768 | €20,553 | +€7,785 | +61.0% |
| Non-recurring operating charges | 66A | - | €1,858 | +€1,858 | |
| Gross operating margin | 9900 | €154,584 | €250,635 | +€96,051 | +62.1% |
| Operating profit (loss) | 9901 | €61,628 | €36,186 | -€25,443 | -41.3% |
| Financial income | 75/76B | €2 | €1 | -€1 | -50.0% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -50.0% |
| Financial charges | 65/66B | €19,580 | €27,279 | +€7,699 | +39.3% |
| Recurring financial charges | 65 | €19,580 | €27,279 | +€7,699 | +39.3% |
| Profit (loss) for the period before taxes | 9903 | €42,050 | €8,908 | -€33,142 | -78.8% |
| Income taxes | 67/77 | €13,984 | €3,752 | -€10,232 | -73.2% |
| Profit (loss) for the period | 9904 | €28,066 | €5,156 | -€22,910 | -81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,066 | €5,156 | -€22,910 | -81.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.