CIRCUMFLEX: 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.
CIRCUMFLEX
Largest movements
- Cash -€1.3m
down €1.3m (-79.1%), from €1.6m to €331,710
mainly Current investments (-€1.0m) and Net result for the year (-€342,175)
- Current investments +€1.0m
new in 2025: €1.0m
- Tangible fixed assets -€340,199
down €340,199 (-10.1%), from €3.4m to €3.0m
of which Land and buildings: -€356,540
- Receivables within one year +€311,916
up €311,916 (+101.8%), from €306,544 to €618,459
of which Other amounts receivable: +€361,916
- Profit (loss) carried forward -€342,175
down €342,175 (-44.7%), from -€766,032 to -€1.1m
- Debts after one year -€286,326
down €286,326 (-6.6%), from €4.3m to €4.1m
- Short-term financial debts -€274,921
no longer reported in 2025 (was €274,921)
- Current portion of long-term debt +€210,782
up €210,782 (+239.5%), from €88,006 to €298,787
- Other debts +€200,000
up €200,000 (+85.8%), from €233,223 to €433,223
- Staff costs +€79,997
up €79,997 (+2.3%), from €3.4m to €3.5m
- Gross operating margin -€69,692
down €69,692 (-1.8%), from €3.8m to €3.7m
- Financial charges -€42,521
down €42,521 (-17.4%), from €244,896 to €202,375
of which Financial charges: -€43,011
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 | €5,522,035 | €5,180,531 | -€341,504 | -6.2% |
| Fixed assets | 21/28 | €3,378,983 | €3,038,785 | -€340,199 | -10.1% |
| Tangible fixed assets | 22/27 | €3,378,383 | €3,038,185 | -€340,199 | -10.1% |
| Land and buildings | 22 | €3,294,900 | €2,938,359 | -€356,540 | -10.8% |
| Plant, machinery and equipment | 23 | €42,946 | €57,892 | +€14,946 | +34.8% |
| Furniture and vehicles | 24 | €40,538 | €41,933 | +€1,395 | +3.4% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €2,143,052 | €2,141,747 | -€1,305 | -0.1% |
| Stocks and contracts in progress | 3 | €35,770 | €17,970 | -€17,800 | -49.8% |
| Stocks | 30/36 | €35,770 | €17,970 | -€17,800 | -49.8% |
| Amounts receivable within one year | 40/41 | €306,544 | €618,459 | +€311,916 | +101.8% |
| Trade receivables | 40 | €304,721 | €254,721 | -€50,000 | -16.4% |
| Other amounts receivable | 41 | €1,823 | €363,738 | +€361,916 | +19856.1% |
| Current investments | 50/53 | - | €1,000,000 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €1,588,643 | €331,710 | -€1.3m | -79.1% |
| Deferred charges and accrued income | 490/1 | €212,095 | €173,608 | -€38,488 | -18.1% |
| Total equity and liabilities | 10/49 | €5,522,035 | €5,180,531 | -€341,504 | -6.2% |
| Equity | 10/15 | -€217,359 | -€597,621 | -€380,262 | -174.9% |
| Contributions | 10/11 | €206,200 | €206,200 | = | 0.0% |
| Reserves | 13 | €93,224 | €93,224 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,534 | €17,534 | = | 0.0% |
| Reserves not available under the articles | 1311 | €17,534 | €17,534 | = | 0.0% |
| Distributable reserves | 133 | €75,690 | €75,690 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€766,032 | -€1,108,207 | -€342,175 | -44.7% |
| Investment grants | 15 | €249,250 | €211,163 | -€38,088 | -15.3% |
| Provisions and deferred taxes | 16 | €92,888 | €78,972 | -€13,916 | -15.0% |
| Deferred taxes | 168 | €92,888 | €78,972 | -€13,916 | -15.0% |
| Amounts payable | 17/49 | €5,646,506 | €5,699,180 | +€52,674 | +0.9% |
| Amounts payable after more than one year | 17 | €4,338,309 | €4,051,983 | -€286,326 | -6.6% |
| Financial debts | 170/4 | €4,338,309 | €4,051,983 | -€286,326 | -6.6% |
| Amounts payable within one year | 42/48 | €1,306,797 | €1,647,197 | +€340,400 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €88,006 | €298,787 | +€210,782 | +239.5% |
| Financial debts | 43 | €274,921 | - | -€274,921 | |
| Credit institutions | 430/8 | €274,921 | - | -€274,921 | |
| Trade debts | 44 | €176,728 | €325,036 | +€148,309 | +83.9% |
| Suppliers | 440/4 | €176,728 | €325,036 | +€148,309 | +83.9% |
| Taxes, remuneration and social security | 45 | €533,919 | €590,150 | +€56,231 | +10.5% |
| Remuneration and social security | 454/9 | €533,919 | €590,150 | +€56,231 | +10.5% |
| Other amounts payable | 47/48 | €233,223 | €433,223 | +€200,000 | +85.8% |
| Accrued charges and deferred income | 492/3 | €1,400 | - | -€1,400 | |
| Remuneration, social security and pensions | 62 | €3,446,336 | €3,526,333 | +€79,997 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €389,384 | €390,025 | +€641 | +0.2% |
| Other operating charges | 640/8 | €46,909 | €12,018 | -€34,892 | -74.4% |
| Gross operating margin | 9900 | €3,780,651 | €3,710,959 | -€69,692 | -1.8% |
| Operating profit (loss) | 9901 | -€101,978 | -€217,417 | -€115,438 | -113.2% |
| Financial income | 75/76B | €81,254 | €58,617 | -€22,637 | -27.9% |
| Recurring financial income | 75 | €81,254 | €58,617 | -€22,637 | -27.9% |
| Financial charges | 65/66B | €244,896 | €202,375 | -€42,521 | -17.4% |
| Recurring financial charges | 65 | €244,896 | €201,885 | -€43,011 | -17.6% |
| Non-recurring financial charges | 66B | - | €490 | +€490 | |
| Profit (loss) for the period before taxes | 9903 | -€265,621 | -€361,175 | -€95,554 | -36.0% |
| Transfer from deferred taxes | 780 | €13,913 | €13,916 | +€3 | 0.0% |
| Income taxes | 67/77 | €1,489 | -€5,085 | -€6,574 | |
| Profit (loss) for the period | 9904 | -€253,197 | -€342,175 | -€88,977 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€253,197 | -€342,175 | -€88,977 | -35.1% |
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 30 September 2026 via checked.be.