HEMICYCLE
ActiveHEMICYCLE has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €870k and a net result of €65k. Equity is growing by ~15.2% per year across the filed fiscal years. Its solvency ranks better than 76% of 311 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
86
/ 100
Excellent▼ -8 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability38▼-10
Solvency100=
Growth78=
Stability100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75k at 30 days acceptable
Liquidity ample (current ratio 4.03 against 7.11 in 2024), and 22.5% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 02
Relative position
BE, all sectors
reference
Sector 02
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
77.5%
Return on assets
5.8%
Age of the figures
8 mo
neutral · Filed after the deadline
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. 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 · 10 filingsDeviation from the deadline
2025
31 d late
2024
1 d early
2023
13 d late
2022
28 d late
2021
16 d late
2020
17 d late
2019
26 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
13-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€65k▼ 20.8%
2024 · €83k
2018: €-15
2019: €59k
2020: €55k
2021: €60k
2022: €380k
2023: €44k
2024: €83k
2018 → 2025
Working capital
€765k▼ 7.9%
2024 · €831k
2018: €140k
2019: €207k
2020: €276k
2021: €348k
2022: €842k
2023: €801k
2024: €831k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€514k-€893k▲ 74.0%€836k▼ 6.4%€860k▲ 2.8%€870k▲ 1.2%
Operating result€85k-€135k▲ 57.8%€69k▼ 48.8%€111k▲ 61.4%€89k▼ 20.0%
Net result€60k-€380k▲ 538%€44k▼ 88.3%€83k▲ 86.7%€65k▼ 20.8%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 20% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.12M
Fixed assets
€105k▲ 258%
Current assets
€1.02M▲ 5.3%
Equity and liabilities €1.12M
Equity
€870k▲ 1.2%
Debt
€253k▲ 86.0%
The debt ratio rises from 13.7% to 22.5%: debt grows faster than equity.
Key figures and ratios
EBITDA
€107k▼
2024 · €134k
Cash flow
€84k▼
2024 · €105k
Solvency
77.5%▼
2024 · 86.3%
Current ratio
4.03▼
2024 · 7.11
Quick ratio
4.03▼
2024 · 7.11
Debt / equity
0.29▲
2024 · 0.16
ROE
7.5%▼
2024 · 9.6%
ROA
5.8%▼
2024 · 8.3%
Interest coverage
63.08▼
2024 · 945.14
Debt
€253k▲
2024 · €136k
Debt ≤ 1 year
€253k▲
2024 · €136k
Income taxes
€46k▲
2024 · €45k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€996k€1.12M▲
Fixed assets21/28€29k€105k▲
Tangible fixed assets22/27€28k€103k▲
Land and buildings22€4k€19k▲
Plant, machinery and equipment23€6k€9k▲
Furniture and vehicles24€17k€75k▲
Financial fixed assets28€2k€2k=
Current assets29/58€967k€1.02M▲
Amounts receivable within one year40/41€111k€190k▲
Trade receivables40€111k€183k▲
Other amounts receivable41-€7k
Current investments50/53€810k€650k▼
Cash at bank and in hand54/58€45k€178k▲
Equity and liabilities
Total equity and liabilities10/49€996k€1.12M▲
Equity10/15€860k€870k▲
Contributions10/11€6k€6k=
Reserves13€637k€648k▲
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Tax-exempt reserves132€14k€14k=
Distributable reserves133€622k€632k▲
Profit (loss) carried forward14€216k€216k=
Amounts payable17/49€136k€253k▲
Amounts payable within one year42/48€136k€253k▲
Trade debts44€20k€104k▲
Suppliers440/4€20k€104k▲
Taxes, remuneration and social security45€27k€38k▲
Taxes450/3€27k€38k▲
Other amounts payable47/48€89k€111k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€22k€18k▼
Other operating charges640/8€968€2k▲
Non-recurring operating charges66A-€6k
Gross operating margin9900€135k€115k▼
Operating profit (loss)9901€111k€89k▼
Financial income75/76B€17k€24k▲
Recurring financial income75€17k€24k▲
Financial charges65/66B€141€2k▲
Recurring financial charges65€141€2k▲
Profit (loss) for the period before taxes9903€128k€111k▼
Income taxes67/77€45k€46k▲
Profit (loss) for the period9904€83k€65k▼
Profit (loss) for the period to be appropriated9905€83k€65k▼
Appropriation of the result
Profit (loss) to be appropriated9906€299k€282k▼
Profit (loss) brought forward from the previous period14P€216k€216k=
Transfer from equity791/2€59k€55k▼
Transfer to equity691/2€83k€65k▼
To other reserves6921€83k€65k▼
Profit to be distributed694/7€59k€55k▼
Return on contributions (dividend)694€59k€55k▼
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
26-08
State Gazette act
Registered office · Legal-form changeBoard meeting · Registered-office move2 facts ▸
State Gazette act
Registered office · Legal-form change
Board meeting · Registered-office move2 facts ▸
- Board meeting, 2026-08-03
- Registered-office move, 5561 Celles (Houyet), Grande Trussogne 9B
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
13-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 13 days late
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 28 days late
2022
31-12
Financial
Highest result since 2018net €380k ▲538%
Operating result €135k, net result €380k, both a record.
16-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 16 days late
2021
31-12
Financial
Equity above €500kEq €514k ▲13.1%
3 profitable years in a row build equity to €514k.
17-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 17 days late
2020
26-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 26 days late
2019
31-12
Financial
Back to profitnet €59k
Net result €59k after one loss-making year.
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 27 days late
2018
21-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 21 days late
2017
25-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 25 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Houyet · 2 establishment units since 1992
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Grande-Trussogne, Celles 9B5561 HouyetGround area
1.0 ha
Building footprint
232 m²
3 parcels, Wallonia. Linked by address, not a title deed.
2 establishment units
HEMICYCLE
since 19922.056.981.307
Rue du Long-Sart(BN) 84, 5021 Namur
since 19922.056.981.406
3 parcels
Wallonia
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92086A0031/00G000 | Wallonia | 6,521 m² | - | - |
| 91026D0212/00A000 | Wallonia | 2,247 m² | - | - |
| 92017C0078/00N005 | Wallonia | 1,584 m² | 1 · 232 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 2
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
DAMAKKERS
BE 0887.128.346
Retie · Eq €826k
LOJUNI
BE 0876.635.223
Roeselare · Eq €789k
ISANO
BE 0425.210.980
Bièvre · Eq €966k
AGREBOIS
BE 0424.820.705
Elsene · Eq €979k
BOS+ Vlaanderen
BE 0411.088.374
Merelbeke-Melle · Eq €1.04M
Of 607 companies in sector 02100 we hold annual accounts for 212. 138 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded17-12-1991
Fiscal year end31-12
Activities, NACEBEL
02100Forestry and logging
58130Publishing activities
70200Business and other management consultancy
74201Photography, excluding press photography
Sources
Crossroads Bank for EnterprisesNational Bank · 33 filingsAddress and cadastre registers
Data from official sources, last processed on 13-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
2 entriesE-mail:marylene.monciaux@skynet.be
Phone:0472/05.11.95