VARU: what changed
Two fiscal 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.
VARU
Largest movements
- Cash -€33,734
down €33,734 (-41.6%), from €81,091 to €47,357
mainly Other debts (-€59,610) and Current investments (-€24,592)
- Current investments +€24,592
up €24,592 (+57.4%), from €42,865 to €67,457
- Receivables within one year -€13,083
down €13,083 (-58.4%), from €22,401 to €9,318
of which Trade receivables: -€11,908
- Tangible fixed assets +€2,699
up €2,699 (+23.9%), from €11,268 to €13,967
of which Furniture and vehicles: +€6,479
- Other debts -€59,610
down €59,610 (-99.5%), from €59,904 to €294
- Reserves +€53,300
up €53,300 (+63.2%), from €84,348 to €137,648
- Tax, wage and social debts -€10,477
down €10,477 (-94.1%), from €11,136 to €658
of which Taxes: -€10,500
- Trade debts -€3,834
down €3,834 (-86.4%), from €4,438 to €605
- Gross operating margin -€24,592
down €24,592 (-19.8%), from €124,143 to €99,552
- Taxes -€4,063
down €4,063 (-18.8%), from €21,594 to €17,531
- Financial income +€3,960
up €3,960, from €0 to €3,960
- Depreciation -€2,078
down €2,078 (-22.4%), from €9,296 to €7,218
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 | €164,364 | €143,700 | -€20,663 | -12.6% |
| Fixed assets | 21/28 | €11,268 | €13,967 | +€2,699 | +23.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €11,268 | €13,967 | +€2,699 | +23.9% |
| Plant, machinery and equipment | 23 | €10,708 | €6,927 | -€3,780 | -35.3% |
| Furniture and vehicles | 24 | €561 | €7,040 | +€6,479 | +1155.4% |
| Current assets | 29/58 | €153,095 | €129,734 | -€23,362 | -15.3% |
| Amounts receivable within one year | 40/41 | €22,401 | €9,318 | -€13,083 | -58.4% |
| Trade receivables | 40 | €18,121 | €6,213 | -€11,908 | -65.7% |
| Other amounts receivable | 41 | €4,280 | €3,105 | -€1,175 | -27.4% |
| Current investments | 50/53 | €42,865 | €67,457 | +€24,592 | +57.4% |
| Cash at bank and in hand | 54/58 | €81,091 | €47,357 | -€33,734 | -41.6% |
| Deferred charges and accrued income | 490/1 | €6,738 | €5,602 | -€1,136 | -16.9% |
| Total equity and liabilities | 10/49 | €164,364 | €143,700 | -€20,663 | -12.6% |
| Equity | 10/15 | €88,348 | €141,648 | +€53,300 | +60.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €84,348 | €137,648 | +€53,300 | +63.2% |
| Distributable reserves | 133 | €84,348 | €137,648 | +€53,300 | +63.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €76,016 | €2,053 | -€73,963 | -97.3% |
| Amounts payable within one year | 42/48 | €76,016 | €2,053 | -€73,963 | -97.3% |
| Financial debts | 43 | €538 | €496 | -€42 | -7.8% |
| Credit institutions | 430/8 | €538 | €496 | -€42 | -7.8% |
| Trade debts | 44 | €4,438 | €605 | -€3,834 | -86.4% |
| Suppliers | 440/4 | €4,438 | €605 | -€3,834 | -86.4% |
| Taxes, remuneration and social security | 45 | €11,136 | €658 | -€10,477 | -94.1% |
| Taxes | 450/3 | €10,500 | €0 | -€10,500 | -100.0% |
| Remuneration and social security | 454/9 | €636 | €658 | +€23 | +3.6% |
| Other amounts payable | 47/48 | €59,904 | €294 | -€59,610 | -99.5% |
| Remuneration, social security and pensions | 62 | €8,628 | €8,814 | +€186 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,296 | €7,218 | -€2,078 | -22.4% |
| Other operating charges | 640/8 | €2,422 | €1,319 | -€1,103 | -45.5% |
| Gross operating margin | 9900 | €124,143 | €99,552 | -€24,592 | -19.8% |
| Operating profit (loss) | 9901 | €103,798 | €82,201 | -€21,597 | -20.8% |
| Financial income | 75/76B | €0 | €3,960 | +€3,960 | |
| Recurring financial income | 75 | €0 | €3,960 | +€3,960 | |
| Financial charges | 65/66B | €1,417 | €331 | -€1,086 | -76.7% |
| Recurring financial charges | 65 | €1,417 | €331 | -€1,086 | -76.7% |
| Profit (loss) for the period before taxes | 9903 | €102,381 | €85,831 | -€16,550 | -16.2% |
| Income taxes | 67/77 | €21,594 | €17,531 | -€4,063 | -18.8% |
| Profit (loss) for the period | 9904 | €80,787 | €68,300 | -€12,488 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €80,787 | €68,300 | -€12,488 | -15.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.