VARO INVEST: what changed
VARO INVEST
Largest movements
- Receivables within one year +€20,244
up €20,244 (+281%), from €7,205 to €27,449
of which Trade receivables: +€20,251
- Cash -€13,012
down €13,012 (-40.8%), from €31,876 to €18,864
mainly Receivables within one year (-€20,244) and Accrued charges and deferred income (-€3,459)
- Tangible fixed assets -€3,268
down €3,268 (-4.2%), from €77,300 to €74,033
- Profit (loss) carried forward +€8,835
up €8,835 (+24.1%), from -€36,601 to -€27,766
- Accrued charges and deferred income -€3,459
no longer reported in 2025 (was €3,459)
- Other operating charges -€4,843
down €4,843 (-45.9%), from €10,550 to €5,707
- Staff costs -€1,319
no longer reported in 2025 (was €1,319)
- Gross operating margin +€518
up €518 (+3.0%), from €17,111 to €17,629
- Financial income +€444
up €444 (+367%), from €121 to €565
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €116,518 | €120,482 | +€3,964 | +3.4% |
| Fixed assets | 21/28 | €77,437 | €74,169 | -€3,268 | -4.2% |
| Tangible fixed assets | 22/27 | €77,300 | €74,033 | -€3,268 | -4.2% |
| Land and buildings | 22 | €77,300 | €74,033 | -€3,268 | -4.2% |
| Financial fixed assets | 28 | €136 | €136 | = | 0.0% |
| Current assets | 29/58 | €39,081 | €46,313 | +€7,231 | +18.5% |
| Amounts receivable within one year | 40/41 | €7,205 | €27,449 | +€20,244 | +281% |
| Trade receivables | 40 | €7,169 | €27,421 | +€20,251 | +282% |
| Other amounts receivable | 41 | €36 | €28 | -€8 | -21.8% |
| Cash at bank and in hand | 54/58 | €31,876 | €18,864 | -€13,012 | -40.8% |
| Total equity and liabilities | 10/49 | €116,518 | €120,482 | +€3,964 | +3.4% |
| Equity | 10/15 | €85,421 | €94,256 | +€8,835 | +10.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €60,523 | €60,523 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,961 | €6,961 | = | 0.0% |
| Legal reserve | 130 | €6,961 | €6,961 | = | 0.0% |
| Distributable reserves | 133 | €53,562 | €53,562 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,601 | -€27,766 | +€8,835 | +24.1% |
| Amounts payable | 17/49 | €31,097 | €26,225 | -€4,871 | -15.7% |
| Amounts payable within one year | 42/48 | €27,638 | €26,225 | -€1,413 | -5.1% |
| Trade debts | 44 | €2,911 | €2,559 | -€352 | -12.1% |
| Suppliers | 440/4 | €2,911 | €2,559 | -€352 | -12.1% |
| Taxes, remuneration and social security | 45 | €1,681 | €1,171 | -€511 | -30.4% |
| Taxes | 450/3 | €1,681 | €1,171 | -€511 | -30.4% |
| Other amounts payable | 47/48 | €23,046 | €22,496 | -€550 | -2.4% |
| Accrued charges and deferred income | 492/3 | €3,459 | - | -€3,459 | |
| Remuneration, social security and pensions | 62 | €1,319 | - | -€1,319 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,268 | €3,268 | -€0 | 0.0% |
| Other operating charges | 640/8 | €10,550 | €5,707 | -€4,843 | -45.9% |
| Gross operating margin | 9900 | €17,111 | €17,629 | +€518 | +3.0% |
| Operating profit (loss) | 9901 | €1,974 | €8,654 | +€6,680 | +338% |
| Financial income | 75/76B | €121 | €565 | +€444 | +367% |
| Recurring financial income | 75 | €121 | €565 | +€444 | +367% |
| Financial charges | 65/66B | €470 | €384 | -€86 | -18.4% |
| Recurring financial charges | 65 | €470 | €384 | -€86 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €1,625 | €8,835 | +€7,210 | +444% |
| Profit (loss) for the period | 9904 | €1,625 | €8,835 | +€7,210 | +444% |
| Profit (loss) for the period to be appropriated | 9905 | €1,625 | €8,835 | +€7,210 | +444% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.