CLOSED CIRCLE: what changed
What changed
CLOSED CIRCLE
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €9.0m-€7.3m
Equity
€34.9m
2024 · €33.2m+€1.6m
Cash
€4.6m
2024 · €1.1m+€3.4m
Balance sheet total
€37.0m
2024 · €34.6m+€2.4m
Largest movements
Assets
- Cash +€3.4m
up €3.4m (+300%), from €1.1m to €4.6m
mainly Net result for the year (+€1.6m) and Investment in fixed assets (net) (+€763,335)
- Financial fixed assets -€962,175
down €962,175 (-3.6%), from €26.4m to €25.5m
of which Affiliated companies: -€962,175
Equity and liabilities
- Profit (loss) carried forward +€1.7m
up €1.7m (+7.5%), from €23.0m to €24.7m
- Trade debts +€759,802
up €759,802 (+79.8%), from €952,005 to €1.7m
Income statement
- Financial income -€7.1m
down €7.1m (-73.5%), from €9.6m to €2.5m
of which Financial income: -€6.6m
- Services and other goods +€544,587
up €544,587 (+25.6%), from €2.1m to €2.7m
- Other operating income +€378,542
up €378,542 (+97.2%), from €389,413 to €767,954
- Turnover -€195,419
down €195,419 (-8.6%), from €2.3m to €2.1m
- Taxes -€146,399
down €146,399 (-69.6%), from €210,366 to €63,968
of which Taxes: -€146,565
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€9.0m
Turnover
-€195,419
Other operating income
+€378,542
Services and other goods
-€544,587
Staff costs
-€21,750
Depreciation
-€58,153
Provisions
+€13,724
Other operating charges
+€1,966
Financial income
-€7.1m
Financial charges
-€6,543
Taxes
+€146,399
Deferred taxes and other
+€8,070
Result 2025
€1.6m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€2.7m
Investment
+€763,335
Financing
€0
Cash 2024
€1.1m
From operations (derived)
+€2.7m
Net result for the year
+€1.6m
Depreciation
+€482,176
Receivables after one year
-€11,708
Receivables within one year
-€188,111
Deferred charges and accrued income
-€9,261
Provisions
-€24,997
Trade debts
+€759,802
Tax, wage and social debts
+€4,440
Other debts
+€1,053
Investment (derived)
+€763,335
Investment in fixed assets (net)
+€763,335
Cash 2025
€4.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €34,613,206 | €36,999,334 | +€2.4m | +6.9% |
| Fixed assets | 21/28 | €30,454,002 | €29,208,491 | -€1.2m | -4.1% |
| Intangible fixed assets | 21 | €463,758 | €307,869 | -€155,889 | -33.6% |
| Tangible fixed assets | 22/27 | €3,543,833 | €3,416,386 | -€127,447 | -3.6% |
| Land and buildings | 22 | €3,217,341 | €3,159,919 | -€57,422 | -1.8% |
| Furniture and vehicles | 24 | €326,492 | €256,467 | -€70,024 | -21.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €26,446,411 | €25,484,236 | -€962,175 | -3.6% |
| Affiliated companies | 280/1 | €26,446,262 | €25,484,087 | -€962,175 | -3.6% |
| Participating interests | 280 | €11,678,662 | €11,678,662 | = | 0.0% |
| Amounts receivable | 281 | €14,767,600 | €13,805,425 | -€962,175 | -6.5% |
| Other financial fixed assets | 284/8 | €149 | €149 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €4,159,204 | €7,790,843 | +€3.6m | +87.3% |
| Amounts receivable after more than one year | 29 | €408,473 | €420,181 | +€11,708 | +2.9% |
| Other amounts receivable | 291 | €408,473 | €420,181 | +€11,708 | +2.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €2,397,535 | €2,585,646 | +€188,111 | +7.8% |
| Trade receivables | 40 | €815,840 | €1,503,063 | +€687,223 | +84.2% |
| Other amounts receivable | 41 | €1,581,695 | €1,082,583 | -€499,112 | -31.6% |
| Cash at bank and in hand | 54/58 | €1,142,564 | €4,565,124 | +€3.4m | +300% |
| Deferred charges and accrued income | 490/1 | €210,632 | €219,892 | +€9,261 | +4.4% |
| Total equity and liabilities | 10/49 | €34,613,206 | €36,999,334 | +€2.4m | +6.9% |
| Equity | 10/15 | €33,222,742 | €34,868,572 | +€1.6m | +5.0% |
| Contributions | 10/11 | €8,380,000 | €8,380,000 | = | 0.0% |
| Capital | 10 | €8,380,000 | €8,380,000 | = | 0.0% |
| Issued capital | 100 | €8,380,000 | €8,380,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,849 | €1,849 | = | 0.0% |
| Reserves | 13 | €1,838,646 | €1,770,032 | -€68,614 | -3.7% |
| Non-distributable reserves | 130/1 | €838,000 | €838,000 | = | 0.0% |
| Legal reserve | 130 | €838,000 | €838,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,000,646 | €932,032 | -€68,614 | -6.9% |
| Profit (loss) carried forward | 14 | €23,002,247 | €24,716,691 | +€1.7m | +7.5% |
| Provisions and deferred taxes | 16 | €361,142 | €336,146 | -€24,997 | -6.9% |
| Provisions for liabilities and charges | 160/5 | €32,552 | €30,426 | -€2,125 | -6.5% |
| Other liabilities and charges | 164/5 | €32,552 | €30,426 | -€2,125 | -6.5% |
| Deferred taxes | 168 | €328,591 | €305,719 | -€22,871 | -7.0% |
| Amounts payable | 17/49 | €1,029,322 | €1,794,617 | +€765,295 | +74.3% |
| Amounts payable within one year | 42/48 | €1,029,322 | €1,794,616 | +€765,295 | +74.3% |
| Trade debts | 44 | €952,005 | €1,711,807 | +€759,802 | +79.8% |
| Suppliers | 440/4 | €952,005 | €1,711,807 | +€759,802 | +79.8% |
| Taxes, remuneration and social security | 45 | €77,073 | €81,513 | +€4,440 | +5.8% |
| Taxes | 450/3 | €14,536 | €14,699 | +€163 | +1.1% |
| Remuneration and social security | 454/9 | €62,537 | €66,813 | +€4,277 | +6.8% |
| Other amounts payable | 47/48 | €244 | €1,297 | +€1,053 | +432% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | 0.0% |
| Operating income | 70/76A | €2,663,628 | €2,846,751 | +€183,123 | +6.9% |
| Turnover | 70 | €2,274,215 | €2,078,796 | -€195,419 | -8.6% |
| Other operating income | 74 | €389,413 | €767,954 | +€378,542 | +97.2% |
| Operating charges | 60/66A | €3,080,566 | €3,689,365 | +€608,799 | +19.8% |
| Services and other goods | 61 | €2,126,470 | €2,671,057 | +€544,587 | +25.6% |
| Remuneration, social security and pensions | 62 | €514,679 | €536,428 | +€21,750 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €424,023 | €482,176 | +€58,153 | +13.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €11,599 | -€2,125 | -€13,724 | |
| Other operating charges | 640/8 | €3,795 | €1,828 | -€1,966 | -51.8% |
| Operating profit (loss) | 9901 | -€416,938 | -€842,614 | -€425,677 | -102% |
| Financial income | 75/76B | €9,611,362 | €2,542,464 | -€7.1m | -73.5% |
| Recurring financial income | 75 | €9,101,237 | €2,527,675 | -€6.6m | -72.2% |
| Income from financial fixed assets | 750 | €8,919,738 | €2,508,568 | -€6.4m | -71.9% |
| Income from current assets | 751 | €2 | €11,711 | +€11,709 | +654,128% |
| Other financial income | 752/9 | €181,497 | €7,396 | -€174,101 | -95.9% |
| Non-recurring financial income | 76B | €510,125 | €14,788 | -€495,336 | -97.1% |
| Financial charges | 65/66B | €6,380 | €12,923 | +€6,543 | +103% |
| Recurring financial charges | 65 | €6,317 | €12,923 | +€6,605 | +105% |
| Debt charges | 650 | €0 | €136 | +€136 | |
| Other financial charges | 652/9 | €6,317 | €12,787 | +€6,470 | +102% |
| Non-recurring financial charges | 66B | €62 | €0 | -€62 | -100% |
| Profit (loss) for the period before taxes | 9903 | €9,188,045 | €1,686,927 | -€7.5m | -81.6% |
| Transfer from deferred taxes | 780 | €14,801 | €22,871 | +€8,070 | +54.5% |
| Income taxes | 67/77 | €210,366 | €63,968 | -€146,399 | -69.6% |
| Taxes | 670/3 | €210,559 | €63,994 | -€146,565 | -69.6% |
| Tax adjustments and reversals of tax provisions | 77 | €193 | €26 | -€166 | -86.3% |
| Profit (loss) for the period | 9904 | €8,992,479 | €1,645,830 | -€7.3m | -81.7% |
| Transfer from tax-exempt reserves | 789 | €44,403 | €68,614 | +€24,211 | +54.5% |
| Transfer to tax-exempt reserves | 689 | €1,045,049 | €0 | -€1.0m | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €7,991,834 | €1,714,444 | -€6.3m | -78.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.