Circular Textiles
ActiveThe file of Circular Textiles contains 2 judicial reorganisation notices, as published in the Belgian State Gazette.
Summary
The computed 12-month bankruptcy probability is 10.1% (high). The 2025 annual accounts show negative equity (-€68,950) and a net result of €314,453. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 9% of 8115 sector peers (fiscal year 2025).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency3▲+3
Growth78▲+20
Track record60
Bankruptcy probability, 12 months
10.1%
High
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.86 against 3.14 in 2024; short-term debt: 113.9% and cash: 3% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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 2025Solvency, return and age of the figures
Solvency
-22.2%
Return on assets
101.2%
Age of the figures
20 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 8115 sector peers (2025).
NBB · sector comparisonPosition among 8115 sector peers
Solvency
better than 9%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-01-2025 was due by 31-08-2025 and was filed on 24-09-2025, 24 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
24 d late
2024
5 d late
2023
6 d early
2021
20 d early
2020
6 d late
2019
90 d late
← 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 17 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2025, abbreviated schema
Equity
-€68,950▲ 82.0%
2024 · -€383,402
Total assets
€310,669▼ 65.7%
2024 · €905,595
Net result
€314,453▼ 52.8%
2024 · €666,163
Working capital
-€51,093
2024 · €509,339
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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
Line20202021202320242025
Operating result-€108,728▲ 32.1%-€312,527▼ 187%-€1.4m-€746,491€316,946▼ 57.5%
Net result-€110,610below the sector's middle half▲ 33.1%-€324,323below the sector's middle half▼ 193%-€1.4mbelow the sector's middle half-€666,163above the sector's middle half€314,453above the sector's middle half▼ 52.8%
Equity€23,941below the sector's middle half€367,828above the sector's middle half▲ 1,436%-€1.0mbelow the sector's middle half--€383,402below the sector's middle half▲ 63.5%-€68,950below the sector's middle half▲ 82.0%
Total assets€261,302below the sector's middle half▲ 154%€923,539above the sector's middle half▲ 253%€761,641within the sector's middle half-€905,595within the sector's middle half▲ 18.9%€310,669below the sector's middle half▼ 65.7%
Debt€237,361▼ 4.5%€555,711▲ 134%€1.8m-€1.3m▼ 28.8%€379,619▼ 70.5%
Working capital€163,201€607,453▲ 272%€191,507-€509,339▲ 166%-€51,093
Solvency9.2%below the sector's middle half▲ 150.3pp39.8%within the sector's middle half▲ 30.7pp-137.8%below the sector's middle half--42.3%below the sector's middle half▲ 95.5pp-22.2%below the sector's middle half▲ 20.1pp
Staff (FTE)0.8below the sector's middle half1.8▲ 125%3within the sector's middle half-1.8within the sector's middle half▼ 40.0%1.8within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2025 Net result -53% on 2024. This fiscal year ran 10 months, the previous one 12.
- 2021 Net result -193% on 2020. This fiscal year ran 15 months, the previous one 12. The accounts now follow the micro schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 58% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €310,669
Fixed assets
€7,929 ▼ 95.0%
Current assets
€302,741 ▼ 59.5%
Key figures and ratios
EBITDA
€465,323▼
2024 · €843,651
Cash flow
€462,830▼
2024 · €763,323
Current ratio
0.86▼
2024 · 3.14
Quick ratio
0.56▼
2024 · 1.98
Debt to equity
-5.51▼
2024 · -3.36
ROA
101.2%▲
2024 · 73.6%
Interest coverage
185.73▲
2024 · 10.49
Debt ≤ 1 year
€353,834▲
2024 · €238,350
Debt > 1 year
€0▼
2024 · €967,176
Staff costs
€50,205▼
2024 · €104,170
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,176 companies that looked in July 2024 the way this one looks now, 4.3% went bankrupt within 24 months and 89% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
4.3%
went bankrupt
5.6%
stopped otherwise
89%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 10.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 2,176 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 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1.8m | €1.2m | ▼ 37.1% |
| Remuneration, social security and pensions62 | - | €97,354 | €195,617 | €104,170 | €50,205 | ▼ 51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,439 | €25,621 | €105,045 | €97,160 | €148,377 | ▲ 52.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €0 | €429,273 | €28,470 | -€16,535 | ▼ 158% |
| Other operating charges640/8 | - | €2,183 | €1,536 | €1,619 | €236 | ▼ 85.4% |
| Non-recurring operating charges66A | - | - | €1,587 | €0 | €65,087 | - |
| Gross operating margin9900 | -€76,718 | -€187,368 | -€646,642 | €977,911 | €564,316 | ▼ 42.3% |
| Operating profit (loss)9901 | -€108,728 | -€312,527 | -€1.4m | €746,491 | €316,946 | ▼ 57.5% |
| Financial income75/76B | - | €266 | €2,029 | €265 | €13 | ▼ 95.2% |
| Recurring financial income75 | €3 | €266 | €2,029 | €265 | €13 | ▼ 95.2% |
| Financial charges65/66B | - | €12,062 | €39,721 | €80,387 | €2,505 | ▼ 96.9% |
| Recurring financial charges65 | €1,884 | €12,062 | €39,721 | €80,387 | €2,505 | ▼ 96.9% |
| Profit (loss) for the period before taxes9903 | -€110,610 | -€324,323 | -€1.4m | €666,368 | €314,453 | ▼ 52.8% |
| Income taxes67/77 | - | - | - | €205 | - | - |
| Profit (loss) for the period9904 | -€110,610 | -€324,323 | -€1.4m | €666,163 | €314,453 | ▼ 52.8% |
| Transfer to tax-exempt reserves689 | - | - | - | €1.5m | - | - |
| Profit (loss) for the period to be appropriated9905 | -€110,610 | -€324,323 | -€1.4m | -€786,077 | €314,453 | ▲ 140% |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €261,302 | €923,539 | €761,641 | €905,595 | €310,669 | ▼ 65.7% |
| Fixed assets21/28 | €67,014 | €200,431 | €244,978 | €157,906 | €7,929 | ▼ 95.0% |
| Intangible fixed assets21 | €64,980 | €185,945 | €227,832 | €148,872 | €7,503 | ▼ 95.0% |
| Tangible fixed assets22/27 | €1,608 | €12,460 | €15,121 | €7,008 | - | - |
| Plant, machinery and equipment23 | - | €5,036 | €4,144 | €1,821 | - | - |
| Furniture and vehicles24 | - | €7,424 | €7,552 | €3,403 | - | - |
| Other tangible fixed assets26 | - | €0 | €3,425 | €1,785 | - | - |
| Financial fixed assets28 | €426 | €2,026 | €2,026 | €2,026 | €426 | ▼ 79.0% |
| Current assets29/58 | €194,288 | €723,109 | €516,663 | €747,689 | €302,741 | ▼ 59.5% |
| Stocks and contracts in progress3 | €45,372 | €181,998 | €243,541 | €276,186 | €104,692 | ▼ 62.1% |
| Stocks30/36 | - | €181,998 | €243,541 | €276,186 | €104,692 | ▼ 62.1% |
| Amounts receivable within one year40/41 | €128,882 | €62,707 | €109,579 | €226,335 | €182,068 | ▼ 19.6% |
| Trade receivables40 | - | €54,995 | €11,951 | €170,066 | €160,987 | ▼ 5.3% |
| Other amounts receivable41 | - | €7,712 | €97,628 | €56,270 | €21,081 | ▼ 62.5% |
| Cash at bank and in hand54/58 | €18,246 | €478,404 | €83,173 | €34,914 | €9,282 | ▼ 73.4% |
| Deferred charges and accrued income490/1 | - | €0 | €80,369 | €210,253 | €6,699 | ▼ 96.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €261,302 | €923,539 | €761,641 | €905,595 | €310,669 | ▼ 65.7% |
| Equity10/15 | €23,941 | €367,828 | -€1.0m | -€383,402 | -€68,950 | ▲ 82.0% |
| Contributions10/11 | - | €968,210 | €968,210 | €968,210 | €968,210 | = |
| Reserves13 | - | - | - | €1.5m | €1.5m | = |
| Tax-exempt reserves132 | - | - | - | €1.5m | €1.5m | = |
| Profit (loss) carried forward14 | -€276,059 | -€600,382 | -€2.0m | -€2.8m | -€2.5m | ▲ 11.2% |
| Amounts payable17/49 | €237,361 | €555,711 | €1.8m | €1.3m | €379,619 | ▼ 70.5% |
| Amounts payable after more than one year17 | €204,511 | €353,582 | €1.4m | €967,176 | €0 | ▼ 100% |
| Financial debts170/4 | - | €353,582 | €1.4m | €967,176 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €31,087 | €115,655 | €325,156 | €238,350 | €353,834 | ▲ 48.5% |
| Current portion of amounts payable after more than one year42 | - | €55,158 | €86,429 | €0 | - | - |
| Trade debts44 | €15,857 | €40,755 | €216,331 | €222,869 | €21,734 | ▼ 90.2% |
| Suppliers440/4 | - | €40,755 | €216,331 | €222,869 | €21,734 | ▼ 90.2% |
| Advances received on contracts in progress46 | - | - | €289 | €1,182 | €619 | ▼ 47.6% |
| Taxes, remuneration and social security45 | - | €19,742 | €22,107 | €14,299 | €5,496 | ▼ 61.6% |
| Taxes450/3 | - | €422 | €1,942 | €1,101 | €5,496 | ▲ 399% |
| Remuneration and social security454/9 | - | €19,320 | €20,165 | €13,198 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | - | €325,986 | - |
| Accrued charges and deferred income492/3 | - | €86,474 | €135,852 | €83,471 | €25,785 | ▼ 69.1% |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€110,610 | -€324,323 | -€1.4m | €666,163 | €314,453 | ▼ 52.8% |
| + Depreciation and write-downs630 | €8,439 | €25,621 | €105,045 | €97,160 | €148,377 | ▲ 52.7% |
| Operating cash flow (approximation) | -€102,171 | -€298,702 | -€1.3m | €763,323 | €462,830 | ▼ 39.4% |
| Investment in fixed assets (approximation) | - | -€159,038 | - | -€10,088 | €1,600 | ▲ 116% |
| Change in cash | - | €460,158 | - | -€48,259 | -€25,632 | ▲ 46.9% |
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
2025
24-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 24 days late
2024
05-11
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 5 days late
31-03
Financial
Back to profitnet €666,163
Net result €666,163 after 4 loss-making years.
03-01
Judicial reorganisation
Plan homologation
Ondernemingsrechtbank Antwerpen · event 27-12-2023
2023
07-11
Judicial reorganisation
Opening
Ondernemingsrechtbank Antwerpen · collective agreement · event 31-10-2023
25-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
31-03
Financial
Weakest financial yearnet -€1.4m
Net result drops to -€1.4m, the lowest in the series; recovery starts the following year.
2022
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Equity above €200,000Eq €367,828 ▲1,436%
Equity rises from €23,941 to €367,828.
06-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 6 days late
2020
30-09
Financial
Liquidity times 7current ratio 6.25
Current ratio from 0.88 to 6.25; short-term debt falls from €89,237 to €31,087.
29-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 90 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 14 acts read
About the unread acts
We know of 14 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
14 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Houthalen-Helchteren · 1 establishment unit since 2017
Ground area
3.1 ha
Building footprint
3,719 m²
Volume, LiDAR
60,127 m³
Parcel 72015C0770/00F000, Flanders · tallest building 20.7 m, ±6 floors. Linked by address, not a title deed.
14
companies at this address
See who is registered here
1 establishment unit
Circular Textiles
since 20172.268.652.232
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 72015C0770/00F000 | Flanders | 3.1 ha | 1 · 3,719 m² | 20.7 m · 6 fl. |
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.
Structure & network
Owners and holdings
1 ownerChain of control
- GEQ
- CLAES RETAIL GROUP
- Circular Textiles
Highest known parent: GEQ. The sources do not say who stands above it.
Owners 1
-
100%
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
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 1,259 EUR awarded · 1,259 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 1,259 EUR | 1,259 EUR |
European Union, budget
2021 · 1 entry · 114,886 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2021 | 1 | 114,886 EUR |
Projects
SCIRT - SYSTEM CIRCULARITY AND INNOVATIVE RECYCLING OF TEXTILES
European research
1 project · 114,888 EUR EU contributionProgrammes
Projects
System Circularity and Innovative Recycling of Textiles
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Of 1,307 companies in sector 46423 we hold annual accounts for 810. 552 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded05-10-2017
Fiscal year end31-01
Activities, NACEBEL 2025
46423Wholesale of clothing, excluding workwear and underwear
46424Wholesale trade
47792Retail sale of second-hand clothing
74111Design of textile patterns, clothing, jewellery, furniture and decorative items
E-invoicing
Reachable via Peppol
Peppol ID
0208:0682598502
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.