VAROPE: 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.
VAROPE
Largest movements
- Cash +€14,537
up €14,537 (+36.0%), from €40,334 to €54,872
mainly Depreciation (+€16,256) and Net result for the year (+€2,764)
- Tangible fixed assets -€11,031
down €11,031 (-5.3%), from €208,230 to €197,199
of which Land and buildings: -€7,913
- Profit (loss) carried forward +€2,764
up €2,764 (+279%), from €992 to €3,756
- Gross operating margin +€7,744
up €7,744 (+49.0%), from €15,817 to €23,562
- Depreciation +€466
up €466 (+2.9%), from €15,790 to €16,256
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 | €250,150 | €253,766 | +€3,616 | +1.4% |
| Fixed assets | 21/28 | €208,230 | €197,199 | -€11,031 | -5.3% |
| Tangible fixed assets | 22/27 | €208,230 | €197,199 | -€11,031 | -5.3% |
| Land and buildings | 22 | €163,222 | €155,309 | -€7,913 | -4.8% |
| Plant, machinery and equipment | 23 | €45,008 | €41,890 | -€3,118 | -6.9% |
| Current assets | 29/58 | €41,920 | €56,567 | +€14,646 | +34.9% |
| Amounts receivable within one year | 40/41 | €79 | €128 | +€49 | +62.2% |
| Other amounts receivable | 41 | €79 | €128 | +€49 | +62.2% |
| Cash at bank and in hand | 54/58 | €40,334 | €54,872 | +€14,537 | +36.0% |
| Deferred charges and accrued income | 490/1 | €1,507 | €1,567 | +€60 | +4.0% |
| Total equity and liabilities | 10/49 | €250,150 | €253,766 | +€3,616 | +1.4% |
| Equity | 10/15 | €140,467 | €143,231 | +€2,764 | +2.0% |
| Contributions | 10/11 | €137,581 | €137,581 | = | 0.0% |
| Reserves | 13 | €1,894 | €1,894 | = | 0.0% |
| Distributable reserves | 133 | €1,894 | €1,894 | = | 0.0% |
| Profit (loss) carried forward | 14 | €992 | €3,756 | +€2,764 | +279% |
| Amounts payable | 17/49 | €109,683 | €110,535 | +€852 | +0.8% |
| Amounts payable within one year | 42/48 | €108,372 | €109,391 | +€1,019 | +0.9% |
| Other amounts payable | 47/48 | €108,372 | €109,391 | +€1,019 | +0.9% |
| Accrued charges and deferred income | 492/3 | €1,311 | €1,144 | -€168 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,790 | €16,256 | +€466 | +2.9% |
| Other operating charges | 640/8 | €4,681 | €4,870 | +€189 | +4.0% |
| Gross operating margin | 9900 | €15,817 | €23,562 | +€7,744 | +49.0% |
| Operating profit (loss) | 9901 | -€4,654 | €2,435 | +€7,089 | |
| Financial income | 75/76B | €268 | €440 | +€172 | +63.9% |
| Recurring financial income | 75 | €268 | €440 | +€172 | +63.9% |
| Financial charges | 65/66B | €90 | €111 | +€21 | +22.9% |
| Recurring financial charges | 65 | €90 | €111 | +€21 | +22.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,476 | €2,764 | +€7,240 | |
| Profit (loss) for the period | 9904 | -€4,476 | €2,764 | +€7,240 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,476 | €2,764 | +€7,240 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.