CIRELLE: 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.
CIRELLE
Largest movements
- Financial fixed assets -€1.1m
down €1.1m (-100.0%), from €1.1m to €50
- Cash +€574,152
up €574,152 (+150%), from €382,995 to €957,147
mainly Investment in fixed assets (net) (+€1.1m) and Other debts (+€228,950)
- Receivables after one year +€565,000
new in 2025: €565,000
- Receivables within one year -€141,516
down €141,516 (-59.8%), from €236,569 to €95,053
of which Other amounts receivable: -€181,723
- Reserves -€241,000
down €241,000 (-51.5%), from €467,600 to €226,600
of which Distributable reserves: -€241,000
- Other debts +€228,950
new in 2025: €228,950
- Profit (loss) carried forward -€96,152
down €96,152 (-8.5%), from €1.1m to €1.0m
- Trade debts +€43,895
up €43,895 (+750%), from €5,854 to €49,749
- Gross operating margin -€30,867
down €30,867 (-191%), from -€16,119 to -€46,986
- Other operating charges -€12,443
down €12,443 (-93.6%), from €13,289 to €846
- Financial income +€11,575
up €11,575 (+511%), from €2,263 to €13,838
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 | €1,679,979 | €1,617,250 | -€62,730 | -3.7% |
| Fixed assets | 21/28 | €1,060,415 | €50 | -€1.1m | -100.0% |
| Tangible fixed assets | 22/27 | €365 | - | -€365 | |
| Plant, machinery and equipment | 23 | €365 | - | -€365 | |
| Financial fixed assets | 28 | €1,060,050 | €50 | -€1.1m | -100.0% |
| Current assets | 29/58 | €619,564 | €1,617,200 | +€997,636 | +161% |
| Amounts receivable after more than one year | 29 | - | €565,000 | +€565,000 | |
| Other amounts receivable | 291 | - | €565,000 | +€565,000 | |
| Amounts receivable within one year | 40/41 | €236,569 | €95,053 | -€141,516 | -59.8% |
| Trade receivables | 40 | €6,520 | €46,727 | +€40,207 | +617% |
| Other amounts receivable | 41 | €230,049 | €48,326 | -€181,723 | -79.0% |
| Cash at bank and in hand | 54/58 | €382,995 | €957,147 | +€574,152 | +150% |
| Total equity and liabilities | 10/49 | €1,679,979 | €1,617,250 | -€62,730 | -3.7% |
| Equity | 10/15 | €1,660,125 | €1,322,973 | -€337,152 | -20.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €467,600 | €226,600 | -€241,000 | -51.5% |
| Non-distributable reserves | 130/1 | €86,600 | €86,600 | = | 0.0% |
| Legal reserve | 130 | €86,600 | €86,600 | = | 0.0% |
| Distributable reserves | 133 | €381,000 | €140,000 | -€241,000 | -63.3% |
| Profit (loss) carried forward | 14 | €1,130,525 | €1,034,373 | -€96,152 | -8.5% |
| Amounts payable | 17/49 | €19,854 | €294,277 | +€274,423 | +1,382% |
| Amounts payable within one year | 42/48 | €19,854 | €294,277 | +€274,423 | +1,382% |
| Trade debts | 44 | €5,854 | €49,749 | +€43,895 | +750% |
| Suppliers | 440/4 | €5,854 | €49,749 | +€43,895 | +750% |
| Taxes, remuneration and social security | 45 | €14,000 | €15,578 | +€1,578 | +11.3% |
| Taxes | 450/3 | €14,000 | €15,578 | +€1,578 | +11.3% |
| Other amounts payable | 47/48 | - | €228,950 | +€228,950 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €293 | €365 | +€72 | +24.6% |
| Other operating charges | 640/8 | €13,289 | €846 | -€12,443 | -93.6% |
| Non-recurring operating charges | 66A | - | €60,455 | +€60,455 | |
| Gross operating margin | 9900 | -€16,119 | -€46,986 | -€30,867 | -191% |
| Operating profit (loss) | 9901 | -€29,700 | -€108,652 | -€78,951 | -266% |
| Financial income | 75/76B | €2,263 | €13,838 | +€11,575 | +511% |
| Recurring financial income | 75 | €2,263 | €13,838 | +€11,575 | +511% |
| Financial charges | 65/66B | €963 | €1,339 | +€376 | +39.1% |
| Recurring financial charges | 65 | €963 | €1,339 | +€376 | +39.1% |
| Profit (loss) for the period before taxes | 9903 | -€28,400 | -€96,152 | -€67,753 | -239% |
| Profit (loss) for the period | 9904 | -€28,400 | -€96,152 | -€67,753 | -239% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,400 | -€96,152 | -€67,753 | -239% |
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 18 October 2026 via checked.be.