Interesting picture. I can't ID the Algae, but is that a 'halo' of bacteria I can see, spirochaetes by the look of them, taking advantage of the photosynthetic oxygen produced by the Algae?
The densely packed rounded cells are typical of Microcystis. The outer layer of diffuse mucilage with bacteria is typical of M. aeruginosa.
As the colonies grow, they tend to change shape from spherical to more elongate sometimes with holes. Very large colonies are usually very irregular in shape.
In your specimen, it looks as though the doughnut shape is about to break at the bottom of the picture probably producing a sausage shaped colony. Why compare to doughnuts and sausages...I must be hungry !!
Nice detail in the photo - the bacteria are really clear.