More Circular: 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.
More Circular
Largest movements
- Cash +€17,086
up €17,086 (+167%), from €10,213 to €27,299
mainly Debts after one year (+€34,453) and Stocks and contracts (+€12,963)
- Stocks and contracts -€12,963
down €12,963 (-42.3%), from €30,640 to €17,677
- Tangible fixed assets -€11,891
down €11,891 (-33.4%), from €35,617 to €23,726
of which Plant, machinery and equipment: -€9,614
- Receivables within one year +€10,081
up €10,081 (+13.2%), from €76,458 to €86,538
- Trade debts -€39,554
down €39,554 (-67.4%), from €58,724 to €19,169
- Debts after one year +€34,453
new in 2025: €34,453
- Current portion of long-term debt +€12,808
up €12,808 (+2,200%), from €582 to €13,390
- Other debts -€9,361
down €9,361 (-25.2%), from €37,107 to €27,745
- Profit (loss) carried forward +€6,776
up €6,776 (+21.7%), from €31,219 to €37,996
- Financial charges +€8,155
up €8,155 (+409%), from €1,996 to €10,151
- Staff costs -€1,895
down €1,895 (-5.8%), from €32,479 to €30,585
- Gross operating margin +€1,512
up €1,512 (+2.4%), from €63,000 to €64,513
- Taxes +€1,426
up €1,426 (+67.7%), from €2,105 to €3,531
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 | €160,214 | €161,549 | +€1,335 | +0.8% |
| Fixed assets | 21/28 | €42,904 | €30,035 | -€12,868 | -30.0% |
| Intangible fixed assets | 21 | €4,287 | €3,309 | -€978 | -22.8% |
| Tangible fixed assets | 22/27 | €35,617 | €23,726 | -€11,891 | -33.4% |
| Land and buildings | 22 | €1,732 | €990 | -€743 | -42.9% |
| Plant, machinery and equipment | 23 | €32,051 | €22,436 | -€9,614 | -30.0% |
| Furniture and vehicles | 24 | €1,834 | €300 | -€1,534 | -83.6% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €117,310 | €131,514 | +€14,203 | +12.1% |
| Stocks and contracts in progress | 3 | €30,640 | €17,677 | -€12,963 | -42.3% |
| Stocks | 30/36 | €30,640 | €17,677 | -€12,963 | -42.3% |
| Amounts receivable within one year | 40/41 | €76,458 | €86,538 | +€10,081 | +13.2% |
| Trade receivables | 40 | €76,458 | €86,538 | +€10,081 | +13.2% |
| Cash at bank and in hand | 54/58 | €10,213 | €27,299 | +€17,086 | +167% |
| Total equity and liabilities | 10/49 | €160,214 | €161,549 | +€1,335 | +0.8% |
| Equity | 10/15 | €36,219 | €42,996 | +€6,776 | +18.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,219 | €37,996 | +€6,776 | +21.7% |
| Amounts payable | 17/49 | €123,995 | €118,553 | -€5,442 | -4.4% |
| Amounts payable after more than one year | 17 | - | €34,453 | +€34,453 | |
| Financial debts | 170/4 | - | €34,453 | +€34,453 | |
| Amounts payable within one year | 42/48 | €123,995 | €84,101 | -€39,894 | -32.2% |
| Current portion of amounts payable after more than one year | 42 | €582 | €13,390 | +€12,808 | +2,200% |
| Trade debts | 44 | €58,724 | €19,169 | -€39,554 | -67.4% |
| Suppliers | 440/4 | €58,724 | €19,169 | -€39,554 | -67.4% |
| Advances received on contracts in progress | 46 | €6,530 | - | -€6,530 | |
| Taxes, remuneration and social security | 45 | €21,052 | €23,795 | +€2,743 | +13.0% |
| Taxes | 450/3 | €19,026 | €21,298 | +€2,272 | +11.9% |
| Remuneration and social security | 454/9 | €2,026 | €2,497 | +€471 | +23.3% |
| Other amounts payable | 47/48 | €37,107 | €27,745 | -€9,361 | -25.2% |
| Remuneration, social security and pensions | 62 | €32,479 | €30,585 | -€1,895 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,632 | €12,868 | +€237 | +1.9% |
| Other operating charges | 640/8 | €942 | €635 | -€306 | -32.5% |
| Gross operating margin | 9900 | €63,000 | €64,513 | +€1,512 | +2.4% |
| Operating profit (loss) | 9901 | €16,948 | €20,425 | +€3,477 | +20.5% |
| Financial income | 75/76B | €175 | €33 | -€142 | -80.9% |
| Recurring financial income | 75 | €175 | €33 | -€142 | -80.9% |
| Financial charges | 65/66B | €1,996 | €10,151 | +€8,155 | +409% |
| Recurring financial charges | 65 | €1,996 | €10,151 | +€8,155 | +409% |
| Profit (loss) for the period before taxes | 9903 | €15,128 | €10,308 | -€4,820 | -31.9% |
| Income taxes | 67/77 | €2,105 | €3,531 | +€1,426 | +67.7% |
| Profit (loss) for the period | 9904 | €13,022 | €6,776 | -€6,246 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,022 | €6,776 | -€6,246 | -48.0% |
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 16 October 2026 via checked.be.