VARNO: 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.
VARNO
Largest movements
- Deferred charges and accrued income +€4,167
up €4,167 (+3740.5%), from €111 to €4,278
- Cash -€3,202
down €3,202 (-32.4%), from €9,889 to €6,687
mainly Tax, wage and social debts (-€4,538) and Deferred charges and accrued income (-€4,167)
- Tangible fixed assets -€2,763
down €2,763 (-12.9%), from €21,498 to €18,736
of which Land and buildings: -€1,726
- Receivables within one year -€740
down €740 (-2.9%), from €25,174 to €24,434
of which Trade receivables: -€1,856
- Profit (loss) carried forward +€4,872
new in 2025: €4,872
- Tax, wage and social debts -€4,538
down €4,538 (-34.8%), from €13,046 to €8,508
- Trade debts -€2,872
down €2,872 (-32.9%), from €8,730 to €5,858
- Gross operating margin -€40,373
down €40,373 (-76.0%), from €53,110 to €12,738
- Taxes -€10,972
down €10,972 (-80.8%), from €13,582 to €2,610
- Financial charges -€2,035
down €2,035 (-45.9%), from €4,434 to €2,399
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 | €56,673 | €54,135 | -€2,538 | -4.5% |
| Fixed assets | 21/28 | €21,498 | €18,736 | -€2,763 | -12.9% |
| Tangible fixed assets | 22/27 | €21,498 | €18,736 | -€2,763 | -12.9% |
| Land and buildings | 22 | €16,944 | €15,218 | -€1,726 | -10.2% |
| Plant, machinery and equipment | 23 | €269 | €205 | -€65 | -24.0% |
| Furniture and vehicles | 24 | €4,285 | €3,313 | -€972 | -22.7% |
| Current assets | 29/58 | €35,175 | €35,399 | +€224 | +0.6% |
| Amounts receivable within one year | 40/41 | €25,174 | €24,434 | -€740 | -2.9% |
| Trade receivables | 40 | €23,035 | €21,180 | -€1,856 | -8.1% |
| Other amounts receivable | 41 | €2,139 | €3,255 | +€1,116 | +52.2% |
| Cash at bank and in hand | 54/58 | €9,889 | €6,687 | -€3,202 | -32.4% |
| Deferred charges and accrued income | 490/1 | €111 | €4,278 | +€4,167 | +3740.5% |
| Total equity and liabilities | 10/49 | €56,673 | €54,135 | -€2,538 | -4.5% |
| Equity | 10/15 | €34,897 | €39,769 | +€4,872 | +14.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €31,897 | €31,897 | = | 0.0% |
| Distributable reserves | 133 | €31,897 | €31,897 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €4,872 | +€4,872 | |
| Amounts payable | 17/49 | €21,776 | €14,366 | -€7,410 | -34.0% |
| Amounts payable within one year | 42/48 | €21,776 | €14,366 | -€7,410 | -34.0% |
| Trade debts | 44 | €8,730 | €5,858 | -€2,872 | -32.9% |
| Suppliers | 440/4 | €8,730 | €5,858 | -€2,872 | -32.9% |
| Taxes, remuneration and social security | 45 | €13,046 | €8,508 | -€4,538 | -34.8% |
| Taxes | 450/3 | €13,046 | €8,508 | -€4,538 | -34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,670 | €2,763 | +€93 | +3.5% |
| Other operating charges | 640/8 | €538 | €217 | -€320 | -59.6% |
| Gross operating margin | 9900 | €53,110 | €12,738 | -€40,373 | -76.0% |
| Operating profit (loss) | 9901 | €49,903 | €9,757 | -€40,145 | -80.4% |
| Financial income | 75/76B | €11 | €124 | +€113 | +999.7% |
| Recurring financial income | 75 | €11 | €124 | +€113 | +999.7% |
| Financial charges | 65/66B | €4,434 | €2,399 | -€2,035 | -45.9% |
| Recurring financial charges | 65 | €4,434 | €2,399 | -€2,035 | -45.9% |
| Profit (loss) for the period before taxes | 9903 | €45,479 | €7,482 | -€37,997 | -83.5% |
| Income taxes | 67/77 | €13,582 | €2,610 | -€10,972 | -80.8% |
| Profit (loss) for the period | 9904 | €31,897 | €4,872 | -€27,026 | -84.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,897 | €4,872 | -€27,026 | -84.7% |
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 10 October 2026 via checked.be.