Debts
€27,190 72% of the balance sheet
Suppliers 94%Taxes and wages 6%
White Circus
Lifetime
4 annual accounts with figures on one time axispeak €6,069 (2022)
€376▼ 89.9%
lowest -€407 (2023)
-€153▼ €2,585
peak €10,560 (2024)
€10,408▼ 1.4%
€27,190▲ 132%
Board2 names since 2022
2 directorsHOREMANS Christianne Rosalia Ernest and 1 other
Documentsfilings and deeds
31-08-202631 days late
2025micro format
Gross margin from €3,708 to €376Loss of €153Debts from €11,704 to €27,190Cash from €8,462 to €14,894
Key points
from the 2025 annual accountsFilings
4 annual accounts 4 late
The 2024 accounts came latest: 31 days after the end of the period.
Position in the sector
€10,408
Less equity than 82% of companies in head offices and management consultancy. Sector median €78,216 · 39,396 companies.
Checked score
92
Excellent
Financially stronger than 34% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
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 48,570 companies (NACE 70, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.4%▲ +0.2 percentage points vs 07-2025highest value
09-2025: < 0.1%▼ -0.4 percentage points vs 08-2025
10-2025: < 0.1%● unchanged 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 01-2026lowest value
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: 0.1%▲ +0.1 percentage points 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%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Last filed accounts filed 31 days late; 2 of the last 3 accounts late
lowers risk
Sector: Activities of head offices; management consultancy activities (NACE 70)
Size: total assets €37,598
Liquidity: current ratio 1.38, cash €14,894
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 29% of them on solvency, 52% on liquidity, 18% on profitability and 36% on growth.
The bankruptcy probability was computed on 09-11-2026 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, 1,271 companies had the same profile as White Circus has now. Each dot stands for 4 companies, two years later.
93.4%
were still trading
2.0%
stopped another way
4.1%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of White Circus itself is lower: 0.1% within 12 months. It rests on far more data about White Circus 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.
| 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 1,271 companies, not a prediction for White Circus. 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 €500 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.38 (1.9 in 2024), below the usual 1.5. Short-term debt is 72.3% and cash 39.6% of total assets. 72.3% of the assets are financed with debt and provisions.
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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
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 · 4 filingsDeviation from the deadline
2025
31 days late
2024
31 days late
2023
30 days late
2022
30 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 4 accounts on average 31 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 31 August (4 of the last 4 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- MERLEVEDE Johan Raymond 60 sharesdeed of 10-01-2022
- HOREMANS Christianne Rosalia Ernest 60 sharesdeed of 10-01-2022
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0779778743
Incorporation
Founding capital of €4,000, 120 shares · Founders: MERLEVEDE Johan Raymond and HOREMANS Christianne Rosalia Ernest · Appointments: MERLEVEDE Johan Raymond (director) and HOREMANS Christianne Rosalia Ernest (director) · published on 10-01-2022 · Gazette deed
First establishment
Arnould Nobelstraat 14, Leuven
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| White Circus Leuven | €37,598 | €376 | 27.7% | - |
| DNA MANAGEMENT Sint-Genesius-Rode | €37,029 | -€12,229 | 3.3% | - |
| Zachary Consulting Overijse | €40,590 | -€1,416 | 15.1% | - |
| Arcaemon Bierbeek | €34,319 | -€8,926 | -28.7% | - |
| BYRON Sint-Genesius-Rode | €40,244 | -€8,835 | -21.7% | - |
| OB CONSULT Linkebeek | €41,388 | -€1,892 | 68.4% | - |
| REAL ESTATE CAPITAL Dilbeek | €37,147 | -€4,985 | -1.5% | - |
These companies have the same main activity as White Circus: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €34,300 and €41,400, founded between 2021 and 2022.
Official details
Source: KBO- Status
- Active since 06-01-2022Normal situation
- Activity
- Business and other management consultancyNACE 70200and 5 others
- Establishment unit
- 2.326.103.9463000 Leuven, since 06-01-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 02-07-2025
Insights on White Circus
White Circus files the micro format. That format states no turnover. The gross margin fell from €6,069 in 2022 to €376 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about White Circus
- What is the company number of White Circus?
- The company number of White Circus is 0779.778.743. The VAT number is the same number with BE in front: BE 0779.778.743.
- Where is White Circus based?
- The registered office is at Arnould Nobelstraat 14, 3000 Leuven.Company details
- What does White Circus do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of White Circus?
- White Circus is a private limited company (BV).
- When was White Circus founded?
- White Circus was founded on 06-01-2022.
- Is White Circus still active?
- Yes, White Circus is an active enterprise in the KBO register.
- What is the turnover of White Circus?
- The turnover in financial year 2025 is ≈ €1,700. This figure is estimated from the gross margin of €376 and 206 comparable companies (NACE 70200). It probably lies between €820 and €3,500. It is a rough estimate.Financials
- Is White Circus profitable?
- In financial year 2025, White Circus made a loss of €153.
- Where can I find the annual accounts of White Circus?
- White Circus filed 4 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of White Circus due?
- White Circus must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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