Circet Projects: 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
Circet Projects
NACE 62.900, Other information technology and computer services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.9m
2024 · €731,265-€2.6m
Equity
€6.8m
2024 · €8.7m-€1.9m
Cash
€2.0m
2024 · €2.4m-€369,567
Balance sheet total
€23.0m
2024 · €19.0m+€4.0m
Largest movements
Assets
- Receivables within one year +€5.1m
up €5.1m (+64.9%), from €7.9m to €13.0m
of which Trade receivables: +€5.1m
- Stocks and contracts -€536,418
down €536,418 (-6.9%), from €7.8m to €7.2m
of which Contracts in progress: -€391,437
- Cash -€369,567
down €369,567 (-15.7%), from €2.4m to €2.0m
mainly Receivables within one year (-€5.1m) and Net result for the year (-€1.9m)
Equity and liabilities
- Trade debts +€5.6m
up €5.6m (+84.3%), from €6.7m to €12.3m
- Profit (loss) carried forward -€1.9m
down €1.9m (-98.6%), from €1.9m to €26,464
- Other debts +€1.3m
up €1.3m (+629.9%), from €203,217 to €1.5m
- Short-term financial debts -€473,132
no longer reported in 2025 (was €473,132)
- Tax, wage and social debts -€359,019
down €359,019 (-32.4%), from €1.1m to €749,927
of which Remuneration and social security: -€330,957
Income statement
- Goods and materials +€7.5m
up €7.5m (+39.2%), from €19.1m to €26.6m
of which Purchases: +€7.3m
- Turnover +€6.1m
up €6.1m (+18.6%), from €33.1m to €39.2m
- Staff costs -€1.1m
down €1.1m (-17.2%), from €6.2m to €5.2m
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
€731,265
Turnover
+€6.1m
Other operating income
+€192,703
Goods and materials
-€7.5m
Services and other goods
-€256,805
Staff costs
+€1.1m
Depreciation
+€65,169
Write-downs
+€230,584
Other operating charges
-€310,965
Other operating items
-€2.3m
Financial income
+€5,198
Financial charges
+€39,011
Taxes
+€15,395
Result 2025
-€1.9m
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.
From operations
+€387,089
Investment
-€93,524
Financing
-€663,132
Cash 2024
€2.4m
From operations (derived)
+€387,089
Net result for the year
-€1.9m
Depreciation
+€282,854
Stocks and contracts
+€536,418
Receivables within one year
-€5.1m
Deferred charges and accrued income
+€74,111
Trade debts
+€5.6m
Tax, wage and social debts
-€359,019
Advances received
+€60,645
Other debts
+€1.3m
Accrued charges and deferred income
-€85,083
Investment (derived)
-€93,524
Investment in fixed assets (net)
-€93,524
Financing
-€663,132
Debts after one year
-€190,000
Short-term financial debts
-€473,132
Cash 2025
€2.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,002,301 | €22,960,231 | +€4.0m | +20.8% |
| Fixed assets | 21/28 | €753,912 | €564,581 | -€189,330 | -25.1% |
| Intangible fixed assets | 21 | €567,987 | €427,401 | -€140,586 | -24.8% |
| Tangible fixed assets | 22/27 | €184,347 | €134,103 | -€50,244 | -27.3% |
| Plant, machinery and equipment | 23 | €107,477 | €82,308 | -€25,169 | -23.4% |
| Furniture and vehicles | 24 | €65,447 | €42,995 | -€22,452 | -34.3% |
| Other tangible fixed assets | 26 | €11,423 | €8,800 | -€2,623 | -23.0% |
| Financial fixed assets | 28 | €1,578 | €3,078 | +€1,500 | +95.1% |
| Other financial fixed assets | 284/8 | €1,578 | €3,078 | +€1,500 | +95.1% |
| Amounts receivable and cash guarantees | 285/8 | €1,578 | €3,078 | +€1,500 | +95.1% |
| Current assets | 29/58 | €18,248,390 | €22,395,650 | +€4.1m | +22.7% |
| Stocks and contracts in progress | 3 | €7,769,034 | €7,232,616 | -€536,418 | -6.9% |
| Stocks | 30/36 | €708,015 | €563,034 | -€144,981 | -20.5% |
| Goods purchased for resale | 34 | €708,015 | €563,034 | -€144,981 | -20.5% |
| Contracts in progress | 37 | €7,061,018 | €6,669,582 | -€391,437 | -5.5% |
| Amounts receivable within one year | 40/41 | €7,896,237 | €13,023,592 | +€5.1m | +64.9% |
| Trade receivables | 40 | €7,772,843 | €12,921,700 | +€5.1m | +66.2% |
| Other amounts receivable | 41 | €123,393 | €101,892 | -€21,501 | -17.4% |
| Cash at bank and in hand | 54/58 | €2,355,970 | €1,986,403 | -€369,567 | -15.7% |
| Deferred charges and accrued income | 490/1 | €227,150 | €153,039 | -€74,111 | -32.6% |
| Total equity and liabilities | 10/49 | €19,002,301 | €22,960,231 | +€4.0m | +20.8% |
| Equity | 10/15 | €8,685,773 | €6,798,217 | -€1.9m | -21.7% |
| Contributions | 10/11 | €5,588,119 | €5,588,119 | = | 0.0% |
| Capital | 10 | €5,588,119 | €5,588,119 | = | 0.0% |
| Issued capital | 100 | €5,588,119 | €5,588,119 | = | 0.0% |
| Reserves | 13 | €1,183,634 | €1,183,634 | = | 0.0% |
| Non-distributable reserves | 130/1 | €231,143 | €231,143 | = | 0.0% |
| Legal reserve | 130 | €231,143 | €231,143 | = | 0.0% |
| Distributable reserves | 133 | €952,491 | €952,491 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,914,020 | €26,464 | -€1.9m | -98.6% |
| Amounts payable | 17/49 | €10,316,529 | €16,162,014 | +€5.8m | +56.7% |
| Amounts payable after more than one year | 17 | €1,560,000 | €1,370,000 | -€190,000 | -12.2% |
| Financial debts | 170/4 | €1,560,000 | €1,370,000 | -€190,000 | -12.2% |
| Subordinated loans | 170 | €1,560,000 | €1,370,000 | -€190,000 | -12.2% |
| Amounts payable within one year | 42/48 | €8,652,711 | €14,773,280 | +€6.1m | +70.7% |
| Current portion of amounts payable after more than one year | 42 | €190,000 | €190,000 | = | 0.0% |
| Financial debts | 43 | €473,132 | - | -€473,132 | |
| Credit institutions | 430/8 | €473,132 | - | -€473,132 | |
| Trade debts | 44 | €6,657,216 | €12,269,290 | +€5.6m | +84.3% |
| Suppliers | 440/4 | €6,657,216 | €12,269,290 | +€5.6m | +84.3% |
| Advances received on contracts in progress | 46 | €20,200 | €80,845 | +€60,645 | +300.2% |
| Taxes, remuneration and social security | 45 | €1,108,946 | €749,927 | -€359,019 | -32.4% |
| Taxes | 450/3 | €42,192 | €14,131 | -€28,062 | -66.5% |
| Remuneration and social security | 454/9 | €1,066,753 | €735,796 | -€330,957 | -31.0% |
| Other amounts payable | 47/48 | €203,217 | €1,483,217 | +€1.3m | +629.9% |
| Accrued charges and deferred income | 492/3 | €103,817 | €18,734 | -€85,083 | -82.0% |
| Operating income | 70/76A | €35,073,557 | €39,076,284 | +€4.0m | +11.4% |
| Turnover | 70 | €33,054,030 | €39,199,573 | +€6.1m | +18.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,916,542 | -€391,437 | -€2.3m | |
| Other operating income | 74 | €75,445 | €268,148 | +€192,703 | +255.4% |
| Non-recurring operating income | 76A | €27,539 | - | -€27,539 | |
| Operating charges | 60/66A | €34,030,321 | €40,711,473 | +€6.7m | +19.6% |
| Goods for resale, raw materials and consumables | 60 | €19,098,897 | €26,581,424 | +€7.5m | +39.2% |
| Purchases | 600/8 | €19,150,669 | €26,436,443 | +€7.3m | +38.0% |
| Change in stocks: decrease (increase) | 609 | -€51,771 | €144,981 | +€196,752 | |
| Services and other goods | 61 | €8,288,234 | €8,545,038 | +€256,805 | +3.1% |
| Remuneration, social security and pensions | 62 | €6,231,355 | €5,157,963 | -€1.1m | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €348,023 | €282,854 | -€65,169 | -18.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€230,584 | -€230,584 | |
| Other operating charges | 640/8 | €63,812 | €374,777 | +€310,965 | +487.3% |
| Operating profit (loss) | 9901 | €1,043,236 | -€1,635,189 | -€2.7m | |
| Financial income | 75/76B | €195 | €5,393 | +€5,198 | +2668.0% |
| Recurring financial income | 75 | €195 | €5,393 | +€5,198 | +2668.0% |
| Other financial income | 752/9 | €195 | €5,393 | +€5,198 | +2668.0% |
| Financial charges | 65/66B | €284,358 | €245,347 | -€39,011 | -13.7% |
| Recurring financial charges | 65 | €284,358 | €245,347 | -€39,011 | -13.7% |
| Debt charges | 650 | €255,871 | €236,722 | -€19,149 | -7.5% |
| Other financial charges | 652/9 | €28,487 | €8,625 | -€19,862 | -69.7% |
| Profit (loss) for the period before taxes | 9903 | €759,073 | -€1,875,143 | -€2.6m | |
| Income taxes | 67/77 | €27,808 | €12,413 | -€15,395 | -55.4% |
| Taxes | 670/3 | €27,808 | €14,130 | -€13,678 | -49.2% |
| Tax adjustments and reversals of tax provisions | 77 | - | €1,717 | +€1,717 | |
| Profit (loss) for the period | 9904 | €731,265 | -€1,887,556 | -€2.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €731,265 | -€1,887,556 | -€2.6m |
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 6 October 2026 via checked.be.