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Circé: what changed

Two fiscal 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.

What changed

Circé

BE 0407.923.503
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€57,863
2024 · €160,066-€102,203
Equity
€525,539
2024 · €467,676+€57,863
Cash
€599
2024 · €37,302-€36,703
Balance sheet total
€2.6m
2024 · €1.7m+€850,144

Largest movements

2024 to 2025
Assets
  • Tangible fixed assets +€1.1m

    up €1.1m (+82.7%), from €1.3m to €2.5m

    of which Land and buildings: +€1.1m

  • Receivables within one year -€276,607

    down €276,607 (-87.2%), from €317,247 to €40,640

    of which Other amounts receivable: -€194,007

  • Cash -€36,703

    down €36,703 (-98.4%), from €37,302 to €599

    mainly Investment in fixed assets (net) (-€1.2m) and Other debts (-€90,401)

  • Intangible fixed assets +€31,784

    new in 2025: €31,784

Equity and liabilities
  • Debts after one year +€836,434

    up €836,434 (+114.2%), from €732,522 to €1.6m

    of which Financial debts: +€826,294

  • Other debts -€90,401

    down €90,401 (-29.0%), from €311,513 to €221,112

  • Current portion of long-term debt +€69,651

    up €69,651 (+61.1%), from €114,055 to €183,706

  • Reserves +€57,860

    up €57,860 (+18.1%), from €318,834 to €376,694

Income statement
  • Gross operating margin -€129,431

    down €129,431 (-40.6%), from €318,441 to €189,010

  • Taxes -€52,656

    down €52,656 (-70.7%), from €74,516 to €21,860

  • Depreciation +€25,763

    up €25,763 (+40.6%), from €63,462 to €89,225

From the 2024 result to the 2025 result

effect on the 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.

Result 2024 €160,066
Gross operating margin -€129,431
Depreciation -€25,763
Other operating charges -€540
Financial income -€2,077
Financial charges +€2,953
Taxes +€52,656
Result 2025 €57,863

Cash bridge derived

cash 2024 to 2025

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.

From operations +€303,063
Investment -€1.2m
Financing +€907,344
Cash 2024 €37,302
Net result for the year +€57,863
Depreciation +€89,225
Receivables after one year +€12,000
Stocks and contracts -€9,248
Receivables within one year +€276,607
Deferred charges and accrued income -€8,320
Trade debts -€3,665
Tax, wage and social debts -€18,324
Other debts -€90,401
Accrued charges and deferred income -€2,674
Investment in fixed assets (net) -€1.2m
Debts after one year +€836,434
Current portion of long-term debt +€69,651
Short-term financial debts +€1,259
Cash 2025 €599
Every line side by side 50 lines
Line Code 2024 2025 Change %
Total assets 20/58 €1,734,935 €2,585,079 +€850,144 +49.0%
Fixed assets 21/28 €1,342,410 €2,500,296 +€1.2m +86.3%
Intangible fixed assets 21 - €31,784 +€31,784
Tangible fixed assets 22/27 €1,342,410 €2,453,012 +€1.1m +82.7%
Land and buildings 22 €1,245,681 €2,370,398 +€1.1m +90.3%
Plant, machinery and equipment 23 €95,688 €81,985 -€13,703 -14.3%
Furniture and vehicles 24 €1,041 €628 -€413 -39.7%
Financial fixed assets 28 - €15,500 +€15,500
Current assets 29/58 €392,525 €84,783 -€307,742 -78.4%
Amounts receivable after more than one year 29 €28,230 €16,230 -€12,000 -42.5%
Other amounts receivable 291 €28,230 €16,230 -€12,000 -42.5%
Stocks and contracts in progress 3 - €9,248 +€9,248
Stocks 30/36 - €9,248 +€9,248
Amounts receivable within one year 40/41 €317,247 €40,640 -€276,607 -87.2%
Trade receivables 40 €82,600 - -€82,600
Other amounts receivable 41 €234,647 €40,640 -€194,007 -82.7%
Cash at bank and in hand 54/58 €37,302 €599 -€36,703 -98.4%
Deferred charges and accrued income 490/1 €9,746 €18,066 +€8,320 +85.4%
Total equity and liabilities 10/49 €1,734,935 €2,585,079 +€850,144 +49.0%
Equity 10/15 €467,676 €525,539 +€57,863 +12.4%
Contributions 10/11 €148,736 €148,736 = 0.0%
Reserves 13 €318,834 €376,694 +€57,860 +18.1%
Distributable reserves 133 €318,834 €376,694 +€57,860 +18.1%
Profit (loss) carried forward 14 €106 €110 +€3 +3.1%
Amounts payable 17/49 €1,267,259 €2,059,539 +€792,281 +62.5%
Amounts payable after more than one year 17 €732,522 €1,568,957 +€836,434 +114.2%
Financial debts 170/4 €732,522 €1,558,817 +€826,294 +112.8%
Other amounts payable 178/9 - €10,140 +€10,140
Amounts payable within one year 42/48 €531,836 €490,356 -€41,480 -7.8%
Current portion of amounts payable after more than one year 42 €114,055 €183,706 +€69,651 +61.1%
Financial debts 43 - €1,259 +€1,259
Credit institutions 430/8 - €1,259 +€1,259
Trade debts 44 €12,311 €8,647 -€3,665 -29.8%
Suppliers 440/4 €12,311 €8,647 -€3,665 -29.8%
Taxes, remuneration and social security 45 €93,956 €75,632 -€18,324 -19.5%
Taxes 450/3 €93,956 €75,632 -€18,324 -19.5%
Other amounts payable 47/48 €311,513 €221,112 -€90,401 -29.0%
Accrued charges and deferred income 492/3 €2,901 €227 -€2,674 -92.2%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €63,462 €89,225 +€25,763 +40.6%
Other operating charges 640/8 €10,066 €10,606 +€540 +5.4%
Gross operating margin 9900 €318,441 €189,010 -€129,431 -40.6%
Operating profit (loss) 9901 €244,914 €89,179 -€155,734 -63.6%
Financial income 75/76B €9,493 €7,416 -€2,077 -21.9%
Recurring financial income 75 €9,493 €7,416 -€2,077 -21.9%
Financial charges 65/66B €19,825 €16,872 -€2,953 -14.9%
Recurring financial charges 65 €19,825 €16,872 -€2,953 -14.9%
Profit (loss) for the period before taxes 9903 €234,581 €79,723 -€154,858 -66.0%
Income taxes 67/77 €74,516 €21,860 -€52,656 -70.7%
Profit (loss) for the period 9904 €160,066 €57,863 -€102,203 -63.9%
Profit (loss) for the period to be appropriated 9905 €160,066 €57,863 -€102,203 -63.9%

Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.