The circulation is a "point in time" number not the total over a year. It's also cumulative. So doubles: A becomes 2A. The trebles: 2A becomes 6A. Reduces by a quarter: 6A becomes 4.5A. You've taken one quarter off the previous year's increase and failed to take one quarter off the circulation that was already happening before the increase.
So it could be like this:
On 1 Jan 2001 the circulation was 50,000.
It doubled in the first year so circulation on 31 Dec 2001 was 100,000.
The it trebled in the second year, so circulation on 31 Dec 2002 was 300,000.
Then it reduced by a quarter, so circulation on 31 Dec 2003 was 225,000.
How much did it increase from the end of the first year to the end of the third year? 100,000 to 225,000 is an increase of 125,000, which is fairly obviously a 125% increase.