GREEN CIRCLE: what changed
Two fiscal 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.
GREEN CIRCLE
Largest movements
- Receivables within one year +€66,855
up €66,855 (+60.5%), from €110,547 to €177,401
of which Trade receivables: +€76,790
- Cash +€32,962
up €32,962 (+34.5%), from €95,457 to €128,419
mainly Net result for the year (+€46,821) and Trade debts (+€28,427)
- Stocks and contracts +€20,039
up €20,039 (+14.0%), from €143,522 to €163,561
- Intangible fixed assets -€15,479
down €15,479 (-35.8%), from €43,223 to €27,745
- Profit (loss) carried forward +€46,821
up €46,821 (+23.0%), from €203,927 to €250,748
- Trade debts +€28,427
up €28,427 (+21.9%), from €129,884 to €158,311
- Tax, wage and social debts +€27,760
up €27,760 (+1798.9%), from €1,543 to €29,303
- Gross operating margin +€51,814
up €51,814 (+163.4%), from €31,715 to €83,529
- Depreciation +€12,555
up €12,555 (+349.0%), from €3,598 to €16,153
- Taxes +€11,072
up €11,072 (+196.7%), from €5,629 to €16,702
- Other operating charges -€1,072
down €1,072 (-28.5%), from €3,760 to €2,688
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 | €453,059 | €556,972 | +€103,913 | +22.9% |
| Fixed assets | 21/28 | €44,996 | €28,843 | -€16,153 | -35.9% |
| Intangible fixed assets | 21 | €43,223 | €27,745 | -€15,479 | -35.8% |
| Tangible fixed assets | 22/27 | €1,623 | €949 | -€674 | -41.5% |
| Furniture and vehicles | 24 | €1,623 | €949 | -€674 | -41.5% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €408,062 | €528,128 | +€120,066 | +29.4% |
| Stocks and contracts in progress | 3 | €143,522 | €163,561 | +€20,039 | +14.0% |
| Stocks | 30/36 | €143,522 | €163,561 | +€20,039 | +14.0% |
| Amounts receivable within one year | 40/41 | €110,547 | €177,401 | +€66,855 | +60.5% |
| Trade receivables | 40 | €72,942 | €149,733 | +€76,790 | +105.3% |
| Other amounts receivable | 41 | €37,604 | €27,669 | -€9,935 | -26.4% |
| Current investments | 50/53 | €56,912 | €56,912 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €95,457 | €128,419 | +€32,962 | +34.5% |
| Deferred charges and accrued income | 490/1 | €1,625 | €1,835 | +€210 | +12.9% |
| Total equity and liabilities | 10/49 | €453,059 | €556,972 | +€103,913 | +22.9% |
| Equity | 10/15 | €320,160 | €366,981 | +€46,821 | +14.6% |
| Contributions | 10/11 | €38,300 | €38,300 | = | 0.0% |
| Reserves | 13 | €77,933 | €77,933 | = | 0.0% |
| Non-distributable reserves | 130/1 | €60,742 | €60,742 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,830 | €3,830 | = | 0.0% |
| Own shares acquired | 1312 | €56,912 | €56,912 | = | 0.0% |
| Distributable reserves | 133 | €17,191 | €17,191 | = | 0.0% |
| Profit (loss) carried forward | 14 | €203,927 | €250,748 | +€46,821 | +23.0% |
| Amounts payable | 17/49 | €132,899 | €189,991 | +€57,092 | +43.0% |
| Amounts payable within one year | 42/48 | €132,899 | €189,991 | +€57,092 | +43.0% |
| Trade debts | 44 | €129,884 | €158,311 | +€28,427 | +21.9% |
| Suppliers | 440/4 | €129,884 | €158,311 | +€28,427 | +21.9% |
| Taxes, remuneration and social security | 45 | €1,543 | €29,303 | +€27,760 | +1798.9% |
| Taxes | 450/3 | €1,543 | €29,303 | +€27,760 | +1798.9% |
| Other amounts payable | 47/48 | €1,471 | €2,378 | +€906 | +61.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,598 | €16,153 | +€12,555 | +349.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,760 | €2,688 | -€1,072 | -28.5% |
| Gross operating margin | 9900 | €31,715 | €83,529 | +€51,814 | +163.4% |
| Operating profit (loss) | 9901 | €24,357 | €64,688 | +€40,331 | +165.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €421 | €1,166 | +€745 | +176.9% |
| Recurring financial charges | 65 | €421 | €1,166 | +€745 | +176.9% |
| Profit (loss) for the period before taxes | 9903 | €23,936 | €63,522 | +€39,586 | +165.4% |
| Income taxes | 67/77 | €5,629 | €16,702 | +€11,072 | +196.7% |
| Profit (loss) for the period | 9904 | €18,307 | €46,821 | +€28,514 | +155.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,307 | €46,821 | +€28,514 | +155.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.