VARTOS: 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.
VARTOS
Largest movements
- Cash -€517,082
down €517,082 (-53.3%), from €970,822 to €453,740
mainly Other debts (-€487,500) and Short-term financial debts (-€207,922)
- Receivables within one year +€65,545
up €65,545 (+13.5%), from €484,457 to €550,002
of which Other amounts receivable: +€158,117
- Other debts -€487,500
down €487,500 (-100.0%), from €487,500 to €0
- Trade debts +€232,158
up €232,158 (+37.8%), from €613,738 to €845,896
- Short-term financial debts -€207,922
down €207,922 (-83.2%), from €250,000 to €42,078
of which Credit institutions: -€250,000
- Reserves +€49,156
up €49,156 (+52.7%), from €93,343 to €142,499
- Tax, wage and social debts -€31,366
down €31,366 (-33.7%), from €93,202 to €61,836
of which Taxes: -€16,849
- Gross operating margin -€645,136
down €645,136 (-85.9%), from €750,945 to €105,809
- Taxes -€145,233
down €145,233 (-89.8%), from €161,730 to €16,497
- Staff costs -€53,620
down €53,620 (-98.4%), from €54,508 to €888
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 | €1,721,857 | €1,265,455 | -€456,402 | -26.5% |
| Fixed assets | 21/28 | €33,668 | €21,888 | -€11,780 | -35.0% |
| Tangible fixed assets | 22/27 | €33,668 | €21,888 | -€11,780 | -35.0% |
| Plant, machinery and equipment | 23 | €836 | €0 | -€836 | -100.0% |
| Leasing and similar rights | 25 | €32,832 | €21,888 | -€10,944 | -33.3% |
| Current assets | 29/58 | €1,688,190 | €1,243,567 | -€444,623 | -26.3% |
| Stocks and contracts in progress | 3 | €228,166 | €235,053 | +€6,887 | +3.0% |
| Stocks | 30/36 | €228,166 | €235,053 | +€6,887 | +3.0% |
| Amounts receivable within one year | 40/41 | €484,457 | €550,002 | +€65,545 | +13.5% |
| Trade receivables | 40 | €483,248 | €390,676 | -€92,572 | -19.2% |
| Other amounts receivable | 41 | €1,209 | €159,326 | +€158,117 | +13075.4% |
| Cash at bank and in hand | 54/58 | €970,822 | €453,740 | -€517,082 | -53.3% |
| Deferred charges and accrued income | 490/1 | €4,745 | €4,773 | +€28 | +0.6% |
| Total equity and liabilities | 10/49 | €1,721,857 | €1,265,455 | -€456,402 | -26.5% |
| Equity | 10/15 | €243,343 | €292,499 | +€49,156 | +20.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €93,343 | €142,499 | +€49,156 | +52.7% |
| Distributable reserves | 133 | €93,343 | €142,499 | +€49,156 | +52.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,478,515 | €972,956 | -€505,558 | -34.2% |
| Amounts payable after more than one year | 17 | €23,146 | €11,794 | -€11,353 | -49.0% |
| Financial debts | 170/4 | €23,146 | €11,794 | -€11,353 | -49.0% |
| Amounts payable within one year | 42/48 | €1,455,368 | €961,163 | -€494,206 | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €10,928 | €11,353 | +€425 | +3.9% |
| Financial debts | 43 | €250,000 | €42,078 | -€207,922 | -83.2% |
| Credit institutions | 430/8 | €250,000 | €0 | -€250,000 | -100.0% |
| Other loans | 439 | - | €42,078 | +€42,078 | |
| Trade debts | 44 | €613,738 | €845,896 | +€232,158 | +37.8% |
| Suppliers | 440/4 | €613,738 | €845,896 | +€232,158 | +37.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €93,202 | €61,836 | -€31,366 | -33.7% |
| Taxes | 450/3 | €78,685 | €61,836 | -€16,849 | -21.4% |
| Remuneration and social security | 454/9 | €14,517 | €0 | -€14,517 | -100.0% |
| Other amounts payable | 47/48 | €487,500 | €0 | -€487,500 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €54,508 | €888 | -€53,620 | -98.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,070 | €11,780 | -€290 | -2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,192 | €362 | +€1,555 | |
| Other operating charges | 640/8 | €17,037 | €15,693 | -€1,344 | -7.9% |
| Gross operating margin | 9900 | €750,945 | €105,809 | -€645,136 | -85.9% |
| Operating profit (loss) | 9901 | €668,522 | €77,086 | -€591,436 | -88.5% |
| Financial income | 75/76B | €305 | €43 | -€261 | -85.8% |
| Recurring financial income | 75 | €305 | €43 | -€261 | -85.8% |
| Financial charges | 65/66B | €17,811 | €11,476 | -€6,335 | -35.6% |
| Recurring financial charges | 65 | €17,811 | €11,476 | -€6,335 | -35.6% |
| Profit (loss) for the period before taxes | 9903 | €651,016 | €65,653 | -€585,363 | -89.9% |
| Income taxes | 67/77 | €161,730 | €16,497 | -€145,233 | -89.8% |
| Profit (loss) for the period | 9904 | €489,286 | €49,156 | -€440,129 | -90.0% |
| Profit (loss) for the period to be appropriated | 9905 | €489,286 | €49,156 | -€440,129 | -90.0% |
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 10 October 2026 via checked.be.