This circuit provides a constant current to the LED. The LED can be replaced by any other component and the current through it will depend on the value of R2. Suppose R2 is 560R. When 1mA flows through R2, 0.56v will develop across this resistor and begin to turn on the BC547. This will rob the base of BD 679 with turn-on voltage and the transistor turns off slightly. If the supply voltage increases, this will try to increase the current through the circuit. If the current tries to increase, the voltage across R2 increases and the BD 679 turns off more and the additional voltage appears across the BD 679.
If R2 is 56R, the current through the circuit will be 10mA. If R2 is 5R6, the current through the circuit will be 100mA - although you cannot pass 100mA through a LED without damaging it.
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