Circ-El: 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.
Circ-El
Largest movements
- Cash +€83,526
up €83,526 (+128%), from €65,065 to €148,591
mainly Net result for the year (+€121,539) and Tax, wage and social debts (+€26,231)
- Receivables within one year +€63,210
up €63,210 (+772%), from €8,184 to €71,394
of which Trade receivables: +€56,904
- Reserves +€121,539
up €121,539 (+401%), from €30,276 to €151,815
- Tax, wage and social debts +€26,231
up €26,231 (+347%), from €7,569 to €33,800
- Gross operating margin +€117,416
up €117,416 (+310%), from €37,855 to €155,271
- Taxes +€26,231
up €26,231 (+347%), from €7,569 to €33,800
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 | €73,249 | €221,207 | +€147,959 | +202% |
| Fixed assets | 21/28 | - | €954 | +€954 | |
| Tangible fixed assets | 22/27 | - | €954 | +€954 | |
| Plant, machinery and equipment | 23 | - | €954 | +€954 | |
| Current assets | 29/58 | €73,249 | €220,254 | +€147,005 | +201% |
| Amounts receivable within one year | 40/41 | €8,184 | €71,394 | +€63,210 | +772% |
| Trade receivables | 40 | €8,089 | €64,993 | +€56,904 | +703% |
| Other amounts receivable | 41 | €95 | €6,400 | +€6,306 | +6,643% |
| Cash at bank and in hand | 54/58 | €65,065 | €148,591 | +€83,526 | +128% |
| Deferred charges and accrued income | 490/1 | - | €269 | +€269 | |
| Total equity and liabilities | 10/49 | €73,249 | €221,207 | +€147,959 | +202% |
| Equity | 10/15 | €65,276 | €186,815 | +€121,539 | +186% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €30,276 | €151,815 | +€121,539 | +401% |
| Distributable reserves | 133 | €30,276 | €151,815 | +€121,539 | +401% |
| Amounts payable | 17/49 | €7,973 | €34,392 | +€26,419 | +331% |
| Amounts payable within one year | 42/48 | €7,973 | €34,392 | +€26,419 | +331% |
| Trade debts | 44 | €404 | €593 | +€189 | +46.7% |
| Suppliers | 440/4 | €404 | €593 | +€189 | +46.7% |
| Taxes, remuneration and social security | 45 | €7,569 | €33,800 | +€26,231 | +347% |
| Taxes | 450/3 | €7,569 | €33,800 | +€26,231 | +347% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €446 | +€446 | |
| Gross operating margin | 9900 | €37,855 | €155,271 | +€117,416 | +310% |
| Operating profit (loss) | 9901 | €37,855 | €154,825 | +€116,970 | +309% |
| Financial income | 75/76B | - | €780 | +€780 | |
| Recurring financial income | 75 | - | €780 | +€780 | |
| Financial charges | 65/66B | €10 | €265 | +€255 | +2,570% |
| Recurring financial charges | 65 | €10 | €265 | +€255 | +2,570% |
| Profit (loss) for the period before taxes | 9903 | €37,845 | €155,339 | +€117,494 | +310% |
| Income taxes | 67/77 | €7,569 | €33,800 | +€26,231 | +347% |
| Profit (loss) for the period | 9904 | €30,276 | €121,539 | +€91,263 | +301% |
| Profit (loss) for the period to be appropriated | 9905 | €30,276 | €121,539 | +€91,263 | +301% |
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 16 October 2026 via checked.be.