VARONI: 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.
VARONI
Largest movements
- Cash -€73,615
down €73,615 (-91.1%), from €80,774 to €7,159
mainly Current portion of long-term debt (-€73,988) and Other debts (-€63,739)
- Receivables within one year -€55,439
down €55,439 (-56.0%), from €99,021 to €43,581
of which Other amounts receivable: -€69,067
- Current portion of long-term debt -€73,988
down €73,988 (-76.4%), from €96,884 to €22,896
- Other debts -€63,739
down €63,739 (-66.5%), from €95,856 to €32,117
- Reserves +€38,983
up €38,983 (+6.7%), from €583,516 to €622,499
- Debts after one year -€22,896
down €22,896 (-5.4%), from €421,596 to €398,700
of which Financial debts: -€22,896
- Gross operating margin +€16,369
up €16,369 (+12.6%), from €130,341 to €146,710
- Financial income +€11,146
up €11,146 (+25.2%), from €44,265 to €55,411
- Financial charges -€9,395
down €9,395 (-22.8%), from €41,263 to €31,869
- Depreciation +€4,584
up €4,584 (+13.4%), from €34,249 to €38,834
- Other operating charges -€3,961
down €3,961 (-41.6%), from €9,526 to €5,564
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 | €1,495,979 | €1,366,591 | -€129,388 | -8.6% |
| Fixed assets | 21/28 | €256,257 | €244,596 | -€11,661 | -4.6% |
| Tangible fixed assets | 22/27 | €256,257 | €244,596 | -€11,661 | -4.6% |
| Land and buildings | 22 | €212,813 | €182,411 | -€30,402 | -14.3% |
| Plant, machinery and equipment | 23 | €1,739 | €1,565 | -€175 | -10.0% |
| Furniture and vehicles | 24 | €3,307 | €13,852 | +€10,545 | +319% |
| Other tangible fixed assets | 26 | €38,398 | €46,768 | +€8,371 | +21.8% |
| Current assets | 29/58 | €1,239,722 | €1,121,995 | -€117,727 | -9.5% |
| Amounts receivable after more than one year | 29 | €350,000 | €350,000 | = | 0.0% |
| Other amounts receivable | 291 | €350,000 | €350,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €99,021 | €43,581 | -€55,439 | -56.0% |
| Trade receivables | 40 | €22,359 | €35,986 | +€13,628 | +60.9% |
| Other amounts receivable | 41 | €76,662 | €7,595 | -€69,067 | -90.1% |
| Current investments | 50/53 | €699,078 | €699,078 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €80,774 | €7,159 | -€73,615 | -91.1% |
| Deferred charges and accrued income | 490/1 | €10,850 | €22,177 | +€11,327 | +104% |
| Total equity and liabilities | 10/49 | €1,495,979 | €1,366,591 | -€129,388 | -8.6% |
| Equity | 10/15 | €833,516 | €872,499 | +€38,983 | +4.7% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €583,516 | €622,499 | +€38,983 | +6.7% |
| Distributable reserves | 133 | €583,516 | €622,499 | +€38,983 | +6.7% |
| Amounts payable | 17/49 | €662,463 | €494,092 | -€168,371 | -25.4% |
| Amounts payable after more than one year | 17 | €421,596 | €398,700 | -€22,896 | -5.4% |
| Financial debts | 170/4 | €171,596 | €148,700 | -€22,896 | -13.3% |
| Other amounts payable | 178/9 | €250,000 | €250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €211,950 | €74,691 | -€137,259 | -64.8% |
| Current portion of amounts payable after more than one year | 42 | €96,884 | €22,896 | -€73,988 | -76.4% |
| Financial debts | 43 | €1,538 | €344 | -€1,194 | -77.6% |
| Other loans | 439 | €1,538 | €344 | -€1,194 | -77.6% |
| Trade debts | 44 | €5,078 | €2,634 | -€2,444 | -48.1% |
| Suppliers | 440/4 | €5,078 | €2,634 | -€2,444 | -48.1% |
| Taxes, remuneration and social security | 45 | €12,594 | €16,700 | +€4,106 | +32.6% |
| Taxes | 450/3 | €10,094 | €14,200 | +€4,106 | +40.7% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €95,856 | €32,117 | -€63,739 | -66.5% |
| Accrued charges and deferred income | 492/3 | €28,917 | €20,701 | -€8,216 | -28.4% |
| Non-recurring operating income | 76A | - | €14,000 | +€14,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,249 | €38,834 | +€4,584 | +13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €84,375 | €82,647 | -€1,728 | -2.0% |
| Other operating charges | 640/8 | €9,526 | €5,564 | -€3,961 | -41.6% |
| Gross operating margin | 9900 | €130,341 | €146,710 | +€16,369 | +12.6% |
| Operating profit (loss) | 9901 | €2,191 | €19,665 | +€17,473 | +797% |
| Financial income | 75/76B | €44,265 | €55,411 | +€11,146 | +25.2% |
| Recurring financial income | 75 | €44,265 | €55,411 | +€11,146 | +25.2% |
| Financial charges | 65/66B | €41,263 | €31,869 | -€9,395 | -22.8% |
| Recurring financial charges | 65 | €41,263 | €31,869 | -€9,395 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €5,193 | €43,207 | +€38,014 | +732% |
| Income taxes | 67/77 | €1,228 | €4,224 | +€2,996 | +244% |
| Profit (loss) for the period | 9904 | €3,965 | €38,983 | +€35,018 | +883% |
| Profit (loss) for the period to be appropriated | 9905 | €3,965 | €38,983 | +€35,018 | +883% |
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 20 October 2026 via checked.be.