CIRCULAR: 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.
CIRCULAR
Largest movements
- Cash +€220,718
up €220,718 (+164.1%), from €134,533 to €355,250
mainly Contributions, distributions and other (+€316,319) and Net result for the year (+€66,833)
- Intangible fixed assets +€142,943
up €142,943 (+371.4%), from €38,484 to €181,426
- Receivables within one year +€111,291
up €111,291 (+126.7%), from €87,857 to €199,148
of which Trade receivables: +€84,976
- Receivables after one year +€43,060
up €43,060 (+9.7%), from €443,095 to €486,156
- Tangible fixed assets +€22,508
up €22,508 (+145.8%), from €15,436 to €37,944
of which Furniture and vehicles: +€27,126
- Contributions +€316,319
up €316,319 (+158.2%), from €200,000 to €516,319
- Profit (loss) carried forward +€66,833
up €66,833, from -€32,227 to €34,607
- Trade debts +€65,718
up €65,718 (+212.2%), from €30,966 to €96,684
- Accrued charges and deferred income +€59,962
up €59,962 (+12.1%), from €496,392 to €556,354
- Tax, wage and social debts +€39,476
up €39,476 (+227.2%), from €17,379 to €56,855
of which Taxes: +€33,580
- Gross operating margin +€240,055
up €240,055 (+292.6%), from €82,037 to €322,091
- Staff costs +€143,289
up €143,289 (+210.8%), from €67,981 to €211,270
- Depreciation +€19,068
up €19,068 (+289.6%), from €6,585 to €25,653
- Taxes +€16,460
up €16,460, from €0 to €16,460
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 | €721,070 | €1,263,675 | +€542,605 | +75.3% |
| Fixed assets | 21/28 | €53,919 | €219,370 | +€165,451 | +306.8% |
| Intangible fixed assets | 21 | €38,484 | €181,426 | +€142,943 | +371.4% |
| Tangible fixed assets | 22/27 | €15,436 | €37,944 | +€22,508 | +145.8% |
| Furniture and vehicles | 24 | €4,580 | €31,706 | +€27,126 | +592.2% |
| Leasing and similar rights | 25 | €10,856 | €6,237 | -€4,618 | -42.5% |
| Current assets | 29/58 | €667,151 | €1,044,305 | +€377,154 | +56.5% |
| Amounts receivable after more than one year | 29 | €443,095 | €486,156 | +€43,060 | +9.7% |
| Other amounts receivable | 291 | €443,095 | €486,156 | +€43,060 | +9.7% |
| Amounts receivable within one year | 40/41 | €87,857 | €199,148 | +€111,291 | +126.7% |
| Trade receivables | 40 | €87,344 | €172,320 | +€84,976 | +97.3% |
| Other amounts receivable | 41 | €513 | €26,827 | +€26,315 | +5132.2% |
| Cash at bank and in hand | 54/58 | €134,533 | €355,250 | +€220,718 | +164.1% |
| Deferred charges and accrued income | 490/1 | €1,666 | €3,752 | +€2,086 | +125.2% |
| Total equity and liabilities | 10/49 | €721,070 | €1,263,675 | +€542,605 | +75.3% |
| Equity | 10/15 | €167,773 | €550,926 | +€383,152 | +228.4% |
| Contributions | 10/11 | €200,000 | €516,319 | +€316,319 | +158.2% |
| Profit (loss) carried forward | 14 | -€32,227 | €34,607 | +€66,833 | |
| Amounts payable | 17/49 | €553,297 | €712,750 | +€159,453 | +28.8% |
| Amounts payable after more than one year | 17 | €2,857 | €0 | -€2,857 | -100.0% |
| Financial debts | 170/4 | €2,857 | €0 | -€2,857 | -100.0% |
| Amounts payable within one year | 42/48 | €54,048 | €156,396 | +€102,348 | +189.4% |
| Current portion of amounts payable after more than one year | 42 | €5,704 | €2,857 | -€2,847 | -49.9% |
| Trade debts | 44 | €30,966 | €96,684 | +€65,718 | +212.2% |
| Suppliers | 440/4 | €30,966 | €96,684 | +€65,718 | +212.2% |
| Taxes, remuneration and social security | 45 | €17,379 | €56,855 | +€39,476 | +227.2% |
| Taxes | 450/3 | €5,757 | €39,337 | +€33,580 | +583.3% |
| Remuneration and social security | 454/9 | €11,622 | €17,518 | +€5,896 | +50.7% |
| Accrued charges and deferred income | 492/3 | €496,392 | €556,354 | +€59,962 | +12.1% |
| Remuneration, social security and pensions | 62 | €67,981 | €211,270 | +€143,289 | +210.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,585 | €25,653 | +€19,068 | +289.6% |
| Other operating charges | 640/8 | €1,178 | €1,156 | -€22 | -1.9% |
| Gross operating margin | 9900 | €82,037 | €322,091 | +€240,055 | +292.6% |
| Operating profit (loss) | 9901 | €6,292 | €84,012 | +€77,720 | +1235.2% |
| Financial income | 75/76B | €1 | €10 | +€9 | +989.0% |
| Recurring financial income | 75 | €1 | €10 | +€9 | +989.0% |
| Financial charges | 65/66B | €652 | €729 | +€76 | +11.7% |
| Recurring financial charges | 65 | €652 | €729 | +€76 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €5,641 | €83,293 | +€77,652 | +1376.5% |
| Income taxes | 67/77 | €0 | €16,460 | +€16,460 | |
| Profit (loss) for the period | 9904 | €5,641 | €66,833 | +€61,192 | +1084.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,641 | €66,833 | +€61,192 | +1084.8% |
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 5 October 2026 via checked.be.