VAROS: 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.
VAROS
Largest movements
- Receivables within one year +€111,759
up €111,759 (+127.5%), from €87,688 to €199,446
of which Trade receivables: +€104,895
- Tangible fixed assets -€24,954
down €24,954 (-5.9%), from €420,606 to €395,652
of which Land and buildings: -€25,436
- Cash +€18,469
up €18,469 (+21.7%), from €85,210 to €103,679
mainly Trade debts (+€67,299) and Depreciation (+€53,292)
- Trade debts +€67,299
up €67,299 (+416.6%), from €16,153 to €83,453
- Reserves +€40,400
up €40,400 (+39.4%), from €102,460 to €142,860
- Tax, wage and social debts +€28,986
up €28,986 (+80.8%), from €35,874 to €64,860
of which Taxes: +€25,307
- Debts after one year -€24,197
down €24,197 (-6.7%), from €360,949 to €336,753
- Gross operating margin -€19,827
down €19,827 (-11.7%), from €169,932 to €150,105
- Depreciation -€11,963
down €11,963 (-18.3%), from €65,255 to €53,292
- Taxes -€3,362
down €3,362 (-10.6%), from €31,622 to €28,260
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 | €596,763 | €702,319 | +€105,556 | +17.7% |
| Fixed assets | 21/28 | €420,606 | €395,652 | -€24,954 | -5.9% |
| Tangible fixed assets | 22/27 | €420,606 | €395,652 | -€24,954 | -5.9% |
| Land and buildings | 22 | €372,587 | €347,151 | -€25,436 | -6.8% |
| Plant, machinery and equipment | 23 | €6,278 | €6,396 | +€118 | +1.9% |
| Furniture and vehicles | 24 | €41,741 | €42,105 | +€365 | +0.9% |
| Current assets | 29/58 | €176,157 | €306,667 | +€130,509 | +74.1% |
| Amounts receivable within one year | 40/41 | €87,688 | €199,446 | +€111,759 | +127.5% |
| Trade receivables | 40 | €85,412 | €190,307 | +€104,895 | +122.8% |
| Other amounts receivable | 41 | €2,276 | €9,139 | +€6,863 | +301.5% |
| Cash at bank and in hand | 54/58 | €85,210 | €103,679 | +€18,469 | +21.7% |
| Deferred charges and accrued income | 490/1 | €3,260 | €3,541 | +€282 | +8.6% |
| Total equity and liabilities | 10/49 | €596,763 | €702,319 | +€105,556 | +17.7% |
| Equity | 10/15 | €136,130 | €178,012 | +€41,882 | +30.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €102,460 | €142,860 | +€40,400 | +39.4% |
| Distributable reserves | 133 | €102,460 | €142,860 | +€40,400 | +39.4% |
| Profit (loss) carried forward | 14 | €27,470 | €28,952 | +€1,482 | +5.4% |
| Amounts payable | 17/49 | €460,633 | €524,307 | +€63,674 | +13.8% |
| Amounts payable after more than one year | 17 | €360,949 | €336,753 | -€24,197 | -6.7% |
| Financial debts | 170/4 | €360,949 | €336,753 | -€24,197 | -6.7% |
| Amounts payable within one year | 42/48 | €98,372 | €187,503 | +€89,131 | +90.6% |
| Current portion of amounts payable after more than one year | 42 | €28,245 | €22,700 | -€5,545 | -19.6% |
| Trade debts | 44 | €16,153 | €83,453 | +€67,299 | +416.6% |
| Suppliers | 440/4 | €16,153 | €83,453 | +€67,299 | +416.6% |
| Taxes, remuneration and social security | 45 | €35,874 | €64,860 | +€28,986 | +80.8% |
| Taxes | 450/3 | €35,874 | €61,181 | +€25,307 | +70.5% |
| Remuneration and social security | 454/9 | - | €3,679 | +€3,679 | |
| Other amounts payable | 47/48 | €18,100 | €16,490 | -€1,610 | -8.9% |
| Accrued charges and deferred income | 492/3 | €1,311 | €51 | -€1,260 | -96.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,255 | €53,292 | -€11,963 | -18.3% |
| Other operating charges | 640/8 | €2,113 | €2,444 | +€331 | +15.7% |
| Non-recurring operating charges | 66A | €7 | - | -€7 | |
| Gross operating margin | 9900 | €169,932 | €150,105 | -€19,827 | -11.7% |
| Operating profit (loss) | 9901 | €102,558 | €94,369 | -€8,189 | -8.0% |
| Financial income | 75/76B | €1,660 | €43 | -€1,616 | -97.4% |
| Recurring financial income | 75 | €1,660 | €43 | -€1,616 | -97.4% |
| Financial charges | 65/66B | €14,223 | €14,671 | +€448 | +3.2% |
| Recurring financial charges | 65 | €14,223 | €14,671 | +€448 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €89,994 | €79,741 | -€10,253 | -11.4% |
| Income taxes | 67/77 | €31,622 | €28,260 | -€3,362 | -10.6% |
| Profit (loss) for the period | 9904 | €58,373 | €51,482 | -€6,891 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €58,373 | €51,482 | -€6,891 | -11.8% |
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 8 October 2026 via checked.be.