Equity
-€37,784
Debts exceed assets in financial year 2025.
CIRA
Lifetime
8 annual accounts with figures on one time axispeak €43,069 (2021)
-€19,469▲ €3,900
lowest -€24,922 (2025)
-€24,922▼ €2,891
peak €26,308 (2021)
-€37,784▼ €24,922
€263,120▼ 14.4%
Board2 names since 2017
1 directorBRACQ Alain
Documentsfilings and deeds
01-07-202630 days before the deadline
2025abbreviated format
Gross margin from -€23,369 to -€19,469Loss of €24,922Equity from -€12,862 to -€37,784Cash from €14,670 to €95,402
Key points
from the 2025 annual accountsLosses
-€64,092 in four years
Every financial year from 2022 to 2025 closed with a loss. 2025 was the heaviest.
Debts
€263,120 117% of the balance sheet
After one year 0%Within one year 100%
Of this, €262,735 falls due within a year.
Turnover not published (abbreviated or micro format)
Checked score
53
Fair
Financially stronger than 18% of micro companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.4% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.8%highest value
01-2025: 0.8%● unchanged vs 12-2024highest value
02-2025: 0.8%● unchanged vs 01-2025highest value
03-2025: 0.8%● unchanged vs 02-2025highest value
04-2025: 0.8%● unchanged vs 03-2025highest value
05-2025: 0.7%▼ -0.1 percentage points vs 04-2025
06-2025: 0.7%● unchanged vs 05-2025
07-2025: 0.7%● unchanged vs 06-2025
08-2025: 0.5%▼ -0.2 percentage points vs 07-2025
09-2025: 0.5%● unchanged vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.5%● unchanged vs 03-2026
05-2026: 0.5%● unchanged vs 04-2026
06-2026: 0.5%● unchanged vs 05-2026
07-2026: 0.6%▲ +0.1 percentage points vs 06-2026
08-2026: 0.4%▼ -0.2 percentage points vs 07-2026lowest value
09-2026: 0.4%● unchanged vs 08-2026lowest value
10-2026: 0.4%● unchanged vs 09-2026lowest value
11-2026: 0.4%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Negative equity -€37,784
lowers risk
Size: total assets €225,336
Liquidity: current ratio 0.85, cash €95,402
Sector: Real estate activities (NACE 68)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 11% of them on solvency, 49% on liquidity, 10% on profitability and 3% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 6,008 companies had the same profile as CIRA has now. Each dot stands for 16 companies, two years later.
83.0%
were still trading
8.4%
stopped another way
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CIRA itself is lower: 0.4% within 12 months. It rests on far more data about CIRA than the profile alone.
Test of the method
The method was tested on the 497,447 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 6,008 companies, not a prediction for CIRA. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.85 (0.93 in 2024), below 1. Short-term debt is 116.6% and cash 42.3% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€37,784
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-07-2026, 30 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
30 days early
2024
29 days early
2023
7 days early
2022
17 days early
2021
18 days late
2020
26 days late
2019
24 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 2 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 14 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0684886712
Company renamed from BRACQ BOUWWERKEN to CIRA
Change of role: BRACQ Alain, from director, formerly manager to director · “Ontwikkeling van residentiële bouwprojecten; Algemene bouw van residentiële gebouwen; Algemene bouw van…” (deed in Dutch) · Director discharge: BRACQ Alain · General meeting of 04-12-2023 · Gazette deed
Incorporation
Founders: BRACQ, Alain Maurice; BRACQ, Christian Emery · Founding capital of €19,000, 190 shares · Appointment: BRACQ, Alain Maurice (manager) · published on 23-11-2017 · Gazette deed
First establishment
Bracq Bouwprojecten, De Wallekens 14, Laarne
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CIRA Laarne | €225,336 | -€19,469 | -16.8% | - |
| AEDIFICARE Lede | €231,091 | -€1,902 | -11.4% | - |
| GREEN PROPERTIES Ghent | €252,207 | -€22,438 | 0.0% | - |
| KOFRA INVEST Ninove | €221,155 | -€2,048 | 9.4% | - |
| FRA.PROMO-IMMO Frameries | €225,455 | -€2,644 | -18.4% | - |
| VEWIBO Antwerp | €227,392 | -€28,446 | 13.3% | - |
| Immo Bouchereau Jurbise | €229,883 | -€903 | 11.5% | - |
These companies have the same main activity as CIRA: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €221,000 and €252,000, founded between 2016 and 2018.
Official details
Source: KBO- Status
- Active since 21-11-2017Normal situation
- Activity
- Development of residential building projectsNACE 68121and 1 other
- Establishment unit
- 2.272.951.5109270 Laarne, since 21-11-2017
- Financial year end
- 31 December
- Peppol
- Reachable since 26-03-2026
Annual accounts 2025
- €225,336▼ 23.5%
- Filing
- Filed on 01-07-2026, 30 days before the end of the filing period
Insights on CIRA
CIRA files the abbreviated format. That format states no turnover. The gross margin fell from -€14,249 in 2018 to -€19,469 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about CIRA
- What is the company number of CIRA?
- The company number of CIRA is 0684.886.712. The VAT number is the same number with BE in front: BE 0684.886.712.
- Where is CIRA based?
- The registered office is at De Wallekens 14, 9270 Laarne.Company details
- What does CIRA do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of CIRA?
- CIRA is a private limited company (BV).
- When was CIRA founded?
- CIRA was founded on 21-11-2017.
- Is CIRA still active?
- Yes, CIRA is an active enterprise in the KBO register.
- What is the turnover of CIRA?
- The annual accounts for financial year 2025 state no turnover. The abbreviated or micro format does not require it. In financial year 2020 turnover was €137,697.Financials
- Is CIRA profitable?
- In financial year 2025, CIRA made a loss of €24,922.
- Where can I find the annual accounts of CIRA?
- CIRA filed 8 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of CIRA due?
- CIRA must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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