DE VIER CIRKELS: what changed
DE VIER CIRKELS
Largest movements
- Tangible fixed assets -€9,495
down €9,495 (-20.2%), from €47,101 to €37,606
of which Furniture and vehicles: -€7,809
- Deferred charges and accrued income -€4,664
no longer reported in 2025 (was €4,664)
- Cash -€1,323
down €1,323 (-27.2%), from €4,862 to €3,540
mainly Other debts (-€25,542) and Advances received (-€2,813)
- Receivables within one year +€799
up €799 (+9.8%), from €8,181 to €8,980
of which Other amounts receivable: +€2,652
- Other debts -€25,542
down €25,542 (-91.4%), from €27,955 to €2,412
- Reserves +€13,098
up €13,098 (+52.0%), from €25,193 to €38,291
of which Distributable reserves: +€14,492
- Tax, wage and social debts +€2,856
up €2,856 (+19,039%), from €15 to €2,871
- Advances received -€2,813
no longer reported in 2025 (was €2,813)
- Trade debts -€1,781
down €1,781 (-25.9%), from €6,883 to €5,103
- Gross operating margin -€3,353
down €3,353 (-8.8%), from €37,957 to €34,604
- Depreciation +€2,334
up €2,334 (+25.8%), from €9,045 to €11,379
- Financial charges +€600
up €600 (+119%), from €503 to €1,103
- Other operating charges -€419
down €419 (-32.5%), from €1,290 to €871
- Taxes +€398
up €398 (+5.0%), from €8,015 to €8,413
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,859 | €50,176 | -€14,682 | -22.6% |
| Fixed assets | 21/28 | €47,151 | €37,656 | -€9,495 | -20.1% |
| Tangible fixed assets | 22/27 | €47,101 | €37,606 | -€9,495 | -20.2% |
| Plant, machinery and equipment | 23 | €7,483 | €5,798 | -€1,686 | -22.5% |
| Furniture and vehicles | 24 | €39,617 | €31,808 | -€7,809 | -19.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €17,708 | €12,520 | -€5,188 | -29.3% |
| Amounts receivable within one year | 40/41 | €8,181 | €8,980 | +€799 | +9.8% |
| Trade receivables | 40 | €7,145 | €5,292 | -€1,853 | -25.9% |
| Other amounts receivable | 41 | €1,036 | €3,688 | +€2,652 | +256% |
| Cash at bank and in hand | 54/58 | €4,862 | €3,540 | -€1,323 | -27.2% |
| Deferred charges and accrued income | 490/1 | €4,664 | - | -€4,664 | |
| Total equity and liabilities | 10/49 | €64,859 | €50,176 | -€14,682 | -22.6% |
| Equity | 10/15 | €25,193 | €38,291 | +€13,098 | +52.0% |
| Reserves | 13 | €25,193 | €38,291 | +€13,098 | +52.0% |
| Non-distributable reserves | 130/1 | €1,394 | - | -€1,394 | |
| Reserves not available under the articles | 1311 | €1,394 | - | -€1,394 | |
| Distributable reserves | 133 | €23,799 | €38,291 | +€14,492 | +60.9% |
| Amounts payable | 17/49 | €39,666 | €11,886 | -€27,780 | -70.0% |
| Amounts payable within one year | 42/48 | €37,666 | €10,386 | -€27,280 | -72.4% |
| Trade debts | 44 | €6,883 | €5,103 | -€1,781 | -25.9% |
| Suppliers | 440/4 | €6,883 | €5,103 | -€1,781 | -25.9% |
| Advances received on contracts in progress | 46 | €2,813 | - | -€2,813 | |
| Taxes, remuneration and social security | 45 | €15 | €2,871 | +€2,856 | +19,039% |
| Taxes | 450/3 | €15 | €2,871 | +€2,856 | +19,039% |
| Other amounts payable | 47/48 | €27,955 | €2,412 | -€25,542 | -91.4% |
| Accrued charges and deferred income | 492/3 | €2,000 | €1,500 | -€500 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,045 | €11,379 | +€2,334 | +25.8% |
| Other operating charges | 640/8 | €1,290 | €871 | -€419 | -32.5% |
| Non-recurring operating charges | 66A | €1,779 | - | -€1,779 | |
| Gross operating margin | 9900 | €37,957 | €34,604 | -€3,353 | -8.8% |
| Operating profit (loss) | 9901 | €25,843 | €22,354 | -€3,489 | -13.5% |
| Financial income | 75/76B | €42 | €261 | +€218 | +516% |
| Recurring financial income | 75 | €42 | €261 | +€218 | +516% |
| Financial charges | 65/66B | €503 | €1,103 | +€600 | +119% |
| Recurring financial charges | 65 | €503 | €1,103 | +€600 | +119% |
| Profit (loss) for the period before taxes | 9903 | €25,381 | €21,511 | -€3,870 | -15.2% |
| Income taxes | 67/77 | €8,015 | €8,413 | +€398 | +5.0% |
| Profit (loss) for the period | 9904 | €17,366 | €13,098 | -€4,268 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,366 | €13,098 | -€4,268 | -24.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.