Circino: 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.
Circino
Largest movements
- Cash +€178,623
up €178,623 (+324.8%), from €54,992 to €233,616
mainly Current investments (+€120,425) and Net result for the year (+€87,979)
- Current investments -€120,425
down €120,425 (-68.8%), from €175,000 to €54,575
- Deferred charges and accrued income -€16,384
down €16,384 (-89.5%), from €18,304 to €1,920
- Receivables within one year +€12,580
up €12,580 (+5640.5%), from €223 to €12,804
of which Trade receivables: +€10,822
- Profit (loss) carried forward +€87,979
up €87,979 (+42.4%), from €207,417 to €295,396
- Advances received -€19,804
no longer reported in 2025 (was €19,804)
- Tax, wage and social debts -€10,092
down €10,092 (-48.0%), from €21,026 to €10,934
- Gross operating margin -€23,532
down €23,532 (-16.8%), from €139,713 to €116,181
- Taxes -€6,310
down €6,310 (-21.0%), from €29,986 to €23,676
- Financial income -€2,129
down €2,129 (-89.4%), from €2,381 to €253
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 | €253,840 | €309,972 | +€56,132 | +22.1% |
| Fixed assets | 21/28 | €5,320 | €7,058 | +€1,738 | +32.7% |
| Tangible fixed assets | 22/27 | €5,320 | €7,058 | +€1,738 | +32.7% |
| Plant, machinery and equipment | 23 | €2,713 | €6,190 | +€3,476 | +128.1% |
| Furniture and vehicles | 24 | €2,607 | €868 | -€1,739 | -66.7% |
| Current assets | 29/58 | €248,520 | €302,914 | +€54,395 | +21.9% |
| Amounts receivable within one year | 40/41 | €223 | €12,804 | +€12,580 | +5640.5% |
| Trade receivables | 40 | - | €10,822 | +€10,822 | |
| Other amounts receivable | 41 | €223 | €1,981 | +€1,758 | +788.3% |
| Current investments | 50/53 | €175,000 | €54,575 | -€120,425 | -68.8% |
| Cash at bank and in hand | 54/58 | €54,992 | €233,616 | +€178,623 | +324.8% |
| Deferred charges and accrued income | 490/1 | €18,304 | €1,920 | -€16,384 | -89.5% |
| Total equity and liabilities | 10/49 | €253,840 | €309,972 | +€56,132 | +22.1% |
| Equity | 10/15 | €209,917 | €297,896 | +€87,979 | +41.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €207,417 | €295,396 | +€87,979 | +42.4% |
| Amounts payable | 17/49 | €43,922 | €12,076 | -€31,846 | -72.5% |
| Amounts payable within one year | 42/48 | €43,922 | €11,786 | -€32,137 | -73.2% |
| Trade debts | 44 | €1,866 | €852 | -€1,015 | -54.4% |
| Suppliers | 440/4 | €1,866 | €852 | -€1,015 | -54.4% |
| Advances received on contracts in progress | 46 | €19,804 | - | -€19,804 | |
| Taxes, remuneration and social security | 45 | €21,026 | €10,934 | -€10,092 | -48.0% |
| Taxes | 450/3 | €21,026 | €10,934 | -€10,092 | -48.0% |
| Other amounts payable | 47/48 | €1,226 | - | -€1,226 | |
| Accrued charges and deferred income | 492/3 | - | €290 | +€290 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,193 | €2,889 | +€696 | +31.7% |
| Other operating charges | 640/8 | €832 | €1,823 | +€991 | +119.0% |
| Gross operating margin | 9900 | €139,713 | €116,181 | -€23,532 | -16.8% |
| Operating profit (loss) | 9901 | €136,687 | €111,468 | -€25,219 | -18.5% |
| Financial income | 75/76B | €2,381 | €253 | -€2,129 | -89.4% |
| Recurring financial income | 75 | €2,381 | €253 | -€2,129 | -89.4% |
| Financial charges | 65/66B | €355 | €66 | -€288 | -81.3% |
| Recurring financial charges | 65 | €355 | €66 | -€288 | -81.3% |
| Profit (loss) for the period before taxes | 9903 | €138,714 | €111,655 | -€27,060 | -19.5% |
| Income taxes | 67/77 | €29,986 | €23,676 | -€6,310 | -21.0% |
| Profit (loss) for the period | 9904 | €108,728 | €87,979 | -€20,749 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €108,728 | €87,979 | -€20,749 | -19.1% |
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 4 October 2026 via checked.be.