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CIRCULO

Active Private limited companyfounded 2022active for 4 yearsLeynseelstraat 157, 8580 AvelgemKBO/BCE: BE 0787.860.922

Overview

Lifetime

3 annual accounts with figures on one time axis
Gross marginpeak €63,541 (2023)
-€42,699▼ €100,278
Resultlowest -€46,912 (2025)
-€46,912▼ €89,755
Equitypeak €91,463 (2024)
€44,551▼ 51.3%
Debts
€22,932▼ 34.0%
Board1 name since 2022
1 directorDAVIDTS Michel Jan Marguerite Etienne
Documentsfilings and deeds
31-08-202631 days late
2025micro format
Gross margin from €57,579 to -€42,699Loss of €46,912Equity from €91,463 to €44,551Debts from €34,724 to €22,932Cash from €58,234 to €13,330

Key points

from the 2025 annual accounts

Result

-€46,912 -€46,912
€42,8002024-€46,9002025

From profit to loss in 2025, after a profit of €42,843 in 2024.

Filings

3 annual accounts 2 late
AprilJune31 JulyOctober202320242025

The 2025 accounts came latest: 31 days after the end of the period.

Position in the sector

-€46,912

Lower net result than 95% of companies in head offices and management consultancy. Sector median €27,167 · 39,351 companies.

Turnover not published (micro format)

Checked score

54
Fair
Financially stronger than 32% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: 1.5% to 4.2%

A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.

Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.1% across 48,551 companies (NACE 70, micro).

About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: < 0.1% 01-2025: < 0.1%● unchanged vs 12-2024 02-2025: < 0.1%● unchanged vs 01-2025 03-2025: < 0.1%● unchanged vs 02-2025lowest value 04-2025: < 0.1%● unchanged vs 03-2025 05-2025: < 0.1%● unchanged vs 04-2025 06-2025: < 0.1%● unchanged vs 05-2025 07-2025: < 0.1%● unchanged vs 06-2025 08-2025: 0.1%▲ +0.1 percentage points vs 07-2025 09-2025: 0.1%● unchanged vs 08-2025 10-2025: < 0.1%▼ -0.1 percentage points vs 09-2025 11-2025: < 0.1%● unchanged vs 10-2025 12-2025: < 0.1%● unchanged vs 11-2025 01-2026: < 0.1%● unchanged vs 12-2025 02-2026: < 0.1%● unchanged vs 01-2026 03-2026: < 0.1%● unchanged vs 02-2026 04-2026: < 0.1%● unchanged vs 03-2026 05-2026: < 0.1%● unchanged vs 04-2026 06-2026: < 0.1%● unchanged vs 05-2026 07-2026: < 0.1%● unchanged vs 06-2026 08-2026: 0.1%▲ +0.1 percentage points vs 07-2026 09-2026: 0.1%● unchanged vs 08-2026 10-2026: 0.1%● unchanged vs 09-2026highest value 11-2026: 0.1%● unchanged vs 10-2026highest value

Financial strength
Average

Solvency
91-6equity 66.0% of total assets
Liquidity
60-29short-term debt 34.0% · cash 19.8%
Profitability
0-100return on assets -69.5%

Score breakdown

raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Loss of €46,912 (financial year 2025)
lowers risk
Sector: Activities of head offices; management consultancy activities (NACE 70)
Liquidity: current ratio 2.54, cash €13,330, halved
Size: total assets €67,483
Calculation

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 61% of them on solvency, 51% on liquidity, 4% on profitability and 12% on growth.

The bankruptcy probability was computed on 05-11-2026 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).

Comparable companies, two years later

In July 2024, 3,223 companies had the same profile as CIRCULO has now. Each dot stands for 9 companies, two years later.

87.8%
were still trading
8.7%
stopped another way
3.4%
went bankrupt
  • Micro
  • 2 to 5 years old
  • solvency 30% or more
  • a loss of 10% of the balance sheet or more

Another 0.2% stopped without a precise date, possibly only after those two years.

The bankruptcy probability of CIRCULO itself is lower: 0.1% within 12 months. It rests on far more data about CIRCULO than the profile alone.

Test of the method

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.

The companies in ten equal groups, from the lowest to the 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%

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 3,223 companies, not a prediction for CIRCULO. 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.

Credit verdict

Credit of up to €2,000 on 30-day terms, only on tighter conditions

Net loss of at least half of total assets or of the equity at the start of the financial year.

Liquidity is ample, with a current ratio of 2.54 (3.29 in 2024), above the usual 1.5. Short-term debt is 34% and cash 19.8% of total assets. 34% of the assets are financed with debt and provisions.

Credit check for an amount and term of your choice

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.

Signals

Five signals.
lowers riskraises risk
lowers risk · Sector: Activities of head offices; management consultancy activities (NACE 70)
KBO
raises risk · Loss of €46,912 (financial year 2025)
NBB · annual accounts
lowers risk · Liquidity: current ratio 2.54, cash €13,330, halved
NBB · annual accounts
lowers risk · Size: total assets €67,483
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
raises risk · 2025 accounts filed 31 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 3 filings
Deviation from the deadline
2025
31 days late
2024
30 days late
2023
30 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 3 accounts on average 10 days after 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.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 August (3 of the last 3 accounts filed within 59 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
06-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since incorporation in 2022.
KBO publications

Board and ownership

  • DAVIDTS Michel Jan Marguerite Etienne 50 sharesdeed of 04-07-2022
  • ROHAERT Ann Julia Nestor 50 sharesdeed of 04-07-2022
Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0787860922
Incorporation Founding capital of €5,000, 100 shares · Founders: DAVIDTS Michel Jan Marguerite Etienne and ROHAERT Ann Julia Nestor · Appointment: DAVIDTS Michel Jan Marguerite Etienne (director) · published on 04-07-2022 · Gazette deed
First establishment Leynseelstraat 157, Avelgem
All 7 events

Comparable companies

same main activity, similar in size and age
Company Total assets Gross margin Solvency Staff
CIRCULO Avelgem €67,483 -€42,699 66.0% -
JOCKEY PROJECTS Zwevegem €66,335 -€9,756 59.1% -
Ikigai – E2E Supply Chain & Sustainability Toolbox Knokke-Heist €58,909 -€10,059 48.0% -
FAIHRE-CONSULTING Ostend €60,861 -€28,509 84.0% -
Heirloom Ventures Roeselare €74,538 -€54,403 66.5% -
Fondo Caprile Poperinge €67,455 -€16,342 68.3% -
RDMC Leuven €68,269 -€27,601 45.3% -

These companies have the same main activity as CIRCULO: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €58,900 and €74,500, founded between 2022 and 2023.

Official details

Source: KBO
Status
Active since 30-06-2022Normal situation
Activity
Business and other management consultancyNACE 70200and 2 others
Establishment unit
2.332.867.4208580 Avelgem, since 30-06-2022
Financial year end
31 December
Peppol
Reachable since 02-12-2025
Company details

Annual accounts 2025

Gross margin
-€42,699
Loss
€46,912
Equity
€44,551▼ 51.3%
Total assets
€67,483▼ 46.5%
Filing
Filed on 31-08-2026
Financials

Insights on CIRCULO

CIRCULO files the micro format. That format states no turnover. The gross margin fell from €63,541 in 2023 to -€42,699 in 2025.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

micro format, filed on 31-08-2026, 31 days late
Gross margin
-€42,699
▼ €100,278
Operating result
-€46,178
▼ €101,415
Loss
-€46,912
▼ €89,755
Working capital
€35,257
▼ 55.8%
Solvency
66.0%
▼ 6.5 percentage points
Current ratio
2.54
▼ 0.76

Turnover and EBIT margin are not published. The micro format does not require them.

Balance sheet

balance sheet total €67,483 on 31-12-2025
What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency66.0%

Higher than 61% of 39,335 companies in 2025.

Current ratio2.54

Higher than 57% of 38,020 companies in 2025.

Return on assets-69.5%

Lower than 95% of 38,492 companies in 2025.

CIRCULO Middle half of the sector 80% of the sector Micro accounts in head offices and management consultancy (NACE 70)

Net result: bottom quarter · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend202520242023
Balance sheet: assets
Total assets20/58 67,483126,18776,299
Fixed assets21/28 9,29311,7781,581
Tangible fixed assets22/27 9,29311,7781,581
Plant, machinery and equipment23 8851,0021,118
Furniture and vehicles24 5,8648,232463
Other tangible fixed assets26 2,5442,544-
Current assets29/58 58,190114,40974,717
Amounts receivable within one year40/41 14,86026,17526,489
Trade receivables40 1,39226,17525,640
Other amounts receivable41 13,468-849
Current investments50/53 30,00030,000-
Cash at bank and in hand54/58 13,33058,23448,228
Balance sheet: equity and liabilities
Total equity and liabilities10/49 67,483126,18776,299
Equity10/15 44,55191,46348,620
Contributions10/11 5,0005,0005,000
Profit (loss) carried forward14 39,55186,46343,620
Amounts payable17/49 22,93234,72427,679
Amounts payable within one year42/48 22,93234,72427,679
Trade debts44 2,8673,2261,240
Suppliers440/4 2,8673,2261,240
Taxes, remuneration and social security45 14,88527,71124,210
Taxes450/3 14,88527,71124,210
Other amounts payable47/48 5,1813,7882,229
Income statement
Gross operating margin9900 -42,69957,57963,541
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 2,4851,9881,272
Other operating charges640/8 994354482
Operating profit (loss)9901 -46,17855,23761,787
Financial charges65/66B 6026731,258
Recurring financial charges65 6026731,258
Profit (loss) for the period before taxes9903 -46,78054,56460,529
Income taxes67/77 13211,72113,709
Profit (loss) for the period9904 -46,91242,84346,820
Profit (loss) for the period to be appropriated9905 -46,91242,84346,820
Appropriation of the result
Profit (loss) to be appropriated9906 39,55186,46346,820
Profit (loss) brought forward from the previous period14P 86,46343,620-
Profit to be distributed694/7 --3,200
Return on contributions (dividend)694 --3,200
Document PDFPDFPDF

The notes to these accounts have 4 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00474304.

Financial year Type Filed Reference Document
31-12-2025 micro format 31-08-2026 2026-00474304 PDF
31-12-2024 micro format 30-08-2025 2025-00465285 PDF
31-12-2023 micro format 01-07-2024 2024-00196041 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend202520242023
EBITDA -43,69357,22563,059
Cash flow -44,42744,83048,092
Investment in fixed assets (approximation) 012,1841,862
Change in cash -44,90410,006-
Working capital 35,25779,68447,038
Solvency 66.0%72.5%63.7%
Current ratio 2.543.292.70
Debt to equity 0.510.380.57
ROE -105.3%46.8%96.3%
ROA -69.5%34.0%61.4%
Interest coverage -72.5584.9750.13

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.

Investments

fixed assets acquired
Item202520242023
Tangible fixed assets-€12,184€1,862
Depreciation and write-downs of the year€2,485€1,988€1,272

Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)

Insights on CIRCULO

The operating result for 2025 is a loss of €46,178, after a profit of €55,237 in 2024. It is the lowest result since 2023.

Debt's share of the balance-sheet total rises from 27.5% to 34.0%. Equity and debt are lower.

Board & ownership

Board

1 director, since incorporation
Director
appointed by deed of 04-07-2022 term without a fixed end
listed in the 2024 annual accounts, filed on 30-08-2025
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 04-07-2022

Office holders in the KBO →

Mandates through the years

1 name, the dashed line is today
Board
Mandates as a list
  • DAVIDTS Michel Jan Marguerite Etienne
    • Director, appointed by deed of 04-07-2022, still in office

See the board, name and registered office on a given date →

Control

Founders
DAVIDTS Michel Jan Marguerite Etienne, ROHAERT Ann Julia Nestor
This company
CIRCULO
Equity €44,551
Loss €46,912 in 2025

Capital

Contribution
€5,000
Shares
100
Contribution per share
€50
Equity per share
€446 in 2025
Source
deed of 04-07-2022

Articles of association

deed of 04-07-2022 (in Dutch)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Board ruleThese rules set how the board is made up, meets and takes decisions.
At least 1 director
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Saturday of June at 18:00
Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
No statutory auditor

Shareholders

At incorporation deed of 04-07-2022 ↗

Network & group

No group

CIRCULO has no parent and no holdings in its annual accounts. DAVIDTS Michel Jan Marguerite Etienne is the only director. CIRCULO shares no director with another company.

Timeline

Timeline

7 events since 2022

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBmicro format · 31 days late
2025
Weakest financial year net -€46,912 The net result drops to -€46,912, the lowest from 2023 to 2025.
Registered in the Peppol Directory Reachable for e-invoices through 0208:0787860922
Annual accounts 2024 filed PDFmicro format · 30 days late
2024
Annual accounts 2023 filed PDFmicro format · 30 days before the deadline
2022
IncorporationFounding capital of €5,000, 100 shares · Founders: DAVIDTS Michel Jan Marguerite Etienne and ROHAERT Ann Julia Nestor · Appointment: DAVIDTS Michel Jan Marguerite Etienne (director) · published on 04-07-20226 points ▸
  • Founder, DAVIDTS Michel Jan Marguerite Etienne
  • Founder, ROHAERT Ann Julia Nestor
  • Founding capital, €5,000, 100 shares
  • Registered office clause, Leynseelstraat 157, 8580 Avelgem
  • Director appointment, DAVIDTS Michel Jan Marguerite Etienne
  • Board rule, 1
  • The deed holds 2 more points.

Open the deed in the Belgian Official Gazette

First establishment Leynseelstraat 157, Avelgem

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

CIRCULO was incorporated on 30 June 2022 as a private limited company by two natural persons, with a starting capital of €5,000.12 DAVIDTS Michel Jan Marguerite Etienne is director of the company, appointed by deed of 04-07-2022.2 Total assets fell from €76,299 in 2023 to €67,483 in 2025.3

  1. 1KBO register
  2. 2Belgian Official Gazette, 04-07-2022
  3. 3National Bank, annual accounts 2023 and 2025

Company details

Identity

Enterprise number
0787.860.922
VAT number
BE 0787.860.922
Peppol ID
0208:0787860922
Legal form
Private limited company
Status
Active, normal situation
Founded
30-06-2022
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Saturday of June at 18:00
deed of 04-07-2022 (in Dutch)
Peppol
Reachable since 02-12-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
CIRCULO in Dutch
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 04-07-2022 (in Dutch)
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 04-07-2022 (in Dutch)

Activities

NACEBEL 2025
70200 Business and other management consultancy main activity
64210 Activities of holding companies
73300 Public relations and communication consultancy
Codes under NACEBEL 2008
70220 Business consulting main activity
64200 Holdings
70210 Activities of head offices; management consultancy activities
PurposeThe purpose describes the activities the company may carry out under its articles.
“Het verstrekken van management-,business- en technologische adviesdiensten voor…”
13 activities
  1. Het verstrekken van management-,business- en technologische adviesdiensten voor beheerstechnische,commerciële,financiële,organisatorische,operationele en administratieve aangelegenheden in de ruimste zin. Voormelde bijstand en diensten kunnen verleend worden aan bedrijven,de overheid en personen,hetzij rechtstreeks of onrechtstreeks,en dit zowel voor nieuw op te richten of bestaande ondernemingen;
  2. Het waarnemen van alle bestuursopdrachten,het uitoefenen van opdrachten en functies in andere vennootschappen en/of ondernemingen. Het optreden voor eigen rekening en/of voor rekening van derden bij onderhandelingen voor gehele of gedeeltelijke overname van aandelen of participaties. De vennootschap kan deelnemen of zich op andere wijze interesseren in allerhande vennootschappen,ondernemingen,groeperingen en organisaties en hieraan leningen verstrekken;
  3. Het verkrijgen,bezitten,vervreemden,beheren,ontwikkelen,verhuren,verpachten,hypothekeren of in het algemeen bezwaren van onroerende goederen en/of enig recht of belang in onroerende goederen;
  4. Het beleggen,beheren en uitbaten voor eigen rekening van roerende waarden en bezittingen;
  5. De vennootschap kan daarenboven samenwerken met,deelnemen in op gelijk welke wijze,rechtstreeks of zijdelings,belangen nemen in alle vennootschappen,ondernemingen,syndicaten of groeperingen,bestaande of op te richten,zowel in België als in het buitenland,die een gelijkluidend,soortgelijk of aanvullend doel nastreven of van die aard zijn de ontwikkeling in haar onderneming te bevorderen. De vennootschap kan hiervoor alle verbintenissen aangaan,onroerende goederen kopen en verkopen,kredieten aangaan,zich voor derden borg stellen door haar goederen in hypotheek of in pand te geven;
  6. Alle verrichtingen van burgerlijke,commerciële,industriële,onroerende,roerende of financiële aard die rechtsreeks of onrechtstreeks met haar doel verwant zijn of de verwezenlijking ervan kunnen bevorderen;
  7. Om haar doel te verwezenlijken,kan de vennootschap alle verbintenissen aangaan,kredieten en leningen aangaan en toestaan,en zich voor derden borg stellen,hetzij door vestiging van persoonlijke zekerheden,hetzij door vestiging van zakelijke zekerheden,mits inachtneming van de wettelijke vereisten inzake erkenning van dergelijke activiteiten,waar dit vereist zou zijn;
  8. Het organiseren en geven van seminaries en trainingen;
  9. Communicatiediensten en strategische aangelegenheden;
  10. Het ontwikkelen,kopen,verkopen,in licentie nemen of geven van octrooien,knowhow en aanverwante immateriële duurzame activa;
  11. De verhuring van divers materiaal,alle roerende en onroerende goederen;
  12. De aan- en verkoop,in- en uitvoer,commissiehandel en vertegenwoordiging van om het even welke goederen en diensten,in het kort tussenpersoon in de handel;
  13. Het beheer van onroerend vermogen,immobiliën,vastgoedontwikkeling,alsmede alle handelingen die rechtstreeks of onrechtstreeks met dit doel in verband staan den die van aard zijn de opbrengst van onroerende goederen te bevorderen,zoals het onderhoud,de ontwikkeling,de verfraaiing en de verhuring van deze goederen,alsmede zich borg stellen voor het goede verloop van verbintenissen door derde personen aangegaan die het genot zouden hebben van deze onroerende goederen.
deed of 04-07-2022 (in Dutch)

Registered office and establishments

1 establishment
Establishment Since Unit number
Leynseelstraat 157 registered office 8580 Avelgem 30-06-2022 2.332.867.420

Buildings and parcels at the address

Ground area
1,374 m²
Buildings
171 m²
Volume, LiDAR
959 m³
Tallest building
8.6 m
Buildings to scale, each on its own parcel
171 m², 8.6 m 171 m², 8.6 m

Location

registered office establishment The establishment unit on the map

Parcels

Cadastral parcelArea Buildings Height / floors
34003A2843/00E0001,374 m² 1 · 171 m² 8.6 m · 2

Contact

E-mail circulo@telenet.be establishment in Avelgem
Phone +32 476 72 10 71 establishment in Avelgem