S3-VARDA: 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.
S3-VARDA
Largest movements
- Financial fixed assets +€546,600
up €546,600 (+9.0%), from €6.1m to €6.6m
- Reserves +€757,506
up €757,506 (+75.5%), from €1.0m to €1.8m
- Debts after one year -€313,322
down €313,322 (-8.3%), from €3.8m to €3.4m
- Financial income -€50,000
down €50,000 (-6.7%), from €750,000 to €700,000
- Financial charges -€34,585
down €34,585 (-13.6%), from €255,076 to €220,492
- Gross operating margin -€17,988
down €17,988 (-6.0%), from €299,525 to €281,537
- Taxes +€3,419
new in 2025: €3,419
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 | €6,179,532 | €6,728,188 | +€548,656 | +8.9% |
| Fixed assets | 21/28 | €6,089,846 | €6,636,446 | +€546,600 | +9.0% |
| Financial fixed assets | 28 | €6,089,846 | €6,636,446 | +€546,600 | +9.0% |
| Current assets | 29/58 | €89,686 | €91,742 | +€2,056 | +2.3% |
| Amounts receivable within one year | 40/41 | €30,250 | €11,581 | -€18,669 | -61.7% |
| Trade receivables | 40 | €30,250 | €0 | -€30,250 | -100.0% |
| Other amounts receivable | 41 | €0 | €11,581 | +€11,581 | |
| Cash at bank and in hand | 54/58 | €59,436 | €80,161 | +€20,725 | +34.9% |
| Total equity and liabilities | 10/49 | €6,179,532 | €6,728,188 | +€548,656 | +8.9% |
| Equity | 10/15 | €1,402,750 | €2,160,256 | +€757,506 | +54.0% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €1,002,750 | €1,760,256 | +€757,506 | +75.5% |
| Distributable reserves | 133 | €1,002,750 | €1,760,256 | +€757,506 | +75.5% |
| Amounts payable | 17/49 | €4,776,782 | €4,567,931 | -€208,850 | -4.4% |
| Amounts payable after more than one year | 17 | €3,761,547 | €3,448,224 | -€313,322 | -8.3% |
| Financial debts | 170/4 | €3,761,547 | €3,448,224 | -€313,322 | -8.3% |
| Amounts payable within one year | 42/48 | €939,004 | €989,760 | +€50,756 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €349,383 | €362,857 | +€13,474 | +3.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | - | €3,780 | +€3,780 | |
| Suppliers | 440/4 | - | €3,780 | +€3,780 | |
| Taxes, remuneration and social security | 45 | €22,121 | €18,394 | -€3,727 | -16.8% |
| Taxes | 450/3 | €22,121 | €18,394 | -€3,727 | -16.8% |
| Other amounts payable | 47/48 | €567,500 | €604,729 | +€37,229 | +6.6% |
| Accrued charges and deferred income | 492/3 | €76,231 | €129,947 | +€53,716 | +70.5% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €299,525 | €281,537 | -€17,988 | -6.0% |
| Operating profit (loss) | 9901 | €299,407 | €281,417 | -€17,990 | -6.0% |
| Financial income | 75/76B | €750,000 | €700,000 | -€50,000 | -6.7% |
| Recurring financial income | 75 | €750,000 | €700,000 | -€50,000 | -6.7% |
| Financial charges | 65/66B | €255,076 | €220,492 | -€34,585 | -13.6% |
| Recurring financial charges | 65 | €255,076 | €220,492 | -€34,585 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €794,331 | €760,925 | -€33,406 | -4.2% |
| Income taxes | 67/77 | - | €3,419 | +€3,419 | |
| Profit (loss) for the period | 9904 | €794,331 | €757,506 | -€36,824 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €794,331 | €757,506 | -€36,824 | -4.6% |
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 9 October 2026 via checked.be.