Active BE 0768.245.443Public limited company

CIRCIOS

Koning Albert II-laan 7 ·1210 Sint-Joost-ten-Node, Belgium· 5 yrs active

Sector: Productie van elektriciteit uit hernieuwbare bronnen (35120)

Conclusion Checked

The computed 12-month bankruptcy probability of CIRCIOS is 1.4% (low). The 2025 annual accounts show equity of €10k and a net result of €-10k. Equity is shrinking by ~94.6% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 85% of 30 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 3 annual accounts.

Key figures

Equity	€10k
Net result	€-10k
Better than sector	85%
Active	5 yrs

Snowflake analysis 5 of 5 axes measured · computed by Checked

56 / 100

Mixed profile: strong on solvency, weaker on profitability.

All 5 axes are computed from data Checked has read.

Health 60

Profitability 0

Solvency 96

Growth 32

Stability 94

Bankruptcy probability (12 mo) Checked model v1 · free

1.4% Low

0%0,5%1,5%4%10%≥25%

Young company +Higher-failure-rate region +Lower-failure-rate sector −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

More than 3 years active

Founded in 2021, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags 0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Health barometer FY 2025 · computed

60 / 100 Healthy

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

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Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview4 NBB filings

Annual accounts filed on 01-06-2026 with the NBB · fiscal year 2025 · volledig

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining At this pace, equity would indicatively turn negative around fiscal year 2026, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 35 · compared within the same schema type (full schema)

Metric	This company	Sector median	Position in the sector
Solvency	53.5%	26.1%	better than 85% of 30 sector peers
Equity	€10k	€6.03M	better than 18% of 30 sector peers
Total assets	€20k	€26.24M	better than 5% of 30 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

EBITDA

€-9k

+67.7% 23-25

Net profit

€-10k

+64.8% 23-25

Cash flow

€-10k

+65.4% 23-25

Total assets

€20k

-67.0% 23-25

Equity

€10k

-49.3% 23-25

Working capital

€10k

-48.9% 23-25

Debt

€9k

-76.5% 23-25

Debt ≤ 1y

€9k

-76.5% 23-25

Current ratio

2.14

+40.4% 23-25

Quick ratio

2.14

+40.4% 23-25

Solvency

53.5%

+54.0% 23-25

Debt / equity

0.87

-53.7% 23-25

ROE

-97.0%

+30.7% 23-25

ROA

-51.9%

-6.7% 23-25

Interest coverage

-11.31

+79.1% 23-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	volledig
Revenue	-
EBITDA	€-9k
Net profit	€-10k
Cash flow	€-10k
Staff costs	-
Income taxes	-
Dividends	-
Total assets	€20k
Equity	€10k
Debt	€9k
of which ≤ 1y	€9k
of which > 1y	-
Working capital	€10k
Employees (FTE)	-

Ratios (computed)

	2025
Current ratio	2.14
Quick ratio	2.14
Working capital ratio	52.9%
Solvency	53.5%
Debt / equity	0.87
Long-term debt ratio	-
Interest coverage	-11.31
Gross margin	-
Net margin	-
ROA	-51.9%
ROE	-97.0%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Equity & liabilities

Equity €10k · 53.5% Debt €9k · 46.5%

Full annual accounts

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€20k
Formation expenses	20	€112
Current assets	29/58	€19k
Amounts receivable within one year	40/41	€2k
Cash & bank	54/58	€18k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€20k
Equity	10/15	€10k
Contributions / capital	10/11	€62k
Accumulated profits (losses)	14	€-51k
Amounts payable	17/49	€9k
Amounts payable within one year	42/48	€9k
Trade debts payable within one year	44	€9k
Income statement
Gross operating margin	9900	€-8k
Operating result	9901	€-9k
Financial income	75	€1
Financial charges	65	€804
Result before taxes	9903	€-10k
Net result for the period	9904	€-10k
Result to be appropriated	9905	€-10k

You're seeing the latest fiscal year only. Unlock 2 prior years (figures + ratios) with a paid plan. See plans →

Ratios computed by Checked.

Legal Structure

NACE primary	Productie van elektriciteit uit hernieuwbare bronnen(35120)
Legal form	Public limited company(014)
Incorporation	10-05-2021
Status	Active
Postal code	1210

Establishment units 1 location

CIRCIOS

Koning Albert II-laan 7, 1210 Sint-Joost-ten-NodeProductie van elektriciteit uit niet-hernieuwbare bronnen

since 20212.385.847.731

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Real-estate footprint Source: CBE × cadastre

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Brussels 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21014A0004/00Y018	Brussels	2,230 m²	1 · 2,026 m²	36.2 m · 10 fl.

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 5 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2026

01-06-2026

NBB filing Annual accounts filed

fiscal year 2025 · volledig

2025

09-10-2025

State Gazette act Director changes

13-06-2025

NBB filing Annual accounts filed

fiscal year 2024 · volledig

2024

06-06-2024

NBB filing Annual accounts filed

fiscal year 2023 · volledig

2023

07-06-2023

NBB filing Annual accounts filed

fiscal year 2022 · volledig

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 10 months ago

2025

09-10-2025 4 directors appointed, 2 reappointed Director changes

Heidi Heleven, Dagelijks bestuur
Christian Robin, Dagelijks bestuur
Paul Soens, Dagelijks bestuur
Alexandre Saussez, Dagelijks bestuur
KPMG Réviseurs d'Entreprises BV/SRL, Commissaris
Axel Jorion, Commissaris

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

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Company registry (CBE) Crossroads Bank

Activities

Productie van elektriciteit35110Productie van elektriciteit uit hernieuwbare bronnen35120Algemene bouw van kantoorgebouwen41002Algemene bouw van kantoorgebouwen41202Verhuur en exploitatie van eigen of geleasd residentieel onroerend goed, exclusief sociale woningen68201Verhuur en exploitatie van eigen of geleased residentieel onroerend goed, exclusief sociale woningen68201

Primary activity highlighted.

Names & trade names

Legal nameFR

CIRCIOS

Registered office

Koning Albert II-laan 7

1210 Sint-Joost-ten-Node, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.

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