VAROM: 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.
VAROM
Largest movements
- Current investments -€2.3m
down €2.3m (-100.0%), from €2.3m to €0
- Receivables within one year +€1.9m
up €1.9m (+460.7%), from €405,771 to €2.3m
of which Other amounts receivable: +€1.3m
- Cash -€1.3m
down €1.3m (-88.6%), from €1.5m to €167,376
mainly Contributions, distributions and other (-€3.1m) and Receivables within one year (-€1.9m)
- Tangible fixed assets -€395,274
down €395,274 (-24.4%), from €1.6m to €1.2m
of which Plant, machinery and equipment: -€206,436
- Stocks and contracts +€190,352
up €190,352 (+102.5%), from €185,692 to €376,044
- Reserves -€1.5m
down €1.5m (-33.4%), from €4.5m to €3.0m
of which Distributable reserves: -€1.5m
- Other debts -€463,155
down €463,155 (-100.0%), from €463,155 to €0
- Trade debts +€410,725
up €410,725 (+198.6%), from €206,852 to €617,577
- Provisions -€203,129
down €203,129 (-39.1%), from €519,192 to €316,063
of which Provisions for liabilities and charges: -€194,447
- Accrued charges and deferred income -€171,742
down €171,742 (-100.0%), from €171,742 to €0
- Provisions -€694,447
down €694,447, from €500,000 to -€194,447
- Gross operating margin +€407,488
up €407,488 (+14.1%), from €2.9m to €3.3m
- Taxes +€179,140
up €179,140 (+46.5%), from €385,071 to €564,211
- Staff costs +€104,873
up €104,873 (+10.8%), from €975,034 to €1.1m
- Financial income +€92,993
up €92,993 (+111.4%), from €83,498 to €176,491
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 | €6,051,954 | €4,156,928 | -€1.9m | -31.3% |
| Fixed assets | 21/28 | €1,618,051 | €1,222,778 | -€395,274 | -24.4% |
| Tangible fixed assets | 22/27 | €1,618,051 | €1,222,778 | -€395,274 | -24.4% |
| Land and buildings | 22 | €746,729 | €737,162 | -€9,567 | -1.3% |
| Plant, machinery and equipment | 23 | €687,183 | €480,746 | -€206,436 | -30.0% |
| Furniture and vehicles | 24 | €184,140 | €4,869 | -€179,271 | -97.4% |
| Current assets | 29/58 | €4,433,903 | €2,934,150 | -€1.5m | -33.8% |
| Amounts receivable after more than one year | 29 | €17,020 | €51,060 | +€34,040 | +200.0% |
| Other amounts receivable | 291 | €17,020 | €51,060 | +€34,040 | +200.0% |
| Stocks and contracts in progress | 3 | €185,692 | €376,044 | +€190,352 | +102.5% |
| Stocks | 30/36 | €185,692 | €376,044 | +€190,352 | +102.5% |
| Amounts receivable within one year | 40/41 | €405,771 | €2,275,315 | +€1.9m | +460.7% |
| Trade receivables | 40 | €235,136 | €770,874 | +€535,738 | +227.8% |
| Other amounts receivable | 41 | €170,635 | €1,504,441 | +€1.3m | +781.7% |
| Current investments | 50/53 | €2,300,000 | €0 | -€2.3m | -100.0% |
| Cash at bank and in hand | 54/58 | €1,465,919 | €167,376 | -€1.3m | -88.6% |
| Deferred charges and accrued income | 490/1 | €59,501 | €64,355 | +€4,854 | +8.2% |
| Total equity and liabilities | 10/49 | €6,051,954 | €4,156,928 | -€1.9m | -31.3% |
| Equity | 10/15 | €4,535,426 | €3,027,498 | -€1.5m | -33.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €4,515,426 | €3,007,498 | -€1.5m | -33.4% |
| Tax-exempt reserves | 132 | €67,009 | €46,751 | -€20,259 | -30.2% |
| Distributable reserves | 133 | €4,448,417 | €2,960,748 | -€1.5m | -33.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €519,192 | €316,063 | -€203,129 | -39.1% |
| Provisions for liabilities and charges | 160/5 | €500,000 | €305,553 | -€194,447 | -38.9% |
| Major repairs and maintenance | 162 | €500,000 | €305,553 | -€194,447 | -38.9% |
| Deferred taxes | 168 | €19,192 | €10,510 | -€8,682 | -45.2% |
| Amounts payable | 17/49 | €997,336 | €813,366 | -€183,970 | -18.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €825,594 | €813,366 | -€12,228 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €68,000 | €0 | -€68,000 | -100.0% |
| Trade debts | 44 | €206,852 | €617,577 | +€410,725 | +198.6% |
| Suppliers | 440/4 | €206,852 | €617,577 | +€410,725 | +198.6% |
| Taxes, remuneration and social security | 45 | €87,587 | €195,790 | +€108,202 | +123.5% |
| Taxes | 450/3 | €9,795 | €127,788 | +€117,992 | +1204.6% |
| Remuneration and social security | 454/9 | €77,792 | €68,002 | -€9,790 | -12.6% |
| Other amounts payable | 47/48 | €463,155 | €0 | -€463,155 | -100.0% |
| Accrued charges and deferred income | 492/3 | €171,742 | €0 | -€171,742 | -100.0% |
| Remuneration, social security and pensions | 62 | €975,034 | €1,079,907 | +€104,873 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €259,415 | €232,906 | -€26,509 | -10.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €500,000 | -€194,447 | -€694,447 | |
| Other operating charges | 640/8 | €43,468 | €79,760 | +€36,292 | +83.5% |
| Non-recurring operating charges | 66A | - | €86,038 | +€86,038 | |
| Gross operating margin | 9900 | €2,881,805 | €3,289,293 | +€407,488 | +14.1% |
| Operating profit (loss) | 9901 | €1,103,887 | €2,005,129 | +€901,241 | +81.6% |
| Financial income | 75/76B | €83,498 | €176,491 | +€92,993 | +111.4% |
| Recurring financial income | 75 | €83,498 | €176,491 | +€92,993 | +111.4% |
| Financial charges | 65/66B | €2,389 | €1,520 | -€870 | -36.4% |
| Recurring financial charges | 65 | €2,389 | €1,520 | -€870 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | €1,184,996 | €2,180,100 | +€995,104 | +84.0% |
| Transfer from deferred taxes | 780 | €18,372 | €8,682 | -€9,689 | -52.7% |
| Transfer to deferred taxes | 680 | €4,250 | €0 | -€4,250 | -100.0% |
| Income taxes | 67/77 | €385,071 | €564,211 | +€179,140 | +46.5% |
| Profit (loss) for the period | 9904 | €814,047 | €1,624,572 | +€810,525 | +99.6% |
| Transfer from tax-exempt reserves | 789 | €37,638 | €20,259 | -€17,380 | -46.2% |
| Transfer to tax-exempt reserves | 689 | €12,750 | €0 | -€12,750 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €838,935 | €1,644,830 | +€805,895 | +96.1% |
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 3 October 2026 via checked.be.