VARONK: 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.
VARONK
Largest movements
- Current investments -€750,000
down €750,000 (-100.0%), from €750,000 to €0
- Cash +€649,205
up €649,205 (+194.8%), from €333,317 to €982,523
mainly Current investments (+€750,000) and Stocks and contracts (+€215,108)
- Stocks and contracts -€215,108
down €215,108 (-100.0%), from €215,108 to €0
- Tangible fixed assets +€203,316
up €203,316 (+14.6%), from €1.4m to €1.6m
of which Land and buildings: +€205,273
- Receivables within one year +€160,370
up €160,370 (+61.9%), from €259,212 to €419,582
of which Trade receivables: +€173,503
- Reserves +€147,560
up €147,560 (+9.2%), from €1.6m to €1.7m
of which Distributable reserves: +€154,945
- Debts after one year -€63,336
down €63,336 (-7.2%), from €881,386 to €818,050
- Trade debts -€35,449
down €35,449 (-33.4%), from €106,080 to €70,631
- Gross operating margin -€125,708
down €125,708 (-32.6%), from €385,285 to €259,577
- Taxes -€23,553
down €23,553 (-31.2%), from €75,393 to €51,840
- Staff costs -€15,307
down €15,307, from €14,974 to -€333
- Depreciation -€4,712
down €4,712 (-8.0%), from €59,273 to €54,560
- Financial charges -€4,498
down €4,498 (-21.9%), from €20,493 to €15,995
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 | €2,960,762 | €3,004,993 | +€44,231 | +1.5% |
| Fixed assets | 21/28 | €1,393,206 | €1,596,522 | +€203,316 | +14.6% |
| Tangible fixed assets | 22/27 | €1,392,206 | €1,595,522 | +€203,316 | +14.6% |
| Land and buildings | 22 | €1,378,882 | €1,584,154 | +€205,273 | +14.9% |
| Plant, machinery and equipment | 23 | €13,325 | €11,368 | -€1,957 | -14.7% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €1,567,556 | €1,408,471 | -€159,085 | -10.1% |
| Stocks and contracts in progress | 3 | €215,108 | €0 | -€215,108 | -100.0% |
| Stocks | 30/36 | €215,108 | €0 | -€215,108 | -100.0% |
| Amounts receivable within one year | 40/41 | €259,212 | €419,582 | +€160,370 | +61.9% |
| Trade receivables | 40 | €206,161 | €379,664 | +€173,503 | +84.2% |
| Other amounts receivable | 41 | €53,051 | €39,918 | -€13,133 | -24.8% |
| Current investments | 50/53 | €750,000 | €0 | -€750,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €333,317 | €982,523 | +€649,205 | +194.8% |
| Deferred charges and accrued income | 490/1 | €9,918 | €6,367 | -€3,551 | -35.8% |
| Total equity and liabilities | 10/49 | €2,960,762 | €3,004,993 | +€44,231 | +1.5% |
| Equity | 10/15 | €1,662,207 | €1,809,767 | +€147,560 | +8.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,600,207 | €1,747,767 | +€147,560 | +9.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €276,881 | €269,496 | -€7,385 | -2.7% |
| Distributable reserves | 133 | €1,317,126 | €1,472,071 | +€154,945 | +11.8% |
| Provisions and deferred taxes | 16 | €107,608 | €89,832 | -€17,776 | -16.5% |
| Provisions for liabilities and charges | 160/5 | €15,314 | €0 | -€15,314 | -100.0% |
| Other liabilities and charges | 164/5 | €15,314 | €0 | -€15,314 | -100.0% |
| Deferred taxes | 168 | €92,294 | €89,832 | -€2,462 | -2.7% |
| Amounts payable | 17/49 | €1,190,947 | €1,105,394 | -€85,553 | -7.2% |
| Amounts payable after more than one year | 17 | €881,386 | €818,050 | -€63,336 | -7.2% |
| Financial debts | 170/4 | €881,386 | €818,050 | -€63,336 | -7.2% |
| Amounts payable within one year | 42/48 | €308,249 | €284,379 | -€23,870 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €63,336 | €63,336 | = | 0.0% |
| Trade debts | 44 | €106,080 | €70,631 | -€35,449 | -33.4% |
| Suppliers | 440/4 | €106,080 | €70,631 | -€35,449 | -33.4% |
| Taxes, remuneration and social security | 45 | €36,172 | €51,811 | +€15,639 | +43.2% |
| Taxes | 450/3 | €34,751 | €51,811 | +€17,061 | +49.1% |
| Remuneration and social security | 454/9 | €1,421 | €0 | -€1,421 | -100.0% |
| Other amounts payable | 47/48 | €102,661 | €98,601 | -€4,060 | -4.0% |
| Accrued charges and deferred income | 492/3 | €1,313 | €2,965 | +€1,653 | +125.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €14,974 | -€333 | -€15,307 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,273 | €54,560 | -€4,712 | -8.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€13,140 | -€15,314 | -€2,174 | -16.5% |
| Other operating charges | 640/8 | €12,661 | €13,590 | +€929 | +7.3% |
| Gross operating margin | 9900 | €385,285 | €259,577 | -€125,708 | -32.6% |
| Operating profit (loss) | 9901 | €311,518 | €207,074 | -€104,444 | -33.5% |
| Financial income | 75/76B | €4,375 | €5,860 | +€1,485 | +33.9% |
| Recurring financial income | 75 | €4,375 | €5,860 | +€1,485 | +33.9% |
| Financial charges | 65/66B | €20,493 | €15,995 | -€4,498 | -21.9% |
| Recurring financial charges | 65 | €20,493 | €15,995 | -€4,498 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €295,400 | €196,939 | -€98,461 | -33.3% |
| Transfer from deferred taxes | 780 | €1,330 | €2,462 | +€1,132 | +85.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €75,393 | €51,840 | -€23,553 | -31.2% |
| Profit (loss) for the period | 9904 | €221,337 | €147,560 | -€73,777 | -33.3% |
| Transfer from tax-exempt reserves | 789 | €3,990 | €7,385 | +€3,395 | +85.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €225,327 | €154,945 | -€70,382 | -31.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.