VAROCON: 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.
VAROCON
Largest movements
- Cash +€28,062
up €28,062 (+41.8%), from €67,056 to €95,118
mainly Other debts (+€53,368) and Depreciation (+€24,757)
- Tangible fixed assets -€24,027
down €24,027 (-27.1%), from €88,778 to €64,750
of which Furniture and vehicles: -€23,307
- Receivables within one year +€5,714
up €5,714 (+154.1%), from €3,707 to €9,421
of which Other amounts receivable: +€2,945
- Current investments +€4,859
up €4,859 (+4.6%), from €104,999 to €109,859
- Deferred charges and accrued income -€3,864
down €3,864 (-97.1%), from €3,981 to €117
- Other debts +€53,368
up €53,368 (+592.1%), from €9,013 to €62,382
- Reserves -€48,135
down €48,135 (-20.7%), from €232,620 to €184,486
of which Distributable reserves: -€48,135
- Accrued charges and deferred income +€4,897
up €4,897 (+97.9%), from €4,999 to €9,896
- Gross operating margin -€7,289
down €7,289 (-15.3%), from €47,521 to €40,232
- Financial income +€1,721
up €1,721 (+33952.5%), from €5 to €1,726
- Taxes +€1,179
up €1,179 (+22.1%), from €5,338 to €6,517
- Depreciation -€520
down €520 (-2.1%), from €25,277 to €24,757
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 | €268,521 | €279,264 | +€10,743 | +4.0% |
| Fixed assets | 21/28 | €88,778 | €64,750 | -€24,027 | -27.1% |
| Tangible fixed assets | 22/27 | €88,778 | €64,750 | -€24,027 | -27.1% |
| Plant, machinery and equipment | 23 | €976 | €255 | -€721 | -73.8% |
| Furniture and vehicles | 24 | €87,802 | €64,495 | -€23,307 | -26.5% |
| Current assets | 29/58 | €179,744 | €214,514 | +€34,770 | +19.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €3,707 | €9,421 | +€5,714 | +154.1% |
| Trade receivables | 40 | €1,046 | €3,814 | +€2,769 | +264.8% |
| Other amounts receivable | 41 | €2,662 | €5,607 | +€2,945 | +110.7% |
| Current investments | 50/53 | €104,999 | €109,859 | +€4,859 | +4.6% |
| Cash at bank and in hand | 54/58 | €67,056 | €95,118 | +€28,062 | +41.8% |
| Deferred charges and accrued income | 490/1 | €3,981 | €117 | -€3,864 | -97.1% |
| Total equity and liabilities | 10/49 | €268,521 | €279,264 | +€10,743 | +4.0% |
| Equity | 10/15 | €245,020 | €196,886 | -€48,135 | -19.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €232,620 | €184,486 | -€48,135 | -20.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €230,760 | €182,626 | -€48,135 | -20.9% |
| Amounts payable | 17/49 | €23,501 | €82,379 | +€58,878 | +250.5% |
| Amounts payable within one year | 42/48 | €18,502 | €72,483 | +€53,981 | +291.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,243 | €3,592 | +€1,350 | +60.2% |
| Suppliers | 440/4 | €2,243 | €3,592 | +€1,350 | +60.2% |
| Taxes, remuneration and social security | 45 | €7,246 | €6,509 | -€737 | -10.2% |
| Taxes | 450/3 | €7,246 | €6,509 | -€737 | -10.2% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €9,013 | €62,382 | +€53,368 | +592.1% |
| Accrued charges and deferred income | 492/3 | €4,999 | €9,896 | +€4,897 | +97.9% |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,277 | €24,757 | -€520 | -2.1% |
| Other operating charges | 640/8 | €1,388 | €1,123 | -€265 | -19.1% |
| Gross operating margin | 9900 | €47,521 | €40,232 | -€7,289 | -15.3% |
| Operating profit (loss) | 9901 | €20,856 | €14,352 | -€6,504 | -31.2% |
| Financial income | 75/76B | €5 | €1,726 | +€1,721 | +33952.5% |
| Recurring financial income | 75 | €5 | €1,726 | +€1,721 | +33952.5% |
| Financial charges | 65/66B | €1,144 | €748 | -€396 | -34.6% |
| Recurring financial charges | 65 | €1,144 | €748 | -€396 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €19,717 | €15,330 | -€4,387 | -22.2% |
| Income taxes | 67/77 | €5,338 | €6,517 | +€1,179 | +22.1% |
| Profit (loss) for the period | 9904 | €14,378 | €8,813 | -€5,565 | -38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,378 | €8,813 | -€5,565 | -38.7% |
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 4 October 2026 via checked.be.