Circle Solutions: 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 Solutions
Largest movements
- Receivables within one year +€108,812
up €108,812 (+119.4%), from €91,124 to €199,936
of which Other amounts receivable: +€123,937
- Financial fixed assets +€91,000
up €91,000 (+1820.0%), from €5,000 to €96,000
- Deferred charges and accrued income +€29,330
up €29,330 (+1580.0%), from €1,856 to €31,186
- Cash +€5,512
up €5,512 (+116.6%), from €4,727 to €10,239
mainly Current portion of long-term debt (+€97,505) and Other debts (+€93,769)
- Current portion of long-term debt +€97,505
up €97,505 (+755.0%), from €12,915 to €110,420
- Other debts +€93,769
up €93,769 (+100534.8%), from €93 to €93,862
- Debts after one year +€67,876
new in 2025: €67,876
- Profit (loss) carried forward -€34,467
down €34,467 (-116.7%), from -€29,530 to -€63,997
- Trade debts +€20,863
up €20,863 (+541.9%), from €3,850 to €24,713
- Gross operating margin +€24,807
up €24,807 (+89.0%), from -€27,888 to -€3,081
- Financial income -€6,402
down €6,402 (-99.0%), from €6,467 to €65
- Taxes +€3,753
up €3,753, from -€2,613 to €1,140
- Financial charges +€3,261
up €3,261 (+175.9%), from €1,854 to €5,115
- Depreciation -€2,215
down €2,215 (-32.0%), from €6,913 to €4,698
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 | €129,051 | €360,546 | +€231,495 | +179.4% |
| Fixed assets | 21/28 | €31,343 | €119,185 | +€87,842 | +280.3% |
| Tangible fixed assets | 22/27 | €26,343 | €23,185 | -€3,158 | -12.0% |
| Furniture and vehicles | 24 | €12,582 | €2,940 | -€9,641 | -76.6% |
| Other tangible fixed assets | 26 | €13,761 | €20,245 | +€6,484 | +47.1% |
| Financial fixed assets | 28 | €5,000 | €96,000 | +€91,000 | +1820.0% |
| Current assets | 29/58 | €97,708 | €241,361 | +€143,653 | +147.0% |
| Amounts receivable within one year | 40/41 | €91,124 | €199,936 | +€108,812 | +119.4% |
| Trade receivables | 40 | €16,955 | €1,830 | -€15,125 | -89.2% |
| Other amounts receivable | 41 | €74,170 | €198,106 | +€123,937 | +167.1% |
| Cash at bank and in hand | 54/58 | €4,727 | €10,239 | +€5,512 | +116.6% |
| Deferred charges and accrued income | 490/1 | €1,856 | €31,186 | +€29,330 | +1580.0% |
| Total equity and liabilities | 10/49 | €129,051 | €360,546 | +€231,495 | +179.4% |
| Equity | 10/15 | €89,814 | €55,347 | -€34,467 | -38.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €100,794 | €100,794 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €98,934 | €98,934 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,530 | -€63,997 | -€34,467 | -116.7% |
| Amounts payable | 17/49 | €39,237 | €305,199 | +€265,962 | +677.8% |
| Amounts payable after more than one year | 17 | - | €67,876 | +€67,876 | |
| Financial debts | 170/4 | - | €67,876 | +€67,876 | |
| Amounts payable within one year | 42/48 | €26,737 | €237,324 | +€210,587 | +787.6% |
| Current portion of amounts payable after more than one year | 42 | €12,915 | €110,420 | +€97,505 | +755.0% |
| Trade debts | 44 | €3,850 | €24,713 | +€20,863 | +541.9% |
| Suppliers | 440/4 | €3,850 | €24,713 | +€20,863 | +541.9% |
| Taxes, remuneration and social security | 45 | €9,879 | €8,328 | -€1,551 | -15.7% |
| Taxes | 450/3 | €7,144 | €8,328 | +€1,185 | +16.6% |
| Remuneration and social security | 454/9 | €2,735 | - | -€2,735 | |
| Other amounts payable | 47/48 | €93 | €93,862 | +€93,769 | +100534.8% |
| Accrued charges and deferred income | 492/3 | €12,500 | - | -€12,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,913 | €4,698 | -€2,215 | -32.0% |
| Other operating charges | 640/8 | €1,955 | €1,697 | -€258 | -13.2% |
| Non-recurring operating charges | 66A | - | €18,802 | +€18,802 | |
| Gross operating margin | 9900 | -€27,888 | -€3,081 | +€24,807 | +89.0% |
| Operating profit (loss) | 9901 | -€36,756 | -€28,278 | +€8,479 | +23.1% |
| Financial income | 75/76B | €6,467 | €65 | -€6,402 | -99.0% |
| Recurring financial income | 75 | €6,467 | €65 | -€6,402 | -99.0% |
| Financial charges | 65/66B | €1,854 | €5,115 | +€3,261 | +175.9% |
| Recurring financial charges | 65 | €1,854 | €5,115 | +€3,261 | +175.9% |
| Profit (loss) for the period before taxes | 9903 | -€32,143 | -€33,328 | -€1,184 | -3.7% |
| Income taxes | 67/77 | -€2,613 | €1,140 | +€3,753 | |
| Profit (loss) for the period | 9904 | -€29,530 | -€34,467 | -€4,937 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,530 | -€34,467 | -€4,937 | -16.7% |
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 9 October 2026 via checked.be.