ACTIVE

CIRKEL

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Financial year 2025 · closed on 31/12/2025

Net result

4,5 k €

-12.5% YoY

Gross margin

16,6 k €

-4.2% YoY

Equity

286,2 k €

+1.6% YoY

What does CIRKEL do?

CIRKEL is a Private limited company incorporated in 1996. Its main activity is: Information service activities. Its registered office is in Pelt.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0459.487.218

Incorporation

17/12/1996

Legal form

Private limited company

Registered office

Kerkdijk 16
3900 Pelt · FlandreSee on map

Contributed capital

22 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

63301Information service activities· main 79110Travel agency activities 79110Travel agency activities

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	16,6 k €	-4.2%	17,3 k €	+7.1%	16,2 k €	-5.1%	17 k €	+36.8%	12,4 k €	-45.4%	22,8 k €	-8.4%	24,9 k €	-4.0%	25,9 k €	+1.9%	25,4 k €	+10.1%	23,1 k €	-52.1%	48,2 k €	+16.3%	41,5 k €	+32.6%	31,3 k €	-29.3%	44,2 k €	+39.5%	31,7 k €	-25.3%	42,4 k €	-16.8%	51 k €	+27.4%	40 k €
EBITDA	14,2 k €	-5.3%	15 k €	+7.7%	13,9 k €	-7.0%	15 k €	+44.9%	10,3 k €	-48.9%	20,3 k €	-0.5%	20,4 k €	-20.0%	25,4 k €	+10.8%	23 k €	+11.6%	20,6 k €	-31.6%	30,1 k €	+37.5%	21,9 k €	+47.7%	14,8 k €	-47.6%	28,3 k €	+77.8%	15,9 k €	-42.8%	27,8 k €	-25.3%	37,2 k €	+65.8%	22,5 k €
Operating result	7 k €	-10.3%	7,8 k €	+16.0%	6,7 k €	-13.6%	7,7 k €	+150%	3,1 k €	-73.5%	11,7 k €	+140%	4,9 k €	-16.6%	5,8 k €	+167%	2,2 k €	+245%	-1,5 k €	-123%	6,5 k €	-58.0%	15,6 k €	+129%	6,8 k €	-67.0%	20,6 k €	+157%	8 k €	-58.4%	19,3 k €	-25.2%	25,8 k €	+175%	9,4 k €
Net result	4,5 k €	-12.5%	5,1 k €	+14.9%	4,5 k €	-11.4%	5 k €	+1296%	-422 €	-100%	129,1 k €	+4256%	3 k €	-36.2%	4,6 k €	+717%	568,8 €	+118%	-3,2 k €	-157%	5,6 k €	-58.5%	13,4 k €	+98.7%	6,8 k €	-59.7%	16,8 k €	+127%	7,4 k €	-52.3%	15,5 k €	-23.7%	20,3 k €	+116%	9,4 k €
Balance sheet
Equity	286,2 k €	+1.6%	281,7 k €	+1.9%	276,6 k €	+1.6%	272,1 k €	+1.9%	267,1 k €	-6.0%	284,1 k €	+83.3%	155 k €	+1.9%	152 k €	+3.2%	147,4 k €	+0.4%	146,8 k €	-22.7%	190 k €	+3.0%	184,4 k €	+7.9%	171 k €	+4.1%	164,2 k €	+11.4%	147,4 k €	+5.3%	140 k €	+12.5%	124,5 k €	+19.5%	104,2 k €
Total assets	296,2 k €	+2.1%	290,2 k €	+0.8%	288 k €	+0.8%	285,7 k €	-14.4%	333,9 k €	-6.0%	355,1 k €	+86.5%	190,4 k €	-2.4%	195 k €	+2.0%	191,1 k €	-21.8%	244,3 k €	-10.4%	272,8 k €	-23.7%	357,8 k €	+12.1%	319,2 k €	-2.2%	326,2 k €	+12.8%	289,1 k €	+3.5%	279,2 k €	-8.3%	304,6 k €	+20.6%	252,5 k €
Cash	253,6 k €	+5.5%	240,3 k €	+4.1%	230,9 k €	+4.3%	221,3 k €	+8.4%	204,2 k €	-19.3%	253,2 k €	+334%	58,4 k €	+102%	28,9 k €	+26.5%	22,8 k €	-55.0%	50,8 k €	+1591%	3 k €	-98.7%	232,3 k €	+13.5%	204,7 k €	+10.6%	185,1 k €	+14.9%	161,1 k €	+5.8%	152,2 k €	-7.9%	165,2 k €	+49.6%	110,4 k €
Debts	10 k €	+17.9%	8,5 k €	-25.6%	11,4 k €	-16.0%	13,6 k €	-79.7%	66,8 k €	+119%	30,5 k €	-11.9%	34,6 k €	-18.0%	42,2 k €	-1.7%	43 k €	-55.6%	96,8 k €	+37.4%	70,5 k €	-58.8%	171 k €	+19.6%	143 k €	+33.4%	107,1 k €	+14.8%	93,3 k €	-4.6%	97,8 k €	-21.0%	123,8 k €	+6.0%	116,8 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		0,5 ETP	0.0%	0,5 ETP	+25.0%	0,4 ETP	0.0%	0,4 ETP	0.0%	0,4 ETP	0.0%	0,4 ETP	0.0%	0,4 ETP	0.0%	0,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 11 ended

Active mandates

Galina Fatjugova

Director

Active

Hugo Paulissen

Director

Active

Ended mandates

Galina Fatjugova

Bestuurder · since 25 novembre 2014

Ended

Galina Fatjugova

Director · since 25 novembre 2014

Ended

Galina Fatjugova

Manager · since 25 novembre 2014

Ended

Hugo Paulissen

Bestuurder · since 25 novembre 2014

Ended

At this address

Other companies at this address

Company	CBE no.
H & A REIZEN● Active	0425.020.643
LIMBURG INTERNATIONAL● Active	0428.367.836

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	25/08/2026	27/08/2025	28/08/2024	19/07/2023	30/08/2022	31/08/2021
General meeting	31/05/2026	31/05/2025	31/05/2024	31/05/2023	31/05/2022	31/05/2021
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

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	31/05/2026	25/08/2026	Dutch	PDF
Abridged model	31/12/2024	31/05/2025	27/08/2025	Dutch	PDF
Abridged model	31/12/2023	31/05/2024	28/08/2024	Dutch	PDF
Abridged model	31/12/2022	31/05/2023	19/07/2023	Dutch	PDF
Abridged model	31/12/2021	31/05/2022	30/08/2022	Dutch	PDF
Abridged model	31/12/2020	31/05/2021	31/08/2021	Dutch	PDF
Abridged model	31/12/2019	31/05/2020	01/10/2020	Dutch	PDF
Micro model	31/12/2018	31/07/2019	30/08/2019	Dutch	PDF
Micro model	31/12/2017	26/09/2018	27/09/2018	Dutch	PDF
Micro model	31/12/2016	31/08/2017	26/09/2017	Dutch	PDF
Abridged model	31/12/2015	31/08/2016	29/09/2016	Dutch	PDF
Abridged model	31/12/2014	31/08/2015	30/09/2015	Dutch	PDF
Abridged model	31/12/2013	31/07/2014	26/09/2014	Dutch	PDF
Abridged model	31/12/2012	31/05/2013	05/08/2013	Dutch	PDF
Abridged model	31/12/2011	27/06/2012	02/07/2012	Dutch	PDF
Abridged model	31/12/2010	31/05/2011	28/06/2011	Dutch	PDF
Abridged model	31/12/2009	31/05/2010	08/07/2010	Dutch	PDF
Abridged model	31/12/2008	01/06/2009	05/06/2009	Dutch	PDF
Abridged model	31/12/2007	31/05/2008	19/06/2008	Dutch	PDF
Abridged model	31/12/2006	31/05/2007	25/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 11 ended

Active mandates

Galina Fatjugova

Director

Active

Hugo Paulissen

Director

Active

Ended mandates

Galina Fatjugova

Bestuurder · since 25 novembre 2014

Ended

Galina Fatjugova

Director · since 25 novembre 2014

Ended

Galina Fatjugova

Manager · since 25 novembre 2014

Ended

Hugo Paulissen

Bestuurder · since 25 novembre 2014

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other13/02/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM
PDF
Registered office24/12/2014
BENAMING - MAATSCHAPPELIJKE ZETEL - KAPITAAL - AANDELEN
PDF
Registered office03/02/2004
MAATSCHAPPELIJKE ZETEL
PDF
Mandates27/01/2003
ONTSLAGEN - BENOEMINGEN - KAPITAAL - AANDELEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

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

See the Business plan

2025
Annual accounts 20254,5 k €↓
2024
Annual accounts 20245,1 k €↑
2023
Annual accounts 20234,5 k €↓
2022
Annual accounts 20225 k €↑
2021
Annual accounts 2021-422 €↓
2018
Annual accounts 2018129,1 k €↑
2017
Annual accounts 20173 k €↓
2016
Annual accounts 20164,6 k €↑
2015
Annual accounts 2015568,8 €↑
2014
Annual accounts 2014-3,2 k €↓
2013
Annual accounts 20135,6 k €↓
2012
Annual accounts 201213,4 k €↑
2011
Annual accounts 20116,8 k €↓
2010
Annual accounts 201016,8 k €↑
2009
Annual accounts 20097,4 k €↓
2008
Annual accounts 200815,5 k €↓
2007
Annual accounts 200720,3 k €↑
2006
Annual accounts 20069,4 k €
17/12/1996
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

CIRKEL

Overview

What does CIRKEL do?

Trend over 18 financial years

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