ACTIVE

THE ENERGY CIRCLE

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Financial year 2025 · Closed on 31/12/2025

Net result191,8 k €-25,7 %over 1 year

Revenue43,8 M €-3,9 %over 1 year

Equity3,6 M €+5,6 %over 1 year

Workforce171,9 ETP-6,1 %over 1 year

Identity

Source · BCE/KBO

THE ENERGY CIRCLE is a Public limited company incorporated in 1985. Its main activity is: Electrical installation. Its registered office is in Hasselt. It employs on average 171,9 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0427.122.969
Incorporation: 26/03/1985
Legal form: Public limited company
Registered office: Diepenbekerweg 11
3500 Hasselt · FlandreSee on map
Contributed capital: 1 228 800,00 €
Latest accounts: 31/12/2025
Average workforce: 171,9 ETP

Activities (NACE)

43211Electrical installation· main 43211Electrical installation 43222Plumbing, heat and air-conditioning installation 43222Plumbing, heat and air-conditioning installation 45310Wholesale trade of motor vehicle parts and accessories 43221Plumbing, heat and air-conditioning installation+5

Joint committees (4)

124
14901
200
218

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 19 filings

Trend over 19 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	43,8 M €	-3.9%	45,6 M €	+127%	20,1 M €	+28.7%	15,6 M €	+7.7%	14,5 M €
EBITDA	406,2 k €	-44.7%	734,3 k €	+512%	120 k €	-77.8%	540,9 k €	+156%	211,4 k €
Operating result	342,8 k €	-44.0%	612,6 k €	+59.2%	384,8 k €	+546%	59,5 k €	-58.3%	142,8 k €
Net result	191,8 k €	-25.7%	258,3 k €	+10.3%	234,3 k €	+1078%	-23,9 k €	-119%	125,1 k €
Balance sheet
Equity	3,6 M €	+5.6%	3,4 M €	+159%	1,3 M €	+21.7%	1,1 M €	-2.2%	1,1 M €
Total assets	19,3 M €	+8.6%	17,7 M €	+125%	7,9 M €	+17.8%	6,7 M €	+23.6%	5,4 M €
Cash	1,8 M €	+305%	440,9 k €	-54.8%	976,1 k €	+20.2%	812,3 k €	+50.1%	541,2 k €
Debts	15,5 M €	+10.1%	14,1 M €	+119%	6,4 M €	+24.5%	5,2 M €	+21.7%	4,2 M €
Other
Workforce	171,9 ETP	-6.1%	183,0 ETP	+159%	70,7 ETP	+2.3%	69,1 ETP	+3.4%	66,8 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

7 active · 9 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
DEMOCO GROUP0479.223.847Represented by Philip Demot	Director30/05/2025 → 30/05/2031Managing director22/01/2008 → 2021 accountsended
HAS2B0776.719.580Represented by Sophie Hayen	Director30/07/2024 → 31/05/2030
Rafine1002.554.980Represented by Raf Houben	Director30/07/2024 → 31/05/2030
TDEVELOPMENT0774.835.802Represented by Thibaud Demot	Director03/04/2024 → 31/05/2030
SARKRI0476.540.016Represented by Sarah Houben	Director15/03/2022 → 25/05/2029
MaLiBe0770.425.567Represented by Johan Van Den Broeck	Director15/03/2022 → 31/05/2028
Thierry Van Osselaer	Director27/05/2020 → 29/05/2026

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
FBConstruct0835.210.778Represented by Frederik Bijnens	Director26/05/2021 → 2021 accounts
Michel Demot	Director29/05/2019 → 2020 accounts
Rudy Houben	Director29/05/2019 → 2020 accounts

Other companies at this address

Diepenbekerweg 11 3500 Hasselt

Company	CBE no.
AEW Green● Active	0897.492.894
AEW Security● Active	0524.976.866
AURORA SERVICES● Active	1004.683.636
DAENINCK & DEWEERDT● Active	0405.101.890
TM Demtec Services - Van Roey Services● Active	0802.937.195

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	03/07/2026	04/06/2025	02/07/2024	03/08/2023	22/06/2022	18/06/2021
General meeting	12/06/2026	30/05/2025	28/06/2024	03/08/2023	25/05/2022	26/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 19 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	12/06/2026	03/07/2026	Dutch	PDF
Full model	31/12/2024	30/05/2025	04/06/2025	Dutch	PDF
Full model	31/12/2023	28/06/2024	02/07/2024	Dutch	PDF
Full model	31/12/2022	03/08/2023	03/08/2023	Dutch	PDF
Full model	31/12/2021	25/05/2022	22/06/2022	Dutch	PDF
Full model	31/12/2020	26/05/2021	18/06/2021	Dutch	PDF
Full model	31/12/2019	27/05/2020	28/05/2020	Dutch	PDF
Full model	31/12/2018	29/05/2019	08/07/2019	Dutch	PDF
Full model	31/12/2017	30/05/2018	26/06/2018	Dutch	PDF
Full model	31/12/2016	31/05/2017	26/06/2017	Dutch	PDF
Full model	31/12/2015	25/05/2016	09/06/2016	Dutch	PDF
Full model	31/12/2014	27/05/2015	19/06/2015	Dutch	PDF
Full model	31/12/2013	22/04/2014	12/05/2014	Dutch	PDF
Full model	30/06/2012	16/11/2012	21/11/2012	Dutch	PDF
Full model	30/06/2011	09/12/2011	23/12/2011	Dutch	PDF
Full model	30/06/2010	19/11/2010	15/12/2010	Dutch	PDF
Full model	30/06/2009	20/11/2009	17/12/2009	Dutch	PDF
Full model	30/06/2008	07/11/2008	02/12/2008	Dutch	PDF
Full model	30/06/2007	21/01/2008	01/02/2008	Dutch	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Board of directors

Source · NBB, accounts to 31/12/2025

7 active · 9 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
DEMOCO GROUP0479.223.847Represented by Philip Demot	Director30/05/2025 → 30/05/2031Managing director22/01/2008 → 2021 accountsended
HAS2B0776.719.580Represented by Sophie Hayen	Director30/07/2024 → 31/05/2030
Rafine1002.554.980Represented by Raf Houben	Director30/07/2024 → 31/05/2030
TDEVELOPMENT0774.835.802Represented by Thibaud Demot	Director03/04/2024 → 31/05/2030
SARKRI0476.540.016Represented by Sarah Houben	Director15/03/2022 → 25/05/2029
MaLiBe0770.425.567Represented by Johan Van Den Broeck	Director15/03/2022 → 31/05/2028
Thierry Van Osselaer	Director27/05/2020 → 29/05/2026

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
FBConstruct0835.210.778Represented by Frederik Bijnens	Director26/05/2021 → 2021 accounts
Michel Demot	Director29/05/2019 → 2020 accounts
Rudy Houben	Director29/05/2019 → 2020 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates03/02/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/09/2025
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring03/09/2024
BENAMING - DOEL - KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates19/06/2024
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring06/06/2024
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Other13/03/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates03/11/2023
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares12/07/2023
KAPITAAL - AANDELEN
PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings19 filings

Mandates

DEMOCO GROUP

HAS2B

Rafine

TDEVELOPMENT

SARKRI

MaLiBe

Thierry Van Osselaer

FBConstruct

Michel Demot

Rudy Houben

MVS Management Comm.V

IMPROVE

Show the 4 other mandates

19851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028202920302031

THE ENERGY CIRCLEA.E.W. NV

Diepenbekerweg 11, 3500 Hasselt

DirectorManaging director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Diepenbekerweg 11, 3500 HasseltCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00274685

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
THE ENERGY CIRCLECurrent	accounts 2024 → 2025	Accounts 2025 · 2026-00274685
A.E.W. NV	accounts 2007 → 2023	Accounts 2023 · 2024-00214771

Events

2025
Annual accounts 2025191,8 k €↓
2024
Annual accounts 2024258,3 k €↑
2024
Name changeTHE ENERGY CIRCLE
2023
Annual accounts 2023234,3 k €↑
2022
Annual accounts 2022-23,9 k €↓
2021
Annual accounts 2021125,1 k €↑
2020
Annual accounts 202062,1 €↑
2019
Annual accounts 2019-716,3 k €↓
2018
Annual accounts 2018-110,8 k €↓
2017
Annual accounts 201740,9 k €↑
2016
Annual accounts 2016-88,2 k €↓
2015
Annual accounts 2015429,1 k €↑
2014
Annual accounts 2014172,8 k €↓
2013
Annual accounts 2013643,1 k €↑
2012
Annual accounts 2012184,2 k €↑
2011
Annual accounts 2011-26 k €↑
2010
Annual accounts 2010-49,2 k €↓
2009
Annual accounts 200986,1 k €↓
2008
Annual accounts 2008226,9 k €↑
2007
Annual accounts 2007-111,9 k €
26/03/1985
IncorporationPublic limited company

THE ENERGY CIRCLE

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline

Timeline

Registered offices

Company names

Events