Circograf-Belgique: what changed
What changed
Circograf-Belgique
NACE 47.783, Retail trade
filed annual accounts (NBB)
Net result for the year
€159,747
2024 · €205,811-€46,064
Equity
€890,193
2024 · €775,447+€114,747
Cash
€451,275
2024 · €355,149+€96,126
Balance sheet total
€1.2m
2024 · €1.1m+€128,486
Largest movements
Assets
- Cash +€96,126
up €96,126 (+27.1%), from €355,149 to €451,275
mainly Net result for the year (+€159,747) and Depreciation (+€55,304)
- Receivables within one year +€24,553
up €24,553 (+18.5%), from €133,043 to €157,596
of which Trade receivables: +€26,237
- Intangible fixed assets +€19,644
up €19,644 (+147%), from €13,343 to €32,987
Equity and liabilities
- Reserves +€114,000
up €114,000 (+15.4%), from €741,750 to €855,750
of which Distributable reserves: +€114,000
- Debts after one year -€29,769
down €29,769 (-37.2%), from €80,028 to €50,259
- Tax, wage and social debts +€26,567
up €26,567 (+46.5%), from €57,130 to €83,697
of which Remuneration and social security: +€13,754
- Trade debts +€13,677
up €13,677 (+11.9%), from €114,903 to €128,581
Income statement
- Staff costs +€56,853
up €56,853 (+58.3%), from €97,539 to €154,392
- Taxes -€19,854
down €19,854 (-25.3%), from €78,628 to €58,774
- Gross operating margin +€18,744
up €18,744 (+4.3%), from €433,197 to €451,941
- Depreciation +€9,150
up €9,150 (+19.8%), from €46,154 to €55,304
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€205,811
Gross operating margin
+€18,744
Staff costs
-€56,853
Depreciation
-€9,150
Write-downs
-€2,811
Other operating charges
-€3,116
Other operating items
-€11,906
Financial income
-€1,730
Financial charges
+€903
Taxes
+€19,854
Result 2025
€159,747
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€238,542
Investment
-€68,440
Financing
-€73,976
Cash 2024
€355,149
From operations (derived)
+€238,542
Net result for the year
+€159,747
Depreciation
+€55,304
Stocks and contracts
+€5,972
Receivables within one year
-€24,553
Deferred charges and accrued income
-€642
Trade debts
+€13,677
Tax, wage and social debts
+€26,567
Other debts
+€2,470
Investment (derived)
-€68,440
Investment in fixed assets (net)
-€70,514
Current investments
+€2,074
Financing
-€73,976
Debts after one year
-€29,769
Current portion of long-term debt
+€794
Contributions, distributions and other
-€45,000
Cash 2025
€451,275
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,102,897 | €1,231,382 | +€128,486 | +11.6% |
| Fixed assets | 21/28 | €184,028 | €199,239 | +€15,210 | +8.3% |
| Intangible fixed assets | 21 | €13,343 | €32,987 | +€19,644 | +147% |
| Tangible fixed assets | 22/27 | €168,770 | €164,337 | -€4,433 | -2.6% |
| Plant, machinery and equipment | 23 | €2,787 | €1,084 | -€1,703 | -61.1% |
| Furniture and vehicles | 24 | €165,588 | €163,011 | -€2,577 | -1.6% |
| Other tangible fixed assets | 26 | €395 | €242 | -€153 | -38.8% |
| Financial fixed assets | 28 | €1,915 | €1,915 | = | 0.0% |
| Current assets | 29/58 | €918,868 | €1,032,144 | +€113,275 | +12.3% |
| Stocks and contracts in progress | 3 | €225,448 | €219,477 | -€5,972 | -2.6% |
| Stocks | 30/36 | €225,448 | €219,477 | -€5,972 | -2.6% |
| Amounts receivable within one year | 40/41 | €133,043 | €157,596 | +€24,553 | +18.5% |
| Trade receivables | 40 | €131,359 | €157,596 | +€26,237 | +20.0% |
| Other amounts receivable | 41 | €1,684 | - | -€1,684 | |
| Current investments | 50/53 | €200,874 | €198,800 | -€2,074 | -1.0% |
| Cash at bank and in hand | 54/58 | €355,149 | €451,275 | +€96,126 | +27.1% |
| Deferred charges and accrued income | 490/1 | €4,354 | €4,996 | +€642 | +14.8% |
| Total equity and liabilities | 10/49 | €1,102,897 | €1,231,382 | +€128,486 | +11.6% |
| Equity | 10/15 | €775,447 | €890,193 | +€114,747 | +14.8% |
| Contributions | 10/11 | €33,584 | €33,584 | = | 0.0% |
| Reserves | 13 | €741,750 | €855,750 | +€114,000 | +15.4% |
| Tax-exempt reserves | 132 | €4,750 | €4,750 | = | 0.0% |
| Distributable reserves | 133 | €737,000 | €851,000 | +€114,000 | +15.5% |
| Profit (loss) carried forward | 14 | €112 | €859 | +€747 | +665% |
| Amounts payable | 17/49 | €327,450 | €341,189 | +€13,739 | +4.2% |
| Amounts payable after more than one year | 17 | €80,028 | €50,259 | -€29,769 | -37.2% |
| Financial debts | 170/4 | €80,028 | €50,259 | -€29,769 | -37.2% |
| Amounts payable within one year | 42/48 | €247,422 | €290,930 | +€43,508 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €28,976 | €29,769 | +€794 | +2.7% |
| Trade debts | 44 | €114,903 | €128,581 | +€13,677 | +11.9% |
| Suppliers | 440/4 | €114,903 | €128,581 | +€13,677 | +11.9% |
| Taxes, remuneration and social security | 45 | €57,130 | €83,697 | +€26,567 | +46.5% |
| Taxes | 450/3 | €44,636 | €57,450 | +€12,813 | +28.7% |
| Remuneration and social security | 454/9 | €12,494 | €26,248 | +€13,754 | +110% |
| Other amounts payable | 47/48 | €46,413 | €48,883 | +€2,470 | +5.3% |
| Remuneration, social security and pensions | 62 | €97,539 | €154,392 | +€56,853 | +58.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,154 | €55,304 | +€9,150 | +19.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,983 | €8,794 | +€2,811 | +47.0% |
| Other operating charges | 640/8 | €1,833 | €4,949 | +€3,116 | +170% |
| Non-recurring operating charges | 66A | - | €11,906 | +€11,906 | |
| Gross operating margin | 9900 | €433,197 | €451,941 | +€18,744 | +4.3% |
| Operating profit (loss) | 9901 | €281,688 | €216,596 | -€65,091 | -23.1% |
| Financial income | 75/76B | €9,563 | €7,833 | -€1,730 | -18.1% |
| Recurring financial income | 75 | €9,563 | €7,833 | -€1,730 | -18.1% |
| Financial charges | 65/66B | €6,812 | €5,909 | -€903 | -13.3% |
| Recurring financial charges | 65 | €6,812 | €5,909 | -€903 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €284,439 | €218,521 | -€65,918 | -23.2% |
| Income taxes | 67/77 | €78,628 | €58,774 | -€19,854 | -25.3% |
| Profit (loss) for the period | 9904 | €205,811 | €159,747 | -€46,064 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €205,811 | €159,747 | -€46,064 | -22.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.