VAROPE: 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.
VAROPE
Largest movements
- Tangible fixed assets -€38,265
down €38,265 (-2.3%), from €1.7m to €1.6m
of which Plant, machinery and equipment: -€34,649
- Debts after one year -€76,835
down €76,835 (-5.3%), from €1.5m to €1.4m
- Other debts +€34,011
up €34,011 (+51.2%), from €66,390 to €100,401
- Profit (loss) carried forward -€22,010
down €22,010 (-99.3%), from €22,164 to €154
- Current portion of long-term debt +€21,699
up €21,699 (+38.1%), from €56,932 to €78,631
- Accrued charges and deferred income +€19,424
up €19,424 (+33.9%), from €57,318 to €76,742
- Depreciation +€28,478
up €28,478 (+291.0%), from €9,787 to €38,265
- Gross operating margin +€16,961
up €16,961 (+24.4%), from €69,517 to €86,478
- Financial charges +€5,367
up €5,367 (+14.6%), from €36,800 to €42,167
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 | €1,669,680 | €1,643,756 | -€25,924 | -1.6% |
| Fixed assets | 21/28 | €1,663,453 | €1,625,188 | -€38,265 | -2.3% |
| Tangible fixed assets | 22/27 | €1,663,453 | €1,625,188 | -€38,265 | -2.3% |
| Land and buildings | 22 | €1,365,020 | €1,361,404 | -€3,616 | -0.3% |
| Plant, machinery and equipment | 23 | €298,433 | €263,784 | -€34,649 | -11.6% |
| Current assets | 29/58 | €6,227 | €18,568 | +€12,341 | +198.2% |
| Amounts receivable within one year | 40/41 | - | €12,619 | +€12,619 | |
| Trade receivables | 40 | - | €12,619 | +€12,619 | |
| Cash at bank and in hand | 54/58 | €4,749 | €5,949 | +€1,200 | +25.3% |
| Deferred charges and accrued income | 490/1 | €1,478 | - | -€1,478 | |
| Total equity and liabilities | 10/49 | €1,669,680 | €1,643,756 | -€25,924 | -1.6% |
| Equity | 10/15 | €27,164 | €5,154 | -€22,010 | -81.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,164 | €154 | -€22,010 | -99.3% |
| Amounts payable | 17/49 | €1,642,516 | €1,638,602 | -€3,914 | -0.2% |
| Amounts payable after more than one year | 17 | €1,450,469 | €1,373,634 | -€76,835 | -5.3% |
| Financial debts | 170/4 | €1,450,469 | €1,373,634 | -€76,835 | -5.3% |
| Amounts payable within one year | 42/48 | €134,729 | €188,226 | +€53,497 | +39.7% |
| Current portion of amounts payable after more than one year | 42 | €56,932 | €78,631 | +€21,699 | +38.1% |
| Trade debts | 44 | €7,045 | €999 | -€6,046 | -85.8% |
| Suppliers | 440/4 | €7,045 | €999 | -€6,046 | -85.8% |
| Taxes, remuneration and social security | 45 | €4,362 | €8,195 | +€3,833 | +87.9% |
| Taxes | 450/3 | €4,362 | €8,195 | +€3,833 | +87.9% |
| Other amounts payable | 47/48 | €66,390 | €100,401 | +€34,011 | +51.2% |
| Accrued charges and deferred income | 492/3 | €57,318 | €76,742 | +€19,424 | +33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,787 | €38,265 | +€28,478 | +291.0% |
| Other operating charges | 640/8 | €3,936 | €4,056 | +€120 | +3.0% |
| Gross operating margin | 9900 | €69,517 | €86,478 | +€16,961 | +24.4% |
| Operating profit (loss) | 9901 | €55,794 | €44,157 | -€11,637 | -20.9% |
| Financial charges | 65/66B | €36,800 | €42,167 | +€5,367 | +14.6% |
| Recurring financial charges | 65 | €36,800 | €42,167 | +€5,367 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €18,994 | €1,990 | -€17,004 | -89.5% |
| Profit (loss) for the period | 9904 | €18,994 | €1,990 | -€17,004 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,994 | €1,990 | -€17,004 | -89.5% |
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 1 October 2026 via checked.be.