Growing Circles: 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.
Growing Circles
Largest movements
- Cash +€23,969
up €23,969 (+84.2%), from €28,451 to €52,420
mainly Net result for the year (+€29,812) and Depreciation (+€7,645)
- Tangible fixed assets -€6,929
down €6,929 (-21.8%), from €31,819 to €24,891
- Intangible fixed assets +€1,433
new in 2025: €1,433
- Deferred charges and accrued income +€987
up €987 (+2180.6%), from €45 to €1,032
- Reserves +€29,000
up €29,000 (+161.1%), from €18,000 to €47,000
- Tax, wage and social debts -€5,905
down €5,905 (-44.7%), from €13,216 to €7,311
of which Taxes: -€6,225
- Other debts -€5,026
down €5,026 (-14.9%), from €33,835 to €28,809
- Gross operating margin +€19,085
up €19,085 (+65.6%), from €29,108 to €48,193
- Depreciation +€5,878
up €5,878 (+332.6%), from €1,767 to €7,645
- Taxes +€1,995
up €1,995 (+25.7%), from €7,770 to €9,764
- Other operating charges +€904
new in 2025: €904
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 | €71,695 | €90,632 | +€18,937 | +26.4% |
| Fixed assets | 21/28 | €31,819 | €26,324 | -€5,495 | -17.3% |
| Intangible fixed assets | 21 | - | €1,433 | +€1,433 | |
| Tangible fixed assets | 22/27 | €31,819 | €24,891 | -€6,929 | -21.8% |
| Furniture and vehicles | 24 | €31,819 | €24,891 | -€6,929 | -21.8% |
| Current assets | 29/58 | €39,876 | €64,309 | +€24,433 | +61.3% |
| Amounts receivable within one year | 40/41 | €11,379 | €10,856 | -€523 | -4.6% |
| Trade receivables | 40 | €11,379 | €8,120 | -€3,259 | -28.6% |
| Other amounts receivable | 41 | - | €2,736 | +€2,736 | |
| Cash at bank and in hand | 54/58 | €28,451 | €52,420 | +€23,969 | +84.2% |
| Deferred charges and accrued income | 490/1 | €45 | €1,032 | +€987 | +2180.6% |
| Total equity and liabilities | 10/49 | €71,695 | €90,632 | +€18,937 | +26.4% |
| Equity | 10/15 | €23,788 | €52,767 | +€28,979 | +121.8% |
| Contributions | 10/11 | €5,100 | €5,100 | = | 0.0% |
| Reserves | 13 | €18,000 | €47,000 | +€29,000 | +161.1% |
| Distributable reserves | 133 | €18,000 | €47,000 | +€29,000 | +161.1% |
| Profit (loss) carried forward | 14 | €688 | €667 | -€21 | -3.0% |
| Amounts payable | 17/49 | €47,908 | €37,866 | -€10,042 | -21.0% |
| Amounts payable within one year | 42/48 | €47,908 | €37,841 | -€10,067 | -21.0% |
| Trade debts | 44 | €857 | €1,721 | +€864 | +100.8% |
| Suppliers | 440/4 | €857 | €1,721 | +€864 | +100.8% |
| Taxes, remuneration and social security | 45 | €13,216 | €7,311 | -€5,905 | -44.7% |
| Taxes | 450/3 | €13,216 | €6,991 | -€6,225 | -47.1% |
| Remuneration and social security | 454/9 | - | €320 | +€320 | |
| Other amounts payable | 47/48 | €33,835 | €28,809 | -€5,026 | -14.9% |
| Accrued charges and deferred income | 492/3 | - | €25 | +€25 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,767 | €7,645 | +€5,878 | +332.6% |
| Other operating charges | 640/8 | - | €904 | +€904 | |
| Gross operating margin | 9900 | €29,108 | €48,193 | +€19,085 | +65.6% |
| Operating profit (loss) | 9901 | €27,341 | €39,645 | +€12,303 | +45.0% |
| Financial charges | 65/66B | €25 | €68 | +€43 | +173.4% |
| Recurring financial charges | 65 | €25 | €68 | +€43 | +173.4% |
| Profit (loss) for the period before taxes | 9903 | €27,316 | €39,576 | +€12,260 | +44.9% |
| Income taxes | 67/77 | €7,770 | €9,764 | +€1,995 | +25.7% |
| Profit (loss) for the period | 9904 | €19,547 | €29,812 | +€10,266 | +52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,547 | €29,812 | +€10,266 | +52.5% |
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 3 October 2026 via checked.be.