Sircle: 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.
Sircle
Largest movements
- Receivables within one year -€200,628
down €200,628 (-28.2%), from €712,121 to €511,492
of which Trade receivables: -€200,948
- Deferred charges and accrued income +€53,557
up €53,557 (+92.2%), from €58,110 to €111,667
- Cash -€18,586
down €18,586 (-27.8%), from €66,788 to €48,202
mainly Trade debts (-€131,979) and Contributions, distributions and other (-€70,559)
- Tangible fixed assets -€12,966
down €12,966 (-39.1%), from €33,131 to €20,166
of which Furniture and vehicles: -€16,319
- Trade debts -€131,979
down €131,979 (-33.7%), from €392,163 to €260,184
- Short-term financial debts -€50,184
down €50,184 (-23.3%), from €215,735 to €165,551
- Tax, wage and social debts -€40,988
down €40,988 (-63.5%), from €64,550 to €23,562
of which Remuneration and social security: -€25,086
- Other debts +€40,000
new in 2025: €40,000
- Debts after one year +€32,698
up €32,698 (+344.4%), from €9,493 to €42,191
- Staff costs -€201,943
down €201,943 (-48.0%), from €420,389 to €218,446
- Gross operating margin -€198,279
down €198,279 (-39.8%), from €497,988 to €299,709
- Taxes -€7,720
down €7,720 (-42.3%), from €18,266 to €10,546
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 | €875,149 | €696,527 | -€178,623 | -20.4% |
| Fixed assets | 21/28 | €38,131 | €25,166 | -€12,966 | -34.0% |
| Tangible fixed assets | 22/27 | €33,131 | €20,166 | -€12,966 | -39.1% |
| Furniture and vehicles | 24 | €28,488 | €12,168 | -€16,319 | -57.3% |
| Other tangible fixed assets | 26 | €4,644 | €7,997 | +€3,354 | +72.2% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €837,018 | €671,361 | -€165,657 | -19.8% |
| Amounts receivable within one year | 40/41 | €712,121 | €511,492 | -€200,628 | -28.2% |
| Trade receivables | 40 | €710,627 | €509,679 | -€200,948 | -28.3% |
| Other amounts receivable | 41 | €1,494 | €1,813 | +€319 | +21.4% |
| Cash at bank and in hand | 54/58 | €66,788 | €48,202 | -€18,586 | -27.8% |
| Deferred charges and accrued income | 490/1 | €58,110 | €111,667 | +€53,557 | +92.2% |
| Total equity and liabilities | 10/49 | €875,149 | €696,527 | -€178,623 | -20.4% |
| Equity | 10/15 | €183,801 | €154,397 | -€29,403 | -16.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,860 | €51,860 | = | 0.0% |
| Distributable reserves | 133 | €51,860 | €51,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,341 | €83,937 | -€29,403 | -25.9% |
| Amounts payable | 17/49 | €691,349 | €542,129 | -€149,219 | -21.6% |
| Amounts payable after more than one year | 17 | €9,493 | €42,191 | +€32,698 | +344.4% |
| Financial debts | 170/4 | €9,493 | €42,191 | +€32,698 | +344.4% |
| Amounts payable within one year | 42/48 | €681,855 | €499,938 | -€181,917 | -26.7% |
| Current portion of amounts payable after more than one year | 42 | €9,407 | €10,641 | +€1,235 | +13.1% |
| Financial debts | 43 | €215,735 | €165,551 | -€50,184 | -23.3% |
| Credit institutions | 430/8 | €215,735 | €165,551 | -€50,184 | -23.3% |
| Trade debts | 44 | €392,163 | €260,184 | -€131,979 | -33.7% |
| Suppliers | 440/4 | €392,163 | €260,184 | -€131,979 | -33.7% |
| Taxes, remuneration and social security | 45 | €64,550 | €23,562 | -€40,988 | -63.5% |
| Taxes | 450/3 | €39,216 | €23,314 | -€15,902 | -40.5% |
| Remuneration and social security | 454/9 | €25,334 | €248 | -€25,086 | -99.0% |
| Other amounts payable | 47/48 | - | €40,000 | +€40,000 | |
| Non-recurring operating income | 76A | - | €15,425 | +€15,425 | |
| Remuneration, social security and pensions | 62 | €420,389 | €218,446 | -€201,943 | -48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,669 | €14,156 | -€2,513 | -15.1% |
| Other operating charges | 640/8 | €1,029 | €1,773 | +€743 | +72.2% |
| Non-recurring operating charges | 66A | - | €2,325 | +€2,325 | |
| Gross operating margin | 9900 | €497,988 | €299,709 | -€198,279 | -39.8% |
| Operating profit (loss) | 9901 | €59,900 | €63,009 | +€3,109 | +5.2% |
| Financial income | 75/76B | - | €66 | +€66 | |
| Recurring financial income | 75 | - | €66 | +€66 | |
| Financial charges | 65/66B | €8,729 | €11,373 | +€2,645 | +30.3% |
| Recurring financial charges | 65 | €8,729 | €11,373 | +€2,645 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | €51,172 | €51,702 | +€530 | +1.0% |
| Income taxes | 67/77 | €18,266 | €10,546 | -€7,720 | -42.3% |
| Profit (loss) for the period | 9904 | €32,905 | €41,155 | +€8,250 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,905 | €41,155 | +€8,250 | +25.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.