Random variation, or different variants?

I have two UNC of this bank note, as well as 3 others. But the holographic strip is not set the same on all bank notes.

On one of them it is set about 2.5 mm to the side. And it looks like the signatures are also set about 0.5 mm to the side.

Both of them have the ML2, BD signatures. So it's not a matter of them being variants that way.

I'm a novice when it comes to things like this. But if someone has a clue, I'd like to hear it.

On my VF/XF notes, two of them have the holographic stripe at exactly the same place, and the third is shifted about 5 mm to the right. So it feels like it's just random. But I don't know.

That looks like natural variation to me.

Indeed normal variation, biggest variation seems to be caused by different cut of the note as the whole design is “shifted”. Just normal notes :-)