Bio-Circle
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 4 filings
Turnover
≈ €3.0m
Estimated: probably between €1.9m and €5.0m
Total assets
€1.6m▲ 7.9%
2024 · €1.4m
Net result
-€134,730▼ 57.6%
2024 · -€85,499
Working capital
-€340,035▲ 18.8%
2024 · -€418,546
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
-€78,766
▼ 115%
2025
20222025
Net result
-€134,730
▼ 57.6%
2025
lowest quarter of the sector
20222025
Equity
-€293,204
▼ 85.0%
2025
lowest quarter of the sector
20222025
Total assets
€1.6m
▲ 7.9%
2025
middle half of the sector
20222025
Debt
€1.9m
▲ 15.5%
2025
20222025
Working capital
-€340,035
▲ 18.8%
2025
lowest quarter of the sector
20222025
Solvency
-18.7%
▼ 7.8pp
2025
lowest quarter of the sector
20222025
Current ratio
0.68
▲ 0.10
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
-8.6%
▼ 2.7pp
2025
lowest quarter of the sector
20222025
Staff (FTE)
8.7
▲ 16.0%
2025
highest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result-€0.01m--€0.03m▼ 143%-€0.04m▼ 14.5%-€0.08m▼ 115%
Net result-€0.02mbelow the sector's middle half--€0.06mbelow the sector's middle half▼ 245%-€0.09mbelow the sector's middle half▼ 49.1%-€0.1mbelow the sector's middle half▼ 57.6%
Equity-€0.02mbelow the sector's middle half--€0.07mbelow the sector's middle half▼ 367%-€0.2mbelow the sector's middle half▼ 117%-€0.3mbelow the sector's middle half▼ 85.0%
Total assets€0.6mwithin the sector's middle half-€1.1mwithin the sector's middle half▲ 63.2%€1.4mwithin the sector's middle half▲ 36.9%€1.6mwithin the sector's middle half▲ 7.9%
Debt€0.7m-€1.1m▲ 70.3%€1.6m▲ 42.1%€1.9m▲ 15.5%
Working capital-€0.2mbelow the sector's middle half--€0.1mbelow the sector's middle half▲ 46.7%-€0.4mbelow the sector's middle half▼ 251%-€0.3mbelow the sector's middle half▲ 18.8%
Solvency-2.4%below the sector's middle half--6.9%below the sector's middle half▼ 4.5pp-10.9%below the sector's middle half▼ 4.0pp-18.7%below the sector's middle half▼ 7.8pp
Current ratio0.60below the sector's middle half-0.75below the sector's middle half▲ 0.150.58below the sector's middle half▼ 0.160.68below the sector's middle half▲ 0.10
Return on assets (ROA)-2.6%below the sector's middle half--5.4%below the sector's middle half▼ 2.9pp-5.9%below the sector's middle half▼ 0.5pp-8.6%below the sector's middle half▼ 2.7pp
Staff (FTE)1.6below the sector's middle half-4.9within the sector's middle half▲ 206%7.5above the sector's middle half▲ 53.1%8.7above the sector's middle half▲ 16.0%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 a loss of €78,766, larger than the loss of €36,596 in 2024. It is the lowest result since 2022.
Turnover and EBIT margin are not published. The abbreviated 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 €1.6m
Fixed assets
€834,595 ▼ 3.1%
Current assets
€730,192 ▲ 24.1%
Equity and liabilities
Equity-€293,204
Debt€1.9m
Equity is negative. Debt (€1.9m) exceeds the balance-sheet total (€1.6m).
Key figures and ratios
EBITDA
-€7,507▼
2024 · -€4,811
Cash flow
-€63,471▼
2024 · -€53,714
Quick ratio
0.44▲
2024 · 0.39
Interest coverage
-0.14▼
2024 · -0.10
Debt ≤ 1 year
€1.1m▲
2024 · €1.0m
Debt > 1 year
€780,898▲
2024 · €596,961
Income taxes
€756▼
2024 · €810
Staff costs
€584,248▲
2024 · €484,955
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 6 | 9 | 10 |
| full-time | 2 | 5 | 8 | 8 |
| part-time | 1 | 1 | 1 | 2 |
| in full-time equivalents | 2.8 | 5.8 | 8.5 | 9.3 |
| Average over the year, in full-time equivalents | 1.6 | 4.9 | 7.5 | 8.7 |
| On a permanent contract | 3 | 6 | 9 | 10 |
| Joined | 3 | 4 | 6 | 2 |
| Left | 0 | 3 | 3 | 1 |
| Training hours | - | - | - | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €609,972 | €595,013 | €554,198 |
| Mortgages, amount registered | - | €27,500 | €27,500 | €27,500 |
| Mortgage mandates | - | €597,740 | €597,740 | €597,740 |
| Carrying value of the mortgaged assets | - | €515,055 | €558,538 | €547,318 |
| Pledge on other assets, amount secured | - | €51,927 | €51,927 | €51,927 |
| Carrying value of the other pledged assets | - | €40,230 | €29,674 | €19,118 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €315,085 | €400,345 | €162,497 | €44,297 |
| Intangible fixed assets | - | - | €28,485 | - |
| Financial fixed assets | €7,248 | €270 | - | €0 |
| Depreciation and write-downs of the year | €10,676 | €15,749 | €31,785 | €71,259 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €8,301 awarded · €6,137 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €3,924 | €2,450 |
| 2024 | 1 | €792 | €102 |
| 2023 | 2 | €3,316 | €3,316 |
| 2022 | 1 | €269 | €269 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €76,129 | €284,398 | €484,955 | €584,248 | ▲ 20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,676 | €15,749 | €31,785 | €71,259 | ▲ 124% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €325 | €0 | ▼ 100% |
| Other operating charges640/8 | €29 | €1,764 | €1,350 | €8,438 | ▲ 525% |
| Gross operating margin9900 | €73,701 | €269,949 | €481,818 | €585,179 | ▲ 21.5% |
| Operating profit (loss)9901 | -€13,134 | -€31,962 | -€36,596 | -€78,766 | ▼ 115% |
| Financial income75/76B | €5,119 | €7,571 | €48 | €49 | ▲ 2.3% |
| Recurring financial income75 | €5,119 | €7,571 | €48 | €49 | ▲ 2.3% |
| Financial charges65/66B | €8,510 | €32,560 | €48,140 | €55,257 | ▲ 14.8% |
| Recurring financial charges65 | €8,510 | €32,560 | €48,140 | €55,257 | ▲ 14.8% |
| Profit (loss) for the period before taxes9903 | -€16,524 | -€56,951 | -€84,688 | -€133,974 | ▼ 58.2% |
| Income taxes67/77 | €99 | €402 | €810 | €756 | ▼ 6.8% |
| Profit (loss) for the period9904 | -€16,623 | -€57,353 | -€85,499 | -€134,730 | ▼ 57.6% |
| Profit (loss) for the period to be appropriated9905 | -€16,623 | -€57,353 | -€85,499 | -€134,730 | ▼ 57.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €0.6m | €1.1m | €1.4m | €1.6m | ▲ 7.9% |
| Formation expenses20 | €0.001m | €0 | - | - | - |
| Fixed assets21/28 | €0.3m | €0.7m | €0.9m | €0.8m | ▼ 3.1% |
| Intangible fixed assets21 | - | - | €0.03m | €0.03m | ▼ 10.2% |
| Tangible fixed assets22/27 | €0.3m | €0.7m | €0.8m | €0.8m | ▼ 2.9% |
| Land and buildings22 | €0.1m | €0.1m | €0.7m | €0.7m | ▼ 1.3% |
| Plant, machinery and equipment23 | €0.006m | €0.008m | €0.04m | €0.05m | ▲ 11.6% |
| Furniture and vehicles24 | €0.05m | €0.04m | €0.09m | €0.07m | ▼ 25.2% |
| Other tangible fixed assets26 | - | - | €0.002m | €0.005m | ▲ 193% |
| Assets under construction and advance payments27 | €0.1m | €0.5m | €0 | - | - |
| Financial fixed assets28 | €0.007m | €0.006m | €0.006m | €0.006m | = |
| Current assets29/58 | €0.3m | €0.4m | €0.6m | €0.7m | ▲ 24.1% |
| Stocks and contracts in progress3 | €0.06m | €0.1m | €0.2m | €0.3m | ▲ 27.5% |
| Stocks30/36 | €0.06m | €0.1m | €0.2m | €0.3m | ▲ 27.5% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.3m | €0.3m | ▼ 1.0% |
| Trade receivables40 | €0.1m | €0.2m | €0.3m | €0.3m | ▼ 1.1% |
| Other amounts receivable41 | €0.01m | €0 | €220 | €244 | ▲ 11.1% |
| Cash at bank and in hand54/58 | €0.1m | €0.05m | €0.05m | €0.1m | ▲ 150% |
| Deferred charges and accrued income490/1 | €0.01m | €0.01m | €0.02m | €0.04m | ▲ 55.5% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €0.6m | €1.1m | €1.4m | €1.6m | ▲ 7.9% |
| Equity10/15 | -€0.02m | -€0.07m | -€0.2m | -€0.3m | ▼ 85.0% |
| Contributions10/11 | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Profit (loss) carried forward14 | -€0.02m | -€0.07m | -€0.2m | -€0.3m | ▼ 84.5% |
| Amounts payable17/49 | €0.7m | €1.1m | €1.6m | €1.9m | ▲ 15.5% |
| Amounts payable after more than one year17 | €0.1m | €0.7m | €0.6m | €0.8m | ▲ 30.8% |
| Financial debts170/4 | €0.04m | €0.6m | €0.6m | €0.5m | ▼ 7.6% |
| Other amounts payable178/9 | €0.06m | €0.06m | €0.04m | €0.3m | ▲ 529% |
| Amounts payable within one year42/48 | €0.6m | €0.5m | €1.0m | €1.1m | ▲ 6.3% |
| Current portion of amounts payable after more than one year42 | €0.02m | €0.03m | €0.05m | €0.1m | ▲ 97.6% |
| Trade debts44 | €0.2m | €0.1m | €0.5m | €0.6m | ▲ 16.8% |
| Suppliers440/4 | €0.2m | €0.1m | €0.5m | €0.6m | ▲ 16.8% |
| Taxes, remuneration and social security45 | €0.02m | €0.06m | €0.1m | €0.1m | ▼ 29.4% |
| Taxes450/3 | €0.005m | €0.01m | €0.07m | €0.03m | ▼ 58.2% |
| Remuneration and social security454/9 | €0.01m | €0.05m | €0.07m | €0.07m | ▼ 2.2% |
| Other amounts payable47/48 | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 10.1% |
| Accrued charges and deferred income492/3 | €0.005m | €0.006m | €0.005m | €0.007m | ▲ 51.8% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,623 | -€57,353 | -€85,499 | -€134,730 | ▼ 57.6% |
| + Depreciation and write-downs630 | €10,676 | €15,749 | €31,785 | €71,259 | ▲ 124% |
| Operating cash flow (approximation) | -€5,946 | -€41,603 | -€53,714 | -€63,471 | ▼ 18.2% |
| Investment in fixed assets (approximation) | - | -€399,560 | -€190,983 | -€44,297 | ▲ 76.8% |
| Change in cash | - | -€93,065 | €2,595 | €77,533 | ▲ 30× |
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, 1,555 companies had the same profile as Bio-Circle has now. Two years later, 91.6% were still going and 4.6% had gone bankrupt.
- Micro
- 2 to 5 years old
- negative equity
- a small loss
91.6%
was still going
3.6%
stopped otherwise
4.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Bio-Circle itself: 2.6% 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 1,555 companies, not a prediction for Bio-Circle. 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.