VARM: 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.
VARM
Largest movements
- Receivables within one year +€53,707
up €53,707 (+108.7%), from €49,406 to €103,113
of which Trade receivables: +€50,098
- Stocks and contracts -€32,568
down €32,568 (-4.9%), from €669,479 to €636,911
- Cash -€21,745
down €21,745 (-22.0%), from €98,637 to €76,892
mainly Receivables within one year (-€53,707) and Other debts (-€39,723)
- Deferred charges and accrued income +€15,598
new in 2025: €15,598
- Tangible fixed assets -€11,140
down €11,140 (-40.0%), from €27,834 to €16,693
of which Furniture and vehicles: -€7,683
- Other debts -€39,723
down €39,723 (-25.8%), from €153,965 to €114,241
- Trade debts +€27,948
up €27,948 (+137.6%), from €20,313 to €48,262
- Gross operating margin -€12,807
down €12,807 (-7.1%), from €180,503 to €167,696
- Staff costs -€12,619
down €12,619 (-9.0%), from €139,972 to €127,353
- Financial charges -€6,778
down €6,778 (-31.8%), from €21,282 to €14,504
- Financial income -€3,717
down €3,717 (-43.5%), from €8,543 to €4,826
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 | €860,603 | €860,904 | +€301 | 0.0% |
| Fixed assets | 21/28 | €43,082 | €28,390 | -€14,692 | -34.1% |
| Intangible fixed assets | 21 | €14,945 | €11,393 | -€3,552 | -23.8% |
| Tangible fixed assets | 22/27 | €27,834 | €16,693 | -€11,140 | -40.0% |
| Plant, machinery and equipment | 23 | €10,602 | €7,144 | -€3,458 | -32.6% |
| Furniture and vehicles | 24 | €17,232 | €9,549 | -€7,683 | -44.6% |
| Financial fixed assets | 28 | €303 | €303 | = | 0.0% |
| Current assets | 29/58 | €817,522 | €832,514 | +€14,993 | +1.8% |
| Stocks and contracts in progress | 3 | €669,479 | €636,911 | -€32,568 | -4.9% |
| Stocks | 30/36 | €669,479 | €636,911 | -€32,568 | -4.9% |
| Amounts receivable within one year | 40/41 | €49,406 | €103,113 | +€53,707 | +108.7% |
| Trade receivables | 40 | €17,998 | €68,096 | +€50,098 | +278.4% |
| Other amounts receivable | 41 | €31,408 | €35,017 | +€3,609 | +11.5% |
| Cash at bank and in hand | 54/58 | €98,637 | €76,892 | -€21,745 | -22.0% |
| Deferred charges and accrued income | 490/1 | - | €15,598 | +€15,598 | |
| Total equity and liabilities | 10/49 | €860,603 | €860,904 | +€301 | 0.0% |
| Equity | 10/15 | €463,909 | €469,064 | +€5,155 | +1.1% |
| Contributions | 10/11 | €73,736 | €73,736 | = | 0.0% |
| Capital | 10 | €73,736 | €73,736 | = | 0.0% |
| Issued capital | 100 | €73,736 | €73,736 | = | 0.0% |
| Reserves | 13 | €420,556 | €420,556 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,374 | €7,374 | = | 0.0% |
| Legal reserve | 130 | €7,374 | €7,374 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €356,932 | €356,932 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,383 | -€25,228 | +€5,155 | +17.0% |
| Amounts payable | 17/49 | €396,694 | €391,840 | -€4,854 | -1.2% |
| Amounts payable within one year | 42/48 | €394,542 | €386,952 | -€7,590 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €998 | €924 | -€74 | -7.4% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €20,313 | €48,262 | +€27,948 | +137.6% |
| Suppliers | 440/4 | €20,313 | €48,262 | +€27,948 | +137.6% |
| Advances received on contracts in progress | 46 | - | €2,606 | +€2,606 | |
| Taxes, remuneration and social security | 45 | €19,267 | €20,920 | +€1,653 | +8.6% |
| Taxes | 450/3 | - | €1,582 | +€1,582 | |
| Remuneration and social security | 454/9 | €19,267 | €19,338 | +€71 | +0.4% |
| Other amounts payable | 47/48 | €153,965 | €114,241 | -€39,723 | -25.8% |
| Accrued charges and deferred income | 492/3 | €2,151 | €4,887 | +€2,736 | +127.2% |
| Remuneration, social security and pensions | 62 | €139,972 | €127,353 | -€12,619 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,304 | €15,856 | -€1,448 | -8.4% |
| Other operating charges | 640/8 | €9,174 | €9,655 | +€481 | +5.2% |
| Gross operating margin | 9900 | €180,503 | €167,696 | -€12,807 | -7.1% |
| Operating profit (loss) | 9901 | €14,053 | €14,833 | +€780 | +5.5% |
| Financial income | 75/76B | €8,543 | €4,826 | -€3,717 | -43.5% |
| Recurring financial income | 75 | €8,543 | €4,826 | -€3,717 | -43.5% |
| Financial charges | 65/66B | €21,282 | €14,504 | -€6,778 | -31.8% |
| Recurring financial charges | 65 | €21,282 | €14,504 | -€6,778 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €1,314 | €5,155 | +€3,841 | +292.2% |
| Profit (loss) for the period | 9904 | €1,314 | €5,155 | +€3,841 | +292.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,314 | €5,155 | +€3,841 | +292.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.