BUILDING WINDOWS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 18 filings
Every figure per financial year
The operating result for 2025 is 91% lower than in 2024 and the lowest since 2018.
- 2025 Net result -83% on 2024. The 2024 profit included a one-off income of €1,375,407.
- 2024 Net result +69% on 2023. The 2024 profit included a one-off income of €1,375,407.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 63 | 63 | 64 | 63 | 59 |
| full-time | 54 | 50 | 50 | 49 | 46 |
| part-time | 9 | 13 | 14 | 14 | 13 |
| in full-time equivalents | 60.8 | 60.1 | 60.9 | 59.6 | 55.7 |
| Average over the year, in full-time equivalents | 62.8 | 61.8 | 59.4 | 59.9 | 56.3 |
| On a permanent contract | 63 | 63 | 64 | 63 | 59 |
| Joined | 9 | 7 | 8 | 3 | 3 |
| Left | 14 | 7 | 7 | 4 | 7 |
| Agency workers, average number | 7.4 | 2.1 | 3.8 | 1 | 2.6 |
| Training hours | 280 | 97 | 1,348 | 1,680 | 2,492 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €383,138 | €678,100 | €215,883 | €619,465 | €45,920 |
| Intangible fixed assets | - | €20,185 | - | - | - |
| Depreciation and write-downs of the year | €392,017 | €440,665 | €506,959 | €533,874 | €462,450 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is VRC BEDRIJFSREVISOREN.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €4,620 | €5,066 | €5,500 | €5,706 | €5,828 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 12 entries · €49,749 awarded · €49,164 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €12,426 | €13,159 |
| 2024 | 3 | €16,848 | €15,887 |
| 2023 | 4 | €15,907 | €15,550 |
| 2022 | 2 | €4,568 | €4,568 |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €14.2m | €14.3m | €15.1m | €13.9m | €13.0m | ▼ 6.1% |
| Turnover70 | €13.9m | €13.9m | €14.5m | €13.8m | €13.9m | €14.7m | €12.2m | €12.6m | ▲ 3.6% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | -€0.01m | -€0.06m | -€0.008m | -€0.04m | €0.04m | - |
| Other operating income74 | - | - | - | €0.3m | €0.4m | €0.5m | €0.3m | €0.3m | ▼ 1.9% |
| Non-recurring operating income76A | - | - | - | €0.04m | €0.04m | €0.01m | €1.4m | €0.02m | ▼ 98.8% |
| Operating charges60/66A | - | - | - | €13.3m | €13.2m | €14.2m | €12.2m | €12.9m | ▲ 5.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | €7.4m | €7.7m | €8.1m | €6.6m | €7.0m | ▲ 7.1% |
| Purchases600/8 | - | - | - | €7.8m | €8.0m | €7.8m | €6.4m | €7.1m | ▲ 11.0% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.3m | -€0.4m | €0.3m | €0.1m | -€0.1m | - |
| Services and other goods61 | - | - | - | €2.1m | €1.7m | €1.7m | €1.5m | €1.9m | ▲ 26.1% |
| Remuneration, social security and pensions62 | - | - | - | €3.4m | €3.4m | €3.5m | €3.5m | €3.5m | ▼ 1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.1m | -€0.2m | €0.1m | €0.009m | -€0.3m | - |
| Other operating charges640/8 | - | - | - | €0.06m | €0.1m | €0.3m | €0.09m | €0.4m | ▲ 300% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €0 | €0.004m | €0 | - | - |
| Operating profit (loss)9901 | €0.8m | €0.9m | €1.1m | €0.9m | €1.1m | €0.9m | €1.7m | €0.1m | ▼ 91.3% |
| Financial income75/76B | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 92.6% |
| Recurring financial income75 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 92.6% |
| Income from current assets751 | - | - | - | - | €0.003m | €0.02m | €0.02m | €0.07m | ▲ 272% |
| Other financial income752/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.08m | €0.1m | ▲ 54.2% |
| Financial charges65/66B | - | - | - | €0.07m | €0.07m | €0.07m | €0.06m | €0.05m | ▼ 23.5% |
| Recurring financial charges65 | €0.09m | €0.08m | €0.08m | €0.07m | €0.07m | €0.07m | €0.06m | €0.05m | ▼ 23.5% |
| Debt charges650 | €0.04m | €0.04m | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.003m | ▼ 83.0% |
| Other financial charges652/9 | - | - | - | €0.05m | €0.05m | €0.05m | €0.04m | €0.04m | ▲ 1.9% |
| Profit (loss) for the period before taxes9903 | €0.8m | €0.9m | €1.1m | €0.9m | €1.2m | €1.0m | €1.7m | €0.3m | ▼ 82.6% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | €0.004m | €0.004m | = |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €0.05m | €0 | ▼ 100% |
| Income taxes67/77 | €0.002m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.05m | ▼ 74.8% |
| Taxes670/3 | - | - | - | €0.2m | €0.2m | €0.1m | €0.2m | €0.05m | ▼ 74.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0 | €75 | €0 | €332 | €0.001m | ▲ 195% |
| Profit (loss) for the period9904 | €0.8m | €0.8m | €0.9m | €0.8m | €1.0m | €0.9m | €1.4m | €0.2m | ▼ 82.9% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €0.01m | €0.01m | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €0.1m | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €0.8m | €0.8m | €0.9m | €0.8m | €1.0m | €0.9m | €1.3m | €0.3m | ▼ 80.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.5m | €7.6m | €6.7m | €7.6m | €8.2m | €8.2m | €8.8m | €7.0m | ▼ 20.1% |
| Fixed assets21/28 | €1.4m | €1.4m | €1.7m | €1.6m | €1.9m | €1.6m | €1.4m | €0.9m | ▼ 31.6% |
| Intangible fixed assets21 | - | - | - | - | €0.02m | €0.01m | €0.003m | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €1.4m | €1.4m | €1.7m | €1.6m | €1.9m | €1.6m | €1.4m | €0.9m | ▼ 31.5% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.2m | €0 | - | - |
| Plant, machinery and equipment23 | - | - | - | €1.0m | €1.3m | €1.0m | €1.1m | €0.8m | ▼ 28.9% |
| Furniture and vehicles24 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.1m | ▼ 42.4% |
| Financial fixed assets28 | €135 | €135 | €135 | €270 | €270 | €270 | €270 | €270 | = |
| Other financial fixed assets284/8 | - | - | - | €270 | €270 | €270 | €270 | €270 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €270 | €270 | €270 | €270 | €270 | = |
| Current assets29/58 | €5.1m | €6.3m | €5.0m | €6.0m | €6.3m | €6.6m | €7.4m | €6.1m | ▼ 18.0% |
| Stocks and contracts in progress3 | €1.5m | €1.7m | €1.7m | €2.0m | €2.4m | €2.0m | €1.9m | €2.0m | ▲ 8.3% |
| Stocks30/36 | - | - | - | €2.0m | €2.4m | €2.0m | €1.9m | €2.0m | ▲ 8.3% |
| Raw materials and consumables30/31 | - | - | - | €1.3m | €1.6m | €1.3m | €1.2m | €1.3m | ▲ 9.4% |
| Work in progress32 | - | - | - | €0.4m | €0.5m | €0.3m | €0.4m | €0.3m | ▼ 21.2% |
| Finished goods33 | - | - | - | €0.4m | €0.2m | €0.4m | €0.3m | €0.4m | ▲ 40.7% |
| Amounts receivable within one year40/41 | €2.9m | €2.5m | €2.2m | €2.8m | €2.3m | €2.0m | €3.2m | €1.9m | ▼ 39.6% |
| Trade receivables40 | - | - | - | €2.1m | €2.2m | €1.9m | €1.4m | €1.5m | ▲ 8.6% |
| Other amounts receivable41 | - | - | - | €0.8m | €0.2m | €0.09m | €1.8m | €0.4m | ▼ 76.1% |
| Current investments50/53 | - | - | - | - | - | - | €0.7m | €0 | ▼ 100% |
| Other investments51/53 | - | - | - | - | - | - | €0.7m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.7m | €2.0m | €1.0m | €1.0m | €1.6m | €2.5m | €1.5m | €2.0m | ▲ 35.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.05m | €0.09m | €0.1m | €0.08m | ▼ 20.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.5m | €7.6m | €6.7m | €7.6m | €8.2m | €8.2m | €8.8m | €7.0m | ▼ 20.1% |
| Equity10/15 | €3.7m | €4.3m | €4.8m | €5.3m | €5.8m | €6.2m | €5.8m | €5.6m | ▼ 3.7% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €3.6m | €4.2m | €4.7m | €5.2m | €5.7m | €6.1m | €5.7m | €5.5m | ▼ 3.8% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0.03m | €0.03m | €0.03m | €0.2m | €0.1m | ▼ 7.9% |
| Distributable reserves133 | - | - | - | €5.1m | €5.7m | €6.1m | €5.5m | €5.3m | ▼ 3.7% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.04m | €0.04m | ▼ 9.7% |
| Deferred taxes168 | - | - | - | - | - | - | €0.04m | €0.04m | ▼ 9.7% |
| Amounts payable17/49 | €2.7m | €3.3m | €1.9m | €2.4m | €2.4m | €2.0m | €2.9m | €1.4m | ▼ 52.7% |
| Amounts payable within one year42/48 | €2.7m | €3.3m | €1.9m | €2.4m | €2.4m | €2.0m | €2.9m | €1.4m | ▼ 52.8% |
| Financial debts43 | - | - | - | €0.4m | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.4m | €0 | - | - | - | - |
| Trade debts44 | €1.3m | €1.8m | €0.4m | €0.7m | €0.9m | €0.5m | €0.5m | €0.3m | ▼ 34.2% |
| Suppliers440/4 | - | - | - | €0.7m | €0.9m | €0.5m | €0.5m | €0.3m | ▼ 34.2% |
| Advances received on contracts in progress46 | - | - | - | €0.003m | €320 | €0.001m | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 27.7% |
| Taxes450/3 | - | - | - | €0.1m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 53.7% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 9.3% |
| Other amounts payable47/48 | - | - | - | €0.8m | €0.9m | €1.0m | €2.0m | €0.5m | ▼ 76.7% |
| Accrued charges and deferred income492/3 | - | - | - | €184 | €92 | €0 | - | €0.003m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.8m | €0.8m | €0.9m | €0.8m | €1.0m | €0.9m | €1.4m | €0.2m | ▼ 82.9% |
| + Depreciation and write-downs630 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 13.4% |
| Operating cash flow (approximation) | €1.1m | €1.0m | €1.2m | €1.2m | €1.4m | €1.4m | €2.0m | €0.7m | ▼ 64.2% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.6m | -€0.4m | -€0.7m | -€0.2m | -€0.3m | -€0.03m | ▲ 90.9% |
| Change in cash | - | €1.3m | -€1.0m | -€0.002m | €0.6m | €0.9m | -€1.0m | €0.5m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 544 companies had the same profile as BUILDING WINDOWS has now. Two years later, 93.6% were still going and 0.2% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BUILDING WINDOWS itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 544 companies, not a prediction for BUILDING WINDOWS. 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.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-07-2026 | 2026-00300832 | |
| 31-12-2024 | full format | 10-07-2025 | 2025-00267074 | |
| 31-12-2023 | full format | 08-07-2024 | 2024-00231112 | |
| 31-12-2022 | full format | 05-07-2023 | 2023-00204254 | |
| 31-12-2021 | full format | 13-07-2022 | 2022-20187571 | |
| 31-12-2020 | full format | 09-07-2021 | 2021-33800529 | |
| 31-12-2019 | full format | 13-07-2020 | 2020-29500247 | |
| 31-12-2018 | full format | 19-08-2019 | 2019-47300041 | |
| 31-12-2017 | full format | 12-07-2018 | 2018-33400459 | |
| 31-12-2016 | full format | 20-07-2017 | 2017-34200179 |