LE CERCLE ROUGE: 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 ROUGE
Largest movements
- Stocks and contracts -€15,420
down €15,420 (-61.4%), from €25,098 to €9,678
- Receivables within one year -€6,867
no longer reported in 2025 (was €6,867)
- Cash -€1,694
down €1,694 (-39.3%), from €4,307 to €2,613
mainly Net result for the year (-€32,140) and Tax, wage and social debts (-€9,016)
- Profit (loss) carried forward -€32,140
down €32,140 (-42.6%), from -€75,510 to -€107,650
- Trade debts +€18,368
new in 2025: €18,368
- Tax, wage and social debts -€9,016
down €9,016 (-44.9%), from €20,088 to €11,072
of which Taxes: -€4,634
- Other debts -€1,406
down €1,406 (-1.5%), from €92,352 to €90,946
- Staff costs -€42,856
down €42,856 (-78.2%), from €54,771 to €11,915
- Financial charges -€820
down €820 (-49.6%), from €1,653 to €833
- Other operating charges +€752
new in 2025: €752
- Depreciation -€409
down €409 (-65.8%), from €622 to €213
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 | €36,930 | €12,736 | -€24,194 | -65.5% |
| Fixed assets | 21/28 | €658 | €445 | -€213 | -32.4% |
| Tangible fixed assets | 22/27 | €658 | €445 | -€213 | -32.4% |
| Plant, machinery and equipment | 23 | €658 | €445 | -€213 | -32.4% |
| Current assets | 29/58 | €36,272 | €12,291 | -€23,981 | -66.1% |
| Stocks and contracts in progress | 3 | €25,098 | €9,678 | -€15,420 | -61.4% |
| Stocks | 30/36 | €25,098 | €9,678 | -€15,420 | -61.4% |
| Amounts receivable within one year | 40/41 | €6,867 | - | -€6,867 | |
| Other amounts receivable | 41 | €6,867 | - | -€6,867 | |
| Cash at bank and in hand | 54/58 | €4,307 | €2,613 | -€1,694 | -39.3% |
| Total equity and liabilities | 10/49 | €36,930 | €12,736 | -€24,194 | -65.5% |
| Equity | 10/15 | -€75,510 | -€107,650 | -€32,140 | -42.6% |
| Profit (loss) carried forward | 14 | -€75,510 | -€107,650 | -€32,140 | -42.6% |
| Amounts payable | 17/49 | €112,440 | €120,386 | +€7,946 | +7.1% |
| Amounts payable within one year | 42/48 | €112,440 | €120,386 | +€7,946 | +7.1% |
| Trade debts | 44 | - | €18,368 | +€18,368 | |
| Suppliers | 440/4 | - | €18,368 | +€18,368 | |
| Taxes, remuneration and social security | 45 | €20,088 | €11,072 | -€9,016 | -44.9% |
| Taxes | 450/3 | €12,530 | €7,896 | -€4,634 | -37.0% |
| Remuneration and social security | 454/9 | €7,558 | €3,176 | -€4,382 | -58.0% |
| Other amounts payable | 47/48 | €92,352 | €90,946 | -€1,406 | -1.5% |
| Remuneration, social security and pensions | 62 | €54,771 | €11,915 | -€42,856 | -78.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €622 | €213 | -€409 | -65.8% |
| Other operating charges | 640/8 | - | €752 | +€752 | |
| Gross operating margin | 9900 | -€18,464 | -€18,427 | +€37 | +0.2% |
| Operating profit (loss) | 9901 | -€73,857 | -€31,307 | +€42,550 | +57.6% |
| Financial charges | 65/66B | €1,653 | €833 | -€820 | -49.6% |
| Recurring financial charges | 65 | €1,653 | €833 | -€820 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | -€75,510 | -€32,140 | +€43,370 | +57.4% |
| Profit (loss) for the period | 9904 | -€75,510 | -€32,140 | +€43,370 | +57.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€75,510 | -€32,140 | +€43,370 | +57.4% |
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 14 October 2026 via checked.be.