Varlog: 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.
Varlog
Largest movements
- Receivables after one year -€145,000
no longer reported in 2025 (was €145,000)
- Receivables within one year -€60,915
down €60,915 (-71.8%), from €84,870 to €23,956
of which Other amounts receivable: -€61,546
- Current investments +€50,728
up €50,728 (+22.2%), from €228,969 to €279,697
- Cash +€25,567
up €25,567 (+31.3%), from €81,610 to €107,177
mainly Net result for the year (+€152,225) and Receivables after one year (+€145,000)
- Reserves -€241,632
down €241,632 (-33.3%), from €726,379 to €484,746
of which Distributable reserves: -€241,632
- Other debts +€97,212
new in 2025: €97,212
- Financial charges +€9,744
up €9,744 (+208%), from €4,676 to €14,420
- Gross operating margin +€4,863
up €4,863 (+2.4%), from €206,202 to €211,065
- Financial income -€2,440
down €2,440 (-19.5%), from €12,533 to €10,093
- Taxes -€2,172
down €2,172 (-4.0%), from €53,955 to €51,784
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 | €963,965 | €832,175 | -€131,789 | -13.7% |
| Fixed assets | 21/28 | €422,092 | €420,231 | -€1,861 | -0.4% |
| Tangible fixed assets | 22/27 | €7,296 | €5,435 | -€1,861 | -25.5% |
| Plant, machinery and equipment | 23 | €7,296 | €5,435 | -€1,861 | -25.5% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €414,796 | €414,796 | = | 0.0% |
| Current assets | 29/58 | €541,873 | €411,945 | -€129,929 | -24.0% |
| Amounts receivable after more than one year | 29 | €145,000 | - | -€145,000 | |
| Other amounts receivable | 291 | €145,000 | - | -€145,000 | |
| Amounts receivable within one year | 40/41 | €84,870 | €23,956 | -€60,915 | -71.8% |
| Trade receivables | 40 | €17,666 | €18,298 | +€632 | +3.6% |
| Other amounts receivable | 41 | €67,204 | €5,658 | -€61,546 | -91.6% |
| Current investments | 50/53 | €228,969 | €279,697 | +€50,728 | +22.2% |
| Cash at bank and in hand | 54/58 | €81,610 | €107,177 | +€25,567 | +31.3% |
| Deferred charges and accrued income | 490/1 | €1,424 | €1,114 | -€310 | -21.7% |
| Total equity and liabilities | 10/49 | €963,965 | €832,175 | -€131,789 | -13.7% |
| Equity | 10/15 | €744,979 | €503,346 | -€241,632 | -32.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €726,379 | €484,746 | -€241,632 | -33.3% |
| 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 | €724,519 | €482,886 | -€241,632 | -33.4% |
| Amounts payable | 17/49 | €218,986 | €328,829 | +€109,843 | +50.2% |
| Amounts payable after more than one year | 17 | €200,000 | €208,000 | +€8,000 | +4.0% |
| Financial debts | 170/4 | €200,000 | €208,000 | +€8,000 | +4.0% |
| Amounts payable within one year | 42/48 | €18,986 | €116,414 | +€97,428 | +513% |
| Trade debts | 44 | €935 | €4,475 | +€3,539 | +378% |
| Suppliers | 440/4 | €935 | €4,475 | +€3,539 | +378% |
| Taxes, remuneration and social security | 45 | €18,051 | €14,727 | -€3,323 | -18.4% |
| Taxes | 450/3 | €18,051 | €14,727 | -€3,323 | -18.4% |
| Other amounts payable | 47/48 | - | €97,212 | +€97,212 | |
| Accrued charges and deferred income | 492/3 | - | €4,415 | +€4,415 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,405 | €1,861 | +€455 | +32.4% |
| Other operating charges | 640/8 | €579 | €868 | +€289 | +49.8% |
| Non-recurring operating charges | 66A | €177 | - | -€177 | |
| Gross operating margin | 9900 | €206,202 | €211,065 | +€4,863 | +2.4% |
| Operating profit (loss) | 9901 | €204,040 | €208,336 | +€4,295 | +2.1% |
| Financial income | 75/76B | €12,533 | €10,093 | -€2,440 | -19.5% |
| Recurring financial income | 75 | €12,533 | €10,093 | -€2,440 | -19.5% |
| Financial charges | 65/66B | €4,676 | €14,420 | +€9,744 | +208% |
| Recurring financial charges | 65 | €4,676 | €14,420 | +€9,744 | +208% |
| Profit (loss) for the period before taxes | 9903 | €211,897 | €204,008 | -€7,889 | -3.7% |
| Income taxes | 67/77 | €53,955 | €51,784 | -€2,172 | -4.0% |
| Profit (loss) for the period | 9904 | €157,942 | €152,225 | -€5,717 | -3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €157,942 | €152,225 | -€5,717 | -3.6% |
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.