Result
From profit to loss in 2025, after a profit of €42,843 in 2024.
From profit to loss in 2025, after a profit of €42,843 in 2024.
The 2025 accounts came latest: 31 days after the end of the period.
Lower net result than 95% of companies in head offices and management consultancy. Sector median €27,167 · 39,351 companies.
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.
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).
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).
In July 2024, 3,223 companies had the same profile as CIRCULO has now. Each dot stands for 9 companies, two years later.
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.
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.
| 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.
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.
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.
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.
| 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.
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.
Turnover and EBIT margin are not published. The micro format does not require them.
Higher than 61% of 39,335 companies in 2025.
Higher than 57% of 38,020 companies in 2025.
Lower than 95% of 38,492 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
Total assets20/58 |
67,483 | 126,187 | 76,299 | |
Fixed assets21/28 |
9,293 | 11,778 | 1,581 | |
Tangible fixed assets22/27 |
9,293 | 11,778 | 1,581 | |
Plant, machinery and equipment23 |
885 | 1,002 | 1,118 | |
Furniture and vehicles24 |
5,864 | 8,232 | 463 | |
Other tangible fixed assets26 |
2,544 | 2,544 | - | |
Current assets29/58 |
58,190 | 114,409 | 74,717 | |
Amounts receivable within one year40/41 |
14,860 | 26,175 | 26,489 | |
Trade receivables40 |
1,392 | 26,175 | 25,640 | |
Other amounts receivable41 |
13,468 | - | 849 | |
Current investments50/53 |
30,000 | 30,000 | - | |
Cash at bank and in hand54/58 |
13,330 | 58,234 | 48,228 | |
| Balance sheet: equity and liabilities | ||||
Total equity and liabilities10/49 |
67,483 | 126,187 | 76,299 | |
Equity10/15 |
44,551 | 91,463 | 48,620 | |
Contributions10/11 |
5,000 | 5,000 | 5,000 | |
Profit (loss) carried forward14 |
39,551 | 86,463 | 43,620 | |
Amounts payable17/49 |
22,932 | 34,724 | 27,679 | |
Amounts payable within one year42/48 |
22,932 | 34,724 | 27,679 | |
Trade debts44 |
2,867 | 3,226 | 1,240 | |
Suppliers440/4 |
2,867 | 3,226 | 1,240 | |
Taxes, remuneration and social security45 |
14,885 | 27,711 | 24,210 | |
Taxes450/3 |
14,885 | 27,711 | 24,210 | |
Other amounts payable47/48 |
5,181 | 3,788 | 2,229 | |
| Income statement | ||||
Gross operating margin9900 |
-42,699 | 57,579 | 63,541 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
2,485 | 1,988 | 1,272 | |
Other operating charges640/8 |
994 | 354 | 482 | |
Operating profit (loss)9901 |
-46,178 | 55,237 | 61,787 | |
Financial charges65/66B |
602 | 673 | 1,258 | |
Recurring financial charges65 |
602 | 673 | 1,258 | |
Profit (loss) for the period before taxes9903 |
-46,780 | 54,564 | 60,529 | |
Income taxes67/77 |
132 | 11,721 | 13,709 | |
Profit (loss) for the period9904 |
-46,912 | 42,843 | 46,820 | |
Profit (loss) for the period to be appropriated9905 |
-46,912 | 42,843 | 46,820 | |
| Appropriation of the result | ||||
Profit (loss) to be appropriated9906 |
39,551 | 86,463 | 46,820 | |
Profit (loss) brought forward from the previous period14P |
86,463 | 43,620 | - | |
Profit to be distributed694/7 |
- | - | 3,200 | |
Return on contributions (dividend)694 |
- | - | 3,200 | |
| Document | ||||
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.
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.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| EBITDA | -43,693 | 57,225 | 63,059 | |
| Cash flow | -44,427 | 44,830 | 48,092 | |
| Investment in fixed assets (approximation) | 0 | 12,184 | 1,862 | |
| Change in cash | -44,904 | 10,006 | - | |
| Working capital | 35,257 | 79,684 | 47,038 | |
| Solvency | 66.0% | 72.5% | 63.7% | |
| Current ratio | 2.54 | 3.29 | 2.70 | |
| Debt to equity | 0.51 | 0.38 | 0.57 | |
| ROE | -105.3% | 46.8% | 96.3% | |
| ROA | -69.5% | 34.0% | 61.4% | |
| Interest coverage | -72.55 | 84.97 | 50.13 |
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.
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| 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)
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.
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.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Leynseelstraat 157 registered office 8580 Avelgem | 30-06-2022 | 2.332.867.420 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 34003A2843/00E000 | 1,374 m² | 1 · 171 m² | 8.6 m · 2 |
If something looks wrong or is missing, please tell us.