CIRCLE UP: 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 UP
Largest movements
- Receivables within one year +€38,477
up €38,477 (+100.9%), from €38,140 to €76,617
of which Trade receivables: +€24,133
- Cash -€23,387
down €23,387 (-53.6%), from €43,640 to €20,253
mainly Receivables within one year (-€38,477) and Trade debts (-€13,403)
- Tangible fixed assets -€2,599
down €2,599 (-15.4%), from €16,892 to €14,293
of which Other tangible fixed assets: -€1,353
- Reserves +€32,584
up €32,584 (+84.0%), from €38,796 to €71,380
- Trade debts -€13,403
down €13,403 (-65.8%), from €20,377 to €6,973
- Tax, wage and social debts -€6,837
down €6,837 (-45.3%), from €15,106 to €8,270
of which Remuneration and social security: -€3,515
- Gross operating margin -€5,772
down €5,772 (-10.1%), from €57,017 to €51,245
- Financial charges +€1,427
up €1,427 (+218.1%), from €654 to €2,081
- Taxes -€1,289
down €1,289 (-11.1%), from €11,632 to €10,343
- Financial income -€950
down €950 (-77.4%), from €1,228 to €278
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €101,661 | €114,038 | +€12,377 | +12.2% |
| Fixed assets | 21/28 | €16,984 | €14,385 | -€2,599 | -15.3% |
| Tangible fixed assets | 22/27 | €16,892 | €14,293 | -€2,599 | -15.4% |
| Plant, machinery and equipment | 23 | €338 | - | -€338 | |
| Furniture and vehicles | 24 | €7,258 | €6,350 | -€908 | -12.5% |
| Other tangible fixed assets | 26 | €9,296 | €7,943 | -€1,353 | -14.6% |
| Financial fixed assets | 28 | €93 | €93 | = | 0.0% |
| Current assets | 29/58 | €84,676 | €99,653 | +€14,976 | +17.7% |
| Amounts receivable within one year | 40/41 | €38,140 | €76,617 | +€38,477 | +100.9% |
| Trade receivables | 40 | €31,330 | €55,463 | +€24,133 | +77.0% |
| Other amounts receivable | 41 | €6,810 | €21,154 | +€14,344 | +210.6% |
| Cash at bank and in hand | 54/58 | €43,640 | €20,253 | -€23,387 | -53.6% |
| Deferred charges and accrued income | 490/1 | €2,897 | €2,782 | -€114 | -3.9% |
| Total equity and liabilities | 10/49 | €101,661 | €114,038 | +€12,377 | +12.2% |
| Equity | 10/15 | €57,346 | €89,930 | +€32,584 | +56.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €38,796 | €71,380 | +€32,584 | +84.0% |
| Distributable reserves | 133 | €38,796 | €71,380 | +€32,584 | +84.0% |
| Amounts payable | 17/49 | €44,315 | €24,108 | -€20,207 | -45.6% |
| Amounts payable within one year | 42/48 | €44,315 | €24,059 | -€20,256 | -45.7% |
| Financial debts | 43 | €8,832 | €8,816 | -€16 | -0.2% |
| Credit institutions | 430/8 | €8,832 | €8,816 | -€16 | -0.2% |
| Trade debts | 44 | €20,377 | €6,973 | -€13,403 | -65.8% |
| Suppliers | 440/4 | €20,377 | €6,973 | -€13,403 | -65.8% |
| Taxes, remuneration and social security | 45 | €15,106 | €8,270 | -€6,837 | -45.3% |
| Taxes | 450/3 | €11,591 | €8,270 | -€3,321 | -28.7% |
| Remuneration and social security | 454/9 | €3,515 | - | -€3,515 | |
| Accrued charges and deferred income | 492/3 | - | €50 | +€50 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,463 | €5,079 | -€385 | -7.0% |
| Other operating charges | 640/8 | €1,699 | €1,437 | -€262 | -15.4% |
| Gross operating margin | 9900 | €57,017 | €51,245 | -€5,772 | -10.1% |
| Operating profit (loss) | 9901 | €49,855 | €44,730 | -€5,125 | -10.3% |
| Financial income | 75/76B | €1,228 | €278 | -€950 | -77.4% |
| Recurring financial income | 75 | €1,228 | €278 | -€950 | -77.4% |
| Financial charges | 65/66B | €654 | €2,081 | +€1,427 | +218.1% |
| Recurring financial charges | 65 | €654 | €2,081 | +€1,427 | +218.1% |
| Profit (loss) for the period before taxes | 9903 | €50,428 | €42,927 | -€7,501 | -14.9% |
| Income taxes | 67/77 | €11,632 | €10,343 | -€1,289 | -11.1% |
| Profit (loss) for the period | 9904 | €38,796 | €32,584 | -€6,212 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,796 | €32,584 | -€6,212 | -16.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.