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
- Tangible fixed assets +€45,866
up €45,866 (+9.2%), from €496,166 to €542,031
of which Furniture and vehicles: +€64,252
- Cash -€30,975
down €30,975 (-43.2%), from €71,769 to €40,794
mainly Investment in fixed assets (net) (-€80,742) and Debts after one year (-€58,718)
- Receivables within one year +€30,528
up €30,528 (+1,285%), from €2,376 to €32,904
- Current investments -€30,000
down €30,000 (-75.0%), from €40,000 to €10,000
- Debts after one year -€58,718
down €58,718 (-12.3%), from €477,995 to €419,277
- Profit (loss) carried forward +€34,593
up €34,593 (+25.4%), from €136,183 to €170,777
- Other debts +€25,000
new in 2025: €25,000
- Current portion of long-term debt +€14,082
up €14,082 (+44.9%), from €31,339 to €45,422
- Depreciation +€16,148
up €16,148 (+86.2%), from €18,728 to €34,877
- Gross operating margin -€13,479
down €13,479 (-13.3%), from €101,036 to €87,556
- Taxes -€4,601
down €4,601 (-34.3%), from €13,426 to €8,825
- Other operating charges -€4,563
down €4,563 (-52.7%), from €8,653 to €4,089
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 | €679,471 | €694,889 | +€15,419 | +2.3% |
| Fixed assets | 21/28 | €565,326 | €611,191 | +€45,866 | +8.1% |
| Tangible fixed assets | 22/27 | €496,166 | €542,031 | +€45,866 | +9.2% |
| Land and buildings | 22 | €495,482 | €477,096 | -€18,387 | -3.7% |
| Furniture and vehicles | 24 | €684 | €64,936 | +€64,252 | +9,398% |
| Financial fixed assets | 28 | €69,160 | €69,160 | = | 0.0% |
| Current assets | 29/58 | €114,145 | €83,698 | -€30,447 | -26.7% |
| Amounts receivable within one year | 40/41 | €2,376 | €32,904 | +€30,528 | +1,285% |
| Other amounts receivable | 41 | €2,376 | €32,904 | +€30,528 | +1,285% |
| Current investments | 50/53 | €40,000 | €10,000 | -€30,000 | -75.0% |
| Cash at bank and in hand | 54/58 | €71,769 | €40,794 | -€30,975 | -43.2% |
| Total equity and liabilities | 10/49 | €679,471 | €694,889 | +€15,419 | +2.3% |
| Equity | 10/15 | €137,183 | €171,777 | +€34,593 | +25.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €136,183 | €170,777 | +€34,593 | +25.4% |
| Amounts payable | 17/49 | €542,287 | €523,113 | -€19,175 | -3.5% |
| Amounts payable after more than one year | 17 | €477,995 | €419,277 | -€58,718 | -12.3% |
| Financial debts | 170/4 | €477,995 | €419,277 | -€58,718 | -12.3% |
| Amounts payable within one year | 42/48 | €59,936 | €99,479 | +€39,543 | +66.0% |
| Current portion of amounts payable after more than one year | 42 | €31,339 | €45,422 | +€14,082 | +44.9% |
| Trade debts | 44 | €11,338 | €13,073 | +€1,735 | +15.3% |
| Suppliers | 440/4 | €11,338 | €13,073 | +€1,735 | +15.3% |
| Taxes, remuneration and social security | 45 | €17,258 | €15,985 | -€1,274 | -7.4% |
| Taxes | 450/3 | €17,258 | €15,931 | -€1,328 | -7.7% |
| Remuneration and social security | 454/9 | - | €54 | +€54 | |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Accrued charges and deferred income | 492/3 | €4,356 | €4,356 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,728 | €34,877 | +€16,148 | +86.2% |
| Other operating charges | 640/8 | €8,653 | €4,089 | -€4,563 | -52.7% |
| Gross operating margin | 9900 | €101,036 | €87,556 | -€13,479 | -13.3% |
| Operating profit (loss) | 9901 | €73,655 | €48,590 | -€25,064 | -34.0% |
| Financial income | 75/76B | €1,200 | €1,494 | +€294 | +24.5% |
| Recurring financial income | 75 | €1,200 | €1,494 | +€294 | +24.5% |
| Financial charges | 65/66B | €6,750 | €6,667 | -€83 | -1.2% |
| Recurring financial charges | 65 | €6,750 | €6,667 | -€83 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €68,105 | €43,418 | -€24,687 | -36.2% |
| Income taxes | 67/77 | €13,426 | €8,825 | -€4,601 | -34.3% |
| Profit (loss) for the period | 9904 | €54,679 | €34,593 | -€20,086 | -36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,679 | €34,593 | -€20,086 | -36.7% |
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 14 October 2026 via checked.be.