CIRCLE IMPROVEMENTS: 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 IMPROVEMENTS
Largest movements
- Cash +€15,543
up €15,543 (+8.8%), from €175,785 to €191,329
mainly Net result for the year (+€41,817) and Depreciation (+€12,954)
- Tangible fixed assets -€12,954
down €12,954 (-41.6%), from €31,148 to €18,194
of which Furniture and vehicles: -€12,539
- Receivables within one year -€3,358
down €3,358 (-11.1%), from €30,260 to €26,902
of which Other amounts receivable: -€6,401
No liability line moved by more than 1% of the balance sheet total.
- Taxes +€4,971
up €4,971 (+44.4%), from €11,185 to €16,156
- Gross operating margin +€4,133
up €4,133 (+6.2%), from €67,015 to €71,148
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 | €239,275 | €239,142 | -€133 | -0.1% |
| Fixed assets | 21/28 | €31,148 | €18,194 | -€12,954 | -41.6% |
| Tangible fixed assets | 22/27 | €31,148 | €18,194 | -€12,954 | -41.6% |
| Plant, machinery and equipment | 23 | €1,123 | €708 | -€415 | -37.0% |
| Furniture and vehicles | 24 | €30,025 | €17,486 | -€12,539 | -41.8% |
| Current assets | 29/58 | €208,127 | €220,948 | +€12,821 | +6.2% |
| Amounts receivable within one year | 40/41 | €30,260 | €26,902 | -€3,358 | -11.1% |
| Trade receivables | 40 | €19,392 | €22,435 | +€3,043 | +15.7% |
| Other amounts receivable | 41 | €10,868 | €4,467 | -€6,401 | -58.9% |
| Cash at bank and in hand | 54/58 | €175,785 | €191,329 | +€15,543 | +8.8% |
| Deferred charges and accrued income | 490/1 | €2,082 | €2,717 | +€635 | +30.5% |
| Total equity and liabilities | 10/49 | €239,275 | €239,142 | -€133 | -0.1% |
| Equity | 10/15 | €234,140 | €233,451 | -€689 | -0.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €229,140 | €228,451 | -€689 | -0.3% |
| Distributable reserves | 133 | €229,140 | €228,451 | -€689 | -0.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €5,135 | €5,691 | +€556 | +10.8% |
| Amounts payable within one year | 42/48 | €5,135 | €5,691 | +€556 | +10.8% |
| Trade debts | 44 | €445 | €4 | -€441 | -99.2% |
| Suppliers | 440/4 | €445 | €4 | -€441 | -99.2% |
| Taxes, remuneration and social security | 45 | €943 | €1,900 | +€956 | +101.4% |
| Taxes | 450/3 | €943 | €1,900 | +€956 | +101.4% |
| Other amounts payable | 47/48 | €3,747 | €3,788 | +€41 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,954 | €12,954 | = | 0.0% |
| Other operating charges | 640/8 | €745 | €736 | -€9 | -1.2% |
| Gross operating margin | 9900 | €67,015 | €71,148 | +€4,133 | +6.2% |
| Operating profit (loss) | 9901 | €53,317 | €57,458 | +€4,142 | +7.8% |
| Financial income | 75/76B | €449 | €590 | +€142 | +31.6% |
| Recurring financial income | 75 | €449 | €590 | +€142 | +31.6% |
| Financial charges | 65/66B | €74 | €75 | +€2 | +2.0% |
| Recurring financial charges | 65 | €74 | €75 | +€2 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €53,692 | €57,974 | +€4,282 | +8.0% |
| Income taxes | 67/77 | €11,185 | €16,156 | +€4,971 | +44.4% |
| Profit (loss) for the period | 9904 | €42,506 | €41,817 | -€689 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €42,506 | €41,817 | -€689 | -1.6% |
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.