Public limited company · founded 1985 · 41 yrs activeDiepenbekerweg 11, 3500 Hasselt, BelgiumKBO/BCE: BE 0427.122.969
Summary
THE ENERGY CIRCLE has been active since 1985 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.6m and a net result of €191,849. Equity is growing by ~10.8% per year across the filed fiscal years. Its solvency ranks better than 19% of 2062 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability55▼-1
Solvency44=
Growth78▼-3
Track record100
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.4%Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €210,000 at 30 days acceptable
Liquidity ample (current ratio 2.18 against 2.16 in 2024; short-term debt: 44.4% and cash: 9.3% of total assets), but 81.3% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 37 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
○
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
On 26 March 1985, THE ENERGY CIRCLE was incorporated.1ELECTRO NELISSEN, DEMTEC SERVICES and VANDENBRIELE were merged into the company between 2019 and 2024.23The capital was increased 2 times in 2024, most recently to EUR 1.2 million.43Of the 6 current board members, DEMOCO GROUP has served longest, since 2014.5
2021Net result +201,408% on 2020.Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 44% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €19.3m
96.8%
Fixed assets€623,607 ▼ 10.9%
Current assets€18.6m ▲ 9.4%
Equity and liabilities €19.3m
18.7%
81.2%
Equity€3.6m ▲ 5.6%
Provisions€25,777 ▼ 82.4%
Debt€15.6m ▲ 10.3%
Debt's share of the balance-sheet total rises from 80.0% to 81.2%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€515,578▼
2024 · €793,087
Cash flow
€364,653▼
2024 · €438,785
Current ratio
2.18▲
2024 · 2.16
Quick ratio
2.01▲
2024 · 1.90
Debt to equity
4.35▲
2024 · 4.17
ROE
5.3%▼
2024 · 7.6%
ROA
1.0%▼
2024 · 1.5%
Interest coverage
7.34▼
2024 · 9.66
Debt ≤ 1 year
€8.5m▲
2024 · €7.9m
Debt > 1 year
€6.9m▲
2024 · €6.2m
Income taxes
€211,264▲
2024 · €173,653
Staff costs
€14.1m▲
2024 · €13.7m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observation
Peer companies
What happened to companies that once looked just like this one does now. It describes the group, not this company: the figures are counted, not predicted.
Of the 719 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 97% are still going.
Medium-sized
20 years or older
solvency 10 to 30%
a profit under 5% of the balance sheet
0.8%went bankrupt
1.4%stopped otherwise
97%still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
The companies in ten equal groups, from lowest to highest expected share.
Group
Expected
Actual
1
0.2%
0.2%
2
0.3%
0.4%
3
0.5%
0.5%
4
0.6%
0.7%
5
0.8%
0.9%
6
1.2%
1.3%
7
1.5%
1.6%
8
1.7%
1.7%
9
2.7%
2.8%
10
5.3%
5.7%
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 719 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 84 lines
Balance sheetCode20242025
Assets
Total assets20/58€17.7m€19.3m▲
Fixed assets21/28€700,166€623,607▼
Intangible fixed assets21€42,763€13,777▼
Tangible fixed assets22/27€410,076€361,193▼
Land and buildings22€56,978€54,017▼
Plant, machinery and equipment23€95,583€77,891▼
Furniture and vehicles24€177,365€162,348▼
Other tangible fixed assets26€80,150€66,937▼
Financial fixed assets28€247,327€248,637▲
Affiliated companies280/1€241,047€241,047=
Participating interests280€241,047€241,047=
Other financial fixed assets284/8€6,280€7,590▲
Amounts receivable and cash guarantees285/8€6,280€7,590▲
Current assets29/58€17.0m€18.6m▲
Stocks and contracts in progress3€2.0m€1.4m▼
Stocks30/36€298,883€228,604▼
Goods purchased for resale34€298,883€228,604▼
Contracts in progress37€1.7m€1.2m▼
Amounts receivable within one year40/41€14.2m€11.1m▼
Trade receivables40€9.6m€9.2m▼
Other amounts receivable41€4.7m€1.9m▼
Current investments50/53-€4.0m
Other investments51/53-€4.0m
Cash at bank and in hand54/58€440,916€1.8m▲
Deferred charges and accrued income490/1€344,378€290,912▼
Equity and liabilities
Total equity and liabilities10/49€17.7m€19.3m▲
Equity10/15€3.4m€3.6m▲
Contributions10/11€1.2m€1.2m=
Capital10€1.2m€1.2m=
Issued capital100€1.2m€1.2m=
Reserves13€353,204€353,204=
Non-distributable reserves130/1€122,880€122,880=
Legal reserve130€122,880€122,880=
Tax-exempt reserves132€13,882€13,882=
Distributable reserves133€216,442€216,442=
Profit (loss) carried forward14€1.8m€2.0m▲
Provisions and deferred taxes16€146,589€25,777▼
Provisions for liabilities and charges160/5€146,589€25,777▼
Other liabilities and charges164/5€146,589€25,777▼
Amounts payable17/49€14.2m€15.6m▲
Amounts payable after more than one year17€6.2m€6.9m▲
Advances received on contracts in progress176€6.2m€6.9m▲
Amounts payable within one year42/48€7.9m€8.5m▲
Trade debts44€5.4m€5.3m▼
Suppliers440/4€5.4m€5.3m▼
Advances received on contracts in progress46€533,564€730,942▲
Taxes, remuneration and social security45€2.0m€2.5m▲
Taxes450/3€356,917€547,655▲
Remuneration and social security454/9€1.6m€1.9m▲
Accrued charges and deferred income492/3€115,599€149,002▲
Income statementCode20242025
Operating income70/76A€46.6m€44.6m▼
Turnover70€45.6m€43.8m▼
Change in stocks of work in progress, finished goods and contracts in progress71-€482,012-€489,629▼
FinancialHighest result since 2018net €258,325 ▲10.3%
Operating result €612,628, net result €258,325, both a record.
31-12
FinancialEquity above €2mEq €3.4m ▲159%
2 profitable years in a row build equity to €3.4m.
03-09
State Gazette actCapital & shares · Purpose · Restructuring
Merger · Accounting effect · Capital increase16 facts ▸
General meeting, 30-07-2024
Merger, absorption, 31-07-2024
Merger, absorption, 31-07-2024
Accounting effect, 01-01-2024
Capital increase, €645.800
Capital, €1.228.800
Name change, THE ENERGY CIRCLE
Purpose change, Het ontwerp, de realisatie of vernieuwing, het technische beheer, de uitbating, de monitoring, het onderhoud en de instandhouding van energetisch performante te…
Board composition, DEMOCO GROUP (director)
Board composition, SARKRI (director)
Board composition, Thierry VAN OSSELAER (director)
Board composition, TDevelopment (director)
+4 further facts in this act
02-07
NBB filingAnnual accounts filed
fiscal year 2023 · full schema
19-06
State Gazette actResignation: FBConstruct BV (director)
Permanent representatives: Frederik Bijnens, Thibaud Demot and 4 others · Appointment: TDevelopment BV (director)15 facts ▸
General meeting, 05-03-2024
Director resignation, FBConstruct BV (director)
Permanent representative, Frederik Bijnens
Director appointment, TDevelopment BV (director)
Permanent representative, Thibaud Demot
Board composition, Democo Group NV (director)
Permanent representative, Philip Demot
Board composition, Tiga-R NV (director)
Permanent representative, Rudy Houben
Board composition, Sarkri BV (director)
Permanent representative, Sarah Houben
Board composition, Thierry Vanosselaer (director)
+3 further facts in this act
06-06
State Gazette actRestructuring
Power of attorney · Merger · Accounting effect12 facts ▸
Board meeting, 28-05-2024
Power of attorney, Johannes VAN DEN BROECK
Merger, vereenvoudigde fusie door overneming, 31-07-2024
Merger, vereenvoudigde fusie door overneming, 31-07-2024
Accounting effect, 01-01-2024
Name change, The Energy Circle (T.E.C.)
Purpose change, Het ontwerp, de realisatie of vernieuwing, het technische beheer, de uitbating, de monitoring, het onderhoud en de instandhouding van energetisch performante te…
Capital increase, €645.800
Real estate, onroerend goed in het Vlaams Gewest
No new shares issued, geen nieuwe aandelen uitgegeven – alle aandelen van de drie vennootschappen aangehouden door DEMOCO GROUP NV (art. 12:7, 2° WVV)
Notarial act, 10-07-2024
Capital structure, 3.000 gelijke aandelen zonder vermelde waarde
13-03
State Gazette actStatutes amendment
Capital · Power of attorney5 facts ▸
General meeting, 27-12-2023
Statutes amendment
Statutes amendment
Capital, €583.000
Power of attorney, BAPTIST Annelies
2023
31-12
FinancialBack to profitnet €234,307
Net result €234,307 after one loss-making year.
Show earlier events
03-11
State Gazette actAppointment: Sarkri BV (director)
Permanent representatives: Sarah Houben, Philip Demot and 3 others13 facts ▸
General meeting, 03-08-2023
Director appointment, Sarkri BV (director)
Permanent representative, Sarah Houben
Board composition, Democo Group NV (director)
Permanent representative, Philip Demot
Board composition, Tiga-R NV (director)
Permanent representative, Rudy Houben
Board composition, Sarkri BV (director)
Board composition, Thierry Vanosselaer (director)
Board composition, FB Construct BV (director)
Permanent representative, Frederik Bijnens
Board composition, MaLiBe BV (director)
+1 further facts in this act
03-08
NBB filingAnnual accounts filed
fiscal year 2022 · full schema · 3 days late
12-07
State Gazette actPermanent representatives: Philip Demot and Bijnens Frederik
Share transfer3 facts ▸
Share transfer, DEMOCO GROUP
Permanent representative, Philip Demot
Permanent representative, Bijnens Frederik
2022
29-07
State Gazette actReappointment: BDO Bedrijfsrevisoren BV (statutory auditor)
Permanent representatives: Philip Demot and Houben Rudy6 facts ▸
General meeting, 25-05-2022
Auditor reappointment, BDO Bedrijfsrevisoren BV
Board composition, Democo Group (managing director)
Permanent representative, Philip Demot
Board composition, Tiga-R NV (director)
Permanent representative, Houben Rudy
22-06
NBB filingAnnual accounts filed
fiscal year 2021 · full schema
12-04
State Gazette actResignation: Rudy Houben (director)
Appointments: Tiga-R NV (director) and MaLiBe BV (director) · Permanent representatives: Rudy Houben, Johannes Van Den Broeck and 2 others13 facts ▸
General meeting, 15-03-2022
Director resignation, Rudy Houben (director)
Director appointment, Tiga-R NV (director)
Director appointment, MaLiBe BV (director)
Permanent representative, Rudy Houben
Permanent representative, Johannes Van Den Broeck
Board composition, Democo Group NV (director)
Board composition, Tiga-R NV (director)
Board composition, FB Construct BV (director)
Board composition, Thierry Van Osselaer (director)
Board composition, MaLiBe BV (director)
Permanent representative, Philip Demot
+1 further facts in this act
2021
31-12
FinancialEquity above €1mEq €1.1m ▲12.8%
2 profitable years in a row build equity to €1.1m.
13-09
State Gazette actResignation: Michel Demot (director)
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
22 of 22 acts read
Directors · office · real estate
Directors and office
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
6 directors, 1 in day-to-day management, no change since 2025
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
Onderneming van algemene elektriciteitswerken; installatie, onderhoud en herstelling van liften; import en export, groot- en kleinhandel in modeartikelen, pruiken en aanverwante…
Full purpose
Onderneming van algemene elektriciteitswerken; installatie, onderhoud en herstelling van liften; import en export, groot- en kleinhandel in modeartikelen, pruiken en aanverwante artikelen, feestartikelen en vuurwerk; inrichting van en veranderingswerken aan gebouwen, winkels, restaurants, dancings en horeca-uitbatingen; aanbrengen van apparatuur en leidingen voor verwarming, ventilatie, koeling en klimaatregeling; plaatsen van dakbedekking, dakgoten en regenafvoerbuizen; waterdicht maken van daken; installatie van waterleidingen, sanitair, sprinklerinstallaties, gasaansluitingen; voegwerken; groot- en kleinhandel in bouwproducten; verhuur van toestellen voor de bouw; plaatsen, onderhoud en herstelling van centrale verwarming, verwarmingsinstallaties, sanitaire inrichtingen, water- en gasvoorziening, kabels, leidingen, elektrische inrichtingen, brand- en diefstalmeldingsinstallaties, zonnepanelen, brand- en rookkoepels; groot- en kleinhandel, in- en uitvoerhandel, vervaardiging en montage van apparaten en toebehoren voor centrale verwarming, ventilatie, airconditioning, sanitaire apparaten, ijzerwaren, kabels, buizen en leidingen; ontwerpen, vervaardiging, groot- en kleinhandel, invoer- en uitvoerhandel, installatie, onderhoud en herstelling van airconditioningssystemen, klimatisatietoestellen, luchtbehandelingstoestellen, afzuiginstallaties, koelcellen, koelinstallaties; ophalen, afvoeren, opslaan, vernietigen en recyclen van grondstoffen en onderdelen uit technische, mechanische, elektronische en industriële apparatuur.
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
According to the 2025 annual accounts of THE ENERGY CIRCLE and those of the other companies, the acts in the Belgian Gazette and the LEI register.
The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
8 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
2 entries · 2,000 EUR · 2,000 EUR paid · Departement Werk en Sociale Economie
Recognitions · licences · registrations
Recognitions
The licences and recognitions the company holds. Check them when you award work that requires one.
Recognised contractor
Recognised contractor
The company is recognised to carry out public contracts up to a certain size. A good sign of reliability in construction.
8 categories
THE ENERGY CIRCLE NV35659
category C2, class 1 · category D16, class 8 · category D17, class 8 · category D18, class 7 · category P1, class 8 · category P2, class 6 · category P3, class 6 · category S1, class 6
Of 22,831 companies in sector 43211 we hold annual accounts for 10,329. 1,710 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPublic limited company
Founded26-03-1985
Fiscal year end31-12
Abbreviation NLT.E.C.
Activities, NACEBEL 2025
43211General electrical installation work
43222Installation of electric heating, air conditioning, cooling and ventilation