CIRCULAR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 4 filings
Turnover
≈ €1.6m
Estimated: probably between €1.0m and €2.8m
Total assets
€1.3m▲ 75.3%
2024 · €721,070
Net result
€66,833▲ 12×
2024 · €5,641
Working capital
€887,909▲ 44.8%
2024 · €613,103
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€84,012
▲ 13×
2025
20222025
Net result
€66,833
▲ 12×
2025
highest quarter of the sector
20222025
Equity
€550,926
▲ 228%
2025
highest quarter of the sector
20222025
Total assets
€1.3m
▲ 75.3%
2025
highest quarter of the sector
20222025
Debt
€712,750
▲ 28.8%
2025
20222025
Working capital
€887,909
▲ 44.8%
2025
highest quarter of the sector
20222025
Solvency
43.6%
▲ 20.3pp
2025
middle half of the sector
20222025
Current ratio
6.68
▼ 5.67
2025
highest quarter of the sector
20222025
Return on assets (ROA)
5.3%
▲ 4.5pp
2025
middle half of the sector
20222025
Staff (FTE)
3.1
▲ 182%
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result-€0.04m--€0.001m▲ 97.2%€0.006m€0.08m▲ 13×
Net result-€0.04mbelow the sector's middle half--€0.002mwithin the sector's middle half▲ 95.7%€0.006mwithin the sector's middle half€0.07mabove the sector's middle half▲ 12×
Equity€0.2mabove the sector's middle half-€0.2mwithin the sector's middle half▼ 1.0%€0.2mwithin the sector's middle half▲ 3.5%€0.6mabove the sector's middle half▲ 228%
Total assets€0.2mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 12.8%€0.7mabove the sector's middle half▲ 232%€1.3mabove the sector's middle half▲ 75.3%
Debt€0.03m-€0.05m▲ 90.8%€0.6m▲ 907%€0.7m▲ 28.8%
Working capital€0.2mabove the sector's middle half-€0.2mabove the sector's middle half▼ 1.7%€0.6mabove the sector's middle half▲ 307%€0.9mabove the sector's middle half▲ 44.8%
Solvency85.0%above the sector's middle half-74.7%above the sector's middle half▼ 10.3pp23.3%within the sector's middle half▼ 51.4pp43.6%within the sector's middle half▲ 20.3pp
Current ratio11.44above the sector's middle half-4.25above the sector's middle half▼ 7.1912.34above the sector's middle half▲ 8.096.68above the sector's middle half▼ 5.67
Return on assets (ROA)-18.9%below the sector's middle half--0.7%within the sector's middle half▲ 18.1pp0.8%within the sector's middle half▲ 1.5pp5.3%within the sector's middle half▲ 4.5pp
Staff (FTE)1.13.1▲ 182%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is over 13 times that of 2024 and the highest since 2022. It is the third rise in a row.
Large changes and their cause
- 2025 Equity +228% on 2024. Capital increase of €104,519 (Official Gazette 28-07-2025). Capital increase of €211,800 (Official Gazette 28-07-2025).
- 2025 Total assets +75% on 2024. Capital increase of €211,800 (Official Gazette 28-07-2025).
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€219,370 ▲ 307%
Current assets
€1.0m ▲ 56.5%
Equity and liabilities €1.3m
Equity
€550,926 ▲ 228%
Debt
€712,750 ▲ 28.8%
Debt's share of the balance-sheet total falls from 76.7% to 56.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€109,665▲
2024 · €12,877
Cash flow
€92,486▲
2024 · €12,226
Debt to equity
1.29▼
2024 · 3.30
ROE
12.1%▲
2024 · 3.4%
Interest coverage
over 100▲
2024 · 19.75
Debt ≤ 1 year
€156,396▲
2024 · €54,048
Debt > 1 year
€0▼
2024 · €2,857
Income taxes
€16,460▲
2024 · €0
Staff costs
€211,270▲
2024 · €67,981
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 3 | 4 |
| full-time | 2 | 3 |
| part-time | 1 | 1 |
| in full-time equivalents | 2.8 | 3.8 |
| Average over the year, in full-time equivalents | 1.1 | 3.1 |
| On a permanent contract | 3 | 4 |
| Joined | 3 | 1 |
| Left | 0 | 0 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €23,090 | €1,476 | €4,111 | €30,048 |
| Intangible fixed assets | €6,000 | - | €36,353 | €161,056 |
| Financial fixed assets | - | - | - | €0 |
| Depreciation and write-downs of the year | €11,738 | €6,069 | €6,585 | €25,653 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 4 entries · €228,737 awarded · €95,373 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €185,992 | €74,000 |
| 2024 | 1 | €42,745 | €21,373 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €67,981 | €211,270 | ▲ 211% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,738 | €6,069 | €6,585 | €25,653 | ▲ 290% |
| Other operating charges640/8 | €372 | €1,208 | €1,178 | €1,156 | ▼ 1.9% |
| Gross operating margin9900 | -€23,576 | €6,293 | €82,037 | €322,091 | ▲ 293% |
| Operating profit (loss)9901 | -€35,686 | -€983 | €6,292 | €84,012 | ▲ 13× |
| Financial income75/76B | €1 | €4 | €1 | €10 | ▲ 989% |
| Recurring financial income75 | €1 | €4 | €1 | €10 | ▲ 989% |
| Financial charges65/66B | €595 | €526 | €652 | €729 | ▲ 11.7% |
| Recurring financial charges65 | €595 | €526 | €652 | €729 | ▲ 11.7% |
| Profit (loss) for the period before taxes9903 | -€36,280 | -€1,505 | €5,641 | €83,293 | ▲ 15× |
| Income taxes67/77 | €31 | €52 | €0 | €16,460 | - |
| Profit (loss) for the period9904 | -€36,311 | -€1,557 | €5,641 | €66,833 | ▲ 12× |
| Profit (loss) for the period to be appropriated9905 | -€36,311 | -€1,557 | €5,641 | €66,833 | ▲ 12× |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €0.2m | €0.2m | €0.7m | €1.3m | ▲ 75.3% |
| Fixed assets21/28 | €0.02m | €0.02m | €0.05m | €0.2m | ▲ 307% |
| Intangible fixed assets21 | €0.005m | €0.003m | €0.04m | €0.2m | ▲ 371% |
| Tangible fixed assets22/27 | €0.02m | €0.02m | €0.02m | €0.04m | ▲ 146% |
| Furniture and vehicles24 | - | €0.001m | €0.005m | €0.03m | ▲ 592% |
| Leasing and similar rights25 | €0.02m | €0.02m | €0.01m | €0.006m | ▼ 42.5% |
| Current assets29/58 | €0.2m | €0.2m | €0.7m | €1.0m | ▲ 56.5% |
| Amounts receivable after more than one year29 | - | - | €0.4m | €0.5m | ▲ 9.7% |
| Other amounts receivable291 | - | - | €0.4m | €0.5m | ▲ 9.7% |
| Amounts receivable within one year40/41 | €0.03m | €0.07m | €0.09m | €0.2m | ▲ 127% |
| Trade receivables40 | €0.03m | €0.07m | €0.09m | €0.2m | ▲ 97.3% |
| Other amounts receivable41 | €26 | €0 | €0.001m | €0.03m | ▲ 52× |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.1m | €0.4m | ▲ 164% |
| Deferred charges and accrued income490/1 | €0.001m | €0.001m | €0.002m | €0.004m | ▲ 125% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €0.2m | €0.2m | €0.7m | €1.3m | ▲ 75.3% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.6m | ▲ 228% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.5m | ▲ 158% |
| Profit (loss) carried forward14 | -€0.04m | -€0.04m | -€0.03m | €0.03m | - |
| Amounts payable17/49 | €0.03m | €0.05m | €0.6m | €0.7m | ▲ 28.8% |
| Amounts payable after more than one year17 | €0.01m | €0.009m | €0.003m | €0 | ▼ 100% |
| Financial debts170/4 | €0.01m | €0.009m | €0.003m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €0.01m | €0.05m | €0.05m | €0.2m | ▲ 189% |
| Current portion of amounts payable after more than one year42 | €0.005m | €0.006m | €0.006m | €0.003m | ▼ 49.9% |
| Trade debts44 | €0.004m | €0.03m | €0.03m | €0.1m | ▲ 212% |
| Suppliers440/4 | €0.004m | €0.03m | €0.03m | €0.1m | ▲ 212% |
| Taxes, remuneration and social security45 | €0.006m | €0.01m | €0.02m | €0.06m | ▲ 227% |
| Taxes450/3 | €0.006m | €0.01m | €0.006m | €0.04m | ▲ 583% |
| Remuneration and social security454/9 | €31 | €0 | €0.01m | €0.02m | ▲ 50.7% |
| Accrued charges and deferred income492/3 | - | - | €0.5m | €0.6m | ▲ 12.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€36,311 | -€1,557 | €5,641 | €66,833 | ▲ 12× |
| + Depreciation and write-downs630 | €11,738 | €6,069 | €6,585 | €25,653 | ▲ 290% |
| Operating cash flow (approximation) | -€24,572 | €4,512 | €12,226 | €92,486 | ▲ 656% |
| Investment in fixed assets (approximation) | - | -€1,476 | -€40,464 | -€191,104 | ▼ 372% |
| Change in cash | - | -€13,182 | €13,044 | €220,718 | ▲ 17× |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as CIRCULAR has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CIRCULAR itself is lower: 0.1% within 12 months. It rests on far more data about CIRCULAR than the profile alone.
Test of the method
The method was tested on the 497,446 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 26,972 companies, not a prediction for CIRCULAR. 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.