Le Cercle: 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.
Le Cercle
Largest movements
- Cash +€28,907
up €28,907 (+23.5%), from €122,795 to €151,702
mainly Receivables within one year (+€21,747) and Accrued charges and deferred income (+€8,465)
- Receivables within one year -€21,747
down €21,747 (-17.6%), from €123,868 to €102,121
- Accrued charges and deferred income +€8,465
up €8,465 (+10.4%), from €81,024 to €89,489
- Debts within one year -€7,913
down €7,913 (-7.3%), from €108,919 to €101,006
- Profit (loss) carried forward +€6,322
up €6,322 (+10.0%), from €63,267 to €69,589
- Staff costs +€21,236
up €21,236 (+4.0%), from €527,056 to €548,292
- Gross operating margin -€9,879
down €9,879 (-1.7%), from €567,796 to €557,917
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 | €257,154 | €262,056 | +€4,902 | +1.9% |
| Fixed assets | 21/28 | €4,888 | €1,972 | -€2,916 | -59.7% |
| Intangible fixed assets | 21 | €519 | - | -€519 | |
| Tangible fixed assets | 22/27 | €3,944 | €1,972 | -€1,972 | -50.0% |
| Furniture and vehicles | 24 | €3,944 | €1,972 | -€1,972 | -50.0% |
| Financial fixed assets | 28 | €425 | - | -€425 | |
| Current assets | 29/58 | €252,266 | €260,084 | +€7,818 | +3.1% |
| Amounts receivable within one year | 40/41 | €123,868 | €102,121 | -€21,747 | -17.6% |
| Other amounts receivable | 41 | €123,868 | €102,121 | -€21,747 | -17.6% |
| Cash at bank and in hand | 54/58 | €122,795 | €151,702 | +€28,907 | +23.5% |
| Deferred charges and accrued income | 490/1 | €5,603 | €6,261 | +€658 | +11.7% |
| Total equity and liabilities | 10/49 | €257,154 | €262,056 | +€4,902 | +1.9% |
| Equity | 10/15 | €67,211 | €71,561 | +€4,350 | +6.5% |
| Profit (loss) carried forward | 14 | €63,267 | €69,589 | +€6,322 | +10.0% |
| Investment grants | 15 | €3,944 | €1,972 | -€1,972 | -50.0% |
| Amounts payable | 17/49 | €189,943 | €190,495 | +€552 | +0.3% |
| Amounts payable within one year | 42/48 | €108,919 | €101,006 | -€7,913 | -7.3% |
| Financial debts | 43 | - | €300 | +€300 | |
| Credit institutions | 430/8 | - | €300 | +€300 | |
| Trade debts | 44 | €7,329 | €5,744 | -€1,585 | -21.6% |
| Suppliers | 440/4 | €7,329 | €5,744 | -€1,585 | -21.6% |
| Taxes, remuneration and social security | 45 | €74,241 | €71,320 | -€2,921 | -3.9% |
| Taxes | 450/3 | €10,643 | €11,123 | +€480 | +4.5% |
| Remuneration and social security | 454/9 | €63,598 | €60,197 | -€3,401 | -5.3% |
| Accrued charges and deferred income | 492/3 | €81,024 | €89,489 | +€8,465 | +10.4% |
| Non-recurring operating income | 76A | €10 | €2 | -€8 | -80.0% |
| Remuneration, social security and pensions | 62 | €527,056 | €548,292 | +€21,236 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,491 | €2,491 | = | 0.0% |
| Other operating charges | 640/8 | €514 | €696 | +€182 | +35.4% |
| Non-recurring operating charges | 66A | €33 | €20 | -€13 | -39.4% |
| Gross operating margin | 9900 | €567,796 | €557,917 | -€9,879 | -1.7% |
| Operating profit (loss) | 9901 | €37,702 | €6,418 | -€31,284 | -83.0% |
| Financial charges | 65/66B | €106 | €96 | -€10 | -9.4% |
| Recurring financial charges | 65 | €106 | €96 | -€10 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €37,596 | €6,322 | -€31,274 | -83.2% |
| Profit (loss) for the period | 9904 | €37,596 | €6,322 | -€31,274 | -83.2% |
| Profit (loss) for the period to be appropriated | 9905 | €37,596 | €6,322 | -€31,274 | -83.2% |
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 15 October 2026 via checked.be.