Public limited company · founded 1990 · 36 yrs activeHerkenrodesingel 4B, 3500 Hasselt, BelgiumKBO/BCE: BE 0440.712.768
Summary
CIRIL has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €29.3m and a net result of €4.1m. Equity is growing by ~8.4% per year across the filed fiscal years. Its solvency ranks better than 60% of 4613 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability24▲+1
Solvency76▲+12
Growth63▲+2
Track record100
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,850,000 at 30 days acceptable
Liquidity short (current ratio 0.75 against 0.6 in 2024; short-term debt: 49% and cash: 2% of total assets), and 49% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 34 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
○
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 2 July (4 of the last 5 filed years within 30 days of that day).
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
CIRIL was incorporated on 7 June 1990.1The name was changed to DMI VASTGOED in 2011 and to CIRIL in 2019.23In 2011 the capital was increased by EUR 551 to EUR 5.2 million.2The board currently has 11 members; NV Democo-Group has served longest, since 2015.4Revenue went from EUR 22 million in 2019 to EUR 22 million in 2025 and headcount from 11 to 7.8 full-time equivalents.5
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, 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
Net result-€228,857below the sector's middle half-€1.9mbelow the sector's middle half▼ 752%€6.0mabove the sector's middle half€1.2mabove the sector's middle half▼ 80.3%€4.1mabove the sector's middle half▲ 247%
Equity€20.0mabove the sector's middle half▼ 1.6%€18.1mabove the sector's middle half▼ 9.7%€24.1mabove the sector's middle half▲ 33.0%€25.2mabove the sector's middle half▲ 4.9%€29.3mabove the sector's middle half▲ 16.1%
Total assets€38.1mabove the sector's middle half▲ 3.3%€46.0mabove the sector's middle half▲ 20.8%€78.1mabove the sector's middle half▲ 69.6%€65.4mabove the sector's middle half▼ 16.3%€57.5mabove the sector's middle half▼ 12.1%
Working capital€14.3mabove the sector's middle half▲ 2.1%€6.6mabove the sector's middle half▼ 53.6%€12.6mabove the sector's middle half▲ 89.4%-€15.9mbelow the sector's middle half-€7.1mbelow the sector's middle half▲ 55.4%
Solvency52.6%within the sector's middle half▼ 2.7pp39.3%within the sector's middle half▼ 13.3pp30.8%within the sector's middle half▼ 8.5pp38.6%within the sector's middle half▲ 7.8pp51.0%within the sector's middle half▲ 12.4pp
Current ratio1.81within the sector's middle half▼ 0.031.24within the sector's middle half▼ 0.571.23within the sector's middle half▼ 0.010.60within the sector's middle half▼ 0.630.75within the sector's middle half▲ 0.14
Return on assets (ROA)-0.6%within the sector's middle half▼ 11.0pp-4.2%below the sector's middle half▼ 3.6pp7.7%above the sector's middle half▲ 11.9pp1.8%within the sector's middle half▼ 5.9pp7.1%above the sector's middle half▲ 5.3pp
Staff (FTE)9.8above the sector's middle half▲ 7.7%9.7above the sector's middle half▼ 1.0%8.7above the sector's middle half▼ 10.3%8above the sector's middle half▼ 8.0%7.8above the sector's middle half▼ 2.5%
abovewithinbelowthe middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €155,726 after €267,146 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €57.5m
63.4%
36.6%
Fixed assets€36.4m ▼ 11.5%
Current assets€21.0m ▼ 12.9%
Equity and liabilities €57.5m
51.0%
49.0%
Equity€29.3m ▲ 16.1%
Debt€28.2m ▼ 29.8%
Debt's share of the balance-sheet total falls from 61.4% to 49.0%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
-€143,050▼
2024 · €315,651
Cash flow
€4.1m▲
2024 · €1.2m
Quick ratio
0.30▲
2024 · 0.24
Debt to equity
0.96▼
2024 · 1.59
ROE
13.9%▲
2024 · 4.7%
Interest coverage
-0.15▼
2024 · 0.23
Debt ≤ 1 year
€28.1m▼
2024 · €40.1m
Income taxes
€1,633▼
2024 · €1,668
Staff costs
€923,445▼
2024 · €980,133
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 86 lines
Balance sheetCode20242025
Assets
Total assets20/58€65.4m€57.5m▼
Formation expenses20€0€0=
Fixed assets21/28€41.2m€36.4m▼
Intangible fixed assets21€5,903€2,264▼
Tangible fixed assets22/27€47,913€40,604▼
Land and buildings22€42,335€37,217▼
Plant, machinery and equipment23€0€0=
Furniture and vehicles24€5,578€3,387▼
Financial fixed assets28€41.1m€36.4m▼
Affiliated companies280/1€41.1m€36.4m▼
Participating interests280€11.3m€10.5m▼
Amounts receivable281€29.8m€25.9m▼
Companies linked by participating interests282/3€0-
Participating interests282€0-
Current assets29/58€24.2m€21.0m▼
Amounts receivable after more than one year29€0-
Other amounts receivable291€0-
Stocks and contracts in progress3€14.5m€12.7m▼
Stocks30/36€10.5m€7.0m▼
Property held for sale35€10.5m€7.0m▼
Contracts in progress37€3.9m€5.7m▲
Amounts receivable within one year40/41€7.3m€6.3m▼
Trade receivables40€7.3m€5.4m▼
Other amounts receivable41€44,868€918,989▲
Cash at bank and in hand54/58€1.5m€1.2m▼
Deferred charges and accrued income490/1€836,171€941,969▲
Equity and liabilities
Total equity and liabilities10/49€65.4m€57.5m▼
Equity10/15€25.2m€29.3m▲
Contributions10/11€4.7m€4.7m=
Capital10€4.7m€4.7m=
Issued capital100€4.7m€4.7m=
Reserves13€1.5m€1.5m=
Non-distributable reserves130/1€748,871€748,871=
Legal reserve130€465,100€465,100=
Reserves not available under the articles1311€283,772€283,772=
Distributable reserves133€798,297€798,297=
Profit (loss) carried forward14€19.0m€23.1m▲
Amounts payable17/49€40.1m€28.2m▼
Amounts payable within one year42/48€40.1m€28.1m▼
Financial debts43€17.7m€17.2m▼
Credit institutions430/8€17.7m€17.2m▼
Trade debts44€12.4m€5.3m▼
Suppliers440/4€12.4m€5.3m▼
Advances received on contracts in progress46€3.1m€0▼
Taxes, remuneration and social security45€1.0m€274,059▼
Taxes450/3€809,668€117,339▼
Remuneration and social security454/9€219,759€156,720▼
Other amounts payable47/48€5.8m€5.4m▼
Accrued charges and deferred income492/3€23,562€28,836▲
Income statementCode20242025
Operating income70/76A€28.0m€23.8m▼
Turnover70€40.4m€22.0m▼
Change in stocks of work in progress, finished goods and contracts in progress71-€12.5m€1.7m▲
Other operating income74€42,147€34,759▼
Non-recurring operating income76A€10,483€9,725▼
Operating charges60/66A€27.7m€24.0m▼
Goods for resale, raw materials and consumables60€24.0m€19.4m▼
Purchases600/8€33.5m€15.9m▼
Change in stocks: decrease (increase)609-€9.6m€3.6m▲
Services and other goods61€3.7m€3.2m▼
Remuneration, social security and pensions62€980,133€923,445▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€48,505€12,676▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€1.1m€342,860▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€0-
Other operating charges640/8€57,093€20,802▼
Operating profit (loss)9901€267,146-€155,726▼
Financial income75/76B€4.2m€6.0m▲
Recurring financial income75€4.2m€6.0m▲
Income from financial fixed assets750€2.5m€4.6m▲
Income from current assets751€1.7m€1.4m▼
Other financial income752/9€2,153€8,790▲
Financial charges65/66B€3.2m€1.7m▼
Recurring financial charges65€2.9m€1.6m▼
Debt charges650€1.4m€943,340▼
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651€1.4m-
Director appointment, Pieter Varihout Multidisciplinaire Architectenvennootschap BV (managing director)
Director appointment, Democo Group NV (managing director)
Permanent representative, Philip Demot
14-06
NBB filingAnnual accounts filed
fiscal year 2021 · full schema
04-03
State Gazette actResignation: Demot Thibaud (director)
Appointments: TDevelopment BV, MaLiBe BV and 2 others · Permanent representatives: Demot Thibaud, Van Den Broeck Johannes and 5 others20 facts ▸
General meeting, 10-02-2022
Director resignation, Demot Thibaud (director)
Director appointment, TDevelopment BV (director)
Director appointment, MaLiBe BV (director)
Permanent representative, Demot Thibaud
Permanent representative, Van Den Broeck Johannes
Board composition, Cyga BV (director)
Permanent representative, Demot Michel
Board composition, Tiga-R NV (director)
Permanent representative, Houben Rudy
Board composition, Sarkri NV (director)
Permanent representative, Houben Ronny
+8 further facts in this act
2021
06-07
State Gazette actResignation: Danielle Demot (director)
Appointments: Thibaud Demot, Pieter Vanhout Multidisciplinaire Architectenvennootschap BV and Democo Group NV · Permanent representatives: Pieter Vanhout and Philip Demot · Director discharge10 facts ▸
General meeting, 26-05-2021
Director resignation, Danielle Demot (director)
Director discharge, Danielle Demot
Director appointment, Thibaud Demot (director)
Board meeting, 28-04-2021
Director appointment, Pieter Vanhout Multidisciplinaire Architectenvennootschap BV (managing director)
Permanent representative, Pieter Vanhout
Board meeting, 27-04-2020
Director appointment, Democo Group NV (managing director)
Permanent representative, Philip Demot
15-06
NBB filingAnnual accounts filed
fiscal year 2020 · full schema
2020
02-09
State Gazette actReappointment: Democo Group nv (director)
Resignations: Rudy Houben, Ronny Houben and Michel Demot · Appointments: Tiga-R NV, Sarkri NV and Cyga BV · Permanent representatives: Rudy Houben, Ronny Houben and Michel Demot11 facts ▸
General meeting, 27-05-2020
Director reappointment, Democo Group nv (director)
Director resignation, Rudy Houben (director)
Director resignation, Ronny Houben (director)
Director resignation, Michel Demot (director)
Director appointment, Tiga-R NV (director)
Permanent representative, Rudy Houben
Director appointment, Sarkri NV (director)
Permanent representative, Ronny Houben
Director appointment, Cyga BV (director)
Permanent representative, Michel Demot
18-06
NBB filingAnnual accounts filed
fiscal year 2019 · full schema
12-02
State Gazette actAppointment: BDO Bedrijfsrevisoren CVBA (statutory auditor)
Permanent representatives: Gert Maris and Michel Dupont3 facts ▸
State Gazette actPermanent representative: Wim Heyndrıckz
1 fact ▸
Permanent representative, Wim Heyndrıckz
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
31 of 31 acts read
Directors · office · real estate
Directors and office
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
9 directors, 6 in day-to-day management, no change since 2026
"From a recent act": read from a Gazette act not yet processed into our list of directors.
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
Herkenrodesingel 4B, 3500 HasseltInsurance, reinsurance and pension funding, except compulsory social security
since 19902.048.667.318
1 parcel
Flanders1(100%)
Parcel (capakey)
Region
Area
Buildings
Height / fl.
71327G0668/00T000
Flanders
2,234 m²
1 · 622 m²
19.5 m · 5 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.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
Onderneming in onroerende goederen; beheer van beleggingen en vermogens; participatie in ondernemingen; verlenen van bijstand; verwerving en uitbating van brevetten; tussenpersoon…
Full purpose
Onderneming in onroerende goederen; beheer van beleggingen en vermogens; participatie in ondernemingen; verlenen van bijstand; verwerving en uitbating van brevetten; tussenpersoon in de handel; verhuring van installaties; agentuur bij verzekeringen en financieringen.
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
According to the 2025 annual accounts of CIRIL and those 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
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
9 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
Of 9,699 companies in sector 68121 we hold annual accounts for 7,393. 534 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPublic limited company
Founded07-06-1990
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
E-invoicing
Reachable via Peppol
Peppol ID0208:0440712768
Also9925:BE0440712768
Registered08-07-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.