Circul 2020
ActiveSummary
Circul 2020 has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €65,862 and a net result of -€8,923. Equity is growing by ~4% per year across the filed fiscal years. Its solvency ranks better than 6% of 299 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
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Signals
This company filed its last 7 accounts on average 60 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 40% of the sector filed late.
Checked, nothing found (2)
History
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Financials · fiscal year 2025, full schema
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 42, Civil engineering, each year against the same schema; no band under 30 filings. Dashed line: the median.
Peer companies
Historical observationOf the 818 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 94% are still going.
- Small
- 5 to 10 years old
- solvency under 10%
- a small loss
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% 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 818 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.
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €82.1m | €14.2m | €9.2m | €6.8m | €9.6m | ▲ 41.3% |
| Turnover70 | €81.9m | €14.6m | €9.2m | €6.8m | €9.6m | ▲ 41.3% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | -€136,745 | -€362,398 | - | - | - | - |
| Other operating income74 | €385,864 | €14,998 | - | - | - | - |
| Operating charges60/66A | €82.1m | €14.3m | €9.1m | €6.8m | €9.6m | ▲ 41.5% |
| Goods for resale, raw materials and consumables60 | - | €14.2m | €9.0m | €6.7m | €9.3m | ▲ 37.8% |
| Purchases600/8 | - | €14.2m | €9.0m | €6.7m | €9.3m | ▲ 37.8% |
| Services and other goods61 | €82.1m | €29,461 | €51,957 | €53,635 | €325,008 | ▲ 506% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €56 | - | - | - | - | - |
| Other operating charges640/8 | - | €54,343 | €12,518 | €982 | €1,199 | ▲ 22.1% |
| Operating profit (loss)9901 | -€1,902 | -€58,268 | €109,564 | €2,219 | -€8,858 | ▼ 499% |
| Financial income75/76B | - | €8,154 | - | €598,455 | €110,364 | ▼ 81.6% |
| Recurring financial income75 | - | €8,154 | - | €598,455 | €110,364 | ▼ 81.6% |
| Other financial income752/9 | - | €8,154 | - | €598,455 | €110,364 | ▼ 81.6% |
| Financial charges65/66B | €15,596 | €3,805 | €47 | €598,507 | €110,428 | ▼ 81.5% |
| Recurring financial charges65 | €15,596 | €3,805 | €47 | €598,507 | €110,428 | ▼ 81.5% |
| Other financial charges652/9 | €15,596 | €3,805 | €47 | €598,507 | €110,428 | ▼ 81.5% |
| Profit (loss) for the period before taxes9903 | -€17,498 | -€53,919 | €109,517 | €2,168 | -€8,923 | ▼ 512% |
| Income taxes67/77 | - | - | €27,466 | €2,527 | - | - |
| Taxes670/3 | - | - | €27,466 | €2,527 | - | - |
| Profit (loss) for the period9904 | -€17,498 | -€53,919 | €82,051 | -€359 | -€8,923 | ▼ 2,388% |
| Profit (loss) for the period to be appropriated9905 | -€17,498 | -€53,919 | €82,051 | -€359 | -€8,923 | ▼ 2,388% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €27.6m | €4.5m | €5.6m | €3.2m | €3.5m | ▲ 7.0% |
| Current assets29/58 | €27.6m | €4.5m | €5.6m | €3.2m | €3.5m | ▲ 7.0% |
| Stocks and contracts in progress3 | €362,398 | - | - | - | - | - |
| Contracts in progress37 | €362,398 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €26.4m | €150,615 | €2.8m | €2.7m | €2.8m | ▲ 5.5% |
| Trade receivables40 | €26.4m | €150,615 | €2.8m | €2.7m | €2.8m | ▲ 5.5% |
| Cash at bank and in hand54/58 | €877,818 | €4.4m | €2.8m | €568,257 | €646,964 | ▲ 13.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €27.6m | €4.5m | €5.6m | €3.2m | €3.5m | ▲ 7.0% |
| Equity10/15 | €47,011 | -€6,908 | €75,143 | €74,785 | €65,862 | ▼ 11.9% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €162 | €162 | €836 | €836 | €836 | = |
| Non-distributable reserves130/1 | €162 | €162 | €836 | €836 | €836 | = |
| Legal reserve130 | €162 | €162 | €836 | €836 | €836 | = |
| Profit (loss) carried forward14 | -€14,650 | -€68,570 | €12,808 | €12,449 | €3,526 | ▼ 71.7% |
| Provisions and deferred taxes16 | €56 | €56 | €56 | €56 | €56 | = |
| Provisions for liabilities and charges160/5 | €56 | €56 | €56 | €56 | €56 | = |
| Other liabilities and charges164/5 | €56 | €56 | €56 | €56 | €56 | = |
| Amounts payable17/49 | €27.6m | €4.5m | €5.5m | €3.2m | €3.4m | ▲ 7.4% |
| Amounts payable within one year42/48 | €27.6m | €4.5m | €5.5m | €2.6m | €3.4m | ▲ 30.2% |
| Trade debts44 | €21.8m | €2.6m | €4.1m | €1.7m | €2.0m | ▲ 17.8% |
| Suppliers440/4 | €21.8m | €2.6m | €4.1m | €1.7m | €2.0m | ▲ 17.8% |
| Taxes, remuneration and social security45 | €5.3m | €1.5m | €954,902 | €451,025 | €944,873 | ▲ 109% |
| Taxes450/3 | €5.3m | €1.5m | €954,902 | €451,025 | €944,873 | ▲ 109% |
| Other amounts payable47/48 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Accrued charges and deferred income492/3 | - | - | - | €554,289 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,498 | -€53,919 | €82,051 | -€359 | -€8,923 | ▼ 2,388% |
| Operating cash flow (approximation) | -€17,498 | -€53,919 | €82,051 | -€359 | -€8,923 | ▼ 2,388% |
| Change in cash | - | €3.5m | -€1.6m | -€2.3m | €78,707 | ▲ 103% |
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
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Directors · office · real estate
1 establishment unit
1 parcel
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21014A0003/00M022 | Brussels | 2,542 m² | 1 · 1,816 m² | 53.4 m · 14 fl. |
Linked by address, not proof of ownership
Structure & network
Owners and holdings
3 ownersChain of control
- Equans Holding Belux
- EQUANS
- Circul 2020
Highest known parent: Equans Holding Belux. The sources do not say who stands above it.
Owners 3
- EQUANSparent75%
-
12.5%
-
12.5%
Holdings 0
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of Circul 2020 and those 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
No current directors or connected companies found in the register.
Similar companies · same sector, comparable size
Identification & contact
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.