THE GREAT CIRCLE: 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 GREAT CIRCLE
Largest movements
- Tangible fixed assets -€37,193
down €37,193 (-3.6%), from €1.0m to €1.0m
of which Land and buildings: -€26,401
- Cash -€33,921
down €33,921 (-81.9%), from €41,410 to €7,489
mainly Net result for the year (-€60,549) and Other debts (-€8,191)
- Profit (loss) carried forward -€60,549
down €60,549 (-6.0%), from -€1.0m to -€1.1m
- Other operating charges +€16,169
up €16,169 (+691%), from €2,340 to €18,509
- Gross operating margin +€4,490
up €4,490 (+43.1%), from €10,418 to €14,908
- Depreciation +€4,337
up €4,337 (+13.2%), from €32,855 to €37,193
- Financial income -€2,551
no longer reported in 2025 (was €2,551)
- Staff costs +€1,061
up €1,061 (+5.8%), from €18,344 to €19,406
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 | €1,148,955 | €1,077,187 | -€71,768 | -6.2% |
| Fixed assets | 21/28 | €1,088,105 | €1,050,912 | -€37,193 | -3.4% |
| Tangible fixed assets | 22/27 | €1,038,039 | €1,000,847 | -€37,193 | -3.6% |
| Land and buildings | 22 | €987,819 | €961,417 | -€26,401 | -2.7% |
| Plant, machinery and equipment | 23 | €35,530 | €31,522 | -€4,008 | -11.3% |
| Furniture and vehicles | 24 | €14,691 | €7,907 | -€6,783 | -46.2% |
| Financial fixed assets | 28 | €50,065 | €50,065 | = | 0.0% |
| Current assets | 29/58 | €60,851 | €26,275 | -€34,575 | -56.8% |
| Amounts receivable within one year | 40/41 | €19,440 | €18,786 | -€655 | -3.4% |
| Trade receivables | 40 | €2,156 | €4 | -€2,152 | -99.8% |
| Other amounts receivable | 41 | €17,285 | €18,782 | +€1,497 | +8.7% |
| Cash at bank and in hand | 54/58 | €41,410 | €7,489 | -€33,921 | -81.9% |
| Total equity and liabilities | 10/49 | €1,148,955 | €1,077,187 | -€71,768 | -6.2% |
| Equity | 10/15 | -€996,967 | -€1,057,516 | -€60,549 | -6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,015,567 | -€1,076,116 | -€60,549 | -6.0% |
| Amounts payable | 17/49 | €2,145,923 | €2,134,703 | -€11,219 | -0.5% |
| Amounts payable after more than one year | 17 | €90,000 | €90,000 | = | 0.0% |
| Financial debts | 170/4 | €90,000 | €90,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,055,923 | €2,044,703 | -€11,219 | -0.5% |
| Trade debts | 44 | - | €1,158 | +€1,158 | |
| Suppliers | 440/4 | - | €1,158 | +€1,158 | |
| Taxes, remuneration and social security | 45 | €6,867 | €2,680 | -€4,187 | -61.0% |
| Taxes | 450/3 | €1,435 | €179 | -€1,255 | -87.5% |
| Remuneration and social security | 454/9 | €5,432 | €2,501 | -€2,931 | -54.0% |
| Other amounts payable | 47/48 | €2,049,056 | €2,040,865 | -€8,191 | -0.4% |
| Remuneration, social security and pensions | 62 | €18,344 | €19,406 | +€1,061 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,855 | €37,193 | +€4,337 | +13.2% |
| Other operating charges | 640/8 | €2,340 | €18,509 | +€16,169 | +691% |
| Gross operating margin | 9900 | €10,418 | €14,908 | +€4,490 | +43.1% |
| Operating profit (loss) | 9901 | -€43,121 | -€60,199 | -€17,078 | -39.6% |
| Financial income | 75/76B | €2,551 | - | -€2,551 | |
| Recurring financial income | 75 | €2,551 | - | -€2,551 | |
| Financial charges | 65/66B | €140 | €140 | -€0 | 0.0% |
| Recurring financial charges | 65 | €140 | €140 | -€0 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€40,710 | -€60,339 | -€19,629 | -48.2% |
| Income taxes | 67/77 | €355 | €210 | -€145 | -40.8% |
| Profit (loss) for the period | 9904 | -€41,065 | -€60,549 | -€19,484 | -47.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,065 | -€60,549 | -€19,484 | -47.4% |
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 22 October 2026 via checked.be.