VARO: 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.
VARO
Largest movements
- Cash +€18,348
up €18,348 (+109.7%), from €16,718 to €35,066
mainly Net result for the year (+€11,000) and Depreciation (+€8,115)
- Tangible fixed assets -€8,115
down €8,115 (-6.3%), from €128,344 to €120,229
- Reserves +€11,000
up €11,000 (+39.9%), from €27,571 to €38,572
- Financial charges -€600
down €600 (-11.2%), from €5,372 to €4,772
- Gross operating margin +€535
up €535 (+1.9%), from €28,474 to €29,009
- Financial income -€475
down €475 (-20.1%), from €2,361 to €1,887
- Taxes +€368
up €368 (+7.7%), from €4,774 to €5,142
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 | €246,623 | €256,986 | +€10,363 | +4.2% |
| Fixed assets | 21/28 | €128,344 | €120,229 | -€8,115 | -6.3% |
| Tangible fixed assets | 22/27 | €128,344 | €120,229 | -€8,115 | -6.3% |
| Land and buildings | 22 | €128,344 | €120,229 | -€8,115 | -6.3% |
| Current assets | 29/58 | €118,279 | €136,757 | +€18,478 | +15.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €934 | €1,358 | +€423 | +45.3% |
| Other amounts receivable | 41 | €934 | €1,358 | +€423 | +45.3% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,718 | €35,066 | +€18,348 | +109.7% |
| Deferred charges and accrued income | 490/1 | €627 | €333 | -€293 | -46.8% |
| Total equity and liabilities | 10/49 | €246,623 | €256,986 | +€10,363 | +4.2% |
| Equity | 10/15 | €175,230 | €186,230 | +€11,000 | +6.3% |
| Contributions | 10/11 | €147,658 | €147,658 | = | 0.0% |
| Reserves | 13 | €27,571 | €38,572 | +€11,000 | +39.9% |
| Distributable reserves | 133 | €27,571 | €38,572 | +€11,000 | +39.9% |
| Amounts payable | 17/49 | €71,393 | €70,756 | -€638 | -0.9% |
| Amounts payable within one year | 42/48 | €71,205 | €70,656 | -€550 | -0.8% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €71,205 | €70,656 | -€550 | -0.8% |
| Accrued charges and deferred income | 492/3 | €188 | €100 | -€88 | -46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,362 | €8,115 | -€247 | -3.0% |
| Other operating charges | 640/8 | €1,812 | €1,866 | +€54 | +3.0% |
| Gross operating margin | 9900 | €28,474 | €29,009 | +€535 | +1.9% |
| Operating profit (loss) | 9901 | €18,299 | €19,028 | +€728 | +4.0% |
| Financial income | 75/76B | €2,361 | €1,887 | -€475 | -20.1% |
| Recurring financial income | 75 | €2,361 | €1,887 | -€475 | -20.1% |
| Financial charges | 65/66B | €5,372 | €4,772 | -€600 | -11.2% |
| Recurring financial charges | 65 | €5,372 | €4,772 | -€600 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €15,289 | €16,142 | +€854 | +5.6% |
| Income taxes | 67/77 | €4,774 | €5,142 | +€368 | +7.7% |
| Profit (loss) for the period | 9904 | €10,515 | €11,000 | +€486 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,515 | €11,000 | +€486 | +4.6% |
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 6 October 2026 via checked.be.