VARRAUD NICOLAS MANAGEMENT: 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.
VARRAUD NICOLAS MANAGEMENT
Largest movements
- Cash +€12,017
up €12,017 (+35.4%), from €33,937 to €45,954
mainly Net result for the year (+€94,225) and Current portion of long-term debt (+€36,334)
- Debts after one year -€69,649
down €69,649 (-13.4%), from €520,780 to €451,131
- Reserves +€46,725
up €46,725 (+13.4%), from €348,900 to €395,625
of which Distributable reserves: +€46,725
- Current portion of long-term debt +€36,334
up €36,334 (+50.0%), from €72,731 to €109,065
- Other debts +€31,667
up €31,667 (+184%), from €17,169 to €48,836
- Accrued charges and deferred income -€28,827
down €28,827 (-96.6%), from €29,840 to €1,013
- Gross operating margin +€7,278
up €7,278 (+5.8%), from €125,106 to €132,384
- Taxes +€5,626
up €5,626 (+24.0%), from €23,411 to €29,037
- Financial income -€4,752
down €4,752 (-30.8%), from €15,404 to €10,652
- Other operating charges -€4,443
down €4,443 (-72.1%), from €6,163 to €1,720
- Financial charges -€1,553
down €1,553 (-8.3%), from €18,631 to €17,078
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 | €1,052,068 | €1,071,671 | +€19,603 | +1.9% |
| Fixed assets | 21/28 | €993,404 | €994,976 | +€1,572 | +0.2% |
| Tangible fixed assets | 22/27 | €827 | €2,399 | +€1,572 | +190% |
| Plant, machinery and equipment | 23 | €827 | €2,399 | +€1,572 | +190% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €992,577 | €992,577 | = | 0.0% |
| Current assets | 29/58 | €58,664 | €76,695 | +€18,031 | +30.7% |
| Amounts receivable after more than one year | 29 | €13,000 | €13,000 | = | 0.0% |
| Other amounts receivable | 291 | €13,000 | €13,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,049 | €13,480 | +€4,431 | +49.0% |
| Trade receivables | 40 | €2,498 | €2,007 | -€491 | -19.7% |
| Other amounts receivable | 41 | €6,551 | €11,473 | +€4,922 | +75.1% |
| Cash at bank and in hand | 54/58 | €33,937 | €45,954 | +€12,017 | +35.4% |
| Deferred charges and accrued income | 490/1 | €2,678 | €4,261 | +€1,583 | +59.1% |
| Total equity and liabilities | 10/49 | €1,052,068 | €1,071,671 | +€19,603 | +1.9% |
| Equity | 10/15 | €367,500 | €414,225 | +€46,725 | +12.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €348,900 | €395,625 | +€46,725 | +13.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €347,040 | €393,765 | +€46,725 | +13.5% |
| Amounts payable | 17/49 | €684,568 | €657,446 | -€27,122 | -4.0% |
| Amounts payable after more than one year | 17 | €520,780 | €451,131 | -€69,649 | -13.4% |
| Financial debts | 170/4 | €520,780 | €451,131 | -€69,649 | -13.4% |
| Amounts payable within one year | 42/48 | €133,948 | €205,302 | +€71,354 | +53.3% |
| Current portion of amounts payable after more than one year | 42 | €72,731 | €109,065 | +€36,334 | +50.0% |
| Financial debts | 43 | €2,370 | €6,395 | +€4,025 | +170% |
| Credit institutions | 430/8 | €2,370 | €6,395 | +€4,025 | +170% |
| Trade debts | 44 | €1,210 | €1,705 | +€495 | +40.9% |
| Suppliers | 440/4 | €1,210 | €1,705 | +€495 | +40.9% |
| Taxes, remuneration and social security | 45 | €40,468 | €39,301 | -€1,167 | -2.9% |
| Taxes | 450/3 | €40,468 | €39,301 | -€1,167 | -2.9% |
| Other amounts payable | 47/48 | €17,169 | €48,836 | +€31,667 | +184% |
| Accrued charges and deferred income | 492/3 | €29,840 | €1,013 | -€28,827 | -96.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €418 | €976 | +€558 | +133% |
| Other operating charges | 640/8 | €6,163 | €1,720 | -€4,443 | -72.1% |
| Gross operating margin | 9900 | €125,106 | €132,384 | +€7,278 | +5.8% |
| Operating profit (loss) | 9901 | €118,525 | €129,688 | +€11,163 | +9.4% |
| Financial income | 75/76B | €15,404 | €10,652 | -€4,752 | -30.8% |
| Recurring financial income | 75 | €15,404 | €10,652 | -€4,752 | -30.8% |
| Financial charges | 65/66B | €18,631 | €17,078 | -€1,553 | -8.3% |
| Recurring financial charges | 65 | €18,631 | €17,078 | -€1,553 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €115,298 | €123,262 | +€7,964 | +6.9% |
| Income taxes | 67/77 | €23,411 | €29,037 | +€5,626 | +24.0% |
| Profit (loss) for the period | 9904 | €91,887 | €94,225 | +€2,338 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €91,887 | €94,225 | +€2,338 | +2.5% |
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 24 October 2026 via checked.be.