Varosan: 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.
Varosan
Largest movements
- Receivables within one year +€168,931
up €168,931 (+50.3%), from €335,925 to €504,855
of which Trade receivables: +€156,994
- Stocks and contracts -€69,600
down €69,600 (-18.8%), from €371,116 to €301,516
- Cash +€61,907
up €61,907 (+3.3%), from €1.9m to €2.0m
mainly Trade debts (+€93,454) and Stocks and contracts (+€69,600)
- Tangible fixed assets -€50,906
down €50,906 (-38.3%), from €132,997 to €82,091
of which Furniture and vehicles: -€43,631
- Trade debts +€93,454
up €93,454 (+67.9%), from €137,729 to €231,183
- Gross operating margin -€100,256
down €100,256 (-12.9%), from €776,131 to €675,875
- Staff costs -€83,970
down €83,970 (-12.0%), from €700,265 to €616,294
- Financial charges -€8,632
down €8,632 (-72.6%), from €11,896 to €3,264
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 | €2,736,925 | €2,847,258 | +€110,332 | +4.0% |
| Fixed assets | 21/28 | €132,997 | €82,091 | -€50,906 | -38.3% |
| Tangible fixed assets | 22/27 | €132,997 | €82,091 | -€50,906 | -38.3% |
| Plant, machinery and equipment | 23 | €18,956 | €11,681 | -€7,276 | -38.4% |
| Furniture and vehicles | 24 | €114,040 | €70,410 | -€43,631 | -38.3% |
| Current assets | 29/58 | €2,603,929 | €2,765,167 | +€161,238 | +6.2% |
| Stocks and contracts in progress | 3 | €371,116 | €301,516 | -€69,600 | -18.8% |
| Stocks | 30/36 | €371,116 | €301,516 | -€69,600 | -18.8% |
| Amounts receivable within one year | 40/41 | €335,925 | €504,855 | +€168,931 | +50.3% |
| Trade receivables | 40 | €317,086 | €474,080 | +€156,994 | +49.5% |
| Other amounts receivable | 41 | €18,838 | €30,775 | +€11,937 | +63.4% |
| Cash at bank and in hand | 54/58 | €1,896,889 | €1,958,796 | +€61,907 | +3.3% |
| Total equity and liabilities | 10/49 | €2,736,925 | €2,847,258 | +€110,332 | +4.0% |
| Equity | 10/15 | €2,549,238 | €2,551,774 | +€2,536 | +0.1% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €2,410,302 | €2,410,302 | = | 0.0% |
| Non-distributable reserves | 130/1 | €150,000 | €150,000 | = | 0.0% |
| Other | 1319 | €150,000 | €150,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,302 | €10,302 | = | 0.0% |
| Distributable reserves | 133 | €2,250,000 | €2,250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,105 | €121,641 | +€2,536 | +2.1% |
| Amounts payable | 17/49 | €187,687 | €295,483 | +€107,796 | +57.4% |
| Amounts payable within one year | 42/48 | €187,687 | €295,483 | +€107,796 | +57.4% |
| Trade debts | 44 | €137,729 | €231,183 | +€93,454 | +67.9% |
| Suppliers | 440/4 | €137,729 | €231,183 | +€93,454 | +67.9% |
| Taxes, remuneration and social security | 45 | €49,958 | €64,300 | +€14,342 | +28.7% |
| Taxes | 450/3 | €17,764 | €18,323 | +€559 | +3.1% |
| Remuneration and social security | 454/9 | €32,194 | €45,977 | +€13,783 | +42.8% |
| Non-recurring operating income | 76A | - | €207 | +€207 | |
| Remuneration, social security and pensions | 62 | €700,265 | €616,294 | -€83,970 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,521 | €50,906 | -€1,615 | -3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,682 | - | -€2,682 | |
| Other operating charges | 640/8 | €1,977 | €1,917 | -€60 | -3.0% |
| Gross operating margin | 9900 | €776,131 | €675,875 | -€100,256 | -12.9% |
| Operating profit (loss) | 9901 | €18,686 | €6,758 | -€11,929 | -63.8% |
| Financial income | 75/76B | €28 | - | -€28 | |
| Recurring financial income | 75 | €28 | - | -€28 | |
| Financial charges | 65/66B | €11,896 | €3,264 | -€8,632 | -72.6% |
| Recurring financial charges | 65 | €11,896 | €3,264 | -€8,632 | -72.6% |
| Profit (loss) for the period before taxes | 9903 | €6,819 | €3,494 | -€3,325 | -48.8% |
| Income taxes | 67/77 | €354 | €958 | +€604 | +170.6% |
| Profit (loss) for the period | 9904 | €6,465 | €2,536 | -€3,929 | -60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,465 | €2,536 | -€3,929 | -60.8% |
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 10 October 2026 via checked.be.