Cirqul: 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.
Cirqul
Largest movements
- Tangible fixed assets +€379,481
up €379,481 (+342.4%), from €110,834 to €490,315
of which Land and buildings: +€397,726
- Cash -€51,601
down €51,601 (-87.2%), from €59,192 to €7,591
mainly Investment in fixed assets (net) (-€430,774) and Receivables within one year (-€14,873)
- Receivables within one year +€14,873
up €14,873 (+55.6%), from €26,748 to €41,621
of which Trade receivables: +€11,297
- Debts after one year +€334,613
up €334,613 (+1323.2%), from €25,288 to €359,901
- Reserves +€17,809
up €17,809 (+14.9%), from €119,640 to €137,449
- Tax, wage and social debts -€11,841
down €11,841 (-71.8%), from €16,489 to €4,648
- Depreciation +€38,481
up €38,481 (+300.4%), from €12,812 to €51,293
- Gross operating margin +€6,394
up €6,394 (+7.9%), from €81,266 to €87,660
- Financial charges +€6,187
up €6,187 (+615.6%), from €1,005 to €7,192
- Taxes -€6,181
down €6,181 (-38.9%), from €15,889 to €9,708
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 | €197,141 | €539,852 | +€342,711 | +173.8% |
| Fixed assets | 21/28 | €110,834 | €490,315 | +€379,481 | +342.4% |
| Tangible fixed assets | 22/27 | €110,834 | €490,315 | +€379,481 | +342.4% |
| Land and buildings | 22 | - | €397,726 | +€397,726 | |
| Plant, machinery and equipment | 23 | €795 | €3,144 | +€2,349 | +295.5% |
| Furniture and vehicles | 24 | €102,306 | €83,200 | -€19,106 | -18.7% |
| Other tangible fixed assets | 26 | €7,733 | €6,245 | -€1,488 | -19.2% |
| Current assets | 29/58 | €86,307 | €49,537 | -€36,770 | -42.6% |
| Amounts receivable within one year | 40/41 | €26,748 | €41,621 | +€14,873 | +55.6% |
| Trade receivables | 40 | €16,135 | €27,432 | +€11,297 | +70.0% |
| Other amounts receivable | 41 | €10,613 | €14,189 | +€3,576 | +33.7% |
| Cash at bank and in hand | 54/58 | €59,192 | €7,591 | -€51,601 | -87.2% |
| Deferred charges and accrued income | 490/1 | €367 | €325 | -€42 | -11.4% |
| Total equity and liabilities | 10/49 | €197,141 | €539,852 | +€342,711 | +173.8% |
| Equity | 10/15 | €124,640 | €142,449 | +€17,809 | +14.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €119,640 | €137,449 | +€17,809 | +14.9% |
| Distributable reserves | 133 | €119,640 | €137,449 | +€17,809 | +14.9% |
| Amounts payable | 17/49 | €72,501 | €397,403 | +€324,902 | +448.1% |
| Amounts payable after more than one year | 17 | €25,288 | €359,901 | +€334,613 | +1323.2% |
| Financial debts | 170/4 | €25,288 | €359,901 | +€334,613 | +1323.2% |
| Amounts payable within one year | 42/48 | €46,948 | €37,502 | -€9,446 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €28,269 | €29,785 | +€1,516 | +5.4% |
| Trade debts | 44 | €2,190 | €3,069 | +€879 | +40.1% |
| Suppliers | 440/4 | €2,190 | €3,069 | +€879 | +40.1% |
| Taxes, remuneration and social security | 45 | €16,489 | €4,648 | -€11,841 | -71.8% |
| Taxes | 450/3 | €16,489 | €4,648 | -€11,841 | -71.8% |
| Accrued charges and deferred income | 492/3 | €265 | - | -€265 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,812 | €51,293 | +€38,481 | +300.4% |
| Other operating charges | 640/8 | €1,955 | €2,240 | +€285 | +14.6% |
| Non-recurring operating charges | 66A | €14,791 | - | -€14,791 | |
| Gross operating margin | 9900 | €81,266 | €87,660 | +€6,394 | +7.9% |
| Operating profit (loss) | 9901 | €51,708 | €34,127 | -€17,581 | -34.0% |
| Financial income | 75/76B | €479 | €582 | +€103 | +21.5% |
| Recurring financial income | 75 | €479 | €582 | +€103 | +21.5% |
| Financial charges | 65/66B | €1,005 | €7,192 | +€6,187 | +615.6% |
| Recurring financial charges | 65 | €1,005 | €7,192 | +€6,187 | +615.6% |
| Profit (loss) for the period before taxes | 9903 | €51,182 | €27,517 | -€23,665 | -46.2% |
| Income taxes | 67/77 | €15,889 | €9,708 | -€6,181 | -38.9% |
| Profit (loss) for the period | 9904 | €35,293 | €17,809 | -€17,484 | -49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,293 | €17,809 | -€17,484 | -49.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.