VARLO: 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.
VARLO
Largest movements
- Tangible fixed assets -€80,043
down €80,043 (-28.4%), from €281,479 to €201,437
of which Land and buildings: -€59,993
- Cash +€49,679
up €49,679 (+115.9%), from €42,860 to €92,539
mainly Depreciation (+€80,043) and Net result for the year (+€29,899)
- Receivables within one year -€28,270
down €28,270 (-10.4%), from €273,013 to €244,743
of which Trade receivables: -€40,438
- Debts after one year -€90,000
down €90,000 (-40.7%), from €221,389 to €131,389
- Reserves +€29,899
up €29,899 (+11.0%), from €271,522 to €301,421
- Other debts -€6,186
down €6,186 (-80.2%), from €7,713 to €1,527
- Gross operating margin +€16,669
up €16,669 (+14.9%), from €111,553 to €128,222
- Depreciation -€3,988
down €3,988 (-4.7%), from €84,031 to €80,043
- Taxes +€2,994
up €2,994 (+141.1%), from €2,122 to €5,116
- Financial charges -€2,835
down €2,835 (-18.3%), from €15,501 to €12,666
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 | €602,500 | €543,466 | -€59,035 | -9.8% |
| Fixed assets | 21/28 | €283,229 | €203,187 | -€80,043 | -28.3% |
| Tangible fixed assets | 22/27 | €281,479 | €201,437 | -€80,043 | -28.4% |
| Land and buildings | 22 | €186,131 | €126,138 | -€59,993 | -32.2% |
| Plant, machinery and equipment | 23 | €41,121 | €36,278 | -€4,842 | -11.8% |
| Other tangible fixed assets | 26 | €54,228 | €39,021 | -€15,207 | -28.0% |
| Financial fixed assets | 28 | €1,750 | €1,750 | = | 0.0% |
| Current assets | 29/58 | €319,271 | €340,279 | +€21,008 | +6.6% |
| Amounts receivable within one year | 40/41 | €273,013 | €244,743 | -€28,270 | -10.4% |
| Trade receivables | 40 | €51,688 | €11,250 | -€40,438 | -78.2% |
| Other amounts receivable | 41 | €221,326 | €233,493 | +€12,167 | +5.5% |
| Cash at bank and in hand | 54/58 | €42,860 | €92,539 | +€49,679 | +115.9% |
| Deferred charges and accrued income | 490/1 | €3,398 | €2,997 | -€401 | -11.8% |
| Total equity and liabilities | 10/49 | €602,500 | €543,466 | -€59,035 | -9.8% |
| Equity | 10/15 | €277,722 | €307,621 | +€29,899 | +10.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €271,522 | €301,421 | +€29,899 | +11.0% |
| Distributable reserves | 133 | €271,522 | €301,421 | +€29,899 | +11.0% |
| Amounts payable | 17/49 | €324,779 | €235,845 | -€88,934 | -27.4% |
| Amounts payable after more than one year | 17 | €221,389 | €131,389 | -€90,000 | -40.7% |
| Financial debts | 170/4 | €221,389 | €131,389 | -€90,000 | -40.7% |
| Amounts payable within one year | 42/48 | €100,910 | €104,456 | +€3,546 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €90,000 | €90,000 | = | 0.0% |
| Trade debts | 44 | €350 | €4,527 | +€4,177 | +1193.7% |
| Suppliers | 440/4 | €350 | €4,527 | +€4,177 | +1193.7% |
| Taxes, remuneration and social security | 45 | €2,847 | €8,402 | +€5,555 | +195.1% |
| Taxes | 450/3 | €2,847 | €8,402 | +€5,555 | +195.1% |
| Other amounts payable | 47/48 | €7,713 | €1,527 | -€6,186 | -80.2% |
| Accrued charges and deferred income | 492/3 | €2,480 | - | -€2,480 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,031 | €80,043 | -€3,988 | -4.7% |
| Other operating charges | 640/8 | €5,216 | €4,853 | -€363 | -7.0% |
| Gross operating margin | 9900 | €111,553 | €128,222 | +€16,669 | +14.9% |
| Operating profit (loss) | 9901 | €22,307 | €43,326 | +€21,019 | +94.2% |
| Financial income | 75/76B | €4,048 | €4,356 | +€308 | +7.6% |
| Recurring financial income | 75 | €4,048 | €4,356 | +€308 | +7.6% |
| Financial charges | 65/66B | €15,501 | €12,666 | -€2,835 | -18.3% |
| Recurring financial charges | 65 | €15,501 | €12,666 | -€2,835 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €10,853 | €35,016 | +€24,162 | +222.6% |
| Income taxes | 67/77 | €2,122 | €5,116 | +€2,994 | +141.1% |
| Profit (loss) for the period | 9904 | €8,731 | €29,899 | +€21,168 | +242.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,731 | €29,899 | +€21,168 | +242.4% |
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 10 October 2026 via checked.be.