CIREX: 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.
CIREX
Largest movements
- Stocks and contracts +€35,011
up €35,011 (+11.2%), from €312,052 to €347,063
- Current investments +€5,600
new in 2025: €5,600
- Cash +€5,326
up €5,326 (+26.8%), from €19,875 to €25,201
mainly Short-term financial debts (+€29,888) and Net result for the year (+€21,377)
- Short-term financial debts +€29,888
up €29,888 (+13.5%), from €221,187 to €251,075
- Reserves +€21,337
up €21,337 (+38.7%), from €55,152 to €76,490
- Tax, wage and social debts +€13,130
up €13,130 (+55.2%), from €23,776 to €36,906
of which Taxes: +€13,130
- Debts after one year -€12,150
down €12,150 (-28.5%), from €42,650 to €30,500
- Gross operating margin -€8,944
down €8,944 (-16.0%), from €55,776 to €46,832
- Taxes -€1,513
down €1,513 (-15.0%), from €10,107 to €8,594
- Financial charges -€887
down €887 (-6.6%), from €13,473 to €12,587
- Depreciation +€782
up €782 (+99.1%), from €789 to €1,572
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 | €367,218 | €416,807 | +€49,589 | +13.5% |
| Fixed assets | 21/28 | €3,547 | €2,917 | -€630 | -17.8% |
| Tangible fixed assets | 22/27 | €3,547 | €2,917 | -€630 | -17.8% |
| Furniture and vehicles | 24 | €3,547 | €2,917 | -€630 | -17.8% |
| Current assets | 29/58 | €363,671 | €413,891 | +€50,219 | +13.8% |
| Stocks and contracts in progress | 3 | €312,052 | €347,063 | +€35,011 | +11.2% |
| Stocks | 30/36 | €312,052 | €347,063 | +€35,011 | +11.2% |
| Amounts receivable within one year | 40/41 | €31,469 | €33,660 | +€2,192 | +7.0% |
| Trade receivables | 40 | €29,505 | €27,370 | -€2,135 | -7.2% |
| Other amounts receivable | 41 | €1,963 | €6,290 | +€4,327 | +220% |
| Current investments | 50/53 | - | €5,600 | +€5,600 | |
| Cash at bank and in hand | 54/58 | €19,875 | €25,201 | +€5,326 | +26.8% |
| Deferred charges and accrued income | 490/1 | €276 | €2,366 | +€2,090 | +757% |
| Total equity and liabilities | 10/49 | €367,218 | €416,807 | +€49,589 | +13.5% |
| Equity | 10/15 | €60,152 | €81,530 | +€21,377 | +35.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €55,152 | €76,490 | +€21,337 | +38.7% |
| Distributable reserves | 133 | €55,152 | €76,490 | +€21,337 | +38.7% |
| Profit (loss) carried forward | 14 | - | €40 | +€40 | |
| Amounts payable | 17/49 | €307,066 | €335,278 | +€28,212 | +9.2% |
| Amounts payable after more than one year | 17 | €42,650 | €30,500 | -€12,150 | -28.5% |
| Financial debts | 170/4 | €42,650 | €30,500 | -€12,150 | -28.5% |
| Amounts payable within one year | 42/48 | €264,389 | €304,696 | +€40,307 | +15.2% |
| Financial debts | 43 | €221,187 | €251,075 | +€29,888 | +13.5% |
| Credit institutions | 430/8 | €221,187 | €251,075 | +€29,888 | +13.5% |
| Trade debts | 44 | €19,426 | €16,714 | -€2,711 | -14.0% |
| Suppliers | 440/4 | €19,426 | €16,714 | -€2,711 | -14.0% |
| Taxes, remuneration and social security | 45 | €23,776 | €36,906 | +€13,130 | +55.2% |
| Taxes | 450/3 | €21,776 | €34,906 | +€13,130 | +60.3% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €27 | €82 | +€55 | +203% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €789 | €1,572 | +€782 | +99.1% |
| Other operating charges | 640/8 | €2,164 | €2,703 | +€539 | +24.9% |
| Gross operating margin | 9900 | €55,776 | €46,832 | -€8,944 | -16.0% |
| Operating profit (loss) | 9901 | €52,823 | €42,558 | -€10,265 | -19.4% |
| Financial charges | 65/66B | €13,473 | €12,587 | -€887 | -6.6% |
| Recurring financial charges | 65 | €13,473 | €12,587 | -€887 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €39,350 | €29,971 | -€9,379 | -23.8% |
| Income taxes | 67/77 | €10,107 | €8,594 | -€1,513 | -15.0% |
| Profit (loss) for the period | 9904 | €29,243 | €21,377 | -€7,866 | -26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,243 | €21,377 | -€7,866 | -26.9% |
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 24 October 2026 via checked.be.