Varo: 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.
Varo
Largest movements
- Receivables within one year +€23,017
up €23,017 (+117.0%), from €19,666 to €42,683
of which Other amounts receivable: +€14,279
- Cash -€15,149
down €15,149 (-38.9%), from €38,916 to €23,767
mainly Receivables within one year (-€23,017) and Short-term financial debts (-€7,079)
- Reserves +€16,997
up €16,997 (+81.9%), from €20,750 to €37,747
of which Distributable reserves: +€16,997
- Short-term financial debts -€7,079
no longer reported in 2025 (was €7,079)
- Tax, wage and social debts -€2,543
down €2,543 (-53.0%), from €4,795 to €2,252
- Trade debts +€1,266
up €1,266 (+115.3%), from €1,098 to €2,363
- Taxes +€8,457
up €8,457 (+177.5%), from €4,765 to €13,222
- Gross operating margin +€6,811
up €6,811 (+27.6%), from €24,690 to €31,501
- Financial charges -€5,914
down €5,914 (-100.0%), from €5,916 to €2
- Financial income +€1,100
new in 2025: €1,100
- Other operating charges +€444
up €444 (+46.2%), from €962 to €1,406
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 | €65,280 | €73,921 | +€8,641 | +13.2% |
| Fixed assets | 21/28 | €5,412 | €6,138 | +€726 | +13.4% |
| Tangible fixed assets | 22/27 | €5,412 | €6,138 | +€726 | +13.4% |
| Land and buildings | 22 | - | €1,572 | +€1,572 | |
| Furniture and vehicles | 24 | €1,869 | €1,415 | -€453 | -24.3% |
| Other tangible fixed assets | 26 | €3,543 | €3,150 | -€393 | -11.1% |
| Current assets | 29/58 | €59,868 | €67,783 | +€7,915 | +13.2% |
| Amounts receivable within one year | 40/41 | €19,666 | €42,683 | +€23,017 | +117.0% |
| Trade receivables | 40 | €2,171 | €10,908 | +€8,738 | +402.5% |
| Other amounts receivable | 41 | €17,495 | €31,775 | +€14,279 | +81.6% |
| Cash at bank and in hand | 54/58 | €38,916 | €23,767 | -€15,149 | -38.9% |
| Deferred charges and accrued income | 490/1 | €1,286 | €1,333 | +€47 | +3.6% |
| Total equity and liabilities | 10/49 | €65,280 | €73,921 | +€8,641 | +13.2% |
| Equity | 10/15 | €52,308 | €69,305 | +€16,997 | +32.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €20,750 | €37,747 | +€16,997 | +81.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | - | €16,997 | +€16,997 | |
| Profit (loss) carried forward | 14 | €19,158 | €19,158 | = | 0.0% |
| Amounts payable | 17/49 | €12,972 | €4,615 | -€8,357 | -64.4% |
| Amounts payable within one year | 42/48 | €12,972 | €4,615 | -€8,357 | -64.4% |
| Financial debts | 43 | €7,079 | - | -€7,079 | |
| Credit institutions | 430/8 | €7,079 | - | -€7,079 | |
| Trade debts | 44 | €1,098 | €2,363 | +€1,266 | +115.3% |
| Suppliers | 440/4 | €1,098 | €2,363 | +€1,266 | +115.3% |
| Taxes, remuneration and social security | 45 | €4,795 | €2,252 | -€2,543 | -53.0% |
| Taxes | 450/3 | €4,795 | €2,252 | -€2,543 | -53.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €685 | €974 | +€289 | +42.3% |
| Other operating charges | 640/8 | €962 | €1,406 | +€444 | +46.2% |
| Gross operating margin | 9900 | €24,690 | €31,501 | +€6,811 | +27.6% |
| Operating profit (loss) | 9901 | €23,044 | €29,121 | +€6,077 | +26.4% |
| Financial income | 75/76B | - | €1,100 | +€1,100 | |
| Recurring financial income | 75 | - | €1,100 | +€1,100 | |
| Financial charges | 65/66B | €5,916 | €2 | -€5,914 | -100.0% |
| Recurring financial charges | 65 | €5,916 | €2 | -€5,914 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €17,128 | €30,219 | +€13,091 | +76.4% |
| Income taxes | 67/77 | €4,765 | €13,222 | +€8,457 | +177.5% |
| Profit (loss) for the period | 9904 | €12,364 | €16,997 | +€4,634 | +37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,364 | €16,997 | +€4,634 | +37.5% |
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 12 October 2026 via checked.be.