VARO-IMMO: 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-IMMO
Largest movements
- Cash -€50,334
down €50,334 (-27.1%), from €185,928 to €135,594
mainly Contributions, distributions and other (-€109,900) and Debts after one year (-€63,862)
- Tangible fixed assets -€27,698
down €27,698 (-3.9%), from €710,586 to €682,888
of which Land and buildings: -€32,389
- Debts after one year -€63,862
down €63,862 (-14.5%), from €440,569 to €376,707
- Short-term financial debts -€30,000
down €30,000 (-100%), from €30,000 to €0
- Tax, wage and social debts +€13,402
up €13,402 (+25.2%), from €53,259 to €66,662
of which Taxes: +€10,099
- Staff costs +€28,569
up €28,569 (+8.1%), from €350,721 to €379,290
- Depreciation -€25,824
down €25,824 (-36.5%), from €70,689 to €44,865
- Gross operating margin +€11,938
up €11,938 (+2.0%), from €601,233 to €613,171
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 | €969,413 | €898,329 | -€71,084 | -7.3% |
| Fixed assets | 21/28 | €711,566 | €683,567 | -€27,999 | -3.9% |
| Intangible fixed assets | 21 | €980 | €679 | -€301 | -30.7% |
| Tangible fixed assets | 22/27 | €710,586 | €682,888 | -€27,698 | -3.9% |
| Land and buildings | 22 | €679,576 | €647,187 | -€32,389 | -4.8% |
| Plant, machinery and equipment | 23 | €6,520 | €4,424 | -€2,096 | -32.2% |
| Furniture and vehicles | 24 | €7,844 | €18,744 | +€10,900 | +139% |
| Other tangible fixed assets | 26 | €16,646 | €12,533 | -€4,113 | -24.7% |
| Current assets | 29/58 | €257,846 | €214,762 | -€43,085 | -16.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €2,333 | €11,690 | +€9,357 | +401% |
| Other amounts receivable | 41 | €2,333 | €11,690 | +€9,357 | +401% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €185,928 | €135,594 | -€50,334 | -27.1% |
| Deferred charges and accrued income | 490/1 | €69,585 | €67,477 | -€2,108 | -3.0% |
| Total equity and liabilities | 10/49 | €969,413 | €898,329 | -€71,084 | -7.3% |
| Equity | 10/15 | €255,452 | €255,452 | = | 0.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €180,452 | €180,452 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €172,952 | €172,952 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €713,961 | €642,876 | -€71,084 | -10.0% |
| Amounts payable after more than one year | 17 | €440,569 | €376,707 | -€63,862 | -14.5% |
| Financial debts | 170/4 | €440,569 | €376,707 | -€63,862 | -14.5% |
| Amounts payable within one year | 42/48 | €273,392 | €266,169 | -€7,223 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €61,808 | €63,862 | +€2,053 | +3.3% |
| Financial debts | 43 | €30,000 | €0 | -€30,000 | -100% |
| Credit institutions | 430/8 | €30,000 | €0 | -€30,000 | -100% |
| Trade debts | 44 | €27,317 | €25,507 | -€1,809 | -6.6% |
| Suppliers | 440/4 | €27,317 | €25,507 | -€1,809 | -6.6% |
| Taxes, remuneration and social security | 45 | €53,259 | €66,662 | +€13,402 | +25.2% |
| Taxes | 450/3 | €16,560 | €26,659 | +€10,099 | +61.0% |
| Remuneration and social security | 454/9 | €36,699 | €40,002 | +€3,303 | +9.0% |
| Other amounts payable | 47/48 | €101,007 | €110,138 | +€9,131 | +9.0% |
| Remuneration, social security and pensions | 62 | €350,721 | €379,290 | +€28,569 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,689 | €44,865 | -€25,824 | -36.5% |
| Other operating charges | 640/8 | €4,665 | €7,656 | +€2,992 | +64.1% |
| Gross operating margin | 9900 | €601,233 | €613,171 | +€11,938 | +2.0% |
| Operating profit (loss) | 9901 | €175,158 | €181,359 | +€6,201 | +3.5% |
| Financial income | 75/76B | €357 | €1,221 | +€864 | +242% |
| Recurring financial income | 75 | €357 | €1,221 | +€864 | +242% |
| Financial charges | 65/66B | €19,377 | €17,992 | -€1,384 | -7.1% |
| Recurring financial charges | 65 | €19,377 | €17,992 | -€1,384 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €156,138 | €164,587 | +€8,450 | +5.4% |
| Income taxes | 67/77 | €50,509 | €54,687 | +€4,178 | +8.3% |
| Profit (loss) for the period | 9904 | €105,628 | €109,900 | +€4,272 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €105,628 | €109,900 | +€4,272 | +4.0% |
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 25 October 2026 via checked.be.