2Circle
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-12-2025 PDF all 37 filings
Turnover
≈ €290,000
Estimated: probably between €260,000 and €360,000
Total assets
€451,898▲ 7.7%
2024 · €419,661
Net result
€109,520▲ 12.3%
2024 · €97,497
Working capital
€357,356▲ 13.8%
2024 · €314,128
In the rankings
#2 oldest company in Lessines, Telecoms and IT sector#4 company by total assets in Lessines, Telecoms and IT sector#4 company by equity in Lessines, Telecoms and IT sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€163,691
▲ 12.1%
2025
20192025
Net result
€109,520
▲ 12.3%
2025
highest quarter of the sector
20192025
Equity
€401,074
▲ 12.2%
2025
highest quarter of the sector
20192025
Total assets
€451,898
▲ 7.7%
2025
highest quarter of the sector
20192025
Debt
€50,824
▼ 18.2%
2025
20192025
Working capital
€357,356
▲ 13.8%
2025
highest quarter of the sector
20192025
Solvency
88.8%
▲ 3.6pp
2025
highest quarter of the sector
20192025
Current ratio
8.03
▲ 1.97
2025
highest quarter of the sector
20192025
Return on assets (ROA)
24.2%
▲ 1.0pp
2025
middle half of the sector
20192025
Staff (FTE)
1
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€106,388-€86,937▼ 18.3%€92,593▲ 6.5%-€51,770€49,750€146,057▲ 194%€163,691▲ 12.1%
Net result€66,665-€56,029above the sector's middle half▼ 16.0%€62,939above the sector's middle half▲ 12.3%-€52,137below the sector's middle half€46,092within the sector's middle half€97,497above the sector's middle half▲ 112%€109,520above the sector's middle half▲ 12.3%
Equity€215,135-€271,163above the sector's middle half▲ 26.0%€334,102above the sector's middle half▲ 23.2%€281,965above the sector's middle half▼ 15.6%€328,057above the sector's middle half▲ 16.3%€357,553above the sector's middle half▲ 9.0%€401,074above the sector's middle half▲ 12.2%
Total assets€257,446-€283,102above the sector's middle half▲ 10.0%€373,393above the sector's middle half▲ 31.9%€290,729above the sector's middle half▼ 22.1%€346,031above the sector's middle half▲ 19.0%€419,661above the sector's middle half▲ 21.3%€451,898above the sector's middle half▲ 7.7%
Debt€42,311-€11,939▼ 71.8%€39,291▲ 229%€8,763▼ 77.7%€17,974▲ 105%€62,108▲ 246%€50,824▼ 18.2%
Working capital€136,312-€174,919above the sector's middle half▲ 28.3%€233,382above the sector's middle half▲ 33.4%€271,471above the sector's middle half▲ 16.3%€301,476above the sector's middle half▲ 11.1%€314,128above the sector's middle half▲ 4.2%€357,356above the sector's middle half▲ 13.8%
Solvency83.6%-95.8%above the sector's middle half▲ 12.2pp89.5%above the sector's middle half▼ 6.3pp97.0%above the sector's middle half▲ 7.5pp94.8%above the sector's middle half▼ 2.2pp85.2%above the sector's middle half▼ 9.6pp88.8%above the sector's middle half▲ 3.6pp
Current ratio4.22-15.65above the sector's middle half▲ 11.436.94above the sector's middle half▼ 8.7131.98above the sector's middle half▲ 25.0417.77above the sector's middle half▼ 14.206.06above the sector's middle half▼ 11.728.03above the sector's middle half▲ 1.97
Return on assets (ROA)25.9%-19.8%within the sector's middle half▼ 6.1pp16.9%within the sector's middle half▼ 2.9pp-17.9%below the sector's middle half▼ 34.8pp13.3%within the sector's middle half▲ 31.3pp23.2%within the sector's middle half▲ 9.9pp24.2%within the sector's middle half▲ 1.0pp
Staff (FTE)1
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 12% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €451,898
Fixed assets
€43,718 ▲ 0.7%
Current assets
€408,180 ▲ 8.5%
Equity and liabilities €451,898
Equity
€401,074 ▲ 12.2%
Debt
€50,824 ▼ 18.2%
Debt's share of the balance-sheet total falls from 14.8% to 11.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€173,600▲
2024 · €159,027
Cash flow
€119,429▲
2024 · €110,466
Debt to equity
0.13▼
2024 · 0.17
ROE
27.3%▲
2024 · 27.3%
Interest coverage
60.98▲
2024 · 53.35
Debt ≤ 1 year
€50,824▼
2024 · €62,108
Income taxes
€51,810▲
2024 · €46,109
Staff costs
€11,846
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| part-time | 0 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 1 |
| On a permanent contract | 1 |
| Joined | 1 |
| Left | 0 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,443 | €24,245 | €30,932 | €10,589 |
| Financial fixed assets | €260 | - | - | - |
| Depreciation and write-downs of the year | €5,160 | €8,159 | €12,970 | €9,909 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €855 awarded · €855 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €11,846 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,812 | €5,888 | €5,456 | €5,160 | €8,159 | €12,970 | €9,909 | ▼ 23.6% |
| Other operating charges640/8 | - | - | - | €468 | €908 | €594 | €693 | ▲ 16.6% |
| Non-recurring operating charges66A | - | - | - | €0 | - | €1,117 | €389 | ▼ 65.2% |
| Gross operating margin9900 | €113,033 | €93,221 | €99,622 | -€46,143 | €58,816 | €160,738 | €186,526 | ▲ 16.0% |
| Operating profit (loss)9901 | €106,388 | €86,937 | €92,593 | -€51,770 | €49,750 | €146,057 | €163,691 | ▲ 12.1% |
| Financial income75/76B | - | - | - | €169 | €460 | €529 | €486 | ▼ 8.0% |
| Recurring financial income75 | €1,588 | €2,078 | €2,173 | €169 | €460 | €529 | €486 | ▼ 8.0% |
| Financial charges65/66B | - | - | - | €349 | €246 | €2,981 | €2,847 | ▼ 4.5% |
| Recurring financial charges65 | €51 | €288 | €370 | €349 | €246 | €2,981 | €2,847 | ▼ 4.5% |
| Profit (loss) for the period before taxes9903 | €107,925 | €88,727 | €94,396 | -€51,950 | €49,964 | €143,605 | €161,330 | ▲ 12.3% |
| Income taxes67/77 | €41,261 | €32,698 | €31,457 | €187 | €3,872 | €46,109 | €51,810 | ▲ 12.4% |
| Profit (loss) for the period9904 | €66,665 | €56,029 | €62,939 | -€52,137 | €46,092 | €97,497 | €109,520 | ▲ 12.3% |
| Profit (loss) for the period to be appropriated9905 | €66,665 | €56,029 | €62,939 | -€52,137 | €46,092 | €97,497 | €109,520 | ▲ 12.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €257,446 | €283,102 | €373,393 | €290,729 | €346,031 | €419,661 | €451,898 | ▲ 7.7% |
| Fixed assets21/28 | €78,822 | €96,245 | €100,720 | €10,495 | €26,581 | €43,426 | €43,718 | ▲ 0.7% |
| Tangible fixed assets22/27 | €12,271 | €13,525 | €13,751 | €10,035 | €26,121 | €42,966 | €43,258 | ▲ 0.7% |
| Land and buildings22 | - | - | - | - | - | €23,675 | €22,008 | ▼ 7.0% |
| Plant, machinery and equipment23 | - | - | - | €1,238 | €2,370 | €3,161 | €12,050 | ▲ 281% |
| Furniture and vehicles24 | - | - | - | €8,796 | €16,456 | €10,475 | €5,185 | ▼ 50.5% |
| Other tangible fixed assets26 | - | - | - | - | €7,294 | €5,654 | €4,014 | ▼ 29.0% |
| Financial fixed assets28 | €66,551 | €82,719 | €86,969 | €460 | €460 | €460 | €460 | = |
| Current assets29/58 | €178,624 | €186,858 | €272,673 | €280,234 | €319,450 | €376,235 | €408,180 | ▲ 8.5% |
| Amounts receivable within one year40/41 | €29,698 | €58,066 | €34,334 | €9,339 | €49,852 | €34,291 | €58,582 | ▲ 70.8% |
| Trade receivables40 | - | - | - | €1,245 | €44,259 | €30,240 | €28,582 | ▼ 5.5% |
| Other amounts receivable41 | - | - | - | €8,094 | €5,593 | €4,051 | €30,000 | ▲ 641% |
| Current investments50/53 | - | - | - | - | €12,500 | €25,000 | €25,000 | = |
| Cash at bank and in hand54/58 | €147,350 | €124,818 | €236,405 | €269,043 | €255,695 | €315,164 | €322,611 | ▲ 2.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,852 | €1,403 | €1,781 | €1,987 | ▲ 11.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €257,446 | €283,102 | €373,393 | €290,729 | €346,031 | €419,661 | €451,898 | ▲ 7.7% |
| Equity10/15 | €215,135 | €271,163 | €334,102 | €281,965 | €328,057 | €357,553 | €401,074 | ▲ 12.2% |
| Contributions10/11 | €35,945 | €35,945 | - | €35,945 | €35,945 | €35,945 | €35,945 | = |
| Reserves13 | €137,594 | €192,594 | €254,594 | €254,594 | €291,594 | €320,594 | €363,594 | ▲ 13.4% |
| Non-distributable reserves130/1 | - | - | - | €3,594 | €3,594 | €3,594 | €3,594 | = |
| Reserves not available under the articles1311 | - | - | - | €3,594 | €3,594 | €3,594 | €3,594 | = |
| Distributable reserves133 | - | - | - | €251,000 | €288,000 | €317,000 | €360,000 | ▲ 13.6% |
| Profit (loss) carried forward14 | €41,596 | €42,624 | €43,563 | -€8,574 | €518 | €1,014 | €1,535 | ▲ 51.3% |
| Amounts payable17/49 | €42,311 | €11,939 | €39,291 | €8,763 | €17,974 | €62,108 | €50,824 | ▼ 18.2% |
| Amounts payable within one year42/48 | €42,311 | €11,939 | €39,291 | €8,763 | €17,974 | €62,108 | €50,824 | ▼ 18.2% |
| Trade debts44 | €658 | €1,126 | €327 | €1,076 | €1,297 | €1,837 | €782 | ▼ 57.4% |
| Suppliers440/4 | - | - | - | €1,076 | €1,297 | €1,837 | €782 | ▼ 57.4% |
| Taxes, remuneration and social security45 | - | - | - | €7,687 | €16,677 | €14,583 | €20,098 | ▲ 37.8% |
| Taxes450/3 | - | - | - | €187 | €16,677 | €14,583 | €16,709 | ▲ 14.6% |
| Remuneration and social security454/9 | - | - | - | €7,500 | €0 | - | €3,389 | - |
| Other amounts payable47/48 | - | - | - | - | - | €45,688 | €29,944 | ▼ 34.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €66,665 | €56,029 | €62,939 | -€52,137 | €46,092 | €97,497 | €109,520 | ▲ 12.3% |
| + Depreciation and write-downs630 | €5,812 | €5,888 | €5,456 | €5,160 | €8,159 | €12,970 | €9,909 | ▼ 23.6% |
| Operating cash flow (approximation) | €72,476 | €61,916 | €68,395 | -€46,977 | €54,250 | €110,466 | €119,429 | ▲ 8.1% |
| Investment in fixed assets (approximation) | - | -€23,310 | -€9,931 | €85,066 | -€24,245 | -€29,815 | -€10,201 | ▲ 65.8% |
| Change in cash | - | -€22,532 | €111,587 | €32,639 | -€13,348 | €59,469 | €7,447 | ▼ 87.5% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as 2Circle has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of 2Circle itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for 2Circle. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 10-12-2025 | 2025-00579059 | |
| 30-06-2024 | micro format | 25-11-2024 | 2024-00604558 | |
| 30-06-2023 | micro format | 06-12-2023 | 2023-00524044 | |
| 30-06-2022 | micro format | 24-11-2022 | 2022-20525525 | |
| 30-06-2021 | micro format | 23-11-2021 | 2021-78100078 | |
| 30-06-2020 | micro format | 16-12-2020 | 2020-75900007 | |
| 30-06-2019 | micro format | 18-11-2019 | 2019-73900397 | |
| 30-06-2018 | micro format | 21-11-2018 | 2018-72700539 | |
| 30-06-2017 | micro format | 15-01-2018 | 2018-01400093 | |
| 31-12-2015 | abbreviated format | 28-04-2016 | 2016-11300099 |