LA CIRCULAIRE: 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.
LA CIRCULAIRE
Largest movements
- Current investments +€752,649
up €752,649 (+44.9%), from €1.7m to €2.4m
- Tangible fixed assets -€298,571
down €298,571 (-8.3%), from €3.6m to €3.3m
of which Land and buildings: -€253,577
- Cash -€168,318
down €168,318 (-17.6%), from €957,640 to €789,322
mainly Current investments (-€752,649) and Current portion of long-term debt (-€571,863)
- Debts after one year +€659,389
up €659,389 (+11.2%), from €5.9m to €6.6m
of which Financial debts: +€647,389
- Current portion of long-term debt -€571,863
down €571,863 (-24.0%), from €2.4m to €1.8m
- Profit (loss) carried forward +€265,070
up €265,070 (+33.2%), from -€798,962 to -€533,892
- Revaluation surpluses -€178,000
down €178,000 (-58.4%), from €305,000 to €127,000
- Gross operating margin +€367,276
up €367,276 (+371%), from €99,036 to €466,312
- Financial income +€73,511
up €73,511 (+28.0%), from €262,262 to €335,774
- Depreciation +€40,768
up €40,768 (+23.7%), from €172,345 to €213,114
- Financial charges -€32,365
down €32,365 (-9.7%), from €332,391 to €300,026
- Other operating charges +€5,042
up €5,042 (+27.2%), from €18,535 to €23,578
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 | €11,780,335 | €12,151,163 | +€370,828 | +3.1% |
| Fixed assets | 21/28 | €5,561,072 | €5,262,502 | -€298,571 | -5.4% |
| Tangible fixed assets | 22/27 | €3,601,946 | €3,303,375 | -€298,571 | -8.3% |
| Land and buildings | 22 | €3,498,331 | €3,244,755 | -€253,577 | -7.2% |
| Furniture and vehicles | 24 | €22,539 | €1,266 | -€21,273 | -94.4% |
| Other tangible fixed assets | 26 | €81,075 | €57,355 | -€23,721 | -29.3% |
| Financial fixed assets | 28 | €1,959,126 | €1,959,126 | = | 0.0% |
| Current assets | 29/58 | €6,219,262 | €6,888,661 | +€669,399 | +10.8% |
| Amounts receivable within one year | 40/41 | €3,509,709 | €3,622,769 | +€113,061 | +3.2% |
| Trade receivables | 40 | €3,500 | €91,524 | +€88,024 | +2,515% |
| Other amounts receivable | 41 | €3,506,209 | €3,531,245 | +€25,037 | +0.7% |
| Current investments | 50/53 | €1,675,262 | €2,427,911 | +€752,649 | +44.9% |
| Cash at bank and in hand | 54/58 | €957,640 | €789,322 | -€168,318 | -17.6% |
| Deferred charges and accrued income | 490/1 | €76,652 | €48,659 | -€27,993 | -36.5% |
| Total equity and liabilities | 10/49 | €11,780,335 | €12,151,163 | +€370,828 | +3.1% |
| Equity | 10/15 | €3,006,038 | €3,093,108 | +€87,070 | +2.9% |
| Contributions | 10/11 | €3,500,000 | €3,500,000 | = | 0.0% |
| Revaluation surpluses | 12 | €305,000 | €127,000 | -€178,000 | -58.4% |
| Profit (loss) carried forward | 14 | -€798,962 | -€533,892 | +€265,070 | +33.2% |
| Amounts payable | 17/49 | €8,774,297 | €9,058,055 | +€283,758 | +3.2% |
| Amounts payable after more than one year | 17 | €5,899,311 | €6,558,700 | +€659,389 | +11.2% |
| Financial debts | 170/4 | €5,899,311 | €6,546,700 | +€647,389 | +11.0% |
| Other amounts payable | 178/9 | - | €12,000 | +€12,000 | |
| Amounts payable within one year | 42/48 | €2,874,986 | €2,493,355 | -€381,631 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €2,383,070 | €1,811,207 | -€571,863 | -24.0% |
| Trade debts | 44 | €930 | €88,889 | +€87,959 | +9,461% |
| Suppliers | 440/4 | €930 | €88,889 | +€87,959 | +9,461% |
| Taxes, remuneration and social security | 45 | €2,170 | - | -€2,170 | |
| Taxes | 450/3 | €2,170 | - | -€2,170 | |
| Other amounts payable | 47/48 | €488,816 | €593,259 | +€104,443 | +21.4% |
| Accrued charges and deferred income | 492/3 | - | €6,000 | +€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,345 | €213,114 | +€40,768 | +23.7% |
| Other operating charges | 640/8 | €18,535 | €23,578 | +€5,042 | +27.2% |
| Gross operating margin | 9900 | €99,036 | €466,312 | +€367,276 | +371% |
| Operating profit (loss) | 9901 | -€91,845 | €229,621 | +€321,466 | |
| Financial income | 75/76B | €262,262 | €335,774 | +€73,511 | +28.0% |
| Recurring financial income | 75 | €262,262 | €335,774 | +€73,511 | +28.0% |
| Financial charges | 65/66B | €332,391 | €300,026 | -€32,365 | -9.7% |
| Recurring financial charges | 65 | €332,391 | €300,026 | -€32,365 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€161,974 | €265,368 | +€427,342 | |
| Income taxes | 67/77 | €132 | €298 | +€166 | +126% |
| Profit (loss) for the period | 9904 | -€162,106 | €265,070 | +€427,176 | |
| Profit (loss) for the period to be appropriated | 9905 | -€162,106 | €265,070 | +€427,176 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.