VARO & CO: 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 & CO
Largest movements
- Cash +€37,384
up €37,384 (+110%), from €34,109 to €71,493
mainly Net result for the year (+€31,864) and Tax, wage and social debts (+€9,486)
- Receivables within one year +€10,400
up €10,400 (+63.1%), from €16,482 to €26,882
of which Other amounts receivable: +€10,006
- Tangible fixed assets -€1,301
down €1,301 (-53.5%), from €2,433 to €1,133
- Reserves +€31,000
up €31,000 (+86.7%), from €35,775 to €66,775
- Tax, wage and social debts +€9,486
up €9,486 (+68.9%), from €13,764 to €23,250
of which Taxes: +€11,351
- Trade debts +€4,195
up €4,195 (+6,619%), from €63 to €4,258
- Gross operating margin +€13,817
up €13,817 (+39.3%), from €35,133 to €48,950
- Taxes +€4,550
up €4,550 (+49.6%), from €9,172 to €13,722
- Financial charges -€1,842
down €1,842 (-52.4%), from €3,516 to €1,674
- Depreciation -€885
down €885 (-40.5%), from €2,186 to €1,301
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 | €53,962 | €99,507 | +€45,545 | +84.4% |
| Fixed assets | 21/28 | €2,433 | €1,133 | -€1,301 | -53.5% |
| Tangible fixed assets | 22/27 | €2,433 | €1,133 | -€1,301 | -53.5% |
| Plant, machinery and equipment | 23 | €2,433 | €1,133 | -€1,301 | -53.5% |
| Current assets | 29/58 | €51,529 | €98,375 | +€46,846 | +90.9% |
| Amounts receivable within one year | 40/41 | €16,482 | €26,882 | +€10,400 | +63.1% |
| Trade receivables | 40 | €16,482 | €16,876 | +€394 | +2.4% |
| Other amounts receivable | 41 | - | €10,006 | +€10,006 | |
| Cash at bank and in hand | 54/58 | €34,109 | €71,493 | +€37,384 | +110% |
| Deferred charges and accrued income | 490/1 | €939 | €0 | -€939 | -100% |
| Total equity and liabilities | 10/49 | €53,962 | €99,507 | +€45,545 | +84.4% |
| Equity | 10/15 | €40,135 | €72,000 | +€31,864 | +79.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Contributions outside capital | 11 | €5,000 | - | -€5,000 | |
| Share premium | 1100/10 | €5,000 | - | -€5,000 | |
| Reserves | 13 | €35,775 | €66,775 | +€31,000 | +86.7% |
| Distributable reserves | 133 | €35,775 | €66,775 | +€31,000 | +86.7% |
| Profit (loss) carried forward | 14 | -€640 | €224 | +€864 | |
| Amounts payable | 17/49 | €13,827 | €27,508 | +€13,681 | +98.9% |
| Amounts payable within one year | 42/48 | €13,827 | €27,508 | +€13,681 | +98.9% |
| Trade debts | 44 | €63 | €4,258 | +€4,195 | +6,619% |
| Suppliers | 440/4 | €63 | €4,258 | +€4,195 | +6,619% |
| Taxes, remuneration and social security | 45 | €13,764 | €23,250 | +€9,486 | +68.9% |
| Taxes | 450/3 | €11,899 | €23,250 | +€11,351 | +95.4% |
| Remuneration and social security | 454/9 | €1,865 | - | -€1,865 | |
| Other amounts payable | 47/48 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,186 | €1,301 | -€885 | -40.5% |
| Other operating charges | 640/8 | €306 | €610 | +€304 | +99.2% |
| Gross operating margin | 9900 | €35,133 | €48,950 | +€13,817 | +39.3% |
| Operating profit (loss) | 9901 | €32,641 | €47,040 | +€14,398 | +44.1% |
| Financial income | 75/76B | - | €221 | +€221 | |
| Recurring financial income | 75 | - | €221 | +€221 | |
| Financial charges | 65/66B | €3,516 | €1,674 | -€1,842 | -52.4% |
| Recurring financial charges | 65 | €3,516 | €1,674 | -€1,842 | -52.4% |
| Profit (loss) for the period before taxes | 9903 | €29,125 | €45,586 | +€16,461 | +56.5% |
| Income taxes | 67/77 | €9,172 | €13,722 | +€4,550 | +49.6% |
| Profit (loss) for the period | 9904 | €19,953 | €31,864 | +€11,911 | +59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,953 | €31,864 | +€11,911 | +59.7% |
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 27 October 2026 via checked.be.