CIRCUS RASTELLI: 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.
What changed
CIRCUS RASTELLI
NACE 68.321, Property management for co-owned buildings (syndics)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€75,606
2024 · -€60,345-€15,261
Equity
€4.8m
2024 · €4.9m-€86,254
Cash
€63,021
2024 · €303,228-€240,207
Balance sheet total
€13.8m
2024 · €12.2m+€1.6m
Largest movements
Assets
- Tangible fixed assets +€2.2m
up €2.2m (+22.2%), from €9.7m to €11.9m
of which Land and buildings: +€1.9m
- Receivables within one year -€252,352
down €252,352 (-25.7%), from €982,096 to €729,743
of which Other amounts receivable: -€241,049
- Cash -€240,207
down €240,207 (-79.2%), from €303,228 to €63,021
mainly Investment in fixed assets (net) (-€2.8m) and Provisions (-€139,833)
Equity and liabilities
- Debts after one year +€1.2m
up €1.2m (+32.3%), from €3.8m to €5.0m
- Reserves -€255,602
down €255,602 (-7.9%), from €3.2m to €3.0m
of which Tax-exempt reserves: -€255,602
- Current portion of long-term debt +€227,013
up €227,013 (+67.9%), from €334,514 to €561,527
- Trade debts +€219,183
up €219,183 (+13.1%), from €1.7m to €1.9m
- Profit (loss) carried forward +€179,996
up €179,996 (+15.0%), from -€1.2m to -€1.0m
Income statement
- Gross operating margin +€343,687
up €343,687 (+18.5%), from €1.9m to €2.2m
- Depreciation +€195,863
up €195,863 (+34.9%), from €560,994 to €756,857
- Staff costs +€106,006
up €106,006 (+8.9%), from €1.2m to €1.3m
- Financial charges +€69,408
up €69,408 (+39.2%), from €176,984 to €246,392
- Taxes -€50,753
down €50,753 (-95.9%), from €52,950 to €2,197
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.
Result 2024
-€60,345
Gross operating margin
+€343,687
Staff costs
-€106,006
Depreciation
-€195,863
Write-downs
-€3,159
Other operating charges
-€35,235
Financial income
-€30
Financial charges
-€69,408
Taxes
+€50,753
Result 2025
-€75,606
raises the resultlowers the result
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.
From operations
+€1.2m
Investment
-€2.8m
Financing
+€1.4m
Cash 2024
€303,228
From operations (derived)
+€1.2m
Net result for the year
-€75,606
Depreciation
+€756,857
Smaller working-capital items
-€4,285
Receivables within one year
+€252,352
Provisions
-€139,833
Trade debts
+€219,183
Tax, wage and social debts
+€110,216
Other debts
+€24,245
Accrued charges and deferred income
+€8,647
Investment (derived)
-€2.8m
Investment in fixed assets (net)
-€2.8m
Financing
+€1.4m
Debts after one year
+€1.2m
Current portion of long-term debt
+€227,013
Contributions, distributions and other
-€10,648
Cash 2025
€63,021
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,243,771 | €13,826,754 | +€1.6m | +12.9% |
| Fixed assets | 21/28 | €10,106,756 | €12,183,666 | +€2.1m | +20.5% |
| Intangible fixed assets | 21 | €386,596 | €317,458 | -€69,138 | -17.9% |
| Tangible fixed assets | 22/27 | €9,707,045 | €11,866,208 | +€2.2m | +22.2% |
| Land and buildings | 22 | €9,185,582 | €11,135,328 | +€1.9m | +21.2% |
| Plant, machinery and equipment | 23 | €94,036 | €233,317 | +€139,281 | +148% |
| Furniture and vehicles | 24 | €28,134 | €174,646 | +€146,512 | +521% |
| Leasing and similar rights | 25 | €296,124 | €242,309 | -€53,815 | -18.2% |
| Other tangible fixed assets | 26 | €103,169 | €80,607 | -€22,561 | -21.9% |
| Financial fixed assets | 28 | €13,115 | €0 | -€13,115 | -100% |
| Current assets | 29/58 | €2,137,016 | €1,643,088 | -€493,927 | -23.1% |
| Amounts receivable after more than one year | 29 | €817,988 | €817,988 | = | 0.0% |
| Other amounts receivable | 291 | €817,988 | €817,988 | = | 0.0% |
| Stocks and contracts in progress | 3 | €17,234 | €21,813 | +€4,579 | +26.6% |
| Stocks | 30/36 | €17,234 | €21,813 | +€4,579 | +26.6% |
| Amounts receivable within one year | 40/41 | €982,096 | €729,743 | -€252,352 | -25.7% |
| Trade receivables | 40 | €147,617 | €136,313 | -€11,304 | -7.7% |
| Other amounts receivable | 41 | €834,479 | €593,430 | -€241,049 | -28.9% |
| Cash at bank and in hand | 54/58 | €303,228 | €63,021 | -€240,207 | -79.2% |
| Deferred charges and accrued income | 490/1 | €16,470 | €10,523 | -€5,947 | -36.1% |
| Total equity and liabilities | 10/49 | €12,243,771 | €13,826,754 | +€1.6m | +12.9% |
| Equity | 10/15 | €4,925,223 | €4,838,969 | -€86,254 | -1.8% |
| Contributions | 10/11 | €2,845,400 | €2,845,400 | = | 0.0% |
| Capital | 10 | €2,845,400 | €2,845,400 | = | 0.0% |
| Issued capital | 100 | €2,845,400 | €2,845,400 | = | 0.0% |
| Reserves | 13 | €3,219,432 | €2,963,831 | -€255,602 | -7.9% |
| Non-distributable reserves | 130/1 | €3,860 | €3,860 | = | 0.0% |
| Legal reserve | 130 | €3,860 | €3,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,214,617 | €2,959,015 | -€255,602 | -8.0% |
| Distributable reserves | 133 | €956 | €956 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,201,595 | -€1,021,599 | +€179,996 | +15.0% |
| Investment grants | 15 | €61,985 | €51,337 | -€10,648 | -17.2% |
| Provisions and deferred taxes | 16 | €996,868 | €857,035 | -€139,833 | -14.0% |
| Provisions for liabilities and charges | 160/5 | €46,250 | €0 | -€46,250 | -100% |
| Major repairs and maintenance | 162 | €46,250 | €0 | -€46,250 | -100% |
| Deferred taxes | 168 | €950,618 | €857,035 | -€93,583 | -9.8% |
| Amounts payable | 17/49 | €6,321,680 | €8,130,750 | +€1.8m | +28.6% |
| Amounts payable after more than one year | 17 | €3,795,222 | €5,020,641 | +€1.2m | +32.3% |
| Financial debts | 170/4 | €3,795,222 | €5,020,641 | +€1.2m | +32.3% |
| Amounts payable within one year | 42/48 | €2,525,795 | €3,100,799 | +€575,005 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €334,514 | €561,527 | +€227,013 | +67.9% |
| Trade debts | 44 | €1,675,599 | €1,894,782 | +€219,183 | +13.1% |
| Suppliers | 440/4 | €1,675,599 | €1,894,782 | +€219,183 | +13.1% |
| Advances received on contracts in progress | 46 | €7,388 | €1,736 | -€5,653 | -76.5% |
| Taxes, remuneration and social security | 45 | €192,505 | €302,721 | +€110,216 | +57.3% |
| Taxes | 450/3 | €48,515 | €107,704 | +€59,189 | +122% |
| Remuneration and social security | 454/9 | €143,990 | €195,017 | +€51,027 | +35.4% |
| Other amounts payable | 47/48 | €315,789 | €340,034 | +€24,245 | +7.7% |
| Accrued charges and deferred income | 492/3 | €663 | €9,310 | +€8,647 | +1,304% |
| Non-recurring operating income | 76A | €502 | €143,621 | +€143,118 | +28,501% |
| Remuneration, social security and pensions | 62 | €1,188,294 | €1,294,300 | +€106,006 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €560,994 | €756,857 | +€195,863 | +34.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,159 | €0 | +€3,159 | |
| Other operating charges | 640/8 | €49,410 | €84,646 | +€35,235 | +71.3% |
| Gross operating margin | 9900 | €1,860,867 | €2,204,555 | +€343,687 | +18.5% |
| Operating profit (loss) | 9901 | €65,327 | €68,752 | +€3,425 | +5.2% |
| Financial income | 75/76B | €10,678 | €10,648 | -€30 | -0.3% |
| Recurring financial income | 75 | €10,678 | €10,648 | -€30 | -0.3% |
| Financial charges | 65/66B | €176,984 | €246,392 | +€69,408 | +39.2% |
| Recurring financial charges | 65 | €176,984 | €246,392 | +€69,408 | +39.2% |
| Profit (loss) for the period before taxes | 9903 | -€100,978 | -€166,992 | -€66,014 | -65.4% |
| Transfer from deferred taxes | 780 | €93,583 | €93,583 | -€0 | 0.0% |
| Income taxes | 67/77 | €52,950 | €2,197 | -€50,753 | -95.9% |
| Profit (loss) for the period | 9904 | -€60,345 | -€75,606 | -€15,261 | -25.3% |
| Transfer from tax-exempt reserves | 789 | €255,602 | €255,602 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €195,257 | €179,996 | -€15,261 | -7.8% |
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 16 October 2026 via checked.be.