CIRCULEX: 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.
CIRCULEX
Largest movements
- Current investments +€87,748
new in 2025: €87,748
- Cash +€12,657
up €12,657 (+11.2%), from €112,663 to €125,320
mainly Net result for the year (+€104,659) and Tax, wage and social debts (+€10,761)
- Receivables within one year +€12,062
up €12,062 (+397.2%), from €3,037 to €15,099
of which Other amounts receivable: +€9,110
- Reserves +€104,659
up €104,659 (+122.8%), from €85,228 to €189,887
- Tax, wage and social debts +€10,761
up €10,761 (+36.8%), from €29,277 to €40,039
- Other debts -€4,208
no longer reported in 2025 (was €4,208)
- Financial income +€50,811
up €50,811 (+254055900.0%), from €0 to €50,811
- Gross operating margin -€17,375
down €17,375 (-15.7%), from €110,871 to €93,496
- Taxes +€8,880
up €8,880 (+40.2%), from €22,117 to €30,997
- Financial charges +€6,843
up €6,843 (+13617.8%), from €50 to €6,893
- Write-downs -€1,913
no longer reported in 2025 (was €1,913)
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 | €123,924 | €233,776 | +€109,851 | +88.6% |
| Fixed assets | 21/28 | €4,199 | €2,902 | -€1,296 | -30.9% |
| Tangible fixed assets | 22/27 | €4,099 | €2,803 | -€1,296 | -31.6% |
| Furniture and vehicles | 24 | €4,099 | €2,803 | -€1,296 | -31.6% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €119,726 | €230,873 | +€111,148 | +92.8% |
| Amounts receivable within one year | 40/41 | €3,037 | €15,099 | +€12,062 | +397.2% |
| Trade receivables | 40 | €3,037 | €5,989 | +€2,952 | +97.2% |
| Other amounts receivable | 41 | - | €9,110 | +€9,110 | |
| Current investments | 50/53 | - | €87,748 | +€87,748 | |
| Cash at bank and in hand | 54/58 | €112,663 | €125,320 | +€12,657 | +11.2% |
| Deferred charges and accrued income | 490/1 | €4,026 | €2,706 | -€1,320 | -32.8% |
| Total equity and liabilities | 10/49 | €123,924 | €233,776 | +€109,851 | +88.6% |
| Equity | 10/15 | €88,228 | €192,887 | +€104,659 | +118.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €85,228 | €189,887 | +€104,659 | +122.8% |
| Distributable reserves | 133 | €85,228 | €189,887 | +€104,659 | +122.8% |
| Amounts payable | 17/49 | €35,697 | €40,889 | +€5,192 | +14.5% |
| Amounts payable within one year | 42/48 | €35,697 | €40,889 | +€5,192 | +14.5% |
| Trade debts | 44 | €2,211 | €850 | -€1,361 | -61.5% |
| Suppliers | 440/4 | €2,211 | €850 | -€1,361 | -61.5% |
| Taxes, remuneration and social security | 45 | €29,277 | €40,039 | +€10,761 | +36.8% |
| Taxes | 450/3 | €29,277 | €40,039 | +€10,761 | +36.8% |
| Other amounts payable | 47/48 | €4,208 | - | -€4,208 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,119 | €1,296 | +€178 | +15.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,913 | - | -€1,913 | |
| Other operating charges | 640/8 | €445 | €462 | +€17 | +3.8% |
| Gross operating margin | 9900 | €110,871 | €93,496 | -€17,375 | -15.7% |
| Operating profit (loss) | 9901 | €107,394 | €91,738 | -€15,657 | -14.6% |
| Financial income | 75/76B | €0 | €50,811 | +€50,811 | +254055900.0% |
| Recurring financial income | 75 | €0 | €50,811 | +€50,811 | +254055900.0% |
| Financial charges | 65/66B | €50 | €6,893 | +€6,843 | +13617.8% |
| Recurring financial charges | 65 | €50 | €6,893 | +€6,843 | +13617.8% |
| Profit (loss) for the period before taxes | 9903 | €107,344 | €135,656 | +€28,311 | +26.4% |
| Income taxes | 67/77 | €22,117 | €30,997 | +€8,880 | +40.2% |
| Profit (loss) for the period | 9904 | €85,228 | €104,659 | +€19,431 | +22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €85,228 | €104,659 | +€19,431 | +22.8% |
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 11 October 2026 via checked.be.