Net Circular: 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.
Net Circular
Largest movements
- Receivables within one year +€19,874
up €19,874 (+19.1%), from €103,807 to €123,680
of which Trade receivables: +€20,803
- Cash +€14,676
up €14,676 (+34.2%), from €42,942 to €57,618
mainly Tax, wage and social debts (+€37,181) and Other debts (+€11,544)
- Intangible fixed assets -€4,675
down €4,675 (-40.8%), from €11,467 to €6,792
- Tax, wage and social debts +€37,181
up €37,181 (+580.3%), from €6,408 to €43,589
of which Remuneration and social security: +€32,488
- Other debts +€11,544
new in 2025: €11,544
- Trade debts -€11,146
down €11,146 (-28.9%), from €38,617 to €27,471
- Accrued charges and deferred income -€8,086
down €8,086 (-82.2%), from €9,832 to €1,746
- Gross operating margin +€197,771
up €197,771 (+390.6%), from €50,629 to €248,400
- Staff costs +€196,793
up €196,793 (+528.4%), from €37,244 to €234,037
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 | €160,947 | €191,365 | +€30,418 | +18.9% |
| Fixed assets | 21/28 | €11,527 | €7,819 | -€3,708 | -32.2% |
| Intangible fixed assets | 21 | €11,467 | €6,792 | -€4,675 | -40.8% |
| Tangible fixed assets | 22/27 | - | €967 | +€967 | |
| Furniture and vehicles | 24 | - | €967 | +€967 | |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €149,420 | €183,546 | +€34,125 | +22.8% |
| Amounts receivable within one year | 40/41 | €103,807 | €123,680 | +€19,874 | +19.1% |
| Trade receivables | 40 | €100,623 | €121,426 | +€20,803 | +20.7% |
| Other amounts receivable | 41 | €3,184 | €2,255 | -€929 | -29.2% |
| Cash at bank and in hand | 54/58 | €42,942 | €57,618 | +€14,676 | +34.2% |
| Deferred charges and accrued income | 490/1 | €2,672 | €2,248 | -€424 | -15.9% |
| Total equity and liabilities | 10/49 | €160,947 | €191,365 | +€30,418 | +18.9% |
| Equity | 10/15 | €106,091 | €106,666 | +€575 | +0.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €5,305 | €6,333 | +€1,029 | +19.4% |
| Non-distributable reserves | 130/1 | €305 | €333 | +€29 | +9.4% |
| Legal reserve | 130 | €305 | €333 | +€29 | +9.4% |
| Distributable reserves | 133 | €5,000 | €6,000 | +€1,000 | +20.0% |
| Profit (loss) carried forward | 14 | €786 | €333 | -€453 | -57.7% |
| Amounts payable | 17/49 | €54,857 | €84,699 | +€29,842 | +54.4% |
| Amounts payable within one year | 42/48 | €45,025 | €82,953 | +€37,928 | +84.2% |
| Financial debts | 43 | - | €349 | +€349 | |
| Credit institutions | 430/8 | - | €349 | +€349 | |
| Trade debts | 44 | €38,617 | €27,471 | -€11,146 | -28.9% |
| Suppliers | 440/4 | €38,617 | €27,471 | -€11,146 | -28.9% |
| Taxes, remuneration and social security | 45 | €6,408 | €43,589 | +€37,181 | +580.3% |
| Taxes | 450/3 | €4,456 | €9,150 | +€4,694 | +105.3% |
| Remuneration and social security | 454/9 | €1,952 | €34,439 | +€32,488 | +1664.6% |
| Other amounts payable | 47/48 | - | €11,544 | +€11,544 | |
| Accrued charges and deferred income | 492/3 | €9,832 | €1,746 | -€8,086 | -82.2% |
| Non-recurring operating income | 76A | €260 | €131 | -€129 | -49.8% |
| Remuneration, social security and pensions | 62 | €37,244 | €234,037 | +€196,793 | +528.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,558 | €4,830 | +€2,272 | +88.8% |
| Other operating charges | 640/8 | €393 | €505 | +€112 | +28.5% |
| Non-recurring operating charges | 66A | - | €2,253 | +€2,253 | |
| Gross operating margin | 9900 | €50,629 | €248,400 | +€197,771 | +390.6% |
| Operating profit (loss) | 9901 | €10,434 | €6,775 | -€3,659 | -35.1% |
| Financial income | 75/76B | €1 | €20 | +€19 | +1411.2% |
| Recurring financial income | 75 | €1 | €20 | +€19 | +1411.2% |
| Financial charges | 65/66B | €1,659 | €3,849 | +€2,190 | +132.0% |
| Recurring financial charges | 65 | €1,659 | €3,849 | +€2,190 | +132.0% |
| Profit (loss) for the period before taxes | 9903 | €8,776 | €2,946 | -€5,830 | -66.4% |
| Income taxes | 67/77 | €2,685 | €2,370 | -€314 | -11.7% |
| Profit (loss) for the period | 9904 | €6,091 | €575 | -€5,516 | -90.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,091 | €575 | -€5,516 | -90.6% |
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 30 September 2026 via checked.be.