CIRCACO: 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.
CIRCACO
Largest movements
- Receivables within one year +€166,280
up €166,280 (+570.3%), from €29,159 to €195,438
of which Trade receivables: +€166,205
- Tangible fixed assets -€161,837
down €161,837 (-78.6%), from €205,833 to €43,996
of which Plant, machinery and equipment: -€161,272
- Stocks and contracts +€14,882
up €14,882 (+28.4%), from €52,474 to €67,357
- Tax, wage and social debts +€26,322
up €26,322 (+269.6%), from €9,763 to €36,085
of which Taxes: +€26,322
- Debts after one year -€24,402
down €24,402 (-10.0%), from €243,835 to €219,433
of which Financial debts: -€24,402
- Trade debts +€16,870
up €16,870 (+18.4%), from €91,538 to €108,409
- Other debts -€12,458
down €12,458 (-22.4%), from €55,624 to €43,166
- Profit (loss) carried forward +€12,048
up €12,048 (+3.2%), from -€373,524 to -€361,476
- Depreciation -€29,760
down €29,760 (-63.5%), from €46,846 to €17,086
- Gross operating margin +€6,284
up €6,284 (+18.1%), from €34,664 to €40,948
- Financial charges -€865
down €865 (-11.3%), from €7,627 to €6,762
- Financial income -€630
down €630 (-99.9%), from €631 to €0
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 | €291,245 | €310,819 | +€19,573 | +6.7% |
| Fixed assets | 21/28 | €206,853 | €44,746 | -€162,107 | -78.4% |
| Intangible fixed assets | 21 | €270 | €0 | -€270 | -100.0% |
| Tangible fixed assets | 22/27 | €205,833 | €43,996 | -€161,837 | -78.6% |
| Plant, machinery and equipment | 23 | €201,312 | €40,040 | -€161,272 | -80.1% |
| Furniture and vehicles | 24 | €4,521 | €3,956 | -€565 | -12.5% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €84,392 | €266,073 | +€181,680 | +215.3% |
| Stocks and contracts in progress | 3 | €52,474 | €67,357 | +€14,882 | +28.4% |
| Stocks | 30/36 | €52,474 | €67,357 | +€14,882 | +28.4% |
| Amounts receivable within one year | 40/41 | €29,159 | €195,438 | +€166,280 | +570.3% |
| Trade receivables | 40 | €29,067 | €195,272 | +€166,205 | +571.8% |
| Other amounts receivable | 41 | €92 | €166 | +€74 | +81.2% |
| Cash at bank and in hand | 54/58 | €2,759 | €2,362 | -€397 | -14.4% |
| Deferred charges and accrued income | 490/1 | - | €916 | +€916 | |
| Total equity and liabilities | 10/49 | €291,245 | €310,819 | +€19,573 | +6.7% |
| Equity | 10/15 | -€151,524 | -€139,476 | +€12,048 | +8.0% |
| Contributions | 10/11 | €222,000 | €222,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€373,524 | -€361,476 | +€12,048 | +3.2% |
| Amounts payable | 17/49 | €442,769 | €450,294 | +€7,526 | +1.7% |
| Amounts payable after more than one year | 17 | €243,835 | €219,433 | -€24,402 | -10.0% |
| Financial debts | 170/4 | €217,189 | €192,788 | -€24,402 | -11.2% |
| Trade debts | 175 | €1,646 | €1,646 | = | 0.0% |
| Other amounts payable | 178/9 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €198,934 | €230,458 | +€31,524 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €15,777 | €16,152 | +€375 | +2.4% |
| Financial debts | 43 | €26,232 | €26,647 | +€415 | +1.6% |
| Credit institutions | 430/8 | €26,232 | €26,647 | +€415 | +1.6% |
| Trade debts | 44 | €91,538 | €108,409 | +€16,870 | +18.4% |
| Suppliers | 440/4 | €91,538 | €108,409 | +€16,870 | +18.4% |
| Taxes, remuneration and social security | 45 | €9,763 | €36,085 | +€26,322 | +269.6% |
| Taxes | 450/3 | €6,763 | €33,085 | +€26,322 | +389.2% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €55,624 | €43,166 | -€12,458 | -22.4% |
| Accrued charges and deferred income | 492/3 | - | €403 | +€403 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,846 | €17,086 | -€29,760 | -63.5% |
| Other operating charges | 640/8 | €2,302 | €2,009 | -€294 | -12.8% |
| Non-recurring operating charges | 66A | - | €3,044 | +€3,044 | |
| Gross operating margin | 9900 | €34,664 | €40,948 | +€6,284 | +18.1% |
| Operating profit (loss) | 9901 | -€14,484 | €18,809 | +€33,293 | |
| Financial income | 75/76B | €631 | €0 | -€630 | -99.9% |
| Recurring financial income | 75 | €631 | €0 | -€630 | -99.9% |
| Financial charges | 65/66B | €7,627 | €6,762 | -€865 | -11.3% |
| Recurring financial charges | 65 | €7,627 | €6,762 | -€865 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | -€21,481 | €12,048 | +€33,528 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€21,481 | €12,048 | +€33,528 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,481 | €12,048 | +€33,528 |
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 12 October 2026 via checked.be.