VAVARO: 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.
VAVARO
Largest movements
- Receivables within one year +€143,775
up €143,775 (+172%), from €83,417 to €227,192
of which Trade receivables: +€150,540
- Current investments +€85,000
new in 2025: €85,000
- Cash -€73,186
down €73,186 (-89.4%), from €81,839 to €8,653
mainly Receivables within one year (-€143,775) and Current investments (-€85,000)
- Tangible fixed assets -€33,994
down €33,994 (-25.6%), from €132,642 to €98,649
of which Furniture and vehicles: -€37,647
- Reserves +€170,867
up €170,867 (+70.6%), from €242,147 to €413,014
- Debts after one year -€54,694
down €54,694 (-25.5%), from €214,387 to €159,694
- Tax, wage and social debts +€47,089
up €47,089 (+191%), from €24,663 to €71,752
of which Taxes: +€47,089
- Advances received -€30,250
down €30,250 (-100%), from €30,250 to €0
- Other debts -€13,207
down €13,207 (-49.9%), from €26,487 to €13,280
- Gross operating margin +€156,051
up €156,051 (+119%), from €131,158 to €287,209
- Taxes +€48,936
up €48,936 (+151%), from €32,418 to €81,355
- Depreciation +€4,168
up €4,168 (+19.6%), from €21,260 to €25,428
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 | €611,797 | €731,064 | +€119,267 | +19.5% |
| Fixed assets | 21/28 | €444,167 | €410,174 | -€33,994 | -7.7% |
| Tangible fixed assets | 22/27 | €132,642 | €98,649 | -€33,994 | -25.6% |
| Plant, machinery and equipment | 23 | €3,702 | €7,356 | +€3,653 | +98.7% |
| Furniture and vehicles | 24 | €128,940 | €91,293 | -€37,647 | -29.2% |
| Financial fixed assets | 28 | €311,525 | €311,525 | = | 0.0% |
| Current assets | 29/58 | €167,630 | €320,890 | +€153,260 | +91.4% |
| Amounts receivable within one year | 40/41 | €83,417 | €227,192 | +€143,775 | +172% |
| Trade receivables | 40 | €76,335 | €226,875 | +€150,540 | +197% |
| Other amounts receivable | 41 | €7,082 | €317 | -€6,765 | -95.5% |
| Current investments | 50/53 | - | €85,000 | +€85,000 | |
| Cash at bank and in hand | 54/58 | €81,839 | €8,653 | -€73,186 | -89.4% |
| Deferred charges and accrued income | 490/1 | €2,373 | €44 | -€2,329 | -98.1% |
| Total equity and liabilities | 10/49 | €611,797 | €731,064 | +€119,267 | +19.5% |
| Equity | 10/15 | €260,747 | €431,614 | +€170,867 | +65.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €242,147 | €413,014 | +€170,867 | +70.6% |
| Distributable reserves | 133 | €242,147 | €413,014 | +€170,867 | +70.6% |
| Amounts payable | 17/49 | €351,050 | €299,450 | -€51,600 | -14.7% |
| Amounts payable after more than one year | 17 | €214,387 | €159,694 | -€54,694 | -25.5% |
| Financial debts | 170/4 | €214,387 | €159,694 | -€54,694 | -25.5% |
| Amounts payable within one year | 42/48 | €135,590 | €139,756 | +€4,166 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €52,761 | €54,694 | +€1,933 | +3.7% |
| Trade debts | 44 | €1,429 | €31 | -€1,398 | -97.8% |
| Suppliers | 440/4 | €1,429 | €31 | -€1,398 | -97.8% |
| Advances received on contracts in progress | 46 | €30,250 | €0 | -€30,250 | -100% |
| Taxes, remuneration and social security | 45 | €24,663 | €71,752 | +€47,089 | +191% |
| Taxes | 450/3 | €24,663 | €71,752 | +€47,089 | +191% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €26,487 | €13,280 | -€13,207 | -49.9% |
| Accrued charges and deferred income | 492/3 | €1,073 | €0 | -€1,073 | -100% |
| Non-recurring operating income | 76A | - | €9,442 | +€9,442 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,260 | €25,428 | +€4,168 | +19.6% |
| Other operating charges | 640/8 | €935 | €580 | -€355 | -38.0% |
| Gross operating margin | 9900 | €131,158 | €287,209 | +€156,051 | +119% |
| Operating profit (loss) | 9901 | €108,963 | €261,201 | +€152,239 | +140% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €10,623 | €8,981 | -€1,643 | -15.5% |
| Recurring financial charges | 65 | €10,623 | €8,981 | -€1,643 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €98,339 | €252,221 | +€153,882 | +156% |
| Income taxes | 67/77 | €32,418 | €81,355 | +€48,936 | +151% |
| Profit (loss) for the period | 9904 | €65,921 | €170,867 | +€104,946 | +159% |
| Profit (loss) for the period to be appropriated | 9905 | €65,921 | €170,867 | +€104,946 | +159% |
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 18 October 2026 via checked.be.