Connecting Circles: 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.
Connecting Circles
Largest movements
- Cash +€254,874
up €254,874 (+609%), from €41,838 to €296,712
mainly Net result for the year (+€182,586) and Debts after one year (+€73,449)
- Receivables after one year +€34,950
up €34,950 (+79.4%), from €44,000 to €78,950
- Receivables within one year +€9,269
up €9,269 (+12,252%), from €76 to €9,345
of which Trade receivables: +€9,117
- Tangible fixed assets +€6,593
up €6,593 (+132%), from €4,985 to €11,578
of which Furniture and vehicles: +€5,944
- Profit (loss) carried forward +€182,586
up €182,586 (+318%), from €57,496 to €240,082
- Debts after one year +€73,449
new in 2025: €73,449
- Current portion of long-term debt +€24,745
new in 2025: €24,745
- Tax, wage and social debts +€23,236
up €23,236 (+82.2%), from €28,253 to €51,489
of which Taxes: +€23,236
- Financial income +€163,740
up €163,740 (+15,159%), from €1,080 to €164,820
of which Non-recurring financial income: +€162,962
- Gross operating margin +€52,822
up €52,822 (+191%), from €27,587 to €80,409
- Taxes +€47,246
up €47,246 (+818%), from €5,776 to €53,022
- Depreciation +€1,997
up €1,997 (+115%), from €1,736 to €3,733
- Financial charges +€1,630
up €1,630 (+45.2%), from €3,606 to €5,236
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 | €91,469 | €396,864 | +€305,395 | +334% |
| Fixed assets | 21/28 | €4,985 | €11,578 | +€6,593 | +132% |
| Tangible fixed assets | 22/27 | €4,985 | €11,578 | +€6,593 | +132% |
| Plant, machinery and equipment | 23 | €3,322 | €3,971 | +€649 | +19.5% |
| Furniture and vehicles | 24 | €1,663 | €7,607 | +€5,944 | +357% |
| Current assets | 29/58 | €86,484 | €385,286 | +€298,802 | +345% |
| Amounts receivable after more than one year | 29 | €44,000 | €78,950 | +€34,950 | +79.4% |
| Other amounts receivable | 291 | €44,000 | €78,950 | +€34,950 | +79.4% |
| Amounts receivable within one year | 40/41 | €76 | €9,345 | +€9,269 | +12,252% |
| Trade receivables | 40 | €0 | €9,117 | +€9,117 | |
| Other amounts receivable | 41 | €76 | €227 | +€152 | +200% |
| Cash at bank and in hand | 54/58 | €41,838 | €296,712 | +€254,874 | +609% |
| Deferred charges and accrued income | 490/1 | €571 | €280 | -€291 | -50.9% |
| Total equity and liabilities | 10/49 | €91,469 | €396,864 | +€305,395 | +334% |
| Equity | 10/15 | €58,496 | €241,082 | +€182,586 | +312% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,496 | €240,082 | +€182,586 | +318% |
| Amounts payable | 17/49 | €32,973 | €155,782 | +€122,810 | +372% |
| Amounts payable after more than one year | 17 | - | €73,449 | +€73,449 | |
| Financial debts | 170/4 | - | €73,449 | +€73,449 | |
| Amounts payable within one year | 42/48 | €32,973 | €82,333 | +€49,360 | +150% |
| Current portion of amounts payable after more than one year | 42 | - | €24,745 | +€24,745 | |
| Trade debts | 44 | €3,960 | €5,430 | +€1,470 | +37.1% |
| Suppliers | 440/4 | €3,960 | €5,430 | +€1,470 | +37.1% |
| Taxes, remuneration and social security | 45 | €28,253 | €51,489 | +€23,236 | +82.2% |
| Taxes | 450/3 | €28,253 | €51,489 | +€23,236 | +82.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €760 | €669 | -€91 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,736 | €3,733 | +€1,997 | +115% |
| Other operating charges | 640/8 | €1,116 | €653 | -€463 | -41.5% |
| Gross operating margin | 9900 | €27,587 | €80,409 | +€52,822 | +191% |
| Operating profit (loss) | 9901 | €24,735 | €76,024 | +€51,289 | +207% |
| Financial income | 75/76B | €1,080 | €164,820 | +€163,740 | +15,159% |
| Recurring financial income | 75 | €1,080 | €1,858 | +€778 | +72.0% |
| Non-recurring financial income | 76B | - | €162,962 | +€162,962 | |
| Financial charges | 65/66B | €3,606 | €5,236 | +€1,630 | +45.2% |
| Recurring financial charges | 65 | €3,606 | €5,236 | +€1,630 | +45.2% |
| Profit (loss) for the period before taxes | 9903 | €22,209 | €235,608 | +€213,398 | +961% |
| Income taxes | 67/77 | €5,776 | €53,022 | +€47,246 | +818% |
| Profit (loss) for the period | 9904 | €16,433 | €182,586 | +€166,152 | +1,011% |
| Profit (loss) for the period to be appropriated | 9905 | €16,433 | €182,586 | +€166,152 | +1,011% |
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 16 October 2026 via checked.be.