VARSA: 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.
VARSA
Largest movements
- Tangible fixed assets -€46,748
down €46,748 (-91.1%), from €51,291 to €4,544
of which Furniture and vehicles: -€45,089
- Cash -€20,784
down €20,784 (-93.4%), from €22,256 to €1,473
mainly Net result for the year (-€39,815) and Accrued charges and deferred income (-€14,310)
- Receivables within one year -€889
down €889 (-100%), from €889 to €0
of which Other amounts receivable: -€876
- Profit (loss) carried forward -€39,815
down €39,815 (-73.0%), from -€54,540 to -€94,355
- Accrued charges and deferred income -€14,310
down €14,310 (-18.8%), from €76,000 to €61,690
- Other debts -€12,373
down €12,373 (-43.5%), from €28,453 to €16,080
- Debts after one year -€3,140
down €3,140 (-15.8%), from €19,837 to €16,697
- Tax, wage and social debts +€1,107
up €1,107 (+40.2%), from €2,757 to €3,864
of which Taxes: +€1,982
- Gross operating margin +€36,870
up €36,870, from -€33,433 to €3,437
- Staff costs -€4,050
down €4,050 (-100%), from €4,050 to €0
- Depreciation -€2,847
down €2,847 (-63.2%), from €4,507 to €1,659
- Other operating charges +€2,618
up €2,618 (+119%), from €2,208 to €4,826
- Financial charges -€721
down €721 (-9.5%), from €7,629 to €6,907
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 | €84,513 | €15,616 | -€68,897 | -81.5% |
| Fixed assets | 21/28 | €60,891 | €14,144 | -€46,748 | -76.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €51,291 | €4,544 | -€46,748 | -91.1% |
| Plant, machinery and equipment | 23 | €5,379 | €3,809 | -€1,569 | -29.2% |
| Furniture and vehicles | 24 | €45,089 | €0 | -€45,089 | -100% |
| Other tangible fixed assets | 26 | €824 | €734 | -€90 | -10.9% |
| Financial fixed assets | 28 | €9,600 | €9,600 | = | 0.0% |
| Current assets | 29/58 | €23,621 | €1,473 | -€22,149 | -93.8% |
| Amounts receivable within one year | 40/41 | €889 | €0 | -€889 | -100% |
| Trade receivables | 40 | €12 | €0 | -€12 | -100% |
| Other amounts receivable | 41 | €876 | €0 | -€876 | -100% |
| Cash at bank and in hand | 54/58 | €22,256 | €1,473 | -€20,784 | -93.4% |
| Deferred charges and accrued income | 490/1 | €477 | €0 | -€477 | -100% |
| Total equity and liabilities | 10/49 | €84,513 | €15,616 | -€68,897 | -81.5% |
| Equity | 10/15 | -€49,050 | -€88,864 | -€39,815 | -81.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €491 | €491 | = | 0.0% |
| Distributable reserves | 133 | €491 | €491 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,540 | -€94,355 | -€39,815 | -73.0% |
| Amounts payable | 17/49 | €133,563 | €104,481 | -€29,082 | -21.8% |
| Amounts payable after more than one year | 17 | €19,837 | €16,697 | -€3,140 | -15.8% |
| Financial debts | 170/4 | €19,837 | €16,697 | -€3,140 | -15.8% |
| Amounts payable within one year | 42/48 | €37,726 | €26,094 | -€11,632 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €2,856 | €3,140 | +€284 | +10.0% |
| Trade debts | 44 | €3,659 | €3,009 | -€650 | -17.8% |
| Suppliers | 440/4 | €3,659 | €3,009 | -€650 | -17.8% |
| Taxes, remuneration and social security | 45 | €2,757 | €3,864 | +€1,107 | +40.2% |
| Taxes | 450/3 | €1,644 | €3,626 | +€1,982 | +121% |
| Remuneration and social security | 454/9 | €1,113 | €238 | -€875 | -78.6% |
| Other amounts payable | 47/48 | €28,453 | €16,080 | -€12,373 | -43.5% |
| Accrued charges and deferred income | 492/3 | €76,000 | €61,690 | -€14,310 | -18.8% |
| Non-recurring operating income | 76A | - | €2,025 | +€2,025 | |
| Remuneration, social security and pensions | 62 | €4,050 | €0 | -€4,050 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,507 | €1,659 | -€2,847 | -63.2% |
| Other operating charges | 640/8 | €2,208 | €4,826 | +€2,618 | +119% |
| Non-recurring operating charges | 66A | €2,417 | €29,554 | +€27,137 | +1,123% |
| Gross operating margin | 9900 | -€33,433 | €3,437 | +€36,870 | |
| Operating profit (loss) | 9901 | -€46,614 | -€32,602 | +€14,012 | +30.1% |
| Financial income | 75/76B | €40 | €0 | -€40 | -100.0% |
| Recurring financial income | 75 | €40 | €0 | -€40 | -100.0% |
| Financial charges | 65/66B | €7,629 | €6,907 | -€721 | -9.5% |
| Recurring financial charges | 65 | €7,629 | €6,907 | -€721 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | -€54,203 | -€39,509 | +€14,694 | +27.1% |
| Income taxes | 67/77 | €337 | €306 | -€32 | -9.4% |
| Profit (loss) for the period | 9904 | -€54,540 | -€39,815 | +€14,726 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€54,540 | -€39,815 | +€14,726 | +27.0% |
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 14 October 2026 via checked.be.