CIRCLE: 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.
CIRCLE
Largest movements
- Receivables within one year -€182,449
down €182,449 (-78.2%), from €233,295 to €50,846
of which Other amounts receivable: -€200,508
- Cash +€144,885
up €144,885 (+1378.9%), from €10,507 to €155,392
mainly Net result for the year (+€189,718) and Receivables within one year (+€182,449)
- Tangible fixed assets -€24,102
down €24,102 (-6.0%), from €403,042 to €378,940
of which Furniture and vehicles: -€16,425
- Other debts -€88,701
down €88,701 (-40.7%), from €217,922 to €129,221
- Profit (loss) carried forward +€88,488
up €88,488 (+87.4%), from €101,230 to €189,718
- Debts after one year -€63,770
down €63,770 (-21.6%), from €294,979 to €231,209
- Current portion of long-term debt -€9,478
down €9,478 (-12.9%), from €73,248 to €63,770
- Financial income +€145,675
up €145,675 (+2192.6%), from €6,644 to €152,319
- Depreciation +€5,389
up €5,389 (+24.8%), from €21,752 to €27,141
- Financial charges -€1,785
down €1,785 (-11.5%), from €15,576 to €13,791
- Gross operating margin -€1,479
down €1,479 (-1.6%), from €95,244 to €93,766
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 | €746,844 | €679,443 | -€67,401 | -9.0% |
| Fixed assets | 21/28 | €503,042 | €473,205 | -€29,837 | -5.9% |
| Tangible fixed assets | 22/27 | €403,042 | €378,940 | -€24,102 | -6.0% |
| Land and buildings | 22 | €332,472 | €322,019 | -€10,452 | -3.1% |
| Plant, machinery and equipment | 23 | - | €2,775 | +€2,775 | |
| Furniture and vehicles | 24 | €70,571 | €54,146 | -€16,425 | -23.3% |
| Financial fixed assets | 28 | €100,000 | €94,265 | -€5,735 | -5.7% |
| Current assets | 29/58 | €243,802 | €206,238 | -€37,564 | -15.4% |
| Amounts receivable within one year | 40/41 | €233,295 | €50,846 | -€182,449 | -78.2% |
| Trade receivables | 40 | €16,084 | €34,143 | +€18,059 | +112.3% |
| Other amounts receivable | 41 | €217,211 | €16,703 | -€200,508 | -92.3% |
| Cash at bank and in hand | 54/58 | €10,507 | €155,392 | +€144,885 | +1378.9% |
| Total equity and liabilities | 10/49 | €746,844 | €679,443 | -€67,401 | -9.0% |
| Equity | 10/15 | €129,056 | €217,544 | +€88,488 | +68.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €7,825 | €7,825 | = | 0.0% |
| Distributable reserves | 133 | €7,825 | €7,825 | = | 0.0% |
| Profit (loss) carried forward | 14 | €101,230 | €189,718 | +€88,488 | +87.4% |
| Amounts payable | 17/49 | €617,789 | €461,899 | -€155,889 | -25.2% |
| Amounts payable after more than one year | 17 | €294,979 | €231,209 | -€63,770 | -21.6% |
| Financial debts | 170/4 | €294,979 | €231,209 | -€63,770 | -21.6% |
| Amounts payable within one year | 42/48 | €322,809 | €227,666 | -€95,143 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €73,248 | €63,770 | -€9,478 | -12.9% |
| Trade debts | 44 | €1,119 | €1,586 | +€466 | +41.7% |
| Suppliers | 440/4 | €1,119 | €1,586 | +€466 | +41.7% |
| Taxes, remuneration and social security | 45 | €30,519 | €33,089 | +€2,570 | +8.4% |
| Taxes | 450/3 | €30,519 | €33,089 | +€2,570 | +8.4% |
| Other amounts payable | 47/48 | €217,922 | €129,221 | -€88,701 | -40.7% |
| Accrued charges and deferred income | 492/3 | €0 | €3,024 | +€3,024 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,752 | €27,141 | +€5,389 | +24.8% |
| Other operating charges | 640/8 | €1,883 | €2,164 | +€281 | +14.9% |
| Gross operating margin | 9900 | €95,244 | €93,766 | -€1,479 | -1.6% |
| Operating profit (loss) | 9901 | €71,609 | €64,461 | -€7,148 | -10.0% |
| Financial income | 75/76B | €6,644 | €152,319 | +€145,675 | +2192.6% |
| Recurring financial income | 75 | €6,644 | €152,319 | +€145,675 | +2192.6% |
| Financial charges | 65/66B | €15,576 | €13,791 | -€1,785 | -11.5% |
| Recurring financial charges | 65 | €15,576 | €13,791 | -€1,785 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €62,677 | €202,989 | +€140,312 | +223.9% |
| Income taxes | 67/77 | €14,096 | €13,271 | -€825 | -5.9% |
| Profit (loss) for the period | 9904 | €48,581 | €189,718 | +€141,137 | +290.5% |
| Profit (loss) for the period to be appropriated | 9905 | €48,581 | €189,718 | +€141,137 | +290.5% |
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.