Circé: 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.
Circé
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+82.7%), from €1.3m to €2.5m
of which Land and buildings: +€1.1m
- Receivables within one year -€276,607
down €276,607 (-87.2%), from €317,247 to €40,640
of which Other amounts receivable: -€194,007
- Cash -€36,703
down €36,703 (-98.4%), from €37,302 to €599
mainly Investment in fixed assets (net) (-€1.2m) and Other debts (-€90,401)
- Intangible fixed assets +€31,784
new in 2025: €31,784
- Debts after one year +€836,434
up €836,434 (+114.2%), from €732,522 to €1.6m
of which Financial debts: +€826,294
- Other debts -€90,401
down €90,401 (-29.0%), from €311,513 to €221,112
- Current portion of long-term debt +€69,651
up €69,651 (+61.1%), from €114,055 to €183,706
- Reserves +€57,860
up €57,860 (+18.1%), from €318,834 to €376,694
- Gross operating margin -€129,431
down €129,431 (-40.6%), from €318,441 to €189,010
- Taxes -€52,656
down €52,656 (-70.7%), from €74,516 to €21,860
- Depreciation +€25,763
up €25,763 (+40.6%), from €63,462 to €89,225
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 | €1,734,935 | €2,585,079 | +€850,144 | +49.0% |
| Fixed assets | 21/28 | €1,342,410 | €2,500,296 | +€1.2m | +86.3% |
| Intangible fixed assets | 21 | - | €31,784 | +€31,784 | |
| Tangible fixed assets | 22/27 | €1,342,410 | €2,453,012 | +€1.1m | +82.7% |
| Land and buildings | 22 | €1,245,681 | €2,370,398 | +€1.1m | +90.3% |
| Plant, machinery and equipment | 23 | €95,688 | €81,985 | -€13,703 | -14.3% |
| Furniture and vehicles | 24 | €1,041 | €628 | -€413 | -39.7% |
| Financial fixed assets | 28 | - | €15,500 | +€15,500 | |
| Current assets | 29/58 | €392,525 | €84,783 | -€307,742 | -78.4% |
| Amounts receivable after more than one year | 29 | €28,230 | €16,230 | -€12,000 | -42.5% |
| Other amounts receivable | 291 | €28,230 | €16,230 | -€12,000 | -42.5% |
| Stocks and contracts in progress | 3 | - | €9,248 | +€9,248 | |
| Stocks | 30/36 | - | €9,248 | +€9,248 | |
| Amounts receivable within one year | 40/41 | €317,247 | €40,640 | -€276,607 | -87.2% |
| Trade receivables | 40 | €82,600 | - | -€82,600 | |
| Other amounts receivable | 41 | €234,647 | €40,640 | -€194,007 | -82.7% |
| Cash at bank and in hand | 54/58 | €37,302 | €599 | -€36,703 | -98.4% |
| Deferred charges and accrued income | 490/1 | €9,746 | €18,066 | +€8,320 | +85.4% |
| Total equity and liabilities | 10/49 | €1,734,935 | €2,585,079 | +€850,144 | +49.0% |
| Equity | 10/15 | €467,676 | €525,539 | +€57,863 | +12.4% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €318,834 | €376,694 | +€57,860 | +18.1% |
| Distributable reserves | 133 | €318,834 | €376,694 | +€57,860 | +18.1% |
| Profit (loss) carried forward | 14 | €106 | €110 | +€3 | +3.1% |
| Amounts payable | 17/49 | €1,267,259 | €2,059,539 | +€792,281 | +62.5% |
| Amounts payable after more than one year | 17 | €732,522 | €1,568,957 | +€836,434 | +114.2% |
| Financial debts | 170/4 | €732,522 | €1,558,817 | +€826,294 | +112.8% |
| Other amounts payable | 178/9 | - | €10,140 | +€10,140 | |
| Amounts payable within one year | 42/48 | €531,836 | €490,356 | -€41,480 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €114,055 | €183,706 | +€69,651 | +61.1% |
| Financial debts | 43 | - | €1,259 | +€1,259 | |
| Credit institutions | 430/8 | - | €1,259 | +€1,259 | |
| Trade debts | 44 | €12,311 | €8,647 | -€3,665 | -29.8% |
| Suppliers | 440/4 | €12,311 | €8,647 | -€3,665 | -29.8% |
| Taxes, remuneration and social security | 45 | €93,956 | €75,632 | -€18,324 | -19.5% |
| Taxes | 450/3 | €93,956 | €75,632 | -€18,324 | -19.5% |
| Other amounts payable | 47/48 | €311,513 | €221,112 | -€90,401 | -29.0% |
| Accrued charges and deferred income | 492/3 | €2,901 | €227 | -€2,674 | -92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,462 | €89,225 | +€25,763 | +40.6% |
| Other operating charges | 640/8 | €10,066 | €10,606 | +€540 | +5.4% |
| Gross operating margin | 9900 | €318,441 | €189,010 | -€129,431 | -40.6% |
| Operating profit (loss) | 9901 | €244,914 | €89,179 | -€155,734 | -63.6% |
| Financial income | 75/76B | €9,493 | €7,416 | -€2,077 | -21.9% |
| Recurring financial income | 75 | €9,493 | €7,416 | -€2,077 | -21.9% |
| Financial charges | 65/66B | €19,825 | €16,872 | -€2,953 | -14.9% |
| Recurring financial charges | 65 | €19,825 | €16,872 | -€2,953 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €234,581 | €79,723 | -€154,858 | -66.0% |
| Income taxes | 67/77 | €74,516 | €21,860 | -€52,656 | -70.7% |
| Profit (loss) for the period | 9904 | €160,066 | €57,863 | -€102,203 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €160,066 | €57,863 | -€102,203 | -63.9% |
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 5 October 2026 via checked.be.