VAROTEX: 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.
VAROTEX
Largest movements
- Stocks and contracts -€9,755
down €9,755 (-10.3%), from €94,429 to €84,674
- Tangible fixed assets -€8,783
down €8,783 (-10.0%), from €87,666 to €78,884
of which Furniture and vehicles: -€10,981
- Cash +€3,321
up €3,321 (+2.9%), from €113,131 to €116,452
mainly Other debts (+€18,066) and Depreciation (+€13,047)
- Reserves -€18,066
down €18,066 (-7.3%), from €249,060 to €230,995
of which Distributable reserves: -€18,066
- Other debts +€18,066
new in 2025: €18,066
- Profit (loss) carried forward -€10,313
new in 2025: -€10,313
- Gross operating margin -€27,201
down €27,201 (-70.7%), from €38,485 to €11,284
- Taxes -€3,308
down €3,308 (-87.6%), from €3,777 to €469
- Financial charges +€1,127
up €1,127 (+1,506%), from €75 to €1,202
- Other operating charges +€692
up €692 (+7.4%), from €9,397 to €10,090
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 | €326,063 | €313,226 | -€12,836 | -3.9% |
| Fixed assets | 21/28 | €87,666 | €78,884 | -€8,783 | -10.0% |
| Tangible fixed assets | 22/27 | €87,666 | €78,884 | -€8,783 | -10.0% |
| Land and buildings | 22 | €39,796 | €39,371 | -€425 | -1.1% |
| Plant, machinery and equipment | 23 | €6,772 | €9,395 | +€2,623 | +38.7% |
| Furniture and vehicles | 24 | €41,098 | €30,117 | -€10,981 | -26.7% |
| Current assets | 29/58 | €238,396 | €234,343 | -€4,054 | -1.7% |
| Stocks and contracts in progress | 3 | €94,429 | €84,674 | -€9,755 | -10.3% |
| Stocks | 30/36 | €94,429 | €84,674 | -€9,755 | -10.3% |
| Amounts receivable within one year | 40/41 | €4,525 | €7,179 | +€2,654 | +58.6% |
| Trade receivables | 40 | €3,080 | €1,086 | -€1,994 | -64.7% |
| Other amounts receivable | 41 | €1,445 | €6,093 | +€4,648 | +322% |
| Current investments | 50/53 | €19,731 | €19,593 | -€137 | -0.7% |
| Cash at bank and in hand | 54/58 | €113,131 | €116,452 | +€3,321 | +2.9% |
| Deferred charges and accrued income | 490/1 | €6,580 | €6,444 | -€136 | -2.1% |
| Total equity and liabilities | 10/49 | €326,063 | €313,226 | -€12,836 | -3.9% |
| Equity | 10/15 | €313,655 | €285,276 | -€28,379 | -9.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €3,095 | €3,095 | = | 0.0% |
| Reserves | 13 | €249,060 | €230,995 | -€18,066 | -7.3% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €292 | €292 | = | 0.0% |
| Distributable reserves | 133 | €242,618 | €224,553 | -€18,066 | -7.4% |
| Profit (loss) carried forward | 14 | - | -€10,313 | -€10,313 | |
| Amounts payable | 17/49 | €12,408 | €27,950 | +€15,542 | +125% |
| Amounts payable within one year | 42/48 | €6,761 | €24,315 | +€17,554 | +260% |
| Trade debts | 44 | €2,644 | €2,183 | -€462 | -17.5% |
| Suppliers | 440/4 | €2,644 | €2,183 | -€462 | -17.5% |
| Taxes, remuneration and social security | 45 | €4,116 | €4,066 | -€50 | -1.2% |
| Taxes | 450/3 | €4,116 | €4,066 | -€50 | -1.2% |
| Other amounts payable | 47/48 | - | €18,066 | +€18,066 | |
| Accrued charges and deferred income | 492/3 | €5,647 | €3,635 | -€2,012 | -35.6% |
| Non-recurring operating income | 76A | €23,800 | - | -€23,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,016 | €13,047 | +€31 | +0.2% |
| Other operating charges | 640/8 | €9,397 | €10,090 | +€692 | +7.4% |
| Gross operating margin | 9900 | €38,485 | €11,284 | -€27,201 | -70.7% |
| Operating profit (loss) | 9901 | €16,072 | -€11,852 | -€27,924 | |
| Financial income | 75/76B | €3,320 | €3,211 | -€109 | -3.3% |
| Recurring financial income | 75 | €3,320 | €2,699 | -€621 | -18.7% |
| Non-recurring financial income | 76B | - | €512 | +€512 | |
| Financial charges | 65/66B | €75 | €1,202 | +€1,127 | +1,506% |
| Recurring financial charges | 65 | €75 | €1,202 | +€1,127 | +1,506% |
| Profit (loss) for the period before taxes | 9903 | €19,317 | -€9,844 | -€29,161 | |
| Income taxes | 67/77 | €3,777 | €469 | -€3,308 | -87.6% |
| Profit (loss) for the period | 9904 | €15,540 | -€10,313 | -€25,853 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,540 | -€10,313 | -€25,853 |
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 16 October 2026 via checked.be.