CIRCIOS

Active

Public limited companyfounded 20215 yrs activeKoning Albert II-laan 7, 1210 Sint-Joost-ten-Node, BelgiumKBO/BCE: BE 0768.245.443

Summary

The annual accounts of CIRCIOS for fiscal year 2025 show a net loss of 52% of total assets. The 2025 annual accounts show equity of €10,478 and a net result of -€10,169. Equity is shrinking by ~49.2% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 71% of 297 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.2% (very low).

Risk analysisWatch Report Compare

CIRCIOSActiveChecked score 55/100

Risk analysis Report Compare

Activity

Electricity, gas, steam and air conditioning supply

NACE 35120Production of electricity from non-renewable sources NACE 35110

1 site

Size

€19,589total assets 2025

Equity: €10,478
Loss: -€10,169

Financial health

55 Fair Checked score 2025

Bankruptcy chance 12 m: 0.2%

Structure

Parent: Luminus · 100%

Accounts 60 d early0 of 2 deeds read

Why 55Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year+ Liquidity: current ratio 2.14, cash €17,860+ Sector Electricity, gas, steam and air conditioning supply (NACE 35)+ Size: total assets €19,589+ Figures for FY 2025 (filed 04-06-2026)Show the evidence

Checked score

Score 2025

55 / 100

Fair

Probability in this band: 1.5% to 4.2%

Better than 40% of its sector peers (NACE 35, micro)

Performance against the sector, not lower risk

A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59. Every signal that weighs is under Signals.

Financial strength · tick = 2024

Average

Solvency 78+18

equity 53.5% of total assets

Liquidity 77+12

short-term debt 46.5% · cash 91.2%

Profitability 0=

return on assets -51.9%

Bankruptcy probability, 12 months

0.2% Very low

0%0.5%1.5%4%10%≥ 25%

About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.4% (536 companies)

Last 18 months 05-2025: 0.1%lowest value 06-2025: 0.1%▲ +5.2% vs 05-2025 07-2025: 0.4%▲ +257% vs 06-2025 08-2025: 0.4%● 0.0% vs 07-2025 09-2025: 0.4%▲ +3.0% vs 08-2025 10-2025: 0.4%● 0.0% vs 09-2025 11-2025: 0.4%● 0.0% vs 10-2025 12-2025: 0.4%● 0.0% vs 11-2025 01-2026: 0.4%▼ -2.7% vs 12-2025 02-2026: 0.4%● 0.0% vs 01-2026 03-2026: 0.4%▲ +2.7% vs 02-2026 04-2026: 0.4%▲ +13.3% vs 03-2026 05-2026: 0.5%▲ +10.6% vs 04-2026 06-2026: 0.5%▲ +0.4% vs 05-2026highest value 07-2026: 0.2%▼ -63.8% vs 06-2026 08-2026: 0.2%▲ +3.5% vs 07-2026 09-2026: 0.2%▼ -5.1% vs 08-2026 10-2026: 0.2%● 0.0% vs 09-2026

Liquidity: current ratio 2.14, cash €17,860 lowers the probability
Sector Electricity, gas, steam and air conditioning supply (NACE 35) lowers the probability
Size: total assets €19,589 lowers the probability for this profile
Figures for FY 2025 (filed 04-06-2026) lowers the probability

Credit up to €500 at 30 days only on tighter terms

Net loss of at least half of total assets or of the equity at the start of the financial year.

Liquidity ample (current ratio 2.14 against 1.52 in 2024; short-term debt: 46.5% and cash: 91.2% of total assets), and 46.5% of the assets are financed with debt.

How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

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%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 35, micro). Better than this share of them on solvency 60%, liquidity 75%, profitability 8%, growth against the median 16%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 02-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

Credit check for your own amount and term

Show the recommended maximum : and see how the verdict changes with amount, term and advance.

Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Liquidity: current ratio 2.14, cash €17,860

In the bankruptcy model this factor lowers the probability.

NBB · annual accounts

Sector Electricity, gas, steam and air conditioning supply (NACE 35)

In the bankruptcy model this factor lowers the probability.

KBO

Size: total assets €19,589

In the bankruptcy model this factor lowers the probability for this profile.

NBB · annual accounts

Figures for FY 2025 (filed 04-06-2026)

In the bankruptcy model this factor lowers the probability.

NBB · annual accounts

Persistent losses

Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.

NBB · annual accounts 2025

Net result per financial year

22232425

2022 to 2025 · latest year -€10,169

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-06-2026, 60 days ahead of the deadline.

NBB · 4 filings

Deviation from the deadline

2025

60 d early

2024

48 d early

2023

55 d early

2022

54 d early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 4 accounts on average 54 days before the deadline; the sector median for financial year 2024 is 22 days before the deadline, and 27% of the sector filed late.

Checked, nothing found (2)

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. Usually files around 7 June (4 of the last 4 filed years within 30 days of that day).

Companies Code · seven months

Position in the running window

02-10-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

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

01-06-26 Annual accounts filedfiscal year 2025 · full…
13-06-25 Annual accounts filedfiscal year 2024 · full…
31-12-24 Weakest financial yearnet -€28,910

Key points

Risk: 4 loss-making years in a rowloss fiscal year 2025 -€10,169 View
Caution: Among the weakest 13% on equitysector median €2.5m · 297 companies €10,478 View
Controlled by Luminusultimately: EDF SA 100% View
Positive: Always filed on timeaccounts within the deadline every year 4 years View