VARLOR: 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.
VARLOR
Largest movements
- Financial fixed assets +€88,187
up €88,187 (+42.0%), from €209,819 to €298,006
- Cash -€48,014
down €48,014 (-6.0%), from €794,086 to €746,072
mainly Contributions, distributions and other (-€150,000) and Investment in fixed assets (net) (-€88,187)
- Tangible fixed assets -€22,888
down €22,888 (-10.5%), from €218,451 to €195,563
of which Land and buildings: -€22,888
- Other debts +€126,963
up €126,963 (+31.2%), from €406,438 to €533,400
- Reserves -€118,466
down €118,466 (-9.6%), from €1.2m to €1.1m
of which Distributable reserves: -€118,466
- Financial income -€86,225
down €86,225 (-48.6%), from €177,254 to €91,029
- Financial charges +€17,519
up €17,519 (+215.1%), from €8,145 to €25,663
- Depreciation +€7,627
up €7,627 (+50.0%), from €15,261 to €22,888
- Other operating charges +€1,641
up €1,641 (+42.3%), from €3,881 to €5,522
- Gross operating margin -€73
down €73 (-1.4%), from -€5,348 to -€5,421
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 | €1,726,374 | €1,740,825 | +€14,451 | +0.8% |
| Fixed assets | 21/28 | €428,270 | €493,569 | +€65,300 | +15.2% |
| Tangible fixed assets | 22/27 | €218,451 | €195,563 | -€22,888 | -10.5% |
| Land and buildings | 22 | €218,451 | €195,563 | -€22,888 | -10.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €209,819 | €298,006 | +€88,187 | +42.0% |
| Current assets | 29/58 | €1,298,104 | €1,247,256 | -€50,848 | -3.9% |
| Amounts receivable within one year | 40/41 | €3,928 | €1,094 | -€2,835 | -72.2% |
| Trade receivables | 40 | €649 | €0 | -€649 | -100.0% |
| Other amounts receivable | 41 | €3,279 | €1,094 | -€2,186 | -66.6% |
| Current investments | 50/53 | €500,090 | €500,090 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €794,086 | €746,072 | -€48,014 | -6.0% |
| Total equity and liabilities | 10/49 | €1,726,374 | €1,740,825 | +€14,451 | +0.8% |
| Equity | 10/15 | €1,297,393 | €1,178,927 | -€118,466 | -9.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,235,393 | €1,116,927 | -€118,466 | -9.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,229,193 | €1,110,727 | -€118,466 | -9.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €428,981 | €561,898 | +€132,917 | +31.0% |
| Amounts payable within one year | 42/48 | €409,960 | €537,457 | +€127,497 | +31.1% |
| Financial debts | 43 | €65 | €39 | -€25 | -39.0% |
| Credit institutions | 430/8 | €65 | €39 | -€25 | -39.0% |
| Trade debts | 44 | €1,015 | €1,090 | +€75 | +7.4% |
| Suppliers | 440/4 | €1,015 | €1,090 | +€75 | +7.4% |
| Taxes, remuneration and social security | 45 | €2,443 | €2,927 | +€484 | +19.8% |
| Taxes | 450/3 | €2,443 | €2,927 | +€484 | +19.8% |
| Other amounts payable | 47/48 | €406,438 | €533,400 | +€126,963 | +31.2% |
| Accrued charges and deferred income | 492/3 | €19,021 | €24,442 | +€5,420 | +28.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,261 | €22,888 | +€7,627 | +50.0% |
| Other operating charges | 640/8 | €3,881 | €5,522 | +€1,641 | +42.3% |
| Gross operating margin | 9900 | -€5,348 | -€5,421 | -€73 | -1.4% |
| Operating profit (loss) | 9901 | -€24,490 | -€33,831 | -€9,342 | -38.1% |
| Financial income | 75/76B | €177,254 | €91,029 | -€86,225 | -48.6% |
| Recurring financial income | 75 | €177,254 | €91,029 | -€86,225 | -48.6% |
| Financial charges | 65/66B | €8,145 | €25,663 | +€17,519 | +215.1% |
| Recurring financial charges | 65 | €8,145 | €25,663 | +€17,519 | +215.1% |
| Profit (loss) for the period before taxes | 9903 | €144,619 | €31,534 | -€113,085 | -78.2% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €144,619 | €31,534 | -€113,085 | -78.2% |
| Profit (loss) for the period to be appropriated | 9905 | €144,619 | €31,534 | -€113,085 | -78.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.