Circulera: 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.
Circulera
Largest movements
- Cash -€56,993
down €56,993 (-44.5%), from €128,202 to €71,209
mainly Contributions, distributions and other (-€135,500) and Receivables within one year (-€6,574)
- Tangible fixed assets -€24,439
down €24,439 (-58.5%), from €41,808 to €17,369
of which Furniture and vehicles: -€15,687
- Receivables within one year +€6,574
up €6,574 (+35.7%), from €18,407 to €24,982
of which Trade receivables: +€4,840
- Reserves -€76,784
down €76,784 (-51.8%), from €148,220 to €71,437
- Tax, wage and social debts +€6,673
up €6,673 (+24.1%), from €27,634 to €34,307
- Debts after one year -€3,083
down €3,083 (-53.9%), from €5,723 to €2,640
- Current portion of long-term debt -€2,435
down €2,435 (-44.1%), from €5,519 to €3,083
- Gross operating margin +€10,884
up €10,884 (+11.9%), from €91,158 to €102,042
- Taxes +€3,299
up €3,299 (+24.6%), from €13,427 to €16,726
- Depreciation -€1,377
down €1,377 (-5.0%), from €27,584 to €26,207
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 | €191,332 | €114,686 | -€76,646 | -40.1% |
| Formation expenses | 20 | €913 | €467 | -€446 | -48.9% |
| Fixed assets | 21/28 | €41,808 | €17,369 | -€24,439 | -58.5% |
| Tangible fixed assets | 22/27 | €41,808 | €17,369 | -€24,439 | -58.5% |
| Plant, machinery and equipment | 23 | €18,889 | €10,137 | -€8,752 | -46.3% |
| Furniture and vehicles | 24 | €22,919 | €7,232 | -€15,687 | -68.4% |
| Current assets | 29/58 | €148,611 | €96,851 | -€51,761 | -34.8% |
| Amounts receivable within one year | 40/41 | €18,407 | €24,982 | +€6,574 | +35.7% |
| Trade receivables | 40 | €18,407 | €23,247 | +€4,840 | +26.3% |
| Other amounts receivable | 41 | - | €1,734 | +€1,734 | |
| Cash at bank and in hand | 54/58 | €128,202 | €71,209 | -€56,993 | -44.5% |
| Deferred charges and accrued income | 490/1 | €2,002 | €660 | -€1,342 | -67.0% |
| Total equity and liabilities | 10/49 | €191,332 | €114,686 | -€76,646 | -40.1% |
| Equity | 10/15 | €151,220 | €74,437 | -€76,784 | -50.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €148,220 | €71,437 | -€76,784 | -51.8% |
| Distributable reserves | 133 | €148,220 | €71,437 | -€76,784 | -51.8% |
| Amounts payable | 17/49 | €40,112 | €40,250 | +€138 | +0.3% |
| Amounts payable after more than one year | 17 | €5,723 | €2,640 | -€3,083 | -53.9% |
| Financial debts | 170/4 | €5,723 | €2,640 | -€3,083 | -53.9% |
| Amounts payable within one year | 42/48 | €34,389 | €37,610 | +€3,221 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €5,519 | €3,083 | -€2,435 | -44.1% |
| Trade debts | 44 | €459 | €220 | -€239 | -52.0% |
| Suppliers | 440/4 | €459 | €220 | -€239 | -52.0% |
| Taxes, remuneration and social security | 45 | €27,634 | €34,307 | +€6,673 | +24.1% |
| Taxes | 450/3 | €27,634 | €34,307 | +€6,673 | +24.1% |
| Other amounts payable | 47/48 | €777 | - | -€777 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,584 | €26,207 | -€1,377 | -5.0% |
| Other operating charges | 640/8 | €74 | - | -€74 | |
| Gross operating margin | 9900 | €91,158 | €102,042 | +€10,884 | +11.9% |
| Operating profit (loss) | 9901 | €63,500 | €75,835 | +€12,335 | +19.4% |
| Financial charges | 65/66B | €735 | €393 | -€342 | -46.5% |
| Recurring financial charges | 65 | €735 | €393 | -€342 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €62,765 | €75,442 | +€12,677 | +20.2% |
| Income taxes | 67/77 | €13,427 | €16,726 | +€3,299 | +24.6% |
| Profit (loss) for the period | 9904 | €49,338 | €58,716 | +€9,378 | +19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,338 | €58,716 | +€9,378 | +19.0% |
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 16 October 2026 via checked.be.