CIRCLE HOLDINGS: 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 HOLDINGS
Largest movements
- Financial fixed assets +€1.7m
up €1.7m (+178%), from €965,758 to €2.7m
- Receivables within one year +€42,088
up €42,088 (+793%), from €5,304 to €47,392
of which Trade receivables: +€45,160
- Revaluation surpluses +€1.9m
new in 2025: €1.9m
- Debts after one year -€151,846
down €151,846 (-14.3%), from €1.1m to €907,313
- Profit (loss) carried forward -€44,124
down €44,124 (-4.9%), from -€902,298 to -€946,422
- Financial charges -€104,829
down €104,829 (-96.4%), from €108,767 to €3,938
of which Non-recurring financial charges: -€106,594
- Gross operating margin +€70,209
up €70,209 (+65.8%), from -€106,642 to -€36,434
- Other operating charges -€16,222
down €16,222 (-89.2%), from €18,176 to €1,954
- Financial income -€11,155
down €11,155 (-100.0%), from €11,155 to €0
of which Non-recurring financial income: -€10,975
- Depreciation -€1,362
down €1,362 (-43.1%), from €3,160 to €1,799
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 | €981,514 | €2,736,096 | +€1.8m | +179% |
| Fixed assets | 21/28 | €970,473 | €2,688,694 | +€1.7m | +177% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €4,716 | €4,243 | -€473 | -10.0% |
| Plant, machinery and equipment | 23 | €1,551 | €790 | -€761 | -49.1% |
| Furniture and vehicles | 24 | €3,165 | €3,453 | +€289 | +9.1% |
| Financial fixed assets | 28 | €965,758 | €2,684,451 | +€1.7m | +178% |
| Current assets | 29/58 | €11,041 | €47,402 | +€36,360 | +329% |
| Amounts receivable within one year | 40/41 | €5,304 | €47,392 | +€42,088 | +793% |
| Trade receivables | 40 | €1,737 | €46,897 | +€45,160 | +2,600% |
| Other amounts receivable | 41 | €3,567 | €495 | -€3,072 | -86.1% |
| Cash at bank and in hand | 54/58 | €140 | €10 | -€131 | -93.2% |
| Deferred charges and accrued income | 490/1 | €5,597 | €0 | -€5,597 | -100% |
| Total equity and liabilities | 10/49 | €981,514 | €2,736,096 | +€1.8m | +179% |
| Equity | 10/15 | -€101,642 | €1,790,134 | +€1.9m | |
| Contributions | 10/11 | €687,254 | €687,254 | = | 0.0% |
| Capital | 10 | €687,254 | €687,254 | = | 0.0% |
| Issued capital | 100 | €687,254 | €687,254 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,935,900 | +€1.9m | |
| Reserves | 13 | €113,402 | €113,402 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €107,202 | €107,202 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€902,298 | -€946,422 | -€44,124 | -4.9% |
| Amounts payable | 17/49 | €1,083,156 | €945,962 | -€137,194 | -12.7% |
| Amounts payable after more than one year | 17 | €1,059,159 | €907,313 | -€151,846 | -14.3% |
| Other amounts payable | 178/9 | €1,059,159 | €907,313 | -€151,846 | -14.3% |
| Amounts payable within one year | 42/48 | €23,030 | €37,651 | +€14,621 | +63.5% |
| Trade debts | 44 | €22,796 | €37,651 | +€14,855 | +65.2% |
| Suppliers | 440/4 | €22,796 | €37,651 | +€14,855 | +65.2% |
| Taxes, remuneration and social security | 45 | €234 | €0 | -€234 | -100% |
| Taxes | 450/3 | €234 | €0 | -€234 | -100% |
| Accrued charges and deferred income | 492/3 | €968 | €998 | +€31 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,160 | €1,799 | -€1,362 | -43.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €528 | €0 | -€528 | -100% |
| Other operating charges | 640/8 | €18,176 | €1,954 | -€16,222 | -89.2% |
| Non-recurring operating charges | 66A | €10,000 | €0 | -€10,000 | -100% |
| Gross operating margin | 9900 | -€106,642 | -€36,434 | +€70,209 | +65.8% |
| Operating profit (loss) | 9901 | -€138,507 | -€40,186 | +€98,321 | +71.0% |
| Financial income | 75/76B | €11,155 | €0 | -€11,155 | -100.0% |
| Recurring financial income | 75 | €180 | €0 | -€180 | -100.0% |
| Non-recurring financial income | 76B | €10,975 | €0 | -€10,975 | -100% |
| Financial charges | 65/66B | €108,767 | €3,938 | -€104,829 | -96.4% |
| Recurring financial charges | 65 | €1,673 | €3,438 | +€1,765 | +106% |
| Non-recurring financial charges | 66B | €107,094 | €500 | -€106,594 | -99.5% |
| Profit (loss) for the period before taxes | 9903 | -€236,120 | -€44,124 | +€191,995 | +81.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€236,120 | -€44,124 | +€191,995 | +81.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€236,120 | -€44,124 | +€191,995 | +81.3% |
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 25 October 2026 via checked.be.