NEW CIRCUS: 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.
NEW CIRCUS
Largest movements
- Tangible fixed assets +€60,989
up €60,989 (+16.0%), from €380,296 to €441,285
- Cash -€60,701
down €60,701 (-17.3%), from €350,117 to €289,416
mainly Investment in fixed assets (net) (-€102,740) and Debts after one year (-€20,522)
- Deferred charges and accrued income -€21,709
down €21,709 (-83.4%), from €26,026 to €4,317
- Debts after one year -€20,522
down €20,522 (-8.1%), from €252,509 to €231,987
of which Financial debts: -€20,522
- Current portion of long-term debt -€9,599
down €9,599 (-29.9%), from €32,087 to €22,488
- Financial charges -€48,511
down €48,511 (-86.7%), from €55,935 to €7,424
of which Non-recurring financial charges: -€46,077
- Gross operating margin -€19,249
down €19,249 (-14.6%), from €132,115 to €112,866
- Financial income -€4,628
down €4,628 (-67.7%), from €6,834 to €2,207
of which Non-recurring financial income: -€6,044
- Staff costs -€3,779
down €3,779 (-20.4%), from €18,539 to €14,760
- Other operating charges -€2,496
down €2,496 (-5.5%), from €45,408 to €42,912
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 | €791,854 | €774,710 | -€17,144 | -2.2% |
| Fixed assets | 21/28 | €383,301 | €444,291 | +€60,989 | +15.9% |
| Tangible fixed assets | 22/27 | €380,296 | €441,285 | +€60,989 | +16.0% |
| Land and buildings | 22 | €380,296 | €441,285 | +€60,989 | +16.0% |
| Financial fixed assets | 28 | €3,005 | €3,005 | = | 0.0% |
| Current assets | 29/58 | €408,553 | €330,420 | -€78,134 | -19.1% |
| Amounts receivable after more than one year | 29 | €11,623 | €11,623 | = | 0.0% |
| Other amounts receivable | 291 | €11,623 | €11,623 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,787 | €25,063 | +€4,276 | +20.6% |
| Trade receivables | 40 | €20,787 | €25,063 | +€4,276 | +20.6% |
| Cash at bank and in hand | 54/58 | €350,117 | €289,416 | -€60,701 | -17.3% |
| Deferred charges and accrued income | 490/1 | €26,026 | €4,317 | -€21,709 | -83.4% |
| Total equity and liabilities | 10/49 | €791,854 | €774,710 | -€17,144 | -2.2% |
| Equity | 10/15 | €37,933 | €45,557 | +€7,624 | +20.1% |
| Contributions | 10/11 | €74,400 | €74,400 | = | 0.0% |
| Capital | 10 | €74,400 | €74,400 | = | 0.0% |
| Issued capital | 100 | €74,400 | €74,400 | = | 0.0% |
| Reserves | 13 | €134,759 | €134,759 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,440 | €7,440 | = | 0.0% |
| Legal reserve | 130 | €7,440 | €7,440 | = | 0.0% |
| Tax-exempt reserves | 132 | €71,319 | €71,319 | = | 0.0% |
| Distributable reserves | 133 | €56,000 | €56,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€171,226 | -€163,601 | +€7,624 | +4.5% |
| Amounts payable | 17/49 | €753,921 | €729,153 | -€24,768 | -3.3% |
| Amounts payable after more than one year | 17 | €252,509 | €231,987 | -€20,522 | -8.1% |
| Financial debts | 170/4 | €236,792 | €216,270 | -€20,522 | -8.7% |
| Other amounts payable | 178/9 | €15,717 | €15,717 | = | 0.0% |
| Amounts payable within one year | 42/48 | €134,622 | €125,646 | -€8,976 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €32,087 | €22,488 | -€9,599 | -29.9% |
| Trade debts | 44 | €57,945 | €55,969 | -€1,976 | -3.4% |
| Suppliers | 440/4 | €57,945 | €55,969 | -€1,976 | -3.4% |
| Taxes, remuneration and social security | 45 | €4,235 | €2,310 | -€1,925 | -45.5% |
| Remuneration and social security | 454/9 | €4,235 | €2,310 | -€1,925 | -45.5% |
| Other amounts payable | 47/48 | €40,354 | €44,878 | +€4,524 | +11.2% |
| Accrued charges and deferred income | 492/3 | €366,790 | €371,520 | +€4,730 | +1.3% |
| Remuneration, social security and pensions | 62 | €18,539 | €14,760 | -€3,779 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,727 | €41,751 | +€2,024 | +5.1% |
| Other operating charges | 640/8 | €45,408 | €42,912 | -€2,496 | -5.5% |
| Gross operating margin | 9900 | €132,115 | €112,866 | -€19,249 | -14.6% |
| Operating profit (loss) | 9901 | €28,441 | €13,443 | -€14,998 | -52.7% |
| Financial income | 75/76B | €6,834 | €2,207 | -€4,628 | -67.7% |
| Recurring financial income | 75 | €591 | €2,007 | +€1,416 | +240% |
| Non-recurring financial income | 76B | €6,244 | €200 | -€6,044 | -96.8% |
| Financial charges | 65/66B | €55,935 | €7,424 | -€48,511 | -86.7% |
| Recurring financial charges | 65 | €9,858 | €7,424 | -€2,434 | -24.7% |
| Non-recurring financial charges | 66B | €46,077 | - | -€46,077 | |
| Profit (loss) for the period before taxes | 9903 | -€20,660 | €8,226 | +€28,886 | |
| Income taxes | 67/77 | €177 | €602 | +€425 | +240% |
| Profit (loss) for the period | 9904 | -€20,837 | €7,624 | +€28,461 | |
| Transfer to tax-exempt reserves | 689 | €5,437 | - | -€5,437 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,274 | €7,624 | +€33,898 |
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 19 October 2026 via checked.be.