Equity
CIRCLE paid out €101,230 in dividends. That is 53% of the 2025 profit.
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 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% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, micro). It does better than 32% of them on solvency, 56% on liquidity, 84% on profitability and 85% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 6,782 companies had the same profile as CIRCLE has now. Each dot stands for 17 companies, two years later.
That fits the bankruptcy probability of CIRCLE itself: < 0.1% within 12 months.
The method was tested on the 497,447 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 6,782 companies, not a prediction for CIRCLE. 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.
Liquidity is insufficient, with a current ratio of 0.91 (0.76 in 2024), below 1. Short-term debt is 33.5% and cash 22.9% of total assets. 68% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 1 day before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| CIRCLE Lokeren | €679,443 | €93,766 | 32.0% | - |
| PELIMMO Wetteren | €704,209 | €96,186 | 62.4% | - |
| Classic Blue Ghent | €722,925 | €90,302 | 7.2% | - |
| CELADMIN Kruisem | €695,525 | €84,829 | 24.7% | - |
| GAKU Destelbergen | €646,264 | €98,495 | 9.6% | - |
| GD Services Eeklo | €758,498 | €104,429 | 41.5% | - |
| Majime Consulting Ghent | €744,640 | €110,413 | 42.6% | - |
These companies have the same main activity as CIRCLE: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €646,000 and €758,000, founded between 2020 and 2021.
CIRCLE files the micro format. That format states no turnover. The gross margin rose from €14,736 in 2021 to €93,766 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €190,000. Estimated: probably between €140,000 and €240,000.
Higher than 31% of 39,364 companies in 2025.
Higher than 21% of 38,048 companies in 2025.
Higher than 69% of 38,520 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
679,443 | 746,844 | 473,239 | 156,245 | 138,417 | |
21/28 |
473,205 | 503,042 | 437,246 | 100,000 | 100,000 | |
22/27 |
378,940 | 403,042 | 337,246 | - | - | |
22 |
322,019 | 332,472 | 337,246 | - | - | |
23 |
2,775 | - | - | - | - | |
24 |
54,146 | 70,571 | - | - | - | |
28 |
94,265 | 100,000 | 100,000 | 100,000 | 100,000 | |
29/58 |
206,238 | 243,802 | 35,993 | 56,245 | 38,417 | |
40/41 |
50,846 | 233,295 | 8,379 | 13,024 | 8,265 | |
40 |
34,143 | 16,084 | 6,000 | 12,350 | - | |
41 |
16,703 | 217,211 | 2,379 | 674 | 8,265 | |
54/58 |
155,392 | 10,507 | 27,614 | 43,221 | 30,152 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
679,443 | 746,844 | 473,239 | 156,245 | 138,417 | |
10/15 |
217,544 | 129,056 | 80,475 | 60,731 | 27,825 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
13 |
7,825 | 7,825 | 7,825 | 7,825 | 7,825 | |
133 |
7,825 | 7,825 | 7,825 | 7,825 | 7,825 | |
14 |
189,718 | 101,230 | 52,649 | 32,905 | - | |
17/49 |
461,899 | 617,789 | 392,765 | 95,514 | 110,591 | |
17 |
231,209 | 294,979 | 307,415 | 50,000 | 70,000 | |
170/4 |
231,209 | 294,979 | 307,415 | 50,000 | 70,000 | |
42/48 |
227,666 | 322,809 | 82,106 | 45,514 | 40,591 | |
42 |
63,770 | 73,248 | 60,112 | 20,000 | 20,000 | |
44 |
1,586 | 1,119 | 2,522 | 2,357 | 2,837 | |
440/4 |
1,586 | 1,119 | 2,522 | 2,357 | 2,837 | |
45 |
33,089 | 30,519 | 19,472 | 22,949 | 17,510 | |
450/3 |
33,089 | 30,519 | 19,472 | 22,949 | 17,510 | |
47/48 |
129,221 | 217,922 | 0 | 208 | 244 | |
492/3 |
3,024 | 0 | 3,243 | - | - | |
| Income statement | ||||||
9900 |
93,766 | 95,244 | 46,132 | 48,131 | 14,736 | |
630 |
27,141 | 21,752 | 5,680 | 0 | 1,002 | |
640/8 |
2,164 | 1,883 | 2,042 | 671 | 348 | |
9901 |
64,461 | 71,609 | 38,409 | 47,460 | 13,387 | |
75/76B |
152,319 | 6,644 | - | 0 | 160 | |
75 |
152,319 | 6,644 | - | 0 | 160 | |
65/66B |
13,791 | 15,576 | 11,315 | 3,396 | 1,940 | |
65 |
13,791 | 15,576 | 11,315 | 3,396 | 1,940 | |
9903 |
202,989 | 62,677 | 27,094 | 44,064 | 11,607 | |
67/77 |
13,271 | 14,096 | 7,350 | 11,158 | 3,781 | |
9904 |
189,718 | 48,581 | 19,744 | 32,905 | 7,825 | |
9905 |
189,718 | 48,581 | 19,744 | 32,905 | 7,825 | |
| Appropriation of the result | ||||||
9906 |
290,949 | 101,230 | 52,649 | 32,905 | 7,825 | |
14P |
101,230 | 52,649 | 32,905 | - | - | |
691/2 |
- | - | - | 0 | 7,825 | |
6921 |
- | - | - | 0 | 7,825 | |
694/7 |
101,230 | - | - | - | - | |
694 |
101,230 | - | - | - | - | |
| Document | ||||||
The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 09-04-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-04-2026 | 2026-00075850 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00441890 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00385573 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00397066 | |
| 31-12-2021 | micro format | 19-08-2022 | 2022-20297421 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 91,602 | 93,361 | 44,089 | 47,460 | 14,389 | ||
| 216,859 | 70,333 | 25,424 | 32,905 | 8,827 | ||
| 3,039 | 87,548 | 342,926 | 0 | 101,002 | ||
| 144,885 | -17,107 | -15,607 | 13,069 | - | ||
| -21,428 | -79,007 | -46,113 | 10,731 | -2,175 | ||
| 32.0% | 17.3% | 17.0% | 38.9% | 20.1% | ||
| 0.91 | 0.76 | 0.44 | 1.24 | 0.95 | ||
| 2.12 | 4.79 | 4.88 | 1.57 | 3.97 | ||
| 87.2% | 37.6% | 24.5% | 54.2% | 28.1% | ||
| 27.9% | 6.5% | 4.2% | 21.1% | 5.7% | ||
| 6.64 | 5.99 | 3.90 | 13.97 | 7.42 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,039 | €87,548 | €342,926 | - | - |
| Intangible fixed assets | - | - | - | - | €1,002 |
| Financial fixed assets | - | - | - | - | €100,000 |
| €27,141 | €21,752 | €5,680 | €0 | €1,002 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 10% lower than in 2024.
Debt's share of the balance-sheet total falls from 82.7% to 68.0%. Equity is higher and debt is lower.
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
| CHARCOM
registered office since 13-01-2023 · founded in 2023 |
total assets €442,555 (2025) 0797.119.868 |
The board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| H.-Geestmolenstraat 104 registered office 9160 Lokeren | 10-03-2021 | 2.314.299.541 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 46383D0493/00H000 | 617 m² | 1 · 144 m² | 5.2 m · 1 |
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