CIRCACO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 45 days after the deadline Filed on 14 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00513116.
Annual accounts 2025 filed on 14-09-2026 at the NBB all 7 filings
Turnover
≈ €160,000
Estimated: probably between €99,000 and €300,000
Total assets
€310,819▲ 6.7%
2024 · €291,245
Net result
€12,048
2024 · -€21,481
Working capital
€35,614
2024 · -€114,541
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€18,809
2025
20192025
Net result
€12,048
2025
middle half of the sector
20192025
Equity
-€139,476
▲ 8.0%
2025
lowest quarter of the sector
20192025
Total assets
€310,819
▲ 6.7%
2025
middle half of the sector
20192025
Debt
€450,294
▲ 1.7%
2025
20192025
Working capital
€35,614
2025
middle half of the sector
20192025
Solvency
-44.9%
▲ 7.2pp
2025
lowest quarter of the sector
20192025
Current ratio
1.15
▲ 0.73
2025
middle half of the sector
20192025
Return on assets (ROA)
3.9%
▲ 11.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€78,715--€41,159▲ 47.7%-€90,129▼ 119%-€70,769▲ 21.5%-€40,797▲ 42.4%-€14,484▲ 64.5%€18,809
Net result-€80,443--€44,801below the sector's middle half▲ 44.3%-€96,594below the sector's middle half▼ 116%-€78,598below the sector's middle half▲ 18.6%-€51,607below the sector's middle half▲ 34.3%-€21,481below the sector's middle half▲ 58.4%€12,048within the sector's middle half
Equity-€55,443-€36,256within the sector's middle half-€60,338below the sector's middle half-€78,436below the sector's middle half▼ 30.0%-€130,043below the sector's middle half▼ 65.8%-€151,524below the sector's middle half▼ 16.5%-€139,476below the sector's middle half▲ 8.0%
Total assets€91,068-€370,120within the sector's middle half▲ 306%€375,398within the sector's middle half▲ 1.4%€392,420within the sector's middle half▲ 4.5%€327,203within the sector's middle half▼ 16.6%€291,245within the sector's middle half▼ 11.0%€310,819within the sector's middle half▲ 6.7%
Debt€146,511-€333,864▲ 128%€435,737▲ 30.5%€470,856▲ 8.1%€457,246▼ 2.9%€442,769▼ 3.2%€450,294▲ 1.7%
Working capital-€31,605-€14,318within the sector's middle half-€118,572below the sector's middle half-€110,242below the sector's middle half▲ 7.0%-€93,993below the sector's middle half▲ 14.7%-€114,541below the sector's middle half▼ 21.9%€35,614within the sector's middle half
Solvency-60.9%-9.8%within the sector's middle half▲ 70.7pp-16.1%below the sector's middle half▼ 25.9pp-20.0%below the sector's middle half▼ 3.9pp-39.7%below the sector's middle half▼ 19.8pp-52.0%below the sector's middle half▼ 12.3pp-44.9%below the sector's middle half▲ 7.2pp
Current ratio0.54-1.18within the sector's middle half▲ 0.650.30below the sector's middle half▼ 0.880.47below the sector's middle half▲ 0.170.45below the sector's middle half▼ 0.010.42below the sector's middle half▼ 0.031.15within the sector's middle half▲ 0.73
Return on assets (ROA)-88.3%--12.1%below the sector's middle half▲ 76.2pp-25.7%below the sector's middle half▼ 13.6pp-20.0%below the sector's middle half▲ 5.7pp-15.8%below the sector's middle half▲ 4.3pp-7.4%below the sector's middle half▲ 8.4pp3.9%within the sector's middle half▲ 11.3pp
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 profit of €18,809, after a loss of €14,484 in 2024. It is the highest result since 2021.
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 €310,819
Fixed assets
€44,746 ▼ 78.4%
Current assets
€266,073 ▲ 215%
Equity and liabilities
Equity-€139,476
Debt€450,294
Equity is negative. Debt (€450,294) exceeds the balance-sheet total (€310,819).
Key figures and ratios
EBITDA
€35,895▲
2024 · €32,362
Cash flow
€29,134▲
2024 · €25,365
Quick ratio
0.86▲
2024 · 0.16
Interest coverage
5.31▲
2024 · 4.24
Debt ≤ 1 year
€230,458▲
2024 · €198,934
Debt > 1 year
€219,433▼
2024 · €243,835
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.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €89,492 | €19,137 | - | €40,183 | €5,926 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €41,850 | €45,499 | €47,123 | €46,846 | €17,086 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €679 awarded · €491 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €27,200 | €175 | €10,468 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,790 | €13,581 | €41,850 | €45,499 | €47,123 | €46,846 | €17,086 | ▼ 63.5% |
| Other operating charges640/8 | - | €2,478 | €2,058 | €3,445 | €3,748 | €2,302 | €2,009 | ▼ 12.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €3,044 | - |
| Gross operating margin9900 | -€71,403 | -€25,100 | -€46,221 | -€21,825 | €10,075 | €34,664 | €40,948 | ▲ 18.1% |
| Operating profit (loss)9901 | -€78,715 | -€41,159 | -€90,129 | -€70,769 | -€40,797 | -€14,484 | €18,809 | - |
| Financial income75/76B | - | €49 | €5 | €360 | €16 | €631 | €0 | ▼ 99.9% |
| Recurring financial income75 | - | €49 | €5 | €360 | €16 | €631 | €0 | ▼ 99.9% |
| Financial charges65/66B | - | €3,691 | €6,469 | €8,188 | €6,279 | €7,627 | €6,762 | ▼ 11.3% |
| Recurring financial charges65 | €1,728 | €3,691 | €6,469 | €8,188 | €6,279 | €7,627 | €6,762 | ▼ 11.3% |
| Profit (loss) for the period before taxes9903 | -€80,443 | -€44,801 | -€96,594 | -€78,598 | -€47,059 | -€21,481 | €12,048 | - |
| Income taxes67/77 | - | - | - | - | €4,548 | €0 | - | - |
| Profit (loss) for the period9904 | -€80,443 | -€44,801 | -€96,594 | -€78,598 | -€51,607 | -€21,481 | €12,048 | - |
| Profit (loss) for the period to be appropriated9905 | -€80,443 | -€44,801 | -€96,594 | -€78,598 | -€51,607 | -€21,481 | €12,048 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €91,068 | €370,120 | €375,398 | €392,420 | €327,203 | €291,245 | €310,819 | ▲ 6.7% |
| Formation expenses20 | - | €580 | €363 | €145 | €0 | - | - | - |
| Fixed assets21/28 | €54,449 | €276,828 | €324,687 | €295,806 | €248,827 | €206,853 | €44,746 | ▼ 78.4% |
| Intangible fixed assets21 | €798 | €1,981 | €1,553 | €1,126 | €698 | €270 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €53,651 | €274,096 | €322,384 | €293,930 | €247,380 | €205,833 | €43,996 | ▼ 78.6% |
| Plant, machinery and equipment23 | - | €261,118 | €290,152 | €268,699 | €229,148 | €201,312 | €40,040 | ▼ 80.1% |
| Furniture and vehicles24 | - | €3,033 | €3,271 | €2,647 | €2,023 | €4,521 | €3,956 | ▼ 12.5% |
| Leasing and similar rights25 | - | €9,946 | €28,961 | €22,585 | €16,208 | €0 | - | - |
| Financial fixed assets28 | - | €750 | €750 | €750 | €750 | €750 | €750 | = |
| Current assets29/58 | €36,619 | €92,712 | €50,348 | €96,470 | €78,375 | €84,392 | €266,073 | ▲ 215% |
| Stocks and contracts in progress3 | €17,909 | €29,547 | €35,632 | €57,359 | €39,752 | €52,474 | €67,357 | ▲ 28.4% |
| Stocks30/36 | - | €29,547 | €35,632 | €57,359 | €39,752 | €52,474 | €67,357 | ▲ 28.4% |
| Amounts receivable within one year40/41 | €13,835 | €36,413 | €12,444 | €12,128 | €35,408 | €29,159 | €195,438 | ▲ 570% |
| Trade receivables40 | - | €17,912 | €11,933 | €11,446 | €34,895 | €29,067 | €195,272 | ▲ 572% |
| Other amounts receivable41 | - | €18,501 | €511 | €682 | €513 | €92 | €166 | ▲ 81.2% |
| Cash at bank and in hand54/58 | €4,426 | €26,366 | €1,294 | €26,619 | €3,215 | €2,759 | €2,362 | ▼ 14.4% |
| Deferred charges and accrued income490/1 | - | €386 | €979 | €363 | €0 | - | €916 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €91,068 | €370,120 | €375,398 | €392,420 | €327,203 | €291,245 | €310,819 | ▲ 6.7% |
| Equity10/15 | -€55,443 | €36,256 | -€60,338 | -€78,436 | -€130,043 | -€151,524 | -€139,476 | ▲ 8.0% |
| Contributions10/11 | €25,000 | €161,500 | €161,500 | €222,000 | €222,000 | €222,000 | €222,000 | = |
| Profit (loss) carried forward14 | -€80,443 | -€125,244 | -€221,838 | -€300,436 | -€352,043 | -€373,524 | -€361,476 | ▲ 3.2% |
| Amounts payable17/49 | €146,511 | €333,864 | €435,737 | €470,856 | €457,246 | €442,769 | €450,294 | ▲ 1.7% |
| Amounts payable after more than one year17 | €78,287 | €254,022 | €265,319 | €262,647 | €284,877 | €243,835 | €219,433 | ▼ 10.0% |
| Financial debts170/4 | - | €252,376 | €263,673 | €236,001 | €258,231 | €217,189 | €192,788 | ▼ 11.2% |
| Trade debts175 | - | €1,646 | €1,646 | €1,646 | €1,646 | €1,646 | €1,646 | = |
| Advances received on contracts in progress176 | - | €0 | - | - | - | - | - | - |
| Other amounts payable178/9 | - | €0 | - | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Amounts payable within one year42/48 | €68,224 | €78,394 | €168,920 | €206,712 | €172,369 | €198,934 | €230,458 | ▲ 15.8% |
| Current portion of amounts payable after more than one year42 | - | €14,561 | €29,841 | €27,672 | €6,270 | €15,777 | €16,152 | ▲ 2.4% |
| Financial debts43 | - | €0 | €4,212 | €0 | €12,018 | €26,232 | €26,647 | ▲ 1.6% |
| Credit institutions430/8 | - | €0 | €4,212 | €0 | €12,018 | €26,232 | €26,647 | ▲ 1.6% |
| Trade debts44 | €22,403 | €46,093 | €60,306 | €84,809 | €75,337 | €91,538 | €108,409 | ▲ 18.4% |
| Suppliers440/4 | - | €46,093 | €60,306 | €84,809 | €75,337 | €91,538 | €108,409 | ▲ 18.4% |
| Taxes, remuneration and social security45 | - | €17 | €1,978 | €2,893 | €6,970 | €9,763 | €36,085 | ▲ 270% |
| Taxes450/3 | - | €17 | €1,978 | €2,893 | €6,970 | €6,763 | €33,085 | ▲ 389% |
| Remuneration and social security454/9 | - | - | - | - | - | €3,000 | €3,000 | = |
| Other amounts payable47/48 | - | €17,723 | €72,583 | €91,338 | €71,774 | €55,624 | €43,166 | ▼ 22.4% |
| Accrued charges and deferred income492/3 | - | €1,447 | €1,497 | €1,497 | €0 | - | €403 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€80,443 | -€44,801 | -€96,594 | -€78,598 | -€51,607 | -€21,481 | €12,048 | - |
| + Depreciation and write-downs630 | €6,790 | €13,581 | €41,850 | €45,499 | €47,123 | €46,846 | €17,086 | ▼ 63.5% |
| Operating cash flow (approximation) | -€73,653 | -€31,220 | -€54,744 | -€33,098 | -€4,484 | €25,365 | €29,134 | ▲ 14.9% |
| Investment in fixed assets (approximation) | - | -€235,959 | -€89,710 | -€16,618 | -€145 | -€4,871 | €145,021 | - |
| Change in cash | - | €21,940 | -€25,072 | €25,325 | -€23,404 | -€456 | -€397 | ▲ 12.8% |
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, 906 companies had the same profile as CIRCACO has now. Two years later, 89.3% were still going and 6.1% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit under 5% of the balance sheet
89.3%
was still going
4.1%
stopped otherwise
6.1%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CIRCACO itself: 1.7% 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 906 companies, not a prediction for CIRCACO. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-09-2026 | 2026-00513116 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00398557 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00428089 | |
| 31-12-2022 | micro format | 19-10-2023 | 2023-00489860 | |
| 31-12-2021 | micro format | 09-12-2022 | 2022-20534697 | |
| 31-12-2020 | micro format | 14-09-2022 | 2022-20430906 | |
| 31-12-2019 | micro format | 24-09-2020 | 2020-55900156 |