CIRCL
ActiveSummary
CIRCL has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €942,988 and a net result of -€779,813. Equity is growing by ~137.7% per year across the filed fiscal years. Its solvency ranks better than 52% of 2097 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability0=
Solvency66▼-22
Growth52=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45,000 at 30 days acceptable
Liquidity short (current ratio 0.88 against 2.47 in 2023; short-term debt: 57.8% and cash: 23.4% of total assets), and 59.4% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
40.6%
Return on assets
-33.6%
Age of the figures
21 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
2021222324
2020 to 2024 · latest year -€779,813
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 18-08-2025, 18 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 · 6 filingsDeviation from the deadline
2025
not confirmed
2024
18 d late
2023
30 d late
2022
26 d early
2021
204 d late
2020
32 d early
2019
22 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 29 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
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Financials · fiscal year 2024, abbreviated schema
Equity
€942,988▼ 45.3%
2023 · €1.7m
Total assets
€2.3m▼ 14.4%
2023 · €2.7m
Net result
-€779,813▼ 6.7%
2023 · -€730,738
Working capital
-€167,565
2023 · €1.3m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€6,903--€1,259€18,937-€728,369-€742,785▼ 2.0%
Net result€6,783within the sector's middle half--€1,259below the sector's middle half€17,612within the sector's middle half-€730,738below the sector's middle half-€779,813below the sector's middle half▼ 6.7%
Equity€49,186below the sector's middle half-€47,927below the sector's middle half▼ 2.6%€65,539below the sector's middle half▲ 36.7%€1.7mabove the sector's middle half▲ 2,529%€942,988above the sector's middle half▼ 45.3%
Total assets€273,382below the sector's middle half-€193,959below the sector's middle half▼ 29.1%€192,208below the sector's middle half▼ 0.9%€2.7mabove the sector's middle half▲ 1,312%€2.3mabove the sector's middle half▼ 14.4%
Debt€224,196-€146,033▼ 34.9%€126,669▼ 13.3%€990,685▲ 682%€1.4m▲ 39.2%
Working capital€49,186-€47,927▼ 2.6%€65,539▲ 36.7%€1.3m▲ 1,951%-€167,565
Solvency18.0%within the sector's middle half-24.7%within the sector's middle half▲ 6.7pp34.1%within the sector's middle half▲ 9.4pp63.5%above the sector's middle half▲ 29.4pp40.6%within the sector's middle half▼ 22.9pp
Staff (FTE)3within the sector's middle half3within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €742,785 in 2024 against €728,369 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €2.3m
Fixed assets
€1.1m ▲ 153%
Current assets
€1.2m ▼ 48.0%
Equity and liabilities €2.3m
Equity
€942,988 ▼ 45.3%
Debt
€1.4m ▲ 39.2%
Debt's share of the balance-sheet total rises from 36.5% to 59.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€564,664▲
2023 · -€649,259
Cash flow
-€601,692▲
2023 · -€651,629
Current ratio
0.88▼
2023 · 2.47
Quick ratio
0.60▼
2023 · 1.78
Debt to equity
1.46▲
2023 · 0.58
ROE
-82.7%▼
2023 · -42.4%
ROA
-33.6%▼
2023 · -26.9%
Interest coverage
-15.48▲
2023 · -292.47
Debt ≤ 1 year
€1.3m▲
2023 · €914,536
Income taxes
€541▲
2023 · €150
Staff costs
€240,333▲
2023 · €49,816
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,595 companies that looked in July 2024 the way this one looks now, 2.8% went bankrupt within 24 months and 87% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
2.8%
went bankrupt
9.3%
stopped otherwise
87%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,595 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €49,816 | €240,333 | ▲ 382% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €79,109 | €178,121 | ▲ 125% |
| Other operating charges640/8 | - | €62 | €62 | €12,200 | €4,560 | ▼ 62.6% |
| Non-recurring operating charges66A | - | - | - | - | €2,609 | - |
| Gross operating margin9900 | €7,365 | -€1,197 | €18,999 | -€587,243 | -€317,161 | ▲ 46.0% |
| Operating profit (loss)9901 | €6,903 | -€1,259 | €18,937 | -€728,369 | -€742,785 | ▼ 2.0% |
| Financial charges65/66B | - | - | €36 | €2,220 | €36,487 | ▲ 1,544% |
| Recurring financial charges65 | €120 | - | €36 | €2,220 | €36,487 | ▲ 1,544% |
| Profit (loss) for the period before taxes9903 | €6,783 | -€1,259 | €18,901 | -€730,589 | -€779,272 | ▼ 6.7% |
| Income taxes67/77 | - | - | €1,288 | €150 | €541 | ▲ 261% |
| Profit (loss) for the period9904 | €6,783 | -€1,259 | €17,612 | -€730,738 | -€779,813 | ▼ 6.7% |
| Profit (loss) for the period to be appropriated9905 | €6,783 | -€1,259 | €17,612 | -€730,738 | -€779,813 | ▼ 6.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €273,382 | €193,959 | €192,208 | €2.7m | €2.3m | ▼ 14.4% |
| Fixed assets21/28 | - | - | - | €454,499 | €1.1m | ▲ 153% |
| Intangible fixed assets21 | - | - | - | €436,123 | €1.1m | ▲ 156% |
| Tangible fixed assets22/27 | - | - | - | €18,376 | €31,054 | ▲ 69.0% |
| Plant, machinery and equipment23 | - | - | - | - | €10,239 | - |
| Furniture and vehicles24 | - | - | - | €18,376 | €20,815 | ▲ 13.3% |
| Current assets29/58 | €273,382 | €193,959 | €192,208 | €2.3m | €1.2m | ▼ 48.0% |
| Stocks and contracts in progress3 | - | - | - | €629,604 | €372,138 | ▼ 40.9% |
| Stocks30/36 | - | - | - | €629,604 | €303,000 | ▼ 51.9% |
| Contracts in progress37 | - | - | - | - | €69,138 | - |
| Amounts receivable within one year40/41 | €270,595 | €15,109 | €2,609 | €168,952 | €181,899 | ▲ 7.7% |
| Trade receivables40 | - | €15,109 | €2,609 | €7,355 | €43,952 | ▲ 498% |
| Other amounts receivable41 | - | - | - | €161,597 | €137,947 | ▼ 14.6% |
| Current investments50/53 | €2,787 | €178,851 | - | €1.4m | - | - |
| Cash at bank and in hand54/58 | - | - | €189,599 | - | €542,315 | - |
| Deferred charges and accrued income490/1 | - | - | - | €46,306 | €78,439 | ▲ 69.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €273,382 | €193,959 | €192,208 | €2.7m | €2.3m | ▼ 14.4% |
| Equity10/15 | €49,186 | €47,927 | €65,539 | €1.7m | €942,988 | ▼ 45.3% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €2.5m | €2.5m | = |
| Capital10 | - | €62,000 | €62,000 | €2.5m | €2.5m | = |
| Issued capital100 | - | €62,000 | €62,000 | €2.5m | €2.5m | = |
| Reserves13 | - | - | €180 | €180 | €180 | = |
| Non-distributable reserves130/1 | - | - | €180 | €180 | €180 | = |
| Legal reserve130 | - | - | €180 | €180 | €180 | = |
| Profit (loss) carried forward14 | -€12,814 | -€14,073 | €3,359 | -€727,379 | -€1.5m | ▼ 107% |
| Amounts payable17/49 | €224,196 | €146,033 | €126,669 | €990,685 | €1.4m | ▲ 39.2% |
| Amounts payable within one year42/48 | €224,196 | €146,033 | €126,669 | €914,536 | €1.3m | ▲ 46.8% |
| Trade debts44 | €224,196 | €146,033 | €125,381 | €131,879 | €365,591 | ▲ 177% |
| Suppliers440/4 | - | €146,033 | €125,381 | €131,879 | €365,591 | ▲ 177% |
| Advances received on contracts in progress46 | - | - | - | - | €144,913 | - |
| Taxes, remuneration and social security45 | - | - | €1,288 | €5,439 | €18,169 | ▲ 234% |
| Taxes450/3 | - | - | €1,288 | €150 | €313 | ▲ 109% |
| Remuneration and social security454/9 | - | - | - | €5,289 | €17,857 | ▲ 238% |
| Other amounts payable47/48 | - | - | - | €777,218 | €813,684 | ▲ 4.7% |
| Accrued charges and deferred income492/3 | - | - | - | €76,149 | €37,133 | ▼ 51.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,783 | -€1,259 | €17,612 | -€730,738 | -€779,813 | ▼ 6.7% |
| + Depreciation and write-downs630 | - | - | - | €79,109 | €178,121 | ▲ 125% |
| Operating cash flow (approximation) | €6,783 | -€1,259 | €17,612 | -€651,629 | -€601,692 | ▲ 7.7% |
| Investment in fixed assets (approximation) | - | - | - | - | -€871,308 | - |
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
2026
15-07
State Gazette act
Reappointments: Jureco bv, Manibel bv and 5 othersPermanent representatives: Ronny Eijckmans, Bert Lenaerts and 4 others14 facts ▸
State Gazette act
Reappointments: Jureco bv, Manibel bv and 5 others
Permanent representatives: Ronny Eijckmans, Bert Lenaerts and 4 others14 facts ▸
- General meeting, 18-06-2026
- Director reappointment, Jureco bv (director)
- Permanent representative, Ronny Eijckmans (permanent representative)
- Director reappointment, Manibel bv (director)
- Permanent representative, Bert Lenaerts (permanent representative)
- Director reappointment, Womco bv (director)
- Permanent representative, Wim Pietërs (permanent representative)
- Director reappointment, Norsu bv (director)
- Permanent representative, Peter Bertels (permanent representative)
- Director reappointment, Rebecca Van Hoydonck (director)
- Director reappointment, JJ bv (director)
- Permanent representative, Jasmin Janssens (permanent representative)
- +2 further facts in this act
2025
18-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 18 days late
2024
31-12
Financial
Weakest financial yearnet -€779,813
Net result drops to -€779,813, the lowest in the series.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-12
Financial
Equity above €1mEq €1.7m ▲2,529%
Equity rises from €65,539 to €1.7m.
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
20-02
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 204 days late
2022
31-12
Financial
Back to profitnet €17,612
Net result €17,612 after one loss-making year.
2021
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
09-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 7 acts read
About the unread acts
Of the 7 Belgian State Gazette acts we know for this company, 1 has been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
under verification, last change in 2026
This board is reconstructed from a single act (26091566). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Board 7
JJ bv
CurrentDirector · since 18-06-2026 · Legal entity · perm. rep.: Jasmin Janssens
Jureco bv
CurrentDirector · since 18-06-2026 · Legal entity · perm. rep.: Ronny Eijckmans
Manibel bv
CurrentDirector · since 18-06-2026 · Legal entity · perm. rep.: Bert Lenaerts
Norsu bv
CurrentDirector · since 18-06-2026 · Legal entity · perm. rep.: Peter Bertels
Rubannah bv
CurrentDirector · since 18-06-2026 · Legal entity · perm. rep.: Jens Huybrechts
VAN HOYDONCK Rebecca
CurrentDirector · since 18-06-2026
Womco bv
CurrentDirector · since 18-06-2026 · Legal entity · perm. rep.: Wim Pietërs
Permanent representatives 6
Bert Lenaerts
CurrentPermanent representative · since 18-06-2026 · for Manibel bv
Jasmin Janssens
CurrentPermanent representative · since 18-06-2026 · for JJ bv
Jens Huybrechts
CurrentPermanent representative · since 18-06-2026 · for Rubannah bv
Peter Bertels
CurrentPermanent representative · since 18-06-2026 · for Norsu bv
Ronny Eijckmans
CurrentPermanent representative · since 18-06-2026 · for Jureco bv
Wim Pietërs
CurrentPermanent representative · since 18-06-2026 · for Womco bv
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
6 of this company's 7 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Geel · 1 establishment unit since 2018
Ground area
3.4 ha
Building footprint
5,238 m²
Parcel 13373A0494/00E000, Flanders. Linked by address, not a title deed.
46
companies at this address
See who is registered here
1 establishment unit
CIRCL
since 20182.275.895.162
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13373A0494/00E000 | Flanders | 3.4 ha | 1 · 5,238 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
7 people since 2026, 7 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| JJ bv |
|
| Jureco bv |
|
| Manibel bv |
|
| Norsu bv |
|
| Rubannah bv |
|
| VAN HOYDONCK Rebecca |
|
| Womco bv |
|
Structure & network
Part of the group
BESIX Group
60 companies
Group, risk and exposure
Owners and holdings
4 ownersChain of control
- BESIX Group
- VANHOUT
- CIRCL
Highest known parent: BESIX Group. The sources do not say who stands above it.
Owners 4
- VANHOUTparentSourceaccounts VANHOUT 202558.16%
-
20%
-
19.99%
-
1.86%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
1 connected companyThe connected companies are in the list below.
This company
Company
Director
Shareholding
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Linked via shared directors
Home 3 Invest
via VAN HOYDONCK Rebecca · Non-statutory director
→
Public money · subsidies and aid
Flemish government
2023 to 2025 · 4 entries · 483,126 EUR awarded · 386,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 0 EUR | 0 EUR |
| 2024 | 1 | 0 EUR | 193,000 EUR |
| 2023 | 1 | 483,126 EUR | 193,000 EUR |
Schemes
Recognitions · licences · registrations
Recognised contractor
2 categoriesCIRCL NV43153
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Of 29,787 companies in sector 41001 we hold annual accounts for 16,052. 6,656 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded20-02-2018
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43990Other specialised construction activities
62200Computer consultancy and computer facilities management
E-invoicing
Reachable via Peppol
Peppol ID
0208:0690765308
Registered
27-03-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.