VARODEM: 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.
What changed
VARODEM
NACE 14.210, Manufacture of outerwear
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€581,426
2024 · €174,406+€407,020
Equity
€4.1m
2024 · €3.6m+€481,146
Cash
€773,746
2024 · €623,604+€150,142
Balance sheet total
€5.0m
2024 · €4.6m+€361,606
Largest movements
Assets
- Current investments +€600,000
up €600,000 (+50.0%), from €1.2m to €1.8m
- Stocks and contracts -€265,117
down €265,117 (-16.6%), from €1.6m to €1.3m
- Cash +€150,142
up €150,142 (+24.1%), from €623,604 to €773,746
mainly Net result for the year (+€581,426) and Stocks and contracts (+€265,117)
- Receivables within one year -€98,218
down €98,218 (-11.3%), from €867,996 to €769,779
of which Trade receivables: -€72,952
Equity and liabilities
- Profit (loss) carried forward +€481,146
up €481,146 (+13.6%), from €3.5m to €4.0m
- Trade debts -€230,676
down €230,676 (-37.0%), from €623,116 to €392,441
- Tax, wage and social debts +€111,057
up €111,057 (+32.1%), from €346,223 to €457,280
of which Taxes: +€91,214
Income statement
- Goods and materials -€415,701
down €415,701 (-11.3%), from €3.7m to €3.3m
of which Purchases: -€791,234
- Services and other goods -€396,171
down €396,171 (-13.5%), from €2.9m to €2.5m
- Taxes +€150,751
up €150,751 (+174.8%), from €86,242 to €236,993
- Staff costs +€121,889
up €121,889 (+4.9%), from €2.5m to €2.6m
- Turnover -€95,254
down €95,254 (-1.1%), from €8.5m to €8.4m
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.
Result 2024
€174,406
Turnover
-€95,254
Other operating income
+€41,673
Goods and materials
+€415,701
Services and other goods
+€396,171
Staff costs
-€121,889
Depreciation
+€1,965
Write-downs
-€3,800
Other operating charges
-€7,643
Other operating items
-€17,156
Financial income
-€29,806
Financial charges
-€22,191
Taxes
-€150,751
Result 2025
€581,426
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.
From operations
+€894,996
Investment
-€644,574
Financing
-€100,280
Cash 2024
€623,604
From operations (derived)
+€894,996
Net result for the year
+€581,426
Depreciation
+€79,303
Stocks and contracts
+€265,117
Receivables within one year
+€98,218
Deferred charges and accrued income
-€9,528
Trade debts
-€230,676
Tax, wage and social debts
+€111,057
Accrued charges and deferred income
+€78
Investment (derived)
-€644,574
Investment in fixed assets (net)
-€44,574
Current investments
-€600,000
Financing
-€100,280
Contributions, distributions and other
-€100,280
Cash 2025
€773,746
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,615,324 | €4,976,930 | +€361,606 | +7.8% |
| Fixed assets | 21/28 | €317,999 | €283,270 | -€34,729 | -10.9% |
| Tangible fixed assets | 22/27 | €307,752 | €273,110 | -€34,642 | -11.3% |
| Plant, machinery and equipment | 23 | €112,446 | €103,679 | -€8,767 | -7.8% |
| Furniture and vehicles | 24 | €85,452 | €72,213 | -€13,239 | -15.5% |
| Other tangible fixed assets | 26 | €109,854 | €97,218 | -€12,636 | -11.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €10,247 | €10,160 | -€87 | -0.8% |
| Affiliated companies | 280/1 | €10,000 | €10,000 | = | 0.0% |
| Participating interests | 280 | €10,000 | €10,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €247 | €160 | -€87 | -35.2% |
| Amounts receivable and cash guarantees | 285/8 | €247 | €160 | -€87 | -35.2% |
| Current assets | 29/58 | €4,297,325 | €4,693,660 | +€396,335 | +9.2% |
| Stocks and contracts in progress | 3 | €1,595,967 | €1,330,850 | -€265,117 | -16.6% |
| Stocks | 30/36 | €1,595,967 | €1,330,850 | -€265,117 | -16.6% |
| Raw materials and consumables | 30/31 | €989,695 | €919,694 | -€70,001 | -7.1% |
| Finished goods | 33 | €96,837 | €123,981 | +€27,144 | +28.0% |
| Goods purchased for resale | 34 | €509,435 | €287,174 | -€222,260 | -43.6% |
| Amounts receivable within one year | 40/41 | €867,996 | €769,779 | -€98,218 | -11.3% |
| Trade receivables | 40 | €799,505 | €726,552 | -€72,952 | -9.1% |
| Other amounts receivable | 41 | €68,492 | €43,226 | -€25,265 | -36.9% |
| Current investments | 50/53 | €1,200,000 | €1,800,000 | +€600,000 | +50.0% |
| Other investments | 51/53 | €1,200,000 | €1,800,000 | +€600,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €623,604 | €773,746 | +€150,142 | +24.1% |
| Deferred charges and accrued income | 490/1 | €9,758 | €19,286 | +€9,528 | +97.6% |
| Total equity and liabilities | 10/49 | €4,615,324 | €4,976,930 | +€361,606 | +7.8% |
| Equity | 10/15 | €3,645,714 | €4,126,860 | +€481,146 | +13.2% |
| Contributions | 10/11 | €108,128 | €108,128 | = | 0.0% |
| Capital | 10 | €108,128 | €108,128 | = | 0.0% |
| Issued capital | 100 | €108,128 | €108,128 | = | 0.0% |
| Reserves | 13 | €10,813 | €10,813 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,813 | €10,813 | = | 0.0% |
| Legal reserve | 130 | €10,813 | €10,813 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,526,773 | €4,007,919 | +€481,146 | +13.6% |
| Amounts payable | 17/49 | €969,610 | €850,070 | -€119,540 | -12.3% |
| Amounts payable within one year | 42/48 | €969,340 | €849,721 | -€119,619 | -12.3% |
| Trade debts | 44 | €623,116 | €392,441 | -€230,676 | -37.0% |
| Suppliers | 440/4 | €623,116 | €392,441 | -€230,676 | -37.0% |
| Taxes, remuneration and social security | 45 | €346,223 | €457,280 | +€111,057 | +32.1% |
| Taxes | 450/3 | €48,488 | €139,703 | +€91,214 | +188.1% |
| Remuneration and social security | 454/9 | €297,735 | €317,578 | +€19,843 | +6.7% |
| Accrued charges and deferred income | 492/3 | €271 | €349 | +€78 | +28.9% |
| Operating income | 70/76A | €9,524,960 | €9,454,224 | -€70,736 | -0.7% |
| Turnover | 70 | €8,513,957 | €8,418,703 | -€95,254 | -1.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €43,065 | €27,144 | -€15,920 | -37.0% |
| Other operating income | 74 | €966,703 | €1,008,376 | +€41,673 | +4.3% |
| Non-recurring operating income | 76A | €1,235 | €0 | -€1,235 | -100.0% |
| Operating charges | 60/66A | €9,199,269 | €8,518,764 | -€680,506 | -7.4% |
| Goods for resale, raw materials and consumables | 60 | €3,678,537 | €3,262,835 | -€415,701 | -11.3% |
| Purchases | 600/8 | €3,761,809 | €2,970,574 | -€791,234 | -21.0% |
| Change in stocks: decrease (increase) | 609 | -€83,272 | €292,261 | +€375,533 | |
| Services and other goods | 61 | €2,929,108 | €2,532,937 | -€396,171 | -13.5% |
| Remuneration, social security and pensions | 62 | €2,511,011 | €2,632,900 | +€121,889 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,268 | €79,303 | -€1,965 | -2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,800 | €2,000 | +€3,800 | |
| Other operating charges | 640/8 | €1,146 | €8,788 | +€7,643 | +667.2% |
| Operating profit (loss) | 9901 | €325,691 | €935,460 | +€609,769 | +187.2% |
| Financial income | 75/76B | €129,200 | €99,394 | -€29,806 | -23.1% |
| Recurring financial income | 75 | €129,200 | €99,394 | -€29,806 | -23.1% |
| Income from current assets | 751 | €36,083 | €32,778 | -€3,305 | -9.2% |
| Other financial income | 752/9 | €93,117 | €66,616 | -€26,501 | -28.5% |
| Financial charges | 65/66B | €194,243 | €216,435 | +€22,191 | +11.4% |
| Recurring financial charges | 65 | €194,243 | €216,435 | +€22,191 | +11.4% |
| Other financial charges | 652/9 | €194,243 | €216,435 | +€22,191 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €260,648 | €818,420 | +€557,772 | +214.0% |
| Income taxes | 67/77 | €86,242 | €236,993 | +€150,751 | +174.8% |
| Taxes | 670/3 | €86,242 | €236,993 | +€150,751 | +174.8% |
| Profit (loss) for the period | 9904 | €174,406 | €581,426 | +€407,020 | +233.4% |
| Profit (loss) for the period to be appropriated | 9905 | €174,406 | €581,426 | +€407,020 | +233.4% |
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.