VARUNDIAM: 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.
VARUNDIAM
Largest movements
- Cash -€52,826
down €52,826 (-85.3%), from €61,903 to €9,077
mainly Trade debts (-€154,460) and Stocks and contracts (-€37,757)
- Stocks and contracts +€37,757
up €37,757 (+3.8%), from €981,000 to €1.0m
- Receivables within one year -€27,496
down €27,496 (-5.3%), from €517,274 to €489,778
of which Trade receivables: -€48,387
- Deferred charges and accrued income +€18,828
up €18,828 (+63.0%), from €29,887 to €48,716
- Trade debts -€154,460
down €154,460 (-17.0%), from €908,005 to €753,545
- Current portion of long-term debt +€53,443
up €53,443 (+8.7%), from €616,073 to €669,515
- Accrued charges and deferred income +€34,628
new in 2025: €34,628
- Reserves +€23,678
up €23,678 (+39.0%), from €60,676 to €84,354
of which Distributable reserves: +€23,678
- Gross operating margin -€50,111
down €50,111 (-59.6%), from €84,119 to €34,008
- Financial charges -€26,700
down €26,700 (-30.2%), from €88,331 to €61,632
- Financial income +€20,379
up €20,379 (+39.8%), from €51,239 to €71,618
- Taxes +€4,641
up €4,641 (+62.0%), from €7,480 to €12,121
- Depreciation +€2,060
up €2,060 (+36.7%), from €5,617 to €7,676
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 | €1,621,824 | €1,590,349 | -€31,475 | -1.9% |
| Fixed assets | 21/28 | €31,760 | €24,022 | -€7,738 | -24.4% |
| Tangible fixed assets | 22/27 | €29,760 | €22,022 | -€7,738 | -26.0% |
| Plant, machinery and equipment | 23 | €26,204 | €19,937 | -€6,268 | -23.9% |
| Furniture and vehicles | 24 | €3,556 | €2,085 | -€1,471 | -41.4% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €1,590,064 | €1,566,327 | -€23,737 | -1.5% |
| Stocks and contracts in progress | 3 | €981,000 | €1,018,757 | +€37,757 | +3.8% |
| Stocks | 30/36 | €981,000 | €1,018,757 | +€37,757 | +3.8% |
| Amounts receivable within one year | 40/41 | €517,274 | €489,778 | -€27,496 | -5.3% |
| Trade receivables | 40 | €516,683 | €468,296 | -€48,387 | -9.4% |
| Other amounts receivable | 41 | €591 | €21,482 | +€20,891 | +3535.7% |
| Cash at bank and in hand | 54/58 | €61,903 | €9,077 | -€52,826 | -85.3% |
| Deferred charges and accrued income | 490/1 | €29,887 | €48,716 | +€18,828 | +63.0% |
| Total equity and liabilities | 10/49 | €1,621,824 | €1,590,349 | -€31,475 | -1.9% |
| Equity | 10/15 | €79,268 | €102,946 | +€23,678 | +29.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €60,676 | €84,354 | +€23,678 | +39.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €58,817 | €82,495 | +€23,678 | +40.3% |
| Amounts payable | 17/49 | €1,542,556 | €1,487,403 | -€55,153 | -3.6% |
| Amounts payable within one year | 42/48 | €1,542,556 | €1,452,775 | -€89,781 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €616,073 | €669,515 | +€53,443 | +8.7% |
| Trade debts | 44 | €908,005 | €753,545 | -€154,460 | -17.0% |
| Suppliers | 440/4 | €908,005 | €753,545 | -€154,460 | -17.0% |
| Taxes, remuneration and social security | 45 | €12,000 | €24,121 | +€12,121 | +101.0% |
| Taxes | 450/3 | €12,000 | €24,121 | +€12,121 | +101.0% |
| Other amounts payable | 47/48 | €6,478 | €5,594 | -€884 | -13.6% |
| Accrued charges and deferred income | 492/3 | - | €34,628 | +€34,628 | |
| Remuneration, social security and pensions | 62 | €128 | - | -€128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,617 | €7,676 | +€2,060 | +36.7% |
| Other operating charges | 640/8 | €1,024 | €520 | -€504 | -49.2% |
| Gross operating margin | 9900 | €84,119 | €34,008 | -€50,111 | -59.6% |
| Operating profit (loss) | 9901 | €77,351 | €25,812 | -€51,539 | -66.6% |
| Financial income | 75/76B | €51,239 | €71,618 | +€20,379 | +39.8% |
| Recurring financial income | 75 | €51,239 | €71,618 | +€20,379 | +39.8% |
| Financial charges | 65/66B | €88,331 | €61,632 | -€26,700 | -30.2% |
| Recurring financial charges | 65 | €88,331 | €61,632 | -€26,700 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €40,259 | €35,799 | -€4,461 | -11.1% |
| Income taxes | 67/77 | €7,480 | €12,121 | +€4,641 | +62.0% |
| Profit (loss) for the period | 9904 | €32,779 | €23,678 | -€9,101 | -27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,779 | €23,678 | -€9,101 | -27.8% |
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 6 October 2026 via checked.be.