Circle Box: 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.
Circle Box
Largest movements
- Receivables within one year -€48,603
down €48,603 (-14.4%), from €336,805 to €288,202
of which Other amounts receivable: -€42,760
- Stocks and contracts -€45,508
down €45,508 (-43.1%), from €105,508 to €60,000
- Cash -€34,559
down €34,559 (-68.7%), from €50,276 to €15,717
mainly Other debts (-€99,575) and Tax, wage and social debts (-€56,349)
- Tangible fixed assets -€23,818
no longer reported in 2025 (was €23,818)
- Other debts -€99,575
down €99,575 (-22.4%), from €444,432 to €344,857
- Tax, wage and social debts -€56,349
no longer reported in 2025 (was €56,349)
- Other operating charges -€9,390
down €9,390 (-93.4%), from €10,053 to €663
- Depreciation -€8,926
no longer reported in 2025 (was €8,926)
- Financial income +€5,902
new in 2025: €5,902
- Financial charges +€2,771
up €2,771 (+53.2%), from €5,204 to €7,974
- Gross operating margin +€389
up €389 (+7.4%), from €5,240 to €5,629
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €516,407 | €363,919 | -€152,488 | -29.5% |
| Fixed assets | 21/28 | €23,818 | - | -€23,818 | |
| Tangible fixed assets | 22/27 | €23,818 | - | -€23,818 | |
| Furniture and vehicles | 24 | €23,818 | - | -€23,818 | |
| Current assets | 29/58 | €492,589 | €363,919 | -€128,670 | -26.1% |
| Stocks and contracts in progress | 3 | €105,508 | €60,000 | -€45,508 | -43.1% |
| Contracts in progress | 37 | €105,508 | €60,000 | -€45,508 | -43.1% |
| Amounts receivable within one year | 40/41 | €336,805 | €288,202 | -€48,603 | -14.4% |
| Trade receivables | 40 | €5,844 | - | -€5,844 | |
| Other amounts receivable | 41 | €330,962 | €288,202 | -€42,760 | -12.9% |
| Cash at bank and in hand | 54/58 | €50,276 | €15,717 | -€34,559 | -68.7% |
| Total equity and liabilities | 10/49 | €516,407 | €363,919 | -€152,488 | -29.5% |
| Equity | 10/15 | €14,695 | €17,589 | +€2,894 | +19.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €435 | €3,329 | +€2,894 | +665% |
| Amounts payable | 17/49 | €501,712 | €346,330 | -€155,382 | -31.0% |
| Amounts payable within one year | 42/48 | €501,712 | €346,330 | -€155,382 | -31.0% |
| Trade debts | 44 | €931 | €1,473 | +€542 | +58.2% |
| Suppliers | 440/4 | €931 | €1,473 | +€542 | +58.2% |
| Taxes, remuneration and social security | 45 | €56,349 | - | -€56,349 | |
| Taxes | 450/3 | €56,349 | - | -€56,349 | |
| Other amounts payable | 47/48 | €444,432 | €344,857 | -€99,575 | -22.4% |
| Non-recurring operating income | 76A | - | €3,682 | +€3,682 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,926 | - | -€8,926 | |
| Other operating charges | 640/8 | €10,053 | €663 | -€9,390 | -93.4% |
| Gross operating margin | 9900 | €5,240 | €5,629 | +€389 | +7.4% |
| Operating profit (loss) | 9901 | -€13,738 | €4,966 | +€18,704 | |
| Financial income | 75/76B | - | €5,902 | +€5,902 | |
| Recurring financial income | 75 | - | €5,902 | +€5,902 | |
| Financial charges | 65/66B | €5,204 | €7,974 | +€2,771 | +53.2% |
| Recurring financial charges | 65 | €5,204 | €7,974 | +€2,771 | +53.2% |
| Profit (loss) for the period before taxes | 9903 | -€18,942 | €2,894 | +€21,836 | |
| Profit (loss) for the period | 9904 | -€18,942 | €2,894 | +€21,836 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,942 | €2,894 | +€21,836 |
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 19 October 2026 via checked.be.