Circé
ActiveSummary
Circé has been active since 1970 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €525,539 and a net result of €57,863. Equity is growing by ~24.7% per year across the filed fiscal years. Its solvency ranks better than 24% of 31840 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability72▼-8
Solvency45▼-7
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity short (current ratio 0.17 against 0.74 in 2024; short-term debt: 19% and cash: 0% of total assets), and 79.7% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
20.3%
Return on assets
2.2%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 31840 sector peers (2025).
NBB · sector comparisonPosition among 31840 sector peers
Solvency
better than 24%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-08-2026, 14 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
14 d late
2024
27 d late
2023
29 d late
2022
30 d late
2021
31 d late
2020
18 d late
2019
91 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 34 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
In the rankings
#5 oldest company in the province of Namur, Head offices and management consultancy sector
Equity
€525,539▲ 12.4%
2024 · €467,676
Total assets
€2.6m▲ 49.0%
2024 · €1.7m
Net result
€57,863▼ 63.9%
2024 · €160,066
Working capital
-€405,573▼ 191%
2024 · -€139,311
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€20,242▼ 13.7%€108,804▲ 438%€175,693▲ 61.5%€244,914▲ 39.4%€89,179▼ 63.6%
Net result-€5,061▼ 8.1%€71,993€113,453▲ 57.6%€160,066▲ 41.1%€57,863▼ 63.9%
Equity€122,164▼ 4.0%€194,158▲ 58.9%€307,610▲ 58.4%€467,676▲ 52.0%€525,539▲ 12.4%
Total assets€1.5m▼ 5.0%€1.5m▲ 0.1%€1.5m▲ 0.5%€1.7m▲ 13.0%€2.6m▲ 49.0%
Debt€1.4m▼ 5.1%€1.3m▼ 5.0%€1.2m▼ 7.9%€1.3m▲ 3.2%€2.1m▲ 62.5%
Working capital-€335,774▼ 6.0%-€309,645▲ 7.8%-€237,260▲ 23.4%-€139,311▲ 41.3%-€405,573▼ 191%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 64% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.6m
Fixed assets
€2.5m ▲ 86.3%
Current assets
€84,783 ▼ 78.4%
Equity and liabilities €2.6m
Equity
€525,539 ▲ 12.4%
Debt
€2.1m ▲ 62.5%
Debt's share of the balance-sheet total rises from 73.0% to 79.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€178,404▼
2024 · €308,375
Cash flow
€147,088▼
2024 · €223,527
Current ratio
0.17▼
2024 · 0.74
Quick ratio
0.15▼
2024 · 0.74
Debt to equity
3.92▲
2024 · 2.71
ROE
11.0%▼
2024 · 34.2%
ROA
2.2%▼
2024 · 9.2%
Interest coverage
10.57▼
2024 · 15.55
Debt ≤ 1 year
€490,356▼
2024 · €531,836
Debt > 1 year
€1.6m▲
2024 · €732,522
Income taxes
€21,860▼
2024 · €74,516
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €75,499 | €61,080 | €59,097 | €63,462 | €89,225 | ▲ 40.6% |
| Other operating charges640/8 | €8,656 | €9,715 | €9,705 | €10,066 | €10,606 | ▲ 5.4% |
| Gross operating margin9900 | €104,397 | €179,599 | €244,496 | €318,441 | €189,010 | ▼ 40.6% |
| Operating profit (loss)9901 | €20,242 | €108,804 | €175,693 | €244,914 | €89,179 | ▼ 63.6% |
| Financial income75/76B | €9 | €235 | €3,305 | €9,493 | €7,416 | ▼ 21.9% |
| Recurring financial income75 | €9 | €235 | €3,305 | €9,493 | €7,416 | ▼ 21.9% |
| Financial charges65/66B | €25,312 | €21,134 | €18,514 | €19,825 | €16,872 | ▼ 14.9% |
| Recurring financial charges65 | €25,312 | €21,134 | €18,514 | €19,825 | €16,872 | ▼ 14.9% |
| Profit (loss) for the period before taxes9903 | -€5,061 | €87,905 | €160,485 | €234,581 | €79,723 | ▼ 66.0% |
| Income taxes67/77 | - | €15,912 | €47,032 | €74,516 | €21,860 | ▼ 70.7% |
| Profit (loss) for the period9904 | -€5,061 | €71,993 | €113,453 | €160,066 | €57,863 | ▼ 63.9% |
| Profit (loss) for the period to be appropriated9905 | -€5,061 | €71,993 | €113,453 | €160,066 | €57,863 | ▼ 63.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.5m | €1.5m | €1.7m | €2.6m | ▲ 49.0% |
| Fixed assets21/28 | €1.4m | €1.4m | €1.3m | €1.3m | €2.5m | ▲ 86.3% |
| Intangible fixed assets21 | - | - | - | - | €31,784 | - |
| Tangible fixed assets22/27 | €1.4m | €1.4m | €1.3m | €1.3m | €2.5m | ▲ 82.7% |
| Land and buildings22 | €1.4m | €1.3m | €1.3m | €1.2m | €2.4m | ▲ 90.3% |
| Plant, machinery and equipment23 | €46,912 | €43,926 | €34,390 | €95,688 | €81,985 | ▼ 14.3% |
| Furniture and vehicles24 | - | - | - | €1,041 | €628 | ▼ 39.7% |
| Financial fixed assets28 | - | - | - | - | €15,500 | - |
| Current assets29/58 | €82,379 | €139,189 | €206,281 | €392,525 | €84,783 | ▼ 78.4% |
| Amounts receivable after more than one year29 | €64,230 | €52,230 | €40,230 | €28,230 | €16,230 | ▼ 42.5% |
| Other amounts receivable291 | €64,230 | €52,230 | €40,230 | €28,230 | €16,230 | ▼ 42.5% |
| Stocks and contracts in progress3 | - | - | - | - | €9,248 | - |
| Stocks30/36 | - | - | - | - | €9,248 | - |
| Amounts receivable within one year40/41 | €12,000 | €82,615 | €157,650 | €317,247 | €40,640 | ▼ 87.2% |
| Trade receivables40 | - | €54,740 | €46,260 | €82,600 | - | - |
| Other amounts receivable41 | €12,000 | €27,875 | €111,391 | €234,647 | €40,640 | ▼ 82.7% |
| Cash at bank and in hand54/58 | €5,950 | €106 | €4,857 | €37,302 | €599 | ▼ 98.4% |
| Deferred charges and accrued income490/1 | €199 | €4,238 | €3,544 | €9,746 | €18,066 | ▲ 85.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.5m | €1.5m | €1.7m | €2.6m | ▲ 49.0% |
| Equity10/15 | €122,164 | €194,158 | €307,610 | €467,676 | €525,539 | ▲ 12.4% |
| Contributions10/11 | €148,736 | €148,736 | €148,736 | €148,736 | €148,736 | = |
| Reserves13 | €14,874 | €45,374 | €158,774 | €318,834 | €376,694 | ▲ 18.1% |
| Non-distributable reserves130/1 | €14,874 | - | - | - | - | - |
| Reserves not available under the articles1311 | €14,874 | - | - | - | - | - |
| Distributable reserves133 | - | €45,374 | €158,774 | €318,834 | €376,694 | ▲ 18.1% |
| Profit (loss) carried forward14 | -€41,445 | €48 | €101 | €106 | €110 | ▲ 3.1% |
| Amounts payable17/49 | €1.4m | €1.3m | €1.2m | €1.3m | €2.1m | ▲ 62.5% |
| Amounts payable after more than one year17 | €978,257 | €881,340 | €782,996 | €732,522 | €1.6m | ▲ 114% |
| Financial debts170/4 | €978,257 | €881,340 | €782,996 | €732,522 | €1.6m | ▲ 113% |
| Other amounts payable178/9 | - | - | - | - | €10,140 | - |
| Amounts payable within one year42/48 | €418,153 | €448,834 | €443,541 | €531,836 | €490,356 | ▼ 7.8% |
| Current portion of amounts payable after more than one year42 | €95,512 | €92,665 | €93,576 | €114,055 | €183,706 | ▲ 61.1% |
| Financial debts43 | €8 | €6,148 | - | - | €1,259 | - |
| Credit institutions430/8 | €8 | €6,148 | - | - | €1,259 | - |
| Trade debts44 | €2,078 | €8,986 | €18,178 | €12,311 | €8,647 | ▼ 29.8% |
| Suppliers440/4 | €2,078 | €8,986 | €18,178 | €12,311 | €8,647 | ▼ 29.8% |
| Taxes, remuneration and social security45 | - | €15,912 | €32,352 | €93,956 | €75,632 | ▼ 19.5% |
| Taxes450/3 | - | €15,912 | €32,352 | €93,956 | €75,632 | ▼ 19.5% |
| Other amounts payable47/48 | €320,556 | €325,122 | €299,436 | €311,513 | €221,112 | ▼ 29.0% |
| Accrued charges and deferred income492/3 | €7,425 | €3,588 | €1,766 | €2,901 | €227 | ▼ 92.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,061 | €71,993 | €113,453 | €160,066 | €57,863 | ▼ 63.9% |
| + Depreciation and write-downs630 | €75,499 | €61,080 | €59,097 | €63,462 | €89,225 | ▲ 40.6% |
| Operating cash flow (approximation) | €70,438 | €133,073 | €172,550 | €223,527 | €147,088 | ▼ 34.2% |
| Investment in fixed assets (approximation) | - | -€6,190 | €0 | -€76,239 | -€1.2m | ▼ 1,536% |
| Change in cash | - | -€5,844 | €4,751 | €32,445 | -€36,703 | ▼ 213% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
14-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 14 days late
2025
31-12
Financial
Equity above €500,000Eq €525,539 ▲12.4%
4 profitable years in a row build equity to €525,539.
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 27 days late
2024
31-12
Financial
Highest result since 2018net €160,066 ▲41.1%
Operating result €244,914, net result €160,066, both a record.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-12
Financial
Equity above €200,000Eq €307,610 ▲58.4%
2 profitable years in a row build equity to €307,610.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-12
Financial
Back to profitnet €71,993
Net result €71,993 after 4 loss-making years.
31-12
Financial
Equity above €150,000Eq €194,158 ▲58.9%
Equity rises from €122,164 to €194,158.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
18-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 18 days late
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 91 days late
Show earlier events
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
27-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 58 days late
2017
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Namur · 1 establishment unit since 1988
Ground area
1,365 m²
Building footprint
476 m²
Volume, LiDAR
6,128 m³
2 parcels, Wallonia · tallest building 19.1 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
SPRL CIRCE
since 19882.040.313.638
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92010D0193/00C005 | Wallonia | 702 m² | 1 · 150 m² | 6.7 m · 2 fl. |
| 92094C1130/00D000 ProtectedMonument |
Wallonia | 663 m² | 1 · 326 m² | 19.1 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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Of 82,632 companies in sector 70200 we hold annual accounts for 52,587. 34,241 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded24-12-1970
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
68204Real estate activities
Scores and ratios are computed by Checked and are not a credit decision.