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Circular Timber

Active
Private limited companyfounded 2024active for 2 yearsRue d'Anogrune 154 A, 1380 Lasne, BelgiumKBO/BCE: BE 1010.597.072
Summary

The computed 12-month bankruptcy probability of Circular Timber is 3.6% (moderate). The 2025 annual accounts show equity of €8,610 and a net result of €15,610. Its solvency ranks better than 29% of 655 sector peers (NACE 16, financial year 2025). The company has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals.

Overview

Activity
Sawmilling and planing of wood
NACE 16110
1 site
Size
€42,713total assets 2025
Equity
€8,610
Profit
€15,610
Turnover not published (micro format)
Financial health
51 Fair Checked score 2025
Bankruptcy probabilitywithin 12 months
3.6%
Structure
Board
4 members
  • 3B structureManaging director · permanent representative Benoît Marie Sibilla Pierre HARGOT
2025 accounts 22 days early
Why 51raises riskFounded in 2024Liquidity: current ratio 1.10Sector: Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16)Show the evidence

Checked score

Score 2025
51 / 100
Fair
Probability in this band: 1.5% to 4.2%
Financially better than 63% of its sector peers (NACE 16, micro)
Financial strength
Strong
Solvency 45
equity 20.2% of total assets
Liquidity 65
short-term debt 37.9%
Profitability 100
return on assets 36.5%
Bankruptcy probability, 12 months
3.6% Moderate
0%0.5%1.5%4%10%≥ 25%

About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.5% (1,032 companies, NACE 16, micro)
Last 24 months 07-2025: 1.8%lowest value 08-2025: 1.8%● unchanged vs 07-2025lowest value 09-2025: 1.9%▲ +0.1 percentage points vs 08-2025 10-2025: 2.2%▲ +0.3 percentage points vs 09-2025 11-2025: 2.9%▲ +0.7 percentage points vs 10-2025 12-2025: 3.1%▲ +0.2 percentage points vs 11-2025 01-2026: 3.1%● unchanged vs 12-2025 02-2026: 3.3%▲ +0.2 percentage points vs 01-2026 03-2026: 3.4%▲ +0.1 percentage points vs 02-2026 04-2026: 3.3%▼ -0.1 percentage points vs 03-2026 05-2026: 3.3%● unchanged vs 04-2026 06-2026: 3.5%▲ +0.2 percentage points vs 05-2026 07-2026: 3.6%▲ +0.1 percentage points vs 06-2026 08-2026: 3.6%● unchanged vs 07-2026 09-2026: 3.6%● unchanged vs 08-2026 10-2026: 3.6%● unchanged vs 09-2026highest value
How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 16, micro): better than 27% on solvency, 66% on liquidity and 95% on profitability.

The bankruptcy probability was computed on 25-10-2026 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.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

Credit check for your own amount and term

Show the recommended maximum and see how the verdict changes with amount, term and advance.

Signals

Four signals.
raises riskneutral
raises risk · Founded in 2024
Companies of this age fail more often than older ones; how much that weighs depends on the rest of its profile.
KBO
raises risk · Liquidity: current ratio 1.10
NBB · annual accounts
raises risk · Sector: Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16)
KBO
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 09-10-2025, 22 days ahead of the deadline.
NBB · 1 filing
Deviation from the deadline
2025
22 days early
← before the deadline after the deadline →
Searched, nothing found (1)
neutral · No strike-offs in the KBO publications
Searched since incorporation in 2024.
KBO publications · our coverage
  1. Annual accounts filedfinancial year 2025 · micro…
  2. IncorporationAppointments: BEWOOD CONSULTING, 3B STRUCTURE…

Financials · financial year 2025, micro format

Equity
€8,610
Total assets
€42,713
Net result
€15,610
Working capital
€1,542

Turnover and EBIT margin not published: the micro format does not require them.

Balance-sheet composition
Assets €42,713
Fixed assets €24,968
Current assets €17,745
Equity and liabilities €42,713
Equity €8,610
Debt €34,103
Debt finances 79.8% of the balance-sheet total.
Key figures and ratios
2025 value
EBITDA
€43,985
Cash flow
€43,073
Current ratio
1.10
Debt to equity
3.96
ROE
181.3%
ROA
36.5%
Interest coverage
over 100
Debt ≤ 1 year
€16,203
Income taxes
€903

Peer companies

Historical observation

Of the 7,976 companies that looked in July 2024 the way this one looks now, 3.6% went bankrupt within 24 months and 94.3% are still going.

  • Micro
  • 2 to 5 years old
  • solvency 10 to 30%
  • a profit of 5% of the balance sheet or more
3.6% went bankrupt
1.8% stopped otherwise
94.3% still going

A further 0.3% stopped, but we cannot tell whether within those 24 months.

For this company itself Checked computes a bankruptcy probability of 3.6% 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 497,475 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.

The companies in ten equal groups, from lowest to highest expected share.
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%

The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 7,976 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
Filed annual accounts As filed with the NBB · 2025 · 34 lines
Balance sheet Code2025
Assets
Total assets20/58€42,713
Fixed assets21/28€24,968
Tangible fixed assets22/27€24,968
Plant, machinery and equipment23€24,625
Furniture and vehicles24€343
Current assets29/58€17,745
Amounts receivable within one year40/41€3,070
Trade receivables40€2,921
Other amounts receivable41€149
Current investments50/53€14,675
Equity and liabilities
Total equity and liabilities10/49€42,713
Equity10/15€8,610
Contributions10/11€5,000
Profit (loss) carried forward14€3,610
Amounts payable17/49€34,103
Amounts payable within one year42/48€16,203
Trade debts44€3,300
Suppliers440/4€3,300
Taxes, remuneration and social security45€903
Taxes450/3€903
Other amounts payable47/48€12,000
Accrued charges and deferred income492/3€17,900
Income statement Code2025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€27,463
Gross operating margin9900€43,985
Operating profit (loss)9901€16,521
Financial charges65/66B€8
Recurring financial charges65€8
Profit (loss) for the period before taxes9903€16,513
Income taxes67/77€903
Profit (loss) for the period9904€15,610
Profit (loss) for the period to be appropriated9905€15,610
Appropriation of the result
Profit (loss) to be appropriated9906€15,610
Profit to be distributed694/7€12,000
Directors or managers695€12,000

The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line2025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€27,463
Gross operating margin9900€43,985
Operating profit (loss)9901€16,521
Financial charges65/66B€8
Recurring financial charges65€8
Profit (loss) for the period before taxes9903€16,513
Income taxes67/77€903
Profit (loss) for the period9904€15,610
Profit (loss) for the period to be appropriated9905€15,610
Line2025
Assets
Total assets20/58€42,713
Fixed assets21/28€24,968
Tangible fixed assets22/27€24,968
Plant, machinery and equipment23€24,625
Furniture and vehicles24€343
Current assets29/58€17,745
Amounts receivable within one year40/41€3,070
Trade receivables40€2,921
Other amounts receivable41€149
Current investments50/53€14,675
Equity and liabilities
Total equity and liabilities10/49€42,713
Equity10/15€8,610
Contributions10/11€5,000
Profit (loss) carried forward14€3,610
Amounts payable17/49€34,103
Amounts payable within one year42/48€16,203
Trade debts44€3,300
Suppliers440/4€3,300
Taxes, remuneration and social security45€903
Taxes450/3€903
Other amounts payable47/48€12,000
Accrued charges and deferred income492/3€17,900
Line2025
Profit (loss) for the period9904€15,610
+ Depreciation and write-downs630€27,463
Operating cash flow (approximation)€43,073

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

Download as CSV

Filings with the National Bank (1)
Financial year Type Filed Reference
31-03-2025 micro format 09-10-2025 2025-00537277

Similar companies · same sector, comparable size

Of the 653 active companies whose main activity is sawmilling and planing of wood (NACE 16110), figures are known for 318. 85 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector

Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.

Directors

Directors
under verification, no change since 2024
This board is reconstructed from a single act (24408661). 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 4

3B structure
Director (not named in the articles) · since 25-06-2024 · Private limited company · permanent representative: Benoît Marie Sibilla Pierre HARGOT
Current
BeWood Consulting
Director (not named in the articles) · since 25-06-2024 · Private limited company · permanent representative: Pierre-Antoine Marius Véronique CORDY
Current
LAHAYE Corto Yves Céline
Director (not named in the articles) · since 25-06-2024
Current
Luc Pascal Arthur SOHIER
Director (not named in the articles) · since 25-06-2024
Current

Day-to-day management 2

3B structure
Managing director · since 25-06-2024 · Private limited company · permanent representative: Benoît Marie Sibilla Pierre HARGOT
Current
BeWood Consulting
Managing director · since 25-06-2024 · Private limited company · permanent representative: Pierre-Antoine Marius Véronique CORDY
Current

Permanent representatives 2

Benoît Marie Sibilla Pierre HARGOT
Permanent representative · since 25-06-2024 · for 3B structure
Current
Pierre-Antoine Marius Véronique CORDY
Permanent representative · since 25-06-2024 · for BeWood Consulting
Current
Derived from published Gazette deeds. The KBO keeps the official list of office holders; we do not read it, so the two can differ. See the directors and other office holders in the KBO →

Mandate history

4 people since 2024, 4 in office
Show
  • Board
  • Day-to-day management
Mandates per person, with start and end dates
Name Functions and periods
3B structure
  • Director (not named in the articles), from 25-06-2024 to date
  • Managing director, from 25-06-2024 to date
BeWood Consulting
  • Director (not named in the articles), from 25-06-2024 to date
  • Managing director, from 25-06-2024 to date
LAHAYE Corto Yves Céline
  • Director (not named in the articles), from 25-06-2024 to date
Luc Pascal Arthur SOHIER
  • Director (not named in the articles), from 25-06-2024 to date
See the board, name and registered office on a given date →

Owners and capital

Capital and shareholders

Shareholders according to the deeds
At incorporation act of 25-06-2024 ↗
  • Pierre-Antoine Marius Véronique CORDY 500 shares (50%) · €2,500
  • Benoît Marie Sibilla Pierre HARGOT 500 shares (50%) · €2,500

The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.

Capital over the years
  1. 25-06-2024 Incorporation · €5,000 · 1,000 shares

Group and network

Connections & network

2 connected companies
Depth

The connected companies are in the list below.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
MoKu
via LAHAYE Corto Yves Céline · Director (not named in the articles)
→
WOW engineering
Shared corporate director
→

History

On 21 June 2024, Circular Timber was incorporated as a private limited company by two natural persons, with a starting capital of €5,000.12 The company has filed annual accounts once, for financial year 2025.3

  1. 1KBO register
  2. 2Belgian Official Gazette, 25-06-2024
  3. 3National Bank, annual accounts 2025

Acts, filings and financial milestones

2025
09-10
NBB filing Annual accounts filed
financial year 2025 · micro format
2024
25-06
Gazette deed Incorporation
Appointments: BEWOOD CONSULTING, 3B STRUCTURE and 2 others · Permanent representatives: Pierre-Antoine Marius Véronique CORDY and Benoît Marie Sibilla Pierre HARGOT · Founder16 facts ▸
  • Incorporation, 19-06-2024
  • Founder, Pierre-Antoine Marius Véronique CORDY (2 times)
  • Founder, Benoît Marie Sibilla Pierre HARGOT (2 times)
  • Share issue, 1000, “apports” (deed in French)
  • Founding capital, €5,000
  • Registered office clause, “1380 Lasne,Rue d'Anogrune 154A” (deed in French)
  • Other provision, “unité d'établissement, Anderlecht(1070 Bruxelles),Rue Liverpool 77” (deed in French)
  • Board rule, 4, “fondateurs” (deed in French)
  • Director appointment, BEWOOD CONSULTING (director (not named in the articles))
  • Permanent representative, Pierre-Antoine Marius Véronique CORDY
  • Director appointment, 3B STRUCTURE (director (not named in the articles))
  • Permanent representative, Benoît Marie Sibilla Pierre HARGOT
  • +4 further facts in this act
Gazette deedNBB filing
1 of 1 deed read

Register details

Identification
Legal formPrivate limited company
Founded21-06-2024
Financial year end31-03
Activities, NACEBEL 2025
16110Sawmilling and planing of wood
16210Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
43320Joinery installation
46832Wholesale of timber
71121Engineering and related technical consultancy, excluding land surveyors
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID 0208:1010597072
Registered 19-05-2025

If you follow this company, Checked tells you the day it leaves the Peppol register.

Register as of 25 October 2026 · Peppol Directory

Scores and ratios are computed by Checked and are not a credit decision.

Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice, with enterprise number 1010.597.072

Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.

Sites & property

Location & real-estate footprint
Registered office, Lasne · 1 establishment unit since 2024
registered office establishment The establishment unit on the map
Ground area
1.9 ha
Building footprint
409 m²
Building volume
2,586 m³
2 parcels, Brussels, Wallonia · tallest building 8.1 m. Linked by address, not a title deed.
3 companies at this address See who is registered here
1 establishment unit
Circular Timber
Liverpoolstraat 77, 1070 AnderlechtSawmilling and planing of wood
since 2024unit no. 2.361.878.437
2 parcels
Wallonia 1 (50%) Brussels 1 (50%)
Cadastral parcel Region Area Buildings Height / floors
21304B0139/00Z009 Brussels 1.7 ha 1 · 300 m² 7.6 m · 2
25061A0053/00G000 Wallonia 1,906 m² 1 · 109 m² 8.1 m · 2
How the parcels are linked
Good to know
Both parcels match the address exactly.

Articles of association

What the company does

PurposeThe activities the company may carry out under its articles.
“La gestion de toutes les opérations liées au bois,y compris le démontage,le transport,le stockage,la transformation,le placement/montage,et…” (deed in French)
35 activities (deed in French)
  1. La gestion de toutes les opérations liées au bois,y compris le démontage,le transport,le stockage,la transformation,le placement/montage,et la commercialisation de matériaux ou produits de récupération basés principalement sur le bois.
  2. Les opérations de sciage,rabotage,calibrage,séchage,et conditionnement de bois de tous types.
  3. La conduite d'activités de transport et de stockage de marchandises.
  4. La transformation de marchandises.
  5. L'organisation de formations,ateliers éducatifs et workshops.
  6. L'achat et la revente de produits.
  7. L'activité de négoce de produits et matériaux divers.
  8. La mise en place de labellisation,certification,inspection,et le contrôle du respect des chartes/de la production,des approvisionnements,de la traçabilité,la fabrication,le montage,la vente,etc.
  9. Les activités de menuiserie,charpenterie,et scierie.
  10. Le développement,la fabrication,l'assemblage,le transport,le montage,l'étude et la commercialisation de structures en bois.
  11. L'import-export de matériaux,de produits finis et autres,développés ou non par la société.
  12. Le développement de produits de construction et de structures en bois,bambou et autres matériaux.
  13. L'élargissement des activités du bureau d'études de stabilité au-delà des matériaux bois et bambou.
  14. L'invention,la programmation et la commercialisation de programmes informatiques liés au design,au calcul,etc.
  15. L'invention,la fabrication et la commercialisation de machines de production et de manutention.
  16. La distribution de produits propres et ceux d'autres sociétés.
  17. La réalisation de travaux typiques d'une entreprise générale de construction.
  18. La fourniture de formations,séminaires,cours sur les connaissances acquises par la société ou sur d'autres sujets.
  19. Le développement de projets de coopération au développement en partenariat avec des organismes spécialisés.
  20. L'acquisition,le développement,la gestion de ressources naturelles (sylvicultures,etc.) de bois,bambou et d'autres matériaux.
  21. Le développement d'outils de logistique.
  22. Le développement de produits pour d'autres secteurs (automobile,informatique,aéronautique,agroalimentaire,etc.).
  23. Toutes activités de construction,y compris l'entretien,la décoration,la peinture,le nettoyage et la désinfection de locaux,l'entretien et la remise en état de sols,revêtements ou murs,tous travaux hydrauliques,de terrassement,de drainage,de route,de construction d'ouvrages d'art,pose de câbles et de canalisations,aménagement et entretien de terrains,travaux de démolition,de rejointement,d'isolation thermique et acoustique,de restauration et rénovation et construction de bâtiments,travaux d'installation électro-techniques,d'étanchéification,de couverture,montage de charpentes,travaux de finition,travaux d'électricité ou de plomberie,et tous transports nationaux et internationaux de personnes ou de matériaux ou marchandises.
  24. Toutes activités faisant partie du cadre général des activités d'un bureau d'ingénieur et d'un bureau d'études,y compris la création et la réalisation de projets,calculs,plans,notes techniques,mesurages,élaboration de cahiers des charges,études architecturales,études de stabilité des immeubles et de résistance des matériaux,ainsi que toutes documentations et études pour des constructions en béton,en béton armé,en bois ou en toutes autres sortes de matériaux destinés à la construction de routes,ouvrages d'art,installations d'épuration et tous autres travaux publics ou privés.
  25. La participation au marché immobilier pour l'achat,l'échange,le lotissement,la promotion,la vente,la location,la prise en location et en sous-location,le leasing,la cession en location et en sous-location,avec ou sans option d'achat,la construction,la rénovation et la transformation,l'exploitation et l'entretien de biens immobiliers de toute nature et l'octroi et l'obtention de droits contenant superficie,accession,emphytéose,usufruit et nue-propriété,hypothèque,privilège et option ainsi que toutes opérations de financement,ainsi que la prestation de services de consultance,de courtage et d'assistance sous toute forme.
  26. La constitution et la gestion d'un patrimoine immobilier et la location-financement de biens immeubles aux tiers,l'acquisition,la vente,l'échange,la construction,la transformation,l'amélioration,l'équipement,l'aménagement,l'embellissement,l'entretien,la location,la prise en location,le lotissement,la prospection et l'exploitation de biens immobiliers,ainsi que toutes opérations en relation avec cet objet.
  27. La prestation de tous services dans le cadre de son objet,y compris la gestion du patrimoine immobilier,l'asset management,la gérance,les activités de courtage,de syndic et l'intermédiaire en matière de location ou de cession d'immeubles.
  28. L'exercice de toutes les opérations se rapportant à l'activité d'agence immobilière.
  29. L'affectation de ses biens immeubles et autres en hypothèque,y compris le fonds de commerce,pour tous prêts,ouvertures de crédit et autres engagements,pour elle-même ou pour compte des tiers.
  30. La réalisation,la coordination,la commercialisation ou le courtage de certifications et d'audits énergétiques,de durabilité environnementale,de sécurité,de crédits carbone,etc.
  31. L'exercice de toutes activités de relations publiques et de prospection de clientèles.
  32. La conclusion de toutes conventions de collaboration,de rationalisation,d'association ou autres avec des sociétés ou entreprises.
  33. La fourniture de conseils et la réalisation d'études concernant l'urbanisme,l'équipement technique de tous immeubles,la réalisation de toutes expertises et enquêtes,et la publication d'articles d'études dans le domaine technique et scientifique.
  34. La prise de participations dans d'autres sociétés,la détention de mandats de gérant ou administrateur dans d'autres sociétés,l'accomplissement de toutes opérations commerciales,industrielles,financières,mobilières ou immobilières se rapportant directement ou indirectement à son objet.
  35. L'exercice des fonctions d'administrateur ou de liquidateur dans d'autres sociétés.

The full purpose is in the deed

DurationHow long the company exists; usually unlimited, so until it is dissolved.
Unlimited
Name clauseThe name the company operates under according to its articles.
Circular Timber
Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
“Région wallonne, sièges administratifs,agences,ateliers,dépôts et succursales,tant en Belgique qu'à l'étranger” (deed in French)

deed of 25-06-2024

Who represents it, and how

Board ruleHow the board is made up, meets and takes decisions.
One provision in the deed

deed of 25-06-2024

Capital, shares and profit

Kind of sharesWhich classes of shares exist and what rights each class carries.
One provision in the deed
Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
One provision in the deed

deed of 25-06-2024

Meetings and financial year

Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
Last Friday of September at 18:00

deed of 25-06-2024

Other provisionsOther rules from the articles that fall under none of the themes above.

Other provision: “Assemblées générales extraordinaires, organe d'administration et,le cas échéant,commissaire” (deed in French)
Other provision: “Convocations aux assemblées générales, e-mails” (deed in French)
Other provision: “Toutes décisions relevant du pouvoir de l'assemblée générale, assemblée générale par procédure écrite” (deed in French)
Other provision: “Participation à distance par voie électronique, qualité d'actionnaire et identité contrôlées et garanties par règlement interne du conseil…” (deed in French)
Other provision: “Moyen de communication électronique, permettre de manière directe,simultanée et continue de prendre connaissance des discussions et…” (deed in French)
Other provision: “Admission à l'assemblée générale et exercice du droit de vote, peut participer sans voter si seul droit de vote suspendu” (deed in French)
Other provision: “Inventaire et comptes annuels, arrêt écritures,dresse inventaire,établit comptes annuels” (deed in French)
Other provision: “Chaque action confère droit égal dans répartition bénéfices, répartition-réserves” (deed in French)
Other provision: “Organe d'administration, bénéfice exercice en cours ou bénéfice exercice précédent tant que comptes non approuvés” (deed in French)
Liquidation distribution: “Réparti entre tous actionnaires en proportion actions,biens conservés remis même proportion, répartition de l'actif net” (deed in French)
Other provision: “Approbation comptes annuels par un seul actionnaire, signe pour approbation les comptes annuels” (deed in French)
5 more provisions in the deed, see the deed of 25-06-2024

deed of 25-06-2024