Circle8 Belgium: 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.
Circle8 Belgium
Largest movements
- Receivables within one year +€7.8m
up €7.8m (+396%), from €2.0m to €9.8m
of which Trade receivables: +€7.8m
- Cash +€1.3m
up €1.3m (+2,032%), from €65,912 to €1.4m
mainly Trade debts (+€5.8m) and Tax, wage and social debts (+€2.2m)
- Trade debts +€5.8m
up €5.8m (+315%), from €1.8m to €7.6m
- Tax, wage and social debts +€2.2m
up €2.2m (+3,689%), from €60,955 to €2.3m
of which Taxes: +€2.2m
- Accrued charges and deferred income +€1.4m
up €1.4m (+260%), from €557,806 to €2.0m
- Profit (loss) carried forward -€545,355
down €545,355 (-142%), from -€384,702 to -€930,057
- Other debts +€316,149
new in 2025: €316,149
- Gross operating margin +€211,042
up €211,042 (+83.9%), from -€251,527 to -€40,484
- Staff costs +€183,091
up €183,091 (+63.9%), from €286,495 to €469,586
- Taxes -€34,551
down €34,551 (-97.2%), from €35,546 to €995
- Financial charges +€15,203
up €15,203 (+787%), from €1,931 to €17,134
- Depreciation +€14,585
up €14,585 (+747%), from €1,952 to €16,537
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 | €2,090,024 | €11,340,437 | +€9.3m | +443% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €27,502 | €118,413 | +€90,911 | +331% |
| Intangible fixed assets | 21 | €22,910 | €107,731 | +€84,820 | +370% |
| Tangible fixed assets | 22/27 | €4,112 | €7,122 | +€3,010 | +73.2% |
| Plant, machinery and equipment | 23 | €4,112 | €7,122 | +€3,010 | +73.2% |
| Financial fixed assets | 28 | €479 | €3,560 | +€3,081 | +643% |
| Current assets | 29/58 | €2,062,523 | €11,222,024 | +€9.2m | +444% |
| Amounts receivable within one year | 40/41 | €1,979,088 | €9,807,063 | +€7.8m | +396% |
| Trade receivables | 40 | €1,979,088 | €9,781,551 | +€7.8m | +394% |
| Other amounts receivable | 41 | €0 | €25,512 | +€25,512 | |
| Cash at bank and in hand | 54/58 | €65,912 | €1,405,260 | +€1.3m | +2,032% |
| Deferred charges and accrued income | 490/1 | €17,523 | €9,702 | -€7,821 | -44.6% |
| Total equity and liabilities | 10/49 | €2,090,024 | €11,340,437 | +€9.3m | +443% |
| Equity | 10/15 | -€364,702 | -€910,057 | -€545,355 | -150% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€384,702 | -€930,057 | -€545,355 | -142% |
| Amounts payable | 17/49 | €2,454,727 | €12,250,494 | +€9.8m | +399% |
| Amounts payable within one year | 42/48 | €1,896,921 | €10,243,428 | +€8.3m | +440% |
| Trade debts | 44 | €1,835,965 | €7,617,436 | +€5.8m | +315% |
| Suppliers | 440/4 | €1,835,965 | €7,617,436 | +€5.8m | +315% |
| Taxes, remuneration and social security | 45 | €60,955 | €2,309,842 | +€2.2m | +3,689% |
| Taxes | 450/3 | €25,267 | €2,255,804 | +€2.2m | +8,828% |
| Remuneration and social security | 454/9 | €35,688 | €54,039 | +€18,350 | +51.4% |
| Other amounts payable | 47/48 | - | €316,149 | +€316,149 | |
| Accrued charges and deferred income | 492/3 | €557,806 | €2,007,067 | +€1.4m | +260% |
| Remuneration, social security and pensions | 62 | €286,495 | €469,586 | +€183,091 | +63.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,952 | €16,537 | +€14,585 | +747% |
| Other operating charges | 640/8 | €5,029 | €1,118 | -€3,911 | -77.8% |
| Gross operating margin | 9900 | -€251,527 | -€40,484 | +€211,042 | +83.9% |
| Operating profit (loss) | 9901 | -€545,003 | -€527,726 | +€17,277 | +3.2% |
| Financial income | 75/76B | €40 | €500 | +€460 | +1,154% |
| Recurring financial income | 75 | €40 | €500 | +€460 | +1,154% |
| Financial charges | 65/66B | €1,931 | €17,134 | +€15,203 | +787% |
| Recurring financial charges | 65 | €1,931 | €17,134 | +€15,203 | +787% |
| Profit (loss) for the period before taxes | 9903 | -€546,894 | -€544,360 | +€2,534 | +0.5% |
| Income taxes | 67/77 | €35,546 | €995 | -€34,551 | -97.2% |
| Profit (loss) for the period | 9904 | -€582,440 | -€545,355 | +€37,085 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€582,440 | -€545,355 | +€37,085 | +6.4% |
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 20 October 2026 via checked.be.