Circet Benelux: 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.
What changed
Circet Benelux
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€20.7m
2024 · €3.8m+€16.9m
Equity
€165.3m
2024 · €157.2m+€8.1m
Cash
€1.9m
2024 · €2.1m-€196,242
Balance sheet total
€174.4m
2024 · €161.7m+€12.7m
Largest movements
Assets
- Financial fixed assets +€15.4m
up €15.4m (+10.1%), from €153.0m to €168.4m
of which Affiliated companies: +€15.4m
- Receivables within one year -€2.3m
down €2.3m (-52.5%), from €4.3m to €2.1m
of which Trade receivables: -€1.9m
Equity and liabilities
- Profit (loss) carried forward +€7.1m
up €7.1m (+9.8%), from €72.0m to €79.1m
- Other debts +€4.5m
up €4.5m (+154%), from €3.0m to €7.5m
Income statement
- Financial income +€16.5m
up €16.5m (+384%), from €4.3m to €20.8m
- Turnover -€711,872
down €711,872 (-14.0%), from €5.1m to €4.4m
- Services and other goods -€653,538
down €653,538 (-16.4%), from €4.0m to €3.3m
- Financial charges -€330,484
down €330,484 (-72.0%), from €459,209 to €128,725
- Staff costs +€155,503
up €155,503 (+17.6%), from €881,580 to €1.0m
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.
Result 2024
€3.8m
Turnover
-€711,872
Other operating income
+€130,122
Services and other goods
+€653,538
Staff costs
-€155,503
Depreciation
-€270
Other operating charges
+€10,402
Financial income
+€16.5m
Financial charges
+€330,484
Taxes
+€120,968
Result 2025
€20.7m
raises the resultlowers the result
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.
From operations
+€27.8m
Investment
-€15.4m
Financing
-€12.6m
Cash 2024
€2.1m
From operations (derived)
+€27.8m
Net result for the year
+€20.7m
Depreciation
+€160,899
Receivables after one year
+€190,000
Receivables within one year
+€2.3m
Deferred charges and accrued income
-€71,478
Trade debts
-€48,582
Tax, wage and social debts
+€63,835
Other debts
+€4.5m
Investment (derived)
-€15.4m
Investment in fixed assets (net)
-€15.4m
Financing
-€12.6m
Contributions, distributions and other
-€12.6m
Cash 2025
€1.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €161,709,341 | €174,398,986 | +€12.7m | +7.8% |
| Formation expenses | 20 | €138,565 | €52,175 | -€86,390 | -62.3% |
| Fixed assets | 21/28 | €153,451,449 | €168,810,163 | +€15.4m | +10.0% |
| Tangible fixed assets | 22/27 | €469,703 | €396,786 | -€72,916 | -15.5% |
| Plant, machinery and equipment | 23 | €7,766 | €3,878 | -€3,888 | -50.1% |
| Furniture and vehicles | 24 | €8,453 | €3,425 | -€5,028 | -59.5% |
| Other tangible fixed assets | 26 | €453,484 | €389,484 | -€64,000 | -14.1% |
| Financial fixed assets | 28 | €152,981,747 | €168,413,376 | +€15.4m | +10.1% |
| Affiliated companies | 280/1 | €152,979,430 | €168,411,060 | +€15.4m | +10.1% |
| Participating interests | 280 | €152,979,430 | €168,411,060 | +€15.4m | +10.1% |
| Other financial fixed assets | 284/8 | €2,317 | €2,317 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,317 | €2,317 | = | 0.0% |
| Current assets | 29/58 | €8,119,327 | €5,536,648 | -€2.6m | -31.8% |
| Amounts receivable after more than one year | 29 | €1,560,000 | €1,370,000 | -€190,000 | -12.2% |
| Other amounts receivable | 291 | €1,560,000 | €1,370,000 | -€190,000 | -12.2% |
| Amounts receivable within one year | 40/41 | €4,320,179 | €2,052,264 | -€2.3m | -52.5% |
| Trade receivables | 40 | €2,219,797 | €345,142 | -€1.9m | -84.5% |
| Other amounts receivable | 41 | €2,100,382 | €1,707,122 | -€393,259 | -18.7% |
| Cash at bank and in hand | 54/58 | €2,053,953 | €1,857,711 | -€196,242 | -9.6% |
| Deferred charges and accrued income | 490/1 | €185,196 | €256,673 | +€71,478 | +38.6% |
| Total equity and liabilities | 10/49 | €161,709,341 | €174,398,986 | +€12.7m | +7.8% |
| Equity | 10/15 | €157,196,549 | €165,321,263 | +€8.1m | +5.2% |
| Contributions | 10/11 | €81,395,627 | €81,395,627 | = | 0.0% |
| Capital | 10 | €78,062,294 | €78,062,294 | = | 0.0% |
| Issued capital | 100 | €78,062,294 | €78,062,294 | = | 0.0% |
| Contributions outside capital | 11 | €3,333,333 | €3,333,333 | = | 0.0% |
| Share premium | 1100/10 | €3,333,333 | €3,333,333 | = | 0.0% |
| Reserves | 13 | €3,790,132 | €4,826,367 | +€1.0m | +27.3% |
| Non-distributable reserves | 130/1 | €3,790,132 | €4,826,367 | +€1.0m | +27.3% |
| Legal reserve | 130 | €3,790,132 | €4,826,367 | +€1.0m | +27.3% |
| Profit (loss) carried forward | 14 | €72,010,790 | €79,099,268 | +€7.1m | +9.8% |
| Amounts payable | 17/49 | €4,512,792 | €9,077,723 | +€4.6m | +101% |
| Amounts payable within one year | 42/48 | €4,512,792 | €9,077,723 | +€4.6m | +101% |
| Trade debts | 44 | €1,364,382 | €1,315,800 | -€48,582 | -3.6% |
| Suppliers | 440/4 | €1,364,382 | €1,315,800 | -€48,582 | -3.6% |
| Taxes, remuneration and social security | 45 | €198,088 | €261,923 | +€63,835 | +32.2% |
| Taxes | 450/3 | €4,604 | €1,342 | -€3,262 | -70.9% |
| Remuneration and social security | 454/9 | €193,484 | €260,581 | +€67,098 | +34.7% |
| Other amounts payable | 47/48 | €2,950,322 | €7,500,000 | +€4.5m | +154% |
| Operating income | 70/76A | €5,115,313 | €4,533,563 | -€581,750 | -11.4% |
| Turnover | 70 | €5,073,953 | €4,362,082 | -€711,872 | -14.0% |
| Other operating income | 74 | €41,360 | €171,482 | +€130,122 | +315% |
| Operating charges | 60/66A | €5,030,403 | €4,522,236 | -€508,167 | -10.1% |
| Services and other goods | 61 | €3,973,199 | €3,319,661 | -€653,538 | -16.4% |
| Remuneration, social security and pensions | 62 | €881,580 | €1,037,083 | +€155,503 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,629 | €160,899 | +€270 | +0.2% |
| Other operating charges | 640/8 | €14,995 | €4,593 | -€10,402 | -69.4% |
| Operating profit (loss) | 9901 | €84,910 | €11,328 | -€73,583 | -86.7% |
| Financial income | 75/76B | €4,305,819 | €20,841,538 | +€16.5m | +384% |
| Recurring financial income | 75 | €4,305,819 | €20,841,538 | +€16.5m | +384% |
| Income from financial fixed assets | 750 | €4,000,000 | €20,700,000 | +€16.7m | +418% |
| Income from current assets | 751 | €305,819 | €134,201 | -€171,618 | -56.1% |
| Other financial income | 752/9 | €0 | €7,337 | +€7,337 | +2,096,323% |
| Financial charges | 65/66B | €459,209 | €128,725 | -€330,484 | -72.0% |
| Recurring financial charges | 65 | €459,209 | €128,725 | -€330,484 | -72.0% |
| Debt charges | 650 | €459,179 | €125,744 | -€333,435 | -72.6% |
| Other financial charges | 652/9 | €30 | €2,981 | +€2,951 | +9,873% |
| Profit (loss) for the period before taxes | 9903 | €3,931,521 | €20,724,140 | +€16.8m | +427% |
| Income taxes | 67/77 | €120,395 | -€573 | -€120,968 | |
| Taxes | 670/3 | €120,395 | €1,342 | -€119,053 | -98.9% |
| Tax adjustments and reversals of tax provisions | 77 | - | €1,915 | +€1,915 | |
| Profit (loss) for the period | 9904 | €3,811,126 | €20,724,714 | +€16.9m | +444% |
| Profit (loss) for the period to be appropriated | 9905 | €3,811,126 | €20,724,714 | +€16.9m | +444% |
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 29 October 2026 via checked.be.