Circulen: 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.
Circulen
Largest movements
- Receivables within one year +€15,570
up €15,570 (+143.9%), from €10,818 to €26,388
of which Trade receivables: +€11,352
- Tangible fixed assets +€4,619
up €4,619 (+84.6%), from €5,458 to €10,077
of which Plant, machinery and equipment: +€4,663
- Cash +€794
up €794 (+2.6%), from €30,687 to €31,481
mainly Net result for the year (+€25,651) and Trade debts (+€2,646)
- Reserves +€19,001
up €19,001 (+89.9%), from €21,133 to €40,134
- Profit (loss) carried forward +€6,651
up €6,651, from -€6,039 to €612
- Other debts -€4,046
down €4,046 (-100.0%), from €4,046 to €0
- Tax, wage and social debts -€3,076
down €3,076 (-31.4%), from €9,783 to €6,707
- Trade debts +€2,646
up €2,646 (+56.1%), from €4,720 to €7,366
- Gross operating margin +€30,500
up €30,500 (+400.0%), from €7,625 to €38,125
- Taxes +€6,514
up €6,514 (+309.3%), from €2,106 to €8,620
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 | €46,963 | €67,946 | +€20,983 | +44.7% |
| Fixed assets | 21/28 | €5,458 | €10,077 | +€4,619 | +84.6% |
| Tangible fixed assets | 22/27 | €5,458 | €10,077 | +€4,619 | +84.6% |
| Plant, machinery and equipment | 23 | €4,108 | €8,771 | +€4,663 | +113.5% |
| Furniture and vehicles | 24 | €1,350 | €1,306 | -€44 | -3.2% |
| Current assets | 29/58 | €41,505 | €57,869 | +€16,364 | +39.4% |
| Amounts receivable within one year | 40/41 | €10,818 | €26,388 | +€15,570 | +143.9% |
| Trade receivables | 40 | €7,824 | €19,176 | +€11,352 | +145.1% |
| Other amounts receivable | 41 | €2,994 | €7,212 | +€4,218 | +140.9% |
| Cash at bank and in hand | 54/58 | €30,687 | €31,481 | +€794 | +2.6% |
| Total equity and liabilities | 10/49 | €46,963 | €67,946 | +€20,983 | +44.7% |
| Equity | 10/15 | €28,094 | €53,746 | +€25,652 | +91.3% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €21,133 | €40,134 | +€19,001 | +89.9% |
| Distributable reserves | 133 | €21,133 | €40,134 | +€19,001 | +89.9% |
| Profit (loss) carried forward | 14 | -€6,039 | €612 | +€6,651 | |
| Amounts payable | 17/49 | €18,869 | €14,200 | -€4,669 | -24.7% |
| Amounts payable within one year | 42/48 | €18,549 | €14,072 | -€4,477 | -24.1% |
| Trade debts | 44 | €4,720 | €7,366 | +€2,646 | +56.1% |
| Suppliers | 440/4 | €4,720 | €7,366 | +€2,646 | +56.1% |
| Taxes, remuneration and social security | 45 | €9,783 | €6,707 | -€3,076 | -31.4% |
| Taxes | 450/3 | €9,783 | €6,707 | -€3,076 | -31.4% |
| Other amounts payable | 47/48 | €4,046 | €0 | -€4,046 | -100.0% |
| Accrued charges and deferred income | 492/3 | €320 | €128 | -€192 | -60.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,154 | €2,145 | -€9 | -0.4% |
| Other operating charges | 640/8 | €11 | €128 | +€117 | +1063.6% |
| Non-recurring operating charges | 66A | €8,227 | €273 | -€7,954 | -96.7% |
| Gross operating margin | 9900 | €7,625 | €38,125 | +€30,500 | +400.0% |
| Operating profit (loss) | 9901 | -€2,767 | €35,579 | +€38,346 | |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | €1,581 | €1,324 | -€257 | -16.2% |
| Recurring financial charges | 65 | €1,581 | €1,324 | -€257 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | -€4,348 | €34,271 | +€38,619 | |
| Income taxes | 67/77 | €2,106 | €8,620 | +€6,514 | +309.3% |
| Profit (loss) for the period | 9904 | -€6,454 | €25,651 | +€32,105 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,454 | €25,651 | +€32,105 |
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 10 October 2026 via checked.be.