CIRCUZE: 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.
CIRCUZE
Largest movements
- Receivables within one year +€5,097
up €5,097 (+43.9%), from €11,616 to €16,714
of which Trade receivables: +€3,269
- Cash +€3,925
up €3,925 (+9.1%), from €43,302 to €47,228
mainly Net result for the year (+€4,738) and Investment in fixed assets (net) (+€3,730)
- Financial fixed assets -€3,730
down €3,730 (-100.0%), from €3,730 to €0
- Tangible fixed assets -€2,684
down €2,684 (-30.9%), from €8,689 to €6,005
of which Furniture and vehicles: -€2,072
- Stocks and contracts +€1,186
up €1,186 (+39.7%), from €2,986 to €4,172
- Reserves +€4,738
up €4,738 (+10.1%), from €46,693 to €51,431
- Accrued charges and deferred income +€2,643
up €2,643 (+62.2%), from €4,250 to €6,893
- Tax, wage and social debts -€2,354
down €2,354 (-29.7%), from €7,915 to €5,560
- Trade debts +€1,919
up €1,919 (+139.6%), from €1,375 to €3,295
- Debts after one year -€1,361
down €1,361 (-100.0%), from €1,361 to €0
- Gross operating margin -€11,978
down €11,978 (-47.9%), from €25,019 to €13,041
- Depreciation -€3,196
down €3,196 (-54.4%), from €5,880 to €2,684
- Taxes -€2,329
down €2,329 (-42.3%), from €5,508 to €3,180
- Write-downs +€1,792
new in 2025: €1,792
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 | €71,453 | €75,300 | +€3,847 | +5.4% |
| Fixed assets | 21/28 | €12,419 | €6,005 | -€6,414 | -51.6% |
| Tangible fixed assets | 22/27 | €8,689 | €6,005 | -€2,684 | -30.9% |
| Plant, machinery and equipment | 23 | €184 | €30 | -€155 | -83.8% |
| Furniture and vehicles | 24 | €4,990 | €2,918 | -€2,072 | -41.5% |
| Other tangible fixed assets | 26 | €3,514 | €3,057 | -€458 | -13.0% |
| Financial fixed assets | 28 | €3,730 | €0 | -€3,730 | -100.0% |
| Current assets | 29/58 | €59,034 | €69,295 | +€10,261 | +17.4% |
| Stocks and contracts in progress | 3 | €2,986 | €4,172 | +€1,186 | +39.7% |
| Stocks | 30/36 | €2,986 | €4,172 | +€1,186 | +39.7% |
| Amounts receivable within one year | 40/41 | €11,616 | €16,714 | +€5,097 | +43.9% |
| Trade receivables | 40 | €11,616 | €14,885 | +€3,269 | +28.1% |
| Other amounts receivable | 41 | - | €1,829 | +€1,829 | |
| Cash at bank and in hand | 54/58 | €43,302 | €47,228 | +€3,925 | +9.1% |
| Deferred charges and accrued income | 490/1 | €1,129 | €1,181 | +€52 | +4.6% |
| Total equity and liabilities | 10/49 | €71,453 | €75,300 | +€3,847 | +5.4% |
| Equity | 10/15 | €52,893 | €57,631 | +€4,738 | +9.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €46,693 | €51,431 | +€4,738 | +10.1% |
| Distributable reserves | 133 | €46,693 | €51,431 | +€4,738 | +10.1% |
| Amounts payable | 17/49 | €18,560 | €17,669 | -€891 | -4.8% |
| Amounts payable after more than one year | 17 | €1,361 | €0 | -€1,361 | -100.0% |
| Financial debts | 170/4 | €1,361 | €0 | -€1,361 | -100.0% |
| Amounts payable within one year | 42/48 | €12,948 | €10,776 | -€2,173 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €2,665 | €1,361 | -€1,303 | -48.9% |
| Trade debts | 44 | €1,375 | €3,295 | +€1,919 | +139.6% |
| Suppliers | 440/4 | €1,375 | €3,295 | +€1,919 | +139.6% |
| Taxes, remuneration and social security | 45 | €7,915 | €5,560 | -€2,354 | -29.7% |
| Taxes | 450/3 | €7,915 | €5,560 | -€2,354 | -29.7% |
| Other amounts payable | 47/48 | €993 | €559 | -€434 | -43.7% |
| Accrued charges and deferred income | 492/3 | €4,250 | €6,893 | +€2,643 | +62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,880 | €2,684 | -€3,196 | -54.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,792 | +€1,792 | |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €25,019 | €13,041 | -€11,978 | -47.9% |
| Operating profit (loss) | 9901 | €18,689 | €8,103 | -€10,586 | -56.6% |
| Financial income | 75/76B | €123 | €68 | -€54 | -44.2% |
| Recurring financial income | 75 | €123 | €68 | -€54 | -44.2% |
| Financial charges | 65/66B | €370 | €254 | -€116 | -31.4% |
| Recurring financial charges | 65 | €370 | €254 | -€116 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €18,442 | €7,917 | -€10,525 | -57.1% |
| Income taxes | 67/77 | €5,508 | €3,180 | -€2,329 | -42.3% |
| Profit (loss) for the period | 9904 | €12,934 | €4,738 | -€8,196 | -63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,934 | €4,738 | -€8,196 | -63.4% |
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 9 October 2026 via checked.be.