Varmaca: 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.
Varmaca
Largest movements
- Financial fixed assets +€2.0m
new in 2025: €2.0m
- Receivables within one year -€105,689
down €105,689 (-78.9%), from €133,873 to €28,184
of which Trade receivables: -€109,066
- Debts after one year +€1.4m
new in 2025: €1.4m
- Other debts +€302,399
up €302,399 (+737,558%), from €41 to €302,440
- Current portion of long-term debt +€103,133
new in 2025: €103,133
- Reserves +€88,452
up €88,452 (+57.7%), from €153,334 to €241,786
- Gross operating margin +€215,973
up €215,973 (+391%), from €55,265 to €271,237
- Financial income +€62,305
up €62,305 (+1,599%), from €3,895 to €66,200
- Financial charges +€43,937
up €43,937 (+2,614%), from €1,681 to €45,617
- Taxes +€40,455
up €40,455 (+364%), from €11,126 to €51,581
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 | €165,594 | €2,025,731 | +€1.9m | +1,123% |
| Fixed assets | 21/28 | €2,832 | €1,964,938 | +€2.0m | +69,292% |
| Tangible fixed assets | 22/27 | €2,832 | €3,094 | +€263 | +9.3% |
| Plant, machinery and equipment | 23 | €2,832 | €3,094 | +€263 | +9.3% |
| Financial fixed assets | 28 | - | €1,961,844 | +€2.0m | |
| Current assets | 29/58 | €162,762 | €60,792 | -€101,970 | -62.6% |
| Amounts receivable within one year | 40/41 | €133,873 | €28,184 | -€105,689 | -78.9% |
| Trade receivables | 40 | €133,831 | €24,765 | -€109,066 | -81.5% |
| Other amounts receivable | 41 | €42 | €3,419 | +€3,377 | +7,971% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €27,319 | €31,366 | +€4,047 | +14.8% |
| Deferred charges and accrued income | 490/1 | €1,570 | €1,242 | -€327 | -20.9% |
| Total equity and liabilities | 10/49 | €165,594 | €2,025,731 | +€1.9m | +1,123% |
| Equity | 10/15 | €156,334 | €244,786 | +€88,452 | +56.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €153,334 | €241,786 | +€88,452 | +57.7% |
| Distributable reserves | 133 | €153,334 | €241,786 | +€88,452 | +57.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,260 | €1,780,945 | +€1.8m | +19,134% |
| Amounts payable after more than one year | 17 | - | €1,364,998 | +€1.4m | |
| Financial debts | 170/4 | - | €1,364,998 | +€1.4m | |
| Amounts payable within one year | 42/48 | €7,015 | €414,454 | +€407,439 | +5,808% |
| Current portion of amounts payable after more than one year | 42 | - | €103,133 | +€103,133 | |
| Trade debts | 44 | €708 | €1,514 | +€806 | +114% |
| Suppliers | 440/4 | €708 | €1,514 | +€806 | +114% |
| Taxes, remuneration and social security | 45 | €6,266 | €7,366 | +€1,100 | +17.6% |
| Taxes | 450/3 | €4,066 | €5,166 | +€1,100 | +27.1% |
| Remuneration and social security | 454/9 | €2,200 | €2,200 | = | 0.0% |
| Other amounts payable | 47/48 | €41 | €302,440 | +€302,399 | +737,558% |
| Accrued charges and deferred income | 492/3 | €2,245 | €1,493 | -€752 | -33.5% |
| Non-recurring operating income | 76A | €5,882 | €0 | -€5,882 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €922 | €1,050 | +€128 | +13.9% |
| Other operating charges | 640/8 | €709 | €738 | +€29 | +4.0% |
| Gross operating margin | 9900 | €55,265 | €271,237 | +€215,973 | +391% |
| Operating profit (loss) | 9901 | €53,634 | €269,450 | +€215,816 | +402% |
| Financial income | 75/76B | €3,895 | €66,200 | +€62,305 | +1,599% |
| Recurring financial income | 75 | €3,895 | €66,200 | +€62,305 | +1,599% |
| Financial charges | 65/66B | €1,681 | €45,617 | +€43,937 | +2,614% |
| Recurring financial charges | 65 | €1,681 | €45,617 | +€43,937 | +2,614% |
| Profit (loss) for the period before taxes | 9903 | €55,849 | €290,033 | +€234,184 | +419% |
| Income taxes | 67/77 | €11,126 | €51,581 | +€40,455 | +364% |
| Profit (loss) for the period | 9904 | €44,723 | €238,452 | +€193,728 | +433% |
| Profit (loss) for the period to be appropriated | 9905 | €44,723 | €238,452 | +€193,728 | +433% |
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 15 October 2026 via checked.be.