VARVAN: 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.
VARVAN
Largest movements
- Tangible fixed assets +€2.5m
up €2.5m (+402.4%), from €618,208 to €3.1m
of which Land and buildings: +€2.5m
- Cash -€591,404
down €591,404 (-73.1%), from €809,084 to €217,680
mainly Investment in fixed assets (net) (-€2.6m) and Provisions (-€442,807)
- Stocks and contracts -€225,071
down €225,071 (-15.1%), from €1.5m to €1.3m
- Other debts +€1.2m
up €1.2m (+9863.6%), from €12,500 to €1.2m
- Debts after one year +€888,889
new in 2024: €888,889
- Provisions -€442,807
down €442,807 (-40.1%), from €1.1m to €660,414
- Trade debts -€74,991
down €74,991 (-95.5%), from €78,524 to €3,533
- Current portion of long-term debt +€66,667
new in 2024: €66,667
- Gross operating margin -€294,568
down €294,568 (-1064.4%), from -€27,675 to -€322,242
- Depreciation +€42,496
up €42,496 (+120.8%), from €35,180 to €77,676
- Financial charges +€22,255
up €22,255 (+10315.8%), from €216 to €22,471
- Other operating charges +€10,366
up €10,366 (+181.6%), from €5,709 to €16,075
- Financial income +€7,545
up €7,545 (+88.9%), from €8,483 to €16,027
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,652,117 | €6,314,450 | +€1.7m | +35.7% |
| Fixed assets | 21/28 | €618,208 | €3,106,094 | +€2.5m | +402.4% |
| Tangible fixed assets | 22/27 | €618,208 | €3,106,094 | +€2.5m | +402.4% |
| Land and buildings | 22 | €581,008 | €3,068,894 | +€2.5m | +428.2% |
| Other tangible fixed assets | 26 | €37,200 | €37,200 | = | 0.0% |
| Current assets | 29/58 | €4,033,908 | €3,208,356 | -€825,552 | -20.5% |
| Stocks and contracts in progress | 3 | €1,489,316 | €1,264,245 | -€225,071 | -15.1% |
| Stocks | 30/36 | €1,489,316 | €1,264,245 | -€225,071 | -15.1% |
| Amounts receivable within one year | 40/41 | €1,733,807 | €1,725,959 | -€7,848 | -0.5% |
| Trade receivables | 40 | €1,107 | €12,345 | +€11,237 | +1014.7% |
| Other amounts receivable | 41 | €1,732,699 | €1,713,614 | -€19,085 | -1.1% |
| Cash at bank and in hand | 54/58 | €809,084 | €217,680 | -€591,404 | -73.1% |
| Deferred charges and accrued income | 490/1 | €1,702 | €472 | -€1,230 | -72.3% |
| Total equity and liabilities | 10/49 | €4,652,117 | €6,314,450 | +€1.7m | +35.7% |
| Equity | 10/15 | €3,405,586 | €3,422,682 | +€17,097 | +0.5% |
| Contributions | 10/11 | €109,264 | €109,264 | = | 0.0% |
| Reserves | 13 | €3,296,321 | €3,313,418 | +€17,097 | +0.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,656,121 | €2,009,934 | +€353,814 | +21.4% |
| Distributable reserves | 133 | €1,640,201 | €1,303,484 | -€336,717 | -20.5% |
| Provisions and deferred taxes | 16 | €1,103,222 | €660,414 | -€442,807 | -40.1% |
| Deferred taxes | 168 | €1,103,222 | €660,414 | -€442,807 | -40.1% |
| Amounts payable | 17/49 | €143,309 | €2,231,354 | +€2.1m | +1457.0% |
| Amounts payable after more than one year | 17 | - | €888,889 | +€888,889 | |
| Financial debts | 170/4 | - | €888,889 | +€888,889 | |
| Amounts payable within one year | 42/48 | €143,309 | €1,342,465 | +€1.2m | +836.8% |
| Current portion of amounts payable after more than one year | 42 | - | €66,667 | +€66,667 | |
| Trade debts | 44 | €78,524 | €3,533 | -€74,991 | -95.5% |
| Suppliers | 440/4 | €78,524 | €3,533 | -€74,991 | -95.5% |
| Taxes, remuneration and social security | 45 | €52,286 | €26,814 | -€25,472 | -48.7% |
| Taxes | 450/3 | €52,286 | €26,814 | -€25,472 | -48.7% |
| Other amounts payable | 47/48 | €12,500 | €1,245,451 | +€1.2m | +9863.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,180 | €77,676 | +€42,496 | +120.8% |
| Other operating charges | 640/8 | €5,709 | €16,075 | +€10,366 | +181.6% |
| Gross operating margin | 9900 | -€27,675 | -€322,242 | -€294,568 | -1064.4% |
| Operating profit (loss) | 9901 | -€68,564 | -€415,994 | -€347,430 | -506.7% |
| Financial income | 75/76B | €8,483 | €16,027 | +€7,545 | +88.9% |
| Recurring financial income | 75 | €8,483 | €16,027 | +€7,545 | +88.9% |
| Financial charges | 65/66B | €216 | €22,471 | +€22,255 | +10315.8% |
| Recurring financial charges | 65 | €216 | €22,471 | +€22,255 | +10315.8% |
| Profit (loss) for the period before taxes | 9903 | -€60,297 | -€422,438 | -€362,140 | -600.6% |
| Transfer from deferred taxes | 780 | €3,971 | €17,807 | +€13,837 | +348.5% |
| Income taxes | 67/77 | €791 | €3,273 | +€2,482 | +313.6% |
| Profit (loss) for the period | 9904 | -€57,118 | -€407,903 | -€350,785 | -614.1% |
| Transfer from tax-exempt reserves | 789 | €11,081 | €71,186 | +€60,105 | +542.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,037 | -€336,717 | -€290,680 | -631.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.