4WINGS Foundation
ActiveSummary
For the legal form of 4WINGS Foundation, Checked does not compute a bankruptcy probability. The annual accounts of 4WINGS Foundation for fiscal year 2025 show a net loss of 110% of total assets and of 53% of the equity at the start of that year. The 2025 annual accounts show equity of €921,499 and a net result of -€1.0m. Equity is shrinking by ~12.1% per year across the filed fiscal years. The company has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
59
/ 100
Fair
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-79
Solvency100=
Growth32=
Track record100
Credit verdict
Credit up to €50,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 69.1 against 77.9 in 2024; short-term debt: 1.1% and cash: 37.1% of total assets), and 1.1% of the assets are financed with debt.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-03-2026, 123 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
123 d early
2024
64 d early
2023
6 d early
2022
34 d early
2021
33 d early
2020
54 d early
2019
88 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 32 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
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
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€1.0m
2024 · €159,651
Working capital
€667,627▼ 60.6%
2024 · €1.7m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€757,297▼ 10.5%€195,279€225,947▲ 15.7%€55,301▼ 75.5%-€1.0m
Net result-€755,790▼ 10.3%€194,101€231,915▲ 19.5%€159,651▼ 31.2%-€1.0m
Equity€1.4m▼ 35.7%€1.6m▲ 14.2%€1.8m▲ 14.9%€1.9m▲ 8.9%€921,499▼ 52.7%
Total assets€1.4m▼ 35.4%€1.6m▲ 14.1%€1.8m▲ 14.9%€2.0m▲ 9.4%€931,303▼ 52.8%
Debt€11,255▲ 31.9%€10,525▼ 6.5%€11,675▲ 10.9%€22,025▲ 88.7%€9,804▼ 55.5%
Working capital€1.1m▼ 37.2%€1.1m▲ 1.4%€1.4m▲ 20.5%€1.7m▲ 24.8%€667,627▼ 60.6%
Staff (FTE)1.2▲ 9.1%1▼ 16.7%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €1.0m after €55,301 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €931,303
Fixed assets
€253,872 ▼ 0.7%
Current assets
€677,431 ▼ 60.5%
Equity and liabilities €931,303
Equity
€921,499 ▼ 52.7%
Debt
€9,804 ▼ 55.5%
Debt's share of the balance-sheet total falls from 1.1% to 1.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€1.0m▼
2024 · €57,441
Cash flow
-€1.0m▼
2024 · €161,791
Current ratio
69.10▼
2024 · 77.90
Debt to equity
0.01▼
2024 · 0.01
ROE
-111.5%▼
2024 · 8.2%
ROA
-110.4%▼
2024 · 8.1%
Interest coverage
-2203.15▼
2024 · 252.24
Debt ≤ 1 year
€9,804▼
2024 · €22,025
Staff costs
€180,329▲
2024 · €174,635
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €43,002 | €139,490 | €162,475 | €174,635 | €180,329 | ▲ 3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €296 | €1,854 | €2,140 | €1,660 | ▼ 22.4% |
| Other operating charges640/8 | - | - | - | €139 | - | - |
| Non-recurring operating charges66A | - | - | - | - | €184 | - |
| Gross operating margin9900 | -€714,294 | €335,064 | €390,276 | €232,215 | -€862,368 | ▼ 471% |
| Operating profit (loss)9901 | -€757,297 | €195,279 | €225,947 | €55,301 | -€1.0m | ▼ 1,989% |
| Financial income75/76B | €2,000 | €47 | €6,142 | €104,578 | €17,204 | ▼ 83.5% |
| Recurring financial income75 | €2,000 | €47 | €6,142 | €9,005 | €17,204 | ▲ 91.1% |
| Non-recurring financial income76B | - | - | - | €95,573 | - | - |
| Financial charges65/66B | €494 | €1,225 | €174 | €228 | €473 | ▲ 108% |
| Recurring financial charges65 | €494 | €1,225 | €174 | €228 | €473 | ▲ 108% |
| Profit (loss) for the period before taxes9903 | -€755,790 | €194,101 | €231,915 | €159,651 | -€1.0m | ▼ 744% |
| Profit (loss) for the period9904 | -€755,790 | €194,101 | €231,915 | €159,651 | -€1.0m | ▼ 744% |
| Profit (loss) for the period to be appropriated9905 | -€755,790 | €194,101 | €231,915 | €159,651 | -€1.0m | ▼ 744% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.4m | €1.6m | €1.8m | €2.0m | €931,303 | ▼ 52.8% |
| Fixed assets21/28 | €252,109 | €431,054 | €432,351 | €255,716 | €253,872 | ▼ 0.7% |
| Tangible fixed assets22/27 | - | €3,702 | €5,127 | €3,744 | €1,900 | ▼ 49.3% |
| Furniture and vehicles24 | - | €3,702 | €5,127 | €3,744 | €1,900 | ▼ 49.3% |
| Financial fixed assets28 | €252,109 | €427,352 | €427,225 | €251,972 | €251,972 | = |
| Current assets29/58 | €1.1m | €1.1m | €1.4m | €1.7m | €677,431 | ▼ 60.5% |
| Amounts receivable after more than one year29 | €220,229 | €111,419 | €194,572 | €403,330 | €329,779 | ▼ 18.2% |
| Other amounts receivable291 | €220,229 | €111,419 | €194,572 | €403,330 | €329,779 | ▼ 18.2% |
| Amounts receivable within one year40/41 | - | €140 | - | €125,665 | €1,493 | ▼ 98.8% |
| Trade receivables40 | - | €140 | - | - | €835 | - |
| Other amounts receivable41 | - | - | - | €125,665 | €658 | ▼ 99.5% |
| Current investments50/53 | - | - | - | €600,000 | - | - |
| Cash at bank and in hand54/58 | €900,714 | €1.0m | €1.2m | €585,988 | €345,722 | ▼ 41.0% |
| Deferred charges and accrued income490/1 | €1,846 | - | €4,195 | €636 | €437 | ▼ 31.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.4m | €1.6m | €1.8m | €2.0m | €931,303 | ▼ 52.8% |
| Equity10/15 | €1.4m | €1.6m | €1.8m | €1.9m | €921,499 | ▼ 52.7% |
| Reserves13 | €1.4m | €1.6m | €1.8m | €1.9m | €921,499 | ▼ 52.7% |
| Amounts payable17/49 | €11,255 | €10,525 | €11,675 | €22,025 | €9,804 | ▼ 55.5% |
| Amounts payable within one year42/48 | €11,255 | €10,525 | €11,675 | €22,025 | €9,804 | ▼ 55.5% |
| Trade debts44 | €9,385 | €3,717 | €3,252 | €11,682 | €3,784 | ▼ 67.6% |
| Suppliers440/4 | €9,385 | €3,717 | €3,252 | €11,682 | €3,784 | ▼ 67.6% |
| Taxes, remuneration and social security45 | €1,870 | €6,808 | €8,423 | €10,343 | €6,020 | ▼ 41.8% |
| Taxes450/3 | - | - | €5,543 | €1,934 | - | - |
| Remuneration and social security454/9 | €1,870 | €6,808 | €2,879 | €8,409 | €6,020 | ▼ 28.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€755,790 | €194,101 | €231,915 | €159,651 | -€1.0m | ▼ 744% |
| + Depreciation and write-downs630 | - | €296 | €1,854 | €2,140 | €1,660 | ▼ 22.4% |
| Operating cash flow (approximation) | -€755,790 | €194,397 | €233,768 | €161,791 | -€1.0m | ▼ 734% |
| Investment in fixed assets (approximation) | - | -€179,241 | -€3,150 | €174,496 | €184 | ▼ 99.9% |
| Change in cash | - | €124,942 | €144,559 | -€584,227 | -€240,266 | ▲ 58.9% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
19-03
State Gazette act
Appointment: Arthur Lhoist (chair of the board)Resignations: Christophe Querton, Kim Lebeau and 4 others · Permanent representative: Amandine Englebert10 facts ▸
State Gazette act
Appointment: Arthur Lhoist (chair of the board)
Resignations: Christophe Querton, Kim Lebeau and 4 others · Permanent representative: Amandine Englebert10 facts ▸
- Board meeting, 16-02-2026
- Director appointment, Arthur Lhoist (chair of the board)
- Director appointment, Arthur Lhoist (director)
- Director resignation, Christophe Querton (chair of the board)
- Director resignation, Kim Lebeau (director)
- Director resignation, Nicolas Dekuyssche (director)
- Director resignation, Etienne Denoël (director)
- Director resignation, Georges de Kerchove (director)
- Director resignation, Ladybug SRL (director)
- Permanent representative, Amandine Englebert (chief executive officer (ceo))
2025
31-12
Financial
Weakest financial yearnet -€1.0m
Net result drops to -€1.0m, the lowest in the series.
28-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €194,101
Net result €194,101 after 2 loss-making years.
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
07-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
27-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 88 days late
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 27 days late
2018
27-04
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
01-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 185 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 11 acts read
About the unread acts
Of the 11 Belgian State Gazette acts we know for this company, 1 has been read. The other 10 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Arthur Lhoist
CurrentChair of the board · since 16-02-2026 · Director · since 22-06-2023
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
10 of this company's 11 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2016
Ground area
214 m²
Building footprint
235 m²
Volume, LiDAR
3,095 m³
Parcel 21807G0179/00Y008, Brussels · tallest building 18.9 m, ±5 floors. Linked by address, not a title deed.
16
companies at this address
See who is registered here
1 establishment unit
4Wings Foundation
since 20162.257.039.154
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0179/00Y008 | Brussels | 214 m² | 1 · 235 m² | 18.9 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
7 people since 2023, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Arthur Lhoist |
|
| LADYBUG |
|
| Christophe Querton |
|
| Etienne Denoel |
|
| Georges de Kerchove |
|
| Kim Lebeau |
|
| Nicolas Dekuyssche |
|
Structure & network
Connections & network
2 connected companiesThe connected companies are in the list below.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
ARLO
via Arthur Lhoist · Permanent representative
→
PASH
via Arthur Lhoist · Director
former→
Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
Identification & contact
Identification
Legal formPublic-utility foundation
Founded18-12-2014
Fiscal year end31-12
Scores and ratios are computed by Checked and are not a credit decision.