CIRECO: 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.
CIRECO
Largest movements
- Tangible fixed assets -€35,353
down €35,353 (-15.1%), from €233,762 to €198,408
of which Leasing and similar rights: -€28,677
- Cash +€17,079
up €17,079 (+24.2%), from €70,463 to €87,542
mainly Depreciation (+€38,460) and Net result for the year (+€18,476)
- Receivables within one year +€16,106
up €16,106 (+35.4%), from €45,488 to €61,595
of which Trade receivables: +€13,323
- Debts after one year -€33,046
down €33,046 (-17.4%), from €189,952 to €156,907
- Reserves +€18,476
up €18,476 (+23.1%), from €80,132 to €98,608
- Trade debts +€9,677
up €9,677 (+166%), from €5,828 to €15,506
- Other debts +€5,966
up €5,966 (+19.2%), from €31,000 to €36,966
- Tax, wage and social debts -€3,892
down €3,892 (-44.3%), from €8,784 to €4,891
of which Taxes: -€2,292
- Depreciation +€13,897
up €13,897 (+56.6%), from €24,564 to €38,460
- Gross operating margin -€8,417
down €8,417 (-9.8%), from €85,544 to €77,127
- Financial charges +€4,639
up €4,639 (+55.3%), from €8,381 to €13,020
- Taxes -€4,442
down €4,442 (-38.5%), from €11,539 to €7,097
- Financial income -€1,624
down €1,624 (-67.6%), from €2,403 to €780
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 | €358,727 | €354,821 | -€3,906 | -1.1% |
| Formation expenses | 20 | €965 | €276 | -€689 | -71.4% |
| Fixed assets | 21/28 | €233,762 | €198,408 | -€35,353 | -15.1% |
| Tangible fixed assets | 22/27 | €233,762 | €198,408 | -€35,353 | -15.1% |
| Plant, machinery and equipment | 23 | €7,919 | €5,668 | -€2,250 | -28.4% |
| Furniture and vehicles | 24 | €7,709 | €3,473 | -€4,236 | -54.9% |
| Leasing and similar rights | 25 | €216,757 | €188,080 | -€28,677 | -13.2% |
| Other tangible fixed assets | 26 | €1,377 | €1,187 | -€190 | -13.8% |
| Current assets | 29/58 | €124,001 | €156,137 | +€32,136 | +25.9% |
| Stocks and contracts in progress | 3 | €4,555 | €2,721 | -€1,834 | -40.3% |
| Stocks | 30/36 | €3,066 | €2,721 | -€344 | -11.2% |
| Contracts in progress | 37 | €1,489 | €0 | -€1,489 | -100% |
| Amounts receivable within one year | 40/41 | €45,488 | €61,595 | +€16,106 | +35.4% |
| Trade receivables | 40 | €40,488 | €53,811 | +€13,323 | +32.9% |
| Other amounts receivable | 41 | €5,000 | €7,783 | +€2,783 | +55.7% |
| Current investments | 50/53 | €1,794 | €1,794 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €70,463 | €87,542 | +€17,079 | +24.2% |
| Deferred charges and accrued income | 490/1 | €1,700 | €2,484 | +€785 | +46.2% |
| Total equity and liabilities | 10/49 | €358,727 | €354,821 | -€3,906 | -1.1% |
| Equity | 10/15 | €86,132 | €104,608 | +€18,476 | +21.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €80,132 | €98,608 | +€18,476 | +23.1% |
| Distributable reserves | 133 | €80,132 | €98,608 | +€18,476 | +23.1% |
| Amounts payable | 17/49 | €272,595 | €250,213 | -€22,382 | -8.2% |
| Amounts payable after more than one year | 17 | €189,952 | €156,907 | -€33,046 | -17.4% |
| Financial debts | 170/4 | €189,952 | €156,907 | -€33,046 | -17.4% |
| Amounts payable within one year | 42/48 | €79,965 | €90,409 | +€10,443 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €34,353 | €33,046 | -€1,308 | -3.8% |
| Trade debts | 44 | €5,828 | €15,506 | +€9,677 | +166% |
| Suppliers | 440/4 | €5,828 | €15,506 | +€9,677 | +166% |
| Taxes, remuneration and social security | 45 | €8,784 | €4,891 | -€3,892 | -44.3% |
| Taxes | 450/3 | €5,484 | €3,191 | -€2,292 | -41.8% |
| Remuneration and social security | 454/9 | €3,300 | €1,700 | -€1,600 | -48.5% |
| Other amounts payable | 47/48 | €31,000 | €36,966 | +€5,966 | +19.2% |
| Accrued charges and deferred income | 492/3 | €2,678 | €2,898 | +€220 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,564 | €38,460 | +€13,897 | +56.6% |
| Other operating charges | 640/8 | €628 | €852 | +€224 | +35.7% |
| Gross operating margin | 9900 | €85,544 | €77,127 | -€8,417 | -9.8% |
| Operating profit (loss) | 9901 | €60,352 | €37,814 | -€22,539 | -37.3% |
| Financial income | 75/76B | €2,403 | €780 | -€1,624 | -67.6% |
| Recurring financial income | 75 | €2,403 | €780 | -€1,624 | -67.6% |
| Financial charges | 65/66B | €8,381 | €13,020 | +€4,639 | +55.3% |
| Recurring financial charges | 65 | €8,381 | €13,020 | +€4,639 | +55.3% |
| Profit (loss) for the period before taxes | 9903 | €54,375 | €25,574 | -€28,801 | -53.0% |
| Income taxes | 67/77 | €11,539 | €7,097 | -€4,442 | -38.5% |
| Profit (loss) for the period | 9904 | €42,836 | €18,476 | -€24,359 | -56.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,836 | €18,476 | -€24,359 | -56.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.