Staff
3 employees on 31-12-2025
In 2025, 2 people joined and nobody left.
Net Circular
Overview
Lifetime
2 annual accounts with figures on one time axispeak €248,400 (2025)
€248,400▲ 391%
peak €6,091 (2024)
€575▼ 90.6%
peak €106,666 (2025)
€106,666▲ 0.5%
€84,699▲ 54.4%
peak 2.7 FTE (2025)
2.7 FTE▲ 575%
Board9 names since 2024
5 directors and 4 others
Owners2 names in the annual accounts
100% and 1 other
Documentsfilings and deeds
29-04-202693 days before the deadline
2025financial year
Gross margin from €50,629 to €248,400Result from €6,091 to €575Staff from 0.4 FTE to 2.7 FTEDebts from €54,857 to €84,699Cash from €42,942 to €57,618
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Key points
from the 2025 annual accountsAt the same address
21 companies
Position in the sector
€106,666
Less equity than 80% of companies in head offices and management consultancy. Sector median €1.1m · 3,873 companies.
Checked score
Bankruptcy probability within 12 months
Financial strength
Score breakdown
Comparable companies, two years later
In July 2024, 2,546 companies had the same profile as Net Circular has now. Each dot stands for 7 companies, two years later.
94.3%
were still trading
3.2%
stopped another way
2.3%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
Test of the method
The method was tested on the 497,448 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 2,546 companies, not a prediction for Net Circular. 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
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The scores and ratios are Checked's own calculations, not a credit decision.
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Signals
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Board and ownership
Managing director
Managing director,
Director, since 15-07-2025
Director, since 15-07-2025
Director, since 15-07-2025
- 100%score equity €1.2m (2025) · deed of 18-08-2026
- consolidatesequity €265.9m (2025) · annual accounts 2025
Recent changes
Merger proposal: to be absorbed by NGAGE CONSULTING
Permanent representatives: , , , and · NGAGE CONSULTING holds 100 shares (100%) · holds all the shares · Gazette deed
5 directors appointed, 5 resignations
Resignations: , , , and · Appointments: , , , and · Director discharge: · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:1007693705
Incorporation
Founding capital of €100,000, 100 shares · Founders: NGAGE CONSULTING, and · Appointments: (chair of the board), , , (managing director), (managing director) and Luc Callaert (statutory auditor) · published on 02-04-2024 · Gazette deed
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Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Net Circular Woluwe-Saint-Lambert | €191,365 | €248,400 | 55.7% | 2.7 |
| IceLake Belgium Zaventem | €175,047 | €272,413 | 39.9% | 2.2 |
| DE BRANDT MANAGEMENT Lochristi | €166,513 | €219,477 | -41.7% | 1.7 |
| THYRION RETAIL Cerfontaine | €155,055 | €218,732 | 16.1% | 2.5 |
| CAPERFORMANCE Binche | €136,267 | €178,197 | 14.6% | 2.6 |
| Conessence Engineering Ghent | €131,156 | €235,325 | -2.6% | 3 |
| Knowledge Value Consulting Brussels | €185,796 | €139,946 | 10.2% | 2.4 |
These companies have the same main activity as Net Circular: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €131,000 and €186,000, founded between 2022 and 2024.
Official details
Source: KBO- Status
- Active since 28-03-2024Normal situation
- Registered office
- 23 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 11 November 2026.
- Activity
- Business and other management consultancyNACE 70200
- Establishment unit
- 2.357.756.6301200 Woluwe-Saint-Lambert, since 28-03-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 08-04-2024
Annual accounts 2025
- €248,400▲ 391%
- ≈ €400,000estimated
- €575▼ 90.6%
- €106,666▲ 0.5%
- €191,365▲ 18.9%
- Employeeson 31-12-2025
- 3▲ 200%
- Filing
- Filed on 29-04-2026, 93 days before the end of the filing period
Companies linked to Net Circular
Parent and group
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Insights on Net Circular
Net Circular has existed since 2024. The present size dates from 2025. The gross margin rose that year from €50,629 to €248,400 and staff from 0.4 to 2.7 full-time equivalents.
Solvency fell in 2025 from 65.9% to 55.7%.
NGAGE CONSULTING holds all the shares. In July 2025, three directors stepped down. In April 2024, the Official Gazette published the appointment of as managing director.
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Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
full format, filed on 29-04-2026, 93 days before the deadline€248,400
▲ 391%
€6,775
▼ 35.1%
€575
▼ 90.6%
€100,593
▼ 3.6%
55.7%
▼ 10.2 percentage points
2.21
▼ 1.11
The turnover shown is an estimate from the gross margin.
Turnover ≈ €400,000. Estimated: probably between €320,000 and €520,000.
Balance sheet
balance sheet total €191,365 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
55.7%
Higher than 52% of 3,873 companies in 2025.
2.21
Higher than 64% of 3,727 companies in 2025.
0.3%
Higher than 31% of 3,849 companies in 2025.
Net Circular
Middle half of the sector
80% of the sector
Full accounts in head offices and management consultancy (NACE 70)
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half · Staff: middle half
Staff
€86,680
Staff costs divided by the average number of full-time equivalents.
+2 people
people who joined
people who left
In 2025, 2 people joined and nobody left. Training hours in 2025: 165.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
191,365 | 160,947 | |
21/28 |
7,819 | 11,527 | |
21 |
6,792 | 11,467 | |
22/27 |
967 | - | |
24 |
967 | - | |
28 |
60 | 60 | |
29/58 |
183,546 | 149,420 | |
40/41 |
123,680 | 103,807 | |
40 |
121,426 | 100,623 | |
41 |
2,255 | 3,184 | |
54/58 |
57,618 | 42,942 | |
490/1 |
2,248 | 2,672 | |
| Balance sheet: equity and liabilities | |||
10/49 |
191,365 | 160,947 | |
10/15 |
106,666 | 106,091 | |
10/11 |
100,000 | 100,000 | |
10 |
100,000 | 100,000 | |
100 |
100,000 | 100,000 | |
13 |
6,333 | 5,305 | |
130/1 |
333 | 305 | |
130 |
333 | 305 | |
133 |
6,000 | 5,000 | |
14 |
333 | 786 | |
17/49 |
84,699 | 54,857 | |
42/48 |
82,953 | 45,025 | |
43 |
349 | - | |
430/8 |
349 | - | |
44 |
27,471 | 38,617 | |
440/4 |
27,471 | 38,617 | |
45 |
43,589 | 6,408 | |
450/3 |
9,150 | 4,456 | |
454/9 |
34,439 | 1,952 | |
47/48 |
11,544 | - | |
492/3 |
1,746 | 9,832 | |
| Income statement | |||
76A |
131 | 260 | |
9900 |
248,400 | 50,629 | |
62 |
234,037 | 37,244 | |
630 |
4,830 | 2,558 | |
640/8 |
505 | 393 | |
66A |
2,253 | - | |
9901 |
6,775 | 10,434 | |
75/76B |
20 | 1 | |
75 |
20 | 1 | |
65/66B |
3,849 | 1,659 | |
65 |
3,849 | 1,659 | |
9903 |
2,946 | 8,776 | |
67/77 |
2,370 | 2,685 | |
9904 |
575 | 6,091 | |
9905 |
575 | 6,091 | |
| Appropriation of the result | |||
9906 |
1,362 | 6,091 | |
14P |
786 | - | |
691/2 |
1,029 | 5,305 | |
6920 |
29 | 305 | |
6921 |
1,000 | 5,000 | |
| Social balance sheet | |||
9087 |
2.7 | 0.4 | |
Hours worked1013 |
4,720 | 768 | |
| Document | |||
The notes to these accounts have 16 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 29-04-2026.
Filings
each dot is a set of accounts, on the day it reached the National BankKey figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| 11,604 | 12,992 | ||
| 5,405 | 8,649 | ||
| 1,122 | 14,085 | ||
| 14,676 | - | ||
| 100,593 | 104,395 | ||
| 55.7% | 65.9% | ||
| 2.21 | 3.32 | ||
| 0.79 | 0.52 | ||
| 0.5% | 5.7% | ||
| 0.3% | 3.8% | ||
| 3.01 | 7.83 |
EBIT margin: not included in this filing.
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.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 |
|---|---|---|
| Employees at the balance-sheet date | 3 | 1 |
| full-time | 3 | 1 |
| part-time | 0 | 0 |
| in full-time equivalents | 3 | 1 |
| 2.7 | 0.4 | |
| On a permanent contract | 3 | 1 |
| Joined | 2 | 2 |
| Left | 0 | 1 |
| Training hours | 165 | - |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 |
|---|---|---|
| Tangible fixed assets | €1,122 | - |
| Intangible fixed assets | - | €14,025 |
| Financial fixed assets | €0 | €60 |
| €4,830 | €2,558 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Insights on Net Circular
The operating result for 2025 is 35% lower than in 2024.
Debt's share of the balance-sheet total rises from 34.1% to 44.3%. Equity and debt are higher.
Board & ownership
Board
5 directors, 2 in day-to-day management, 1 auditor, no change since 2025Director and managing director, permanent representative
director since 15-07-2025
managing director appointed by deed of 02-04-2024
6-year term from 2025
earlier director (not named in the articles), until 15-07-2025
also on the board of 1 other company
listed in the 2025 annual accounts, filed on 29-04-2026
Director
since 15-07-2025
6-year term from 2025
listed in the 2025 annual accounts, filed on 29-04-2026
Director
since 15-07-2025
6-year term from 2025
listed in the 2025 annual accounts, filed on 29-04-2026
Director
since 15-07-2025
6-year term from 2025
listed in the 2025 annual accounts, filed on 29-04-2026
Director and managing director, permanent representative
director since 15-07-2025
managing director appointed by deed of 02-04-2024
6-year term from 2025
earlier director (not named in the articles), until 15-07-2025
listed in the 2025 annual accounts, filed on 29-04-2026
Statutory auditor
since 28-03-2024
term of 3 financial years from 2024
listed in the 2025 annual accounts, filed on 29-04-2026
- ,
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- Two directors jointlydeed of 18-08-2026
Permanent representatives 2
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Mandates through the years
9 names, the dashed line is todayDirector, Managing director
Director, Managing director
Director
Director
Director
Luc Callaert
Statutory auditor
Statutory auditor
Director
Director
Director
LeadershipBoardEarlierRest of the termend not dated
Mandates as a list
-
- Director, from 28-03-2024 to date
- Managing director, appointed by deed of 02-04-2024, still in office
-
- Director, from 28-03-2024 to date
- Managing director, appointed by deed of 02-04-2024, still in office
-
- Director, from 15-07-2025 to date
-
- Director, from 15-07-2025 to date
-
- Director, from 15-07-2025 to date
- Luc Callaert
- Statutory auditor, from 28-03-2024 to date
-
- Director, from 28-03-2024 to 15-07-2025
- Director, appointed by deed of 02-04-2024, until 15-07-2025
-
- Director, appointed by deed of 02-04-2024, until 15-07-2025
- Director, appointed by deed of 02-04-2024, no longer listed in the 2025 annual accounts
-
- Director, from 28-03-2024 to 15-07-2025
- Chair of the board, appointed by deed of 02-04-2024, until 15-07-2025
- Director, appointed by deed of 02-04-2024, until 15-07-2025
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Control
Parent
Equity €1.2m
Profit €55,995 in 2025 (profit €65,834 in 2024)
Checked score
100%
This company
Net Circular
Equity €106,666
Profit €575 in 2025
Further up the chain 100% 100% 100% 100% consolidates
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Capital
- Capital
- €100,000
- Shares
- 100
- Contribution per share
- €1,000
- Equity per share
- €1,067 in 2025
- Source
- deed of 18-08-2026
Owners through the years
as the annual accounts name themOwners as a list
-
- 2024: 80%
- 2025: 100%
Source: parent in its own accounts, lists of holdings in the owners' accounts
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Articles of association
deed of 02-04-2024 (in French)- 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 3 directorsTerm of at most 6 years
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Third Thursday of May at 18:00
Shareholders
2 ownersOwners 2
- parentEquity €1.2m Profit of €55,995 in 2025 (profit of €65,834 in 2024) Checked score100%
-
consolidates
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Capital transactions
Shareholders according to the deeds
Stated in the deed
deed of 18-08-2026 ↗
- 100 shares · 100%
Stated in the deed
deed of 27-02-2026 ↗
- all shares
At incorporation
deed of 02-04-2024 ↗
- 80 shares (80%)
- 10 shares (10%)
- 10 shares (10%)
Capital over time
- 18-08-2026 Capital stated in the deed · €100,000 · 100 shares
- 02-04-2024 Incorporation · €100,000 · 100 shares
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Network & group
Group
has 1 direct subsidiary (2025 accounts)Parent1 holding, 1 country
2025 accounts
Belgium 1 Equity Result
- BE NetCircular €106,666 result €575
Source: list of holdings in the 2025 accounts of . Every holding stands with its own latest accounts.
Part of the group
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At the same address
Gemeenschappenlaan 110, 1200 Woluwe-Saint-Lambert · 22 other companies| OPmobility C-Power Belgium Research
registered office since 26-05-2000 · founded in 2000 |
turnover €295.6m (2024) 0471.737.526 |
| SOCIETE DE SERVICES, DE PARTICIPATIONS, DE DIRECTION ET D'ELABORATION
registered office since 01-01-1981 · founded in 1921 · group GEREFIS |
104 FTE (2025) 0405.844.436 |
| OPmobility H2-Power Holding Belgium
registered office since 09-02-2018 · founded in 2018 · group OPmobility C-Power Belgium Research |
total assets €333.2m (2024) 0689.985.645 |
| DNA33 SERVICES
registered office since 15-12-2023 · founded in 2023 · group |
total assets €11.2m (2025) 1003.446.291 |
| asUgo Consulting
registered office since 10-03-2016 · founded in 2016 · group |
46 FTE (2025) 0649.794.882 |
| DARWIND
registered office since 26-02-2019 · founded in 2019 · group |
26 FTE (2025) 0721.595.569 |
| NGAGE CONSULTING
registered office since 19-02-2009 · founded in 2009 · group |
35 FTE (2025) 0809.898.629 |
| GUERBET
establishment since 01-05-1952 · founded in 1952 |
10 FTE (2025) 0403.054.893 |
| Im-Fine
registered office since 01-06-2023 · founded in 1981 · group |
4.7 FTE (2025) 0421.658.703 |
| I4F
registered office since 09-07-2010 · founded in 2010 |
17 FTE (2026) 0827.709.908 |
Earlier ties
via , at Net Circular until 2025 · Director (not named in the articles) · deed of 19-02-2024 founded in 2016 |
46 FTE (2025) |
via (at Net Circular until 2025) and (at Net Circular until 2025) · Director · deed of 28-02-2019 founded in 2019 |
26 FTE (2025) |
via , at Net Circular until 2025 · Manager · deed of 22-11-2017 founded in 1981 |
4.7 FTE (2025) |
via (at Net Circular until 2025) and (at Net Circular until 2025) · Director · deed of 23-11-2020 founded in 2020 |
23 FTE (2025) |
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Acquisitions and mergers
1 transactionTaken over by:NGAGE CONSULTING
Connections & network
1 connected companyThis company
Company
Director
Shareholding
+N: links not shown yet
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Linked via shared directors
via , (at Net Circular until 2025) and (at Net Circular until 2025) · Director · deed of 19-12-2023
Founded in 2023 · total assets €11.2m (2025)
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Timeline
Timeline
7 events since 2024Board
Capital
Filings
Establishments
202420252026
Deadline for the 2026 accounts: 31-07-2027
2026
Merger proposal: to be absorbed by NGAGE CONSULTINGPermanent representatives: , , , and · NGAGE CONSULTING holds 100 shares (100%) · holds all the shares8 points ▸
- Capital, €100,000, 100 shares
- NGAGE CONSULTING holds 100 shares (100%)
- Permanent representative,
- Permanent representative,
- holds all the shares
- Permanent representative,
- Permanent representative,
- Permanent representative,
- The deed holds 14 more points.
Annual accounts 2025 filed PDFfull format · 93 days before the deadline
5 directors appointed, 5 resignationsResignations: , , , and · Appointments: , , , and · Director discharge: 20 points ▸
- Director resignation, (director (not named in the articles))
- Director resignation, (director (not named in the articles))
- Director resignation, (director (not named in the articles))
- Director resignation, (director (not named in the articles))
- Director resignation, (director (not named in the articles))
- Director discharge,
- Director discharge,
- Director discharge,
- Director discharge,
- Director discharge,
- Director appointment,
- Director appointment,
- Director appointment,
- Director appointment,
- Director appointment,
- Power of attorney,
- Power of attorney,
- Power of attorney,
- Power of attorney,
- holds all the shares
- The deed holds 1 more point.
2025
Annual accounts 2024 filed PDFfull format · 1 day before the deadline
2024
Registered in the Peppol Directory Reachable for e-invoices through 0208:1007693705
IncorporationFounding capital of €100,000, 100 shares · Founders: NGAGE CONSULTING, and · Appointments: (chair of the board), , , (managing director), (managing director) and Luc Callaert (statutory auditor) · published on 02-04-202421 points ▸
- Founder, NGAGE CONSULTING
- Founder,
- Founder,
- Founding capital, €100,000, 100 shares
- Capital, €100,000, 100 shares
- Registered office clause, avenue des Communautés 110, 1200 Woluwe-Saint-Lambert
- Board rule, 5, 6
- Director appointment,
- Director appointment,
- Director appointment,
- Director appointment,
- Director appointment,
- Permanent representative,
- Permanent representative,
- Permanent representative,
- Permanent representative,
- Permanent representative,
- Auditor appointment, Luc Callaert (statutory auditor)
- Director appointment, (chair of the board)
- Director appointment, (managing director)
- Director appointment, (managing director)
- The deed holds 7 more points.
First establishment Gemeenschappenlaan 110, Woluwe-Saint-Lambert
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Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
On 28 March 2024, Net Circular was incorporated as a public limited company by NGAGE CONSULTING and two natural persons, with a starting capital of €100,000.12 Of the 5 current board members, 5 have served since 2025.3 The company has filed 2 sets of annual accounts, the latest for financial year 2025.4
Company details
Identity
- Enterprise number
- 1007.693.705
- VAT number
- BE 1007.693.705
- Peppol ID
- 0208:1007693705
- LEI code
- 875500TMFCL42LDU9J92 no longer live in the LEI register
- Legal form
- Public limited company
- Status
- Active, normal situation
- Founded
- 28-03-2024
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Third Thursday of May at 18:00deed of 02-04-2024 (in French)
- Peppol
- Reachable since 08-04-2024Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- Net Circular in French
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 02-04-2024 (in French)
- Name clauseThe company operates under this name according to its articles.
- Net Circulardeed of 02-04-2024 (in French)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Région de Bruxelles-Capitale”deed of 02-04-2024 (in French)
Activities
NACEBEL 202570200
Business and other management consultancy main activity
Codes under NACEBEL 2008
70220
Business consulting main activity
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Le conseil en matière environnementale relative, notamment, à la décarbonisation et la transition énergétique des opérations et activités…”deed of 18-08-2026 (in French)
7 activities
- Le conseil en matière environnementale relative, notamment, à la décarbonisation et la transition énergétique des opérations et activités d’entreprises, de personnes privées ou publiques
- Le conseil en matière de préservation de l’environnement, de la biodiversité, d’optimisation des ressources et de gestion des déchets relative aux opérations et activités d’entreprises, de personnes privées ou publiques
- Le conseil en matière scientifique et économique, notamment, en matière d’économie circulaire
- Le conseil en ingénierie ou autres domaines spécialisés, scientifiques et techniques, en ce compris toutes activités de contrôle et analyse technique
- Le conseil en matière informatique et, notamment, la programmation informatique, l’installation de systèmes informatiques et leur gestion, la gestion et l’exploitation de données et matériel informatique
- Toutes les activités de conseil, de consultance, de formation, d’assistance, d’expertise technique et de services aux entreprises, personnes privées ou publiques, dans les domaines de la gestion, de la production et du développement d’opérations ou d’activités, ainsi que du processus de gestion des opérations ou des activités dans le sens le plus large
- La conception, le développement, l’implémentation de solutions et/ou applications techniques, ainsi que d’outils de gestion opérationnelle des activités ou opérations d’entreprises, de personnes privées ou publiques, dans tous les domaines précités
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Gemeenschappenlaan 110 registered office 1200 Woluwe-Saint-Lambert | 28-03-2024 | 2.357.756.630 |
Buildings and parcels at the address
- Ground area
- 4,169 m²
- Buildings
- 2,549 m²
- Volume, LiDAR
- 56,435 m³
- Tallest building
- 27.7 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21018A0151/00S000 | 4,169 m² | 1 · 2,549 m² | 27.7 m · 8 |