THE CIRCLE GROUP: 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.
THE CIRCLE GROUP
Largest movements
- Receivables within one year -€12,301
down €12,301 (-48.4%), from €25,432 to €13,131
of which Trade receivables: -€13,350
- Cash +€11,342
up €11,342 (+48.7%), from €23,304 to €34,645
mainly Net result for the year (+€54,147) and Current portion of long-term debt (+€17,448)
- Debts after one year -€79,428
down €79,428 (-19.3%), from €412,003 to €332,575
- Profit (loss) carried forward +€54,147
up €54,147 (+15.0%), from €361,950 to €416,097
- Current portion of long-term debt +€17,448
up €17,448 (+22.2%), from €78,683 to €96,131
- Financial income -€50,000
no longer reported in 2025 (was €50,000)
- Gross operating margin -€6,759
down €6,759 (-6.6%), from €102,583 to €95,824
- Taxes -€4,488
down €4,488 (-19.9%), from €22,562 to €18,074
- Financial charges +€3,782
up €3,782 (+20.3%), from €18,627 to €22,409
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 | €910,015 | €907,776 | -€2,239 | -0.2% |
| Fixed assets | 21/28 | €860,000 | €860,000 | = | 0.0% |
| Financial fixed assets | 28 | €860,000 | €860,000 | = | 0.0% |
| Current assets | 29/58 | €50,015 | €47,776 | -€2,239 | -4.5% |
| Amounts receivable within one year | 40/41 | €25,432 | €13,131 | -€12,301 | -48.4% |
| Trade receivables | 40 | €24,550 | €11,200 | -€13,350 | -54.4% |
| Other amounts receivable | 41 | €882 | €1,931 | +€1,049 | +119% |
| Cash at bank and in hand | 54/58 | €23,304 | €34,645 | +€11,342 | +48.7% |
| Deferred charges and accrued income | 490/1 | €1,280 | - | -€1,280 | |
| Total equity and liabilities | 10/49 | €910,015 | €907,776 | -€2,239 | -0.2% |
| Equity | 10/15 | €380,550 | €434,697 | +€54,147 | +14.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €361,950 | €416,097 | +€54,147 | +15.0% |
| Amounts payable | 17/49 | €529,465 | €473,079 | -€56,387 | -10.6% |
| Amounts payable after more than one year | 17 | €412,003 | €332,575 | -€79,428 | -19.3% |
| Financial debts | 170/4 | €412,003 | €332,575 | -€79,428 | -19.3% |
| Amounts payable within one year | 42/48 | €110,043 | €127,405 | +€17,362 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €78,683 | €96,131 | +€17,448 | +22.2% |
| Trade debts | 44 | €968 | €1,059 | +€92 | +9.5% |
| Suppliers | 440/4 | €968 | €1,059 | +€92 | +9.5% |
| Taxes, remuneration and social security | 45 | €28,811 | €28,633 | -€178 | -0.6% |
| Taxes | 450/3 | €28,811 | €28,633 | -€178 | -0.6% |
| Other amounts payable | 47/48 | €1,583 | €1,583 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,419 | €13,098 | +€5,680 | +76.6% |
| Other operating charges | 640/8 | €1,161 | €1,193 | +€33 | +2.8% |
| Gross operating margin | 9900 | €102,583 | €95,824 | -€6,759 | -6.6% |
| Operating profit (loss) | 9901 | €101,423 | €94,631 | -€6,792 | -6.7% |
| Financial income | 75/76B | €50,000 | - | -€50,000 | |
| Recurring financial income | 75 | €50,000 | - | -€50,000 | |
| Financial charges | 65/66B | €18,627 | €22,409 | +€3,782 | +20.3% |
| Recurring financial charges | 65 | €18,627 | €22,409 | +€3,782 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €132,796 | €72,221 | -€60,574 | -45.6% |
| Income taxes | 67/77 | €22,562 | €18,074 | -€4,488 | -19.9% |
| Profit (loss) for the period | 9904 | €110,234 | €54,147 | -€56,087 | -50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €110,234 | €54,147 | -€56,087 | -50.9% |
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.