Varonos: 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.
Varonos
Largest movements
- Tangible fixed assets +€319,002
up €319,002 (+370%), from €86,109 to €405,111
of which Land and buildings: +€323,915
- Receivables within one year +€154,729
up €154,729 (+323%), from €47,918 to €202,647
of which Trade receivables: +€149,692
- Cash -€84,694
down €84,694 (-91.5%), from €92,547 to €7,852
mainly Investment in fixed assets (net) (-€392,290) and Receivables within one year (-€154,729)
- Financial fixed assets -€8,000
down €8,000 (-97.0%), from €8,250 to €250
- Debts after one year +€293,855
up €293,855 (+543%), from €54,151 to €348,006
- Reserves +€58,565
up €58,565 (+157%), from €37,338 to €95,903
- Current portion of long-term debt +€18,580
up €18,580 (+95.9%), from €19,366 to €37,946
- Other debts +€6,394
up €6,394 (+92.3%), from €6,930 to €13,324
- Gross operating margin +€69,182
up €69,182 (+37.3%), from €185,709 to €254,892
- Depreciation +€59,005
up €59,005 (+265%), from €22,283 to €81,288
- Staff costs -€12,926
down €12,926 (-13.6%), from €94,865 to €81,939
- Financial charges +€11,431
up €11,431 (+179%), from €6,395 to €17,826
- Other operating charges +€6,196
up €6,196 (+190%), from €3,255 to €9,451
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 | €239,455 | €621,810 | +€382,355 | +160% |
| Fixed assets | 21/28 | €94,359 | €405,361 | +€311,002 | +330% |
| Tangible fixed assets | 22/27 | €86,109 | €405,111 | +€319,002 | +370% |
| Land and buildings | 22 | - | €323,915 | +€323,915 | |
| Plant, machinery and equipment | 23 | €12,917 | €15,045 | +€2,128 | +16.5% |
| Furniture and vehicles | 24 | €8,214 | €20,958 | +€12,744 | +155% |
| Leasing and similar rights | 25 | €64,978 | €45,194 | -€19,784 | -30.4% |
| Financial fixed assets | 28 | €8,250 | €250 | -€8,000 | -97.0% |
| Current assets | 29/58 | €145,096 | €216,449 | +€71,353 | +49.2% |
| Stocks and contracts in progress | 3 | €1,500 | €1,500 | = | 0.0% |
| Stocks | 30/36 | €1,500 | €1,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €47,918 | €202,647 | +€154,729 | +323% |
| Trade receivables | 40 | €45,903 | €195,595 | +€149,692 | +326% |
| Other amounts receivable | 41 | €2,015 | €7,052 | +€5,037 | +250% |
| Cash at bank and in hand | 54/58 | €92,547 | €7,852 | -€84,694 | -91.5% |
| Deferred charges and accrued income | 490/1 | €3,131 | €4,449 | +€1,318 | +42.1% |
| Total equity and liabilities | 10/49 | €239,455 | €621,810 | +€382,355 | +160% |
| Equity | 10/15 | €75,938 | €134,503 | +€58,565 | +77.1% |
| Contributions | 10/11 | €38,600 | €38,600 | = | 0.0% |
| Reserves | 13 | €37,338 | €95,903 | +€58,565 | +157% |
| Distributable reserves | 133 | €37,338 | €95,903 | +€58,565 | +157% |
| Amounts payable | 17/49 | €163,517 | €487,307 | +€323,790 | +198% |
| Amounts payable after more than one year | 17 | €54,151 | €348,006 | +€293,855 | +543% |
| Financial debts | 170/4 | €54,151 | €348,006 | +€293,855 | +543% |
| Amounts payable within one year | 42/48 | €106,280 | €138,000 | +€31,720 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €19,366 | €37,946 | +€18,580 | +95.9% |
| Trade debts | 44 | €58,733 | €59,337 | +€604 | +1.0% |
| Suppliers | 440/4 | €58,733 | €59,337 | +€604 | +1.0% |
| Taxes, remuneration and social security | 45 | €21,251 | €27,393 | +€6,142 | +28.9% |
| Taxes | 450/3 | €3,435 | €14,650 | +€11,215 | +327% |
| Remuneration and social security | 454/9 | €17,817 | €12,744 | -€5,073 | -28.5% |
| Other amounts payable | 47/48 | €6,930 | €13,324 | +€6,394 | +92.3% |
| Accrued charges and deferred income | 492/3 | €3,085 | €1,301 | -€1,785 | -57.8% |
| Remuneration, social security and pensions | 62 | €94,865 | €81,939 | -€12,926 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,283 | €81,288 | +€59,005 | +265% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,692 | €0 | -€1,692 | -100% |
| Other operating charges | 640/8 | €3,255 | €9,451 | +€6,196 | +190% |
| Gross operating margin | 9900 | €185,709 | €254,892 | +€69,182 | +37.3% |
| Operating profit (loss) | 9901 | €63,614 | €82,213 | +€18,600 | +29.2% |
| Financial income | 75/76B | €4,225 | €1 | -€4,224 | -100.0% |
| Recurring financial income | 75 | €102 | €1 | -€100 | -98.6% |
| Non-recurring financial income | 76B | €4,124 | €0 | -€4,124 | -100% |
| Financial charges | 65/66B | €6,395 | €17,826 | +€11,431 | +179% |
| Recurring financial charges | 65 | €6,395 | €17,826 | +€11,431 | +179% |
| Profit (loss) for the period before taxes | 9903 | €61,444 | €64,389 | +€2,944 | +4.8% |
| Income taxes | 67/77 | - | €5,824 | +€5,824 | |
| Profit (loss) for the period | 9904 | €61,444 | €58,565 | -€2,880 | -4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €61,444 | €58,565 | -€2,880 | -4.7% |
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 21 October 2026 via checked.be.