VaRoK M&C: 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.
VaRoK M&C
Largest movements
- Cash +€105,674
up €105,674 (+104%), from €101,225 to €206,899
mainly Other debts (+€154,839) and Net result for the year (+€76,448)
- Tangible fixed assets -€18,684
down €18,684 (-4.2%), from €444,802 to €426,118
of which Furniture and vehicles: -€16,787
- Receivables within one year -€10,568
down €10,568 (-20.4%), from €51,908 to €41,341
of which Trade receivables: -€18,999
- Other debts +€154,839
up €154,839 (+121%), from €127,870 to €282,709
- Reserves -€90,219
down €90,219 (-11.5%), from €781,719 to €691,500
- Tax, wage and social debts +€23,667
up €23,667 (+63.8%), from €37,083 to €60,750
- Trade debts -€11,088
down €11,088 (-64.2%), from €17,275 to €6,187
- Gross operating margin +€19,902
up €19,902 (+16.7%), from €119,272 to €139,174
- Taxes +€6,490
up €6,490 (+22.0%), from €29,555 to €36,045
- Depreciation +€5,198
up €5,198 (+23.8%), from €21,835 to €27,033
- Financial income +€2,785
up €2,785 (+186%), from €1,500 to €4,285
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 | €976,346 | €1,053,546 | +€77,199 | +7.9% |
| Fixed assets | 21/28 | €444,802 | €426,118 | -€18,684 | -4.2% |
| Tangible fixed assets | 22/27 | €444,802 | €426,118 | -€18,684 | -4.2% |
| Land and buildings | 22 | €389,092 | €387,195 | -€1,897 | -0.5% |
| Furniture and vehicles | 24 | €55,710 | €38,923 | -€16,787 | -30.1% |
| Current assets | 29/58 | €531,545 | €627,428 | +€95,883 | +18.0% |
| Amounts receivable within one year | 40/41 | €51,908 | €41,341 | -€10,568 | -20.4% |
| Trade receivables | 40 | €35,329 | €16,330 | -€18,999 | -53.8% |
| Other amounts receivable | 41 | €16,579 | €25,011 | +€8,431 | +50.9% |
| Current investments | 50/53 | €376,038 | €379,027 | +€2,989 | +0.8% |
| Cash at bank and in hand | 54/58 | €101,225 | €206,899 | +€105,674 | +104% |
| Deferred charges and accrued income | 490/1 | €2,374 | €161 | -€2,213 | -93.2% |
| Total equity and liabilities | 10/49 | €976,346 | €1,053,546 | +€77,199 | +7.9% |
| Equity | 10/15 | €794,119 | €703,900 | -€90,219 | -11.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €781,719 | €691,500 | -€90,219 | -11.5% |
| Distributable reserves | 133 | €781,719 | €691,500 | -€90,219 | -11.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €182,227 | €349,645 | +€167,418 | +91.9% |
| Amounts payable within one year | 42/48 | €182,227 | €349,645 | +€167,418 | +91.9% |
| Trade debts | 44 | €17,275 | €6,187 | -€11,088 | -64.2% |
| Suppliers | 440/4 | €17,275 | €6,187 | -€11,088 | -64.2% |
| Taxes, remuneration and social security | 45 | €37,083 | €60,750 | +€23,667 | +63.8% |
| Taxes | 450/3 | €37,083 | €60,750 | +€23,667 | +63.8% |
| Other amounts payable | 47/48 | €127,870 | €282,709 | +€154,839 | +121% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,835 | €27,033 | +€5,198 | +23.8% |
| Other operating charges | 640/8 | €4,268 | €3,838 | -€430 | -10.1% |
| Gross operating margin | 9900 | €119,272 | €139,174 | +€19,902 | +16.7% |
| Operating profit (loss) | 9901 | €93,169 | €108,303 | +€15,133 | +16.2% |
| Financial income | 75/76B | €1,500 | €4,285 | +€2,785 | +186% |
| Recurring financial income | 75 | €1,500 | €4,285 | +€2,785 | +186% |
| Financial charges | 65/66B | €272 | €95 | -€176 | -64.9% |
| Recurring financial charges | 65 | €272 | €95 | -€176 | -64.9% |
| Profit (loss) for the period before taxes | 9903 | €94,398 | €112,493 | +€18,095 | +19.2% |
| Income taxes | 67/77 | €29,555 | €36,045 | +€6,490 | +22.0% |
| Profit (loss) for the period | 9904 | €64,843 | €76,448 | +€11,605 | +17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,843 | €76,448 | +€11,605 | +17.9% |
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 19 October 2026 via checked.be.