VARO: what changed
VARO
Largest movements
- Tangible fixed assets +€45,866
up €45,866 (+9.2%), from €496,166 to €542,031
of which Furniture and vehicles: +€64,252
- Cash -€30,975
down €30,975 (-43.2%), from €71,769 to €40,794
mainly Investment in fixed assets (net) (-€80,742) and Debts after one year (-€58,718)
- Receivables within one year +€30,528
up €30,528 (+1,285%), from €2,376 to €32,904
- Current investments -€30,000
down €30,000 (-75.0%), from €40,000 to €10,000
- Debts after one year -€58,718
down €58,718 (-12.3%), from €477,995 to €419,277
- Profit (loss) carried forward +€34,593
up €34,593 (+25.4%), from €136,183 to €170,777
- Other debts +€25,000
new in 2025: €25,000
- Current portion of long-term debt +€14,082
up €14,082 (+44.9%), from €31,339 to €45,422
- Depreciation +€16,148
up €16,148 (+86.2%), from €18,728 to €34,877
- Gross operating margin -€13,479
down €13,479 (-13.3%), from €101,036 to €87,556
- Taxes -€4,601
down €4,601 (-34.3%), from €13,426 to €8,825
- Other operating charges -€4,563
down €4,563 (-52.7%), from €8,653 to €4,089
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €679,471 | €694,889 | +€15,419 | +2.3% |
| Fixed assets | 21/28 | €565,326 | €611,191 | +€45,866 | +8.1% |
| Tangible fixed assets | 22/27 | €496,166 | €542,031 | +€45,866 | +9.2% |
| Land and buildings | 22 | €495,482 | €477,096 | -€18,387 | -3.7% |
| Furniture and vehicles | 24 | €684 | €64,936 | +€64,252 | +9,398% |
| Financial fixed assets | 28 | €69,160 | €69,160 | = | 0.0% |
| Current assets | 29/58 | €114,145 | €83,698 | -€30,447 | -26.7% |
| Amounts receivable within one year | 40/41 | €2,376 | €32,904 | +€30,528 | +1,285% |
| Other amounts receivable | 41 | €2,376 | €32,904 | +€30,528 | +1,285% |
| Current investments | 50/53 | €40,000 | €10,000 | -€30,000 | -75.0% |
| Cash at bank and in hand | 54/58 | €71,769 | €40,794 | -€30,975 | -43.2% |
| Total equity and liabilities | 10/49 | €679,471 | €694,889 | +€15,419 | +2.3% |
| Equity | 10/15 | €137,183 | €171,777 | +€34,593 | +25.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €136,183 | €170,777 | +€34,593 | +25.4% |
| Amounts payable | 17/49 | €542,287 | €523,113 | -€19,175 | -3.5% |
| Amounts payable after more than one year | 17 | €477,995 | €419,277 | -€58,718 | -12.3% |
| Financial debts | 170/4 | €477,995 | €419,277 | -€58,718 | -12.3% |
| Amounts payable within one year | 42/48 | €59,936 | €99,479 | +€39,543 | +66.0% |
| Current portion of amounts payable after more than one year | 42 | €31,339 | €45,422 | +€14,082 | +44.9% |
| Trade debts | 44 | €11,338 | €13,073 | +€1,735 | +15.3% |
| Suppliers | 440/4 | €11,338 | €13,073 | +€1,735 | +15.3% |
| Taxes, remuneration and social security | 45 | €17,258 | €15,985 | -€1,274 | -7.4% |
| Taxes | 450/3 | €17,258 | €15,931 | -€1,328 | -7.7% |
| Remuneration and social security | 454/9 | - | €54 | +€54 | |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Accrued charges and deferred income | 492/3 | €4,356 | €4,356 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,728 | €34,877 | +€16,148 | +86.2% |
| Other operating charges | 640/8 | €8,653 | €4,089 | -€4,563 | -52.7% |
| Gross operating margin | 9900 | €101,036 | €87,556 | -€13,479 | -13.3% |
| Operating profit (loss) | 9901 | €73,655 | €48,590 | -€25,064 | -34.0% |
| Financial income | 75/76B | €1,200 | €1,494 | +€294 | +24.5% |
| Recurring financial income | 75 | €1,200 | €1,494 | +€294 | +24.5% |
| Financial charges | 65/66B | €6,750 | €6,667 | -€83 | -1.2% |
| Recurring financial charges | 65 | €6,750 | €6,667 | -€83 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €68,105 | €43,418 | -€24,687 | -36.2% |
| Income taxes | 67/77 | €13,426 | €8,825 | -€4,601 | -34.3% |
| Profit (loss) for the period | 9904 | €54,679 | €34,593 | -€20,086 | -36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,679 | €34,593 | -€20,086 | -36.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.