NELWIN
ActiveSummary
NELWIN has been active since 2006 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€19,716) and a net result of -€1,994. Equity has been stable since 2018 (±1.7% per year). Its solvency ranks better than 5% of 17,162 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 06-09-2006 Normal situation
- Activity
- Renting and operating of own or leased non-residential real estate, excluding land NACE 68203
- Establishment unit
- 2.157.784.497 6180 Courcelles, since 06-12-2006
- Financial year end
- 31 December
- Peppol
- Reachable since 04-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.5%
- Gross margin
- €5,629
- ▲ 122%
- Turnover
- ≈ €20,000
- estimated
- Loss
- €1,994
- ▲ 566%
- Equity
- -€19,716
- ▼ 11.3%
- Total assets
- €5,210
- ▼ 46.1%
- Negative equity on 31-12-2025
- 2025 accounts filed 55 days after the deadline
Score breakdownraises riskCapped at 59: negative equityNegative equity -€19,716Last filed accounts filed 55 days late; 1 of the last 3 accounts latelowers riskSize: total assets €5,210Liquidity: current ratio 0.21, cash €5,180Show the evidence
Checked score
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 68, micro). It does better than 5% of them on solvency, 49% on liquidity, 9% on profitability and 27% on growth.
The bankruptcy probability was computed on 04-11-2026 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 low class on 30-06-2025, 0.8% 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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 35 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 55 days after the deadline Filed on 24 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00526355.
Annual accounts 2025 filed on 24-09-2026 at the NBB all 18 filings
Every figure per financial year
The operating result for 2025 is a loss of €1,827, larger than the loss of €217 in 2024. It is the lowest result since 2018.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,477 | €4,612 | €4,612 | €4,612 | €1,362 | €1,362 | €1,833 | ▲ 34.6% |
| Other operating charges640/8 | - | - | - | €873 | €384 | - | €413 | - |
| Non-recurring operating charges66A | - | - | - | - | €224 | €1,386 | €5,211 | ▲ 276% |
| Gross operating margin9900 | -€2,256 | €7,690 | €6,560 | €12,625 | €864 | €2,531 | €5,629 | ▲ 122% |
| Operating profit (loss)9901 | -€5,157 | €1,896 | -€1,207 | €7,140 | -€1,107 | -€217 | -€1,827 | ▼ 742% |
| Recurring financial income75 | - | €1 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €80 | €109 | €82 | €167 | ▲ 103% |
| Recurring financial charges65 | €1,018 | €977 | €620 | €80 | €109 | €82 | €167 | ▲ 103% |
| Profit (loss) for the period before taxes9903 | -€6,175 | €920 | -€1,826 | €7,060 | -€1,216 | -€299 | -€1,994 | ▼ 566% |
| Profit (loss) for the period9904 | -€6,175 | €920 | -€1,826 | €7,060 | -€1,216 | -€299 | -€1,994 | ▼ 566% |
| Profit (loss) for the period to be appropriated9905 | -€6,175 | €920 | -€1,826 | €7,060 | -€1,216 | -€299 | -€1,994 | ▼ 566% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €18,479 | €29,495 | €21,668 | €21,172 | €12,925 | €9,673 | €5,210 | ▼ 46.1% |
| Fixed assets21/28 | €15,217 | €23,143 | €18,531 | €13,919 | €8,061 | €6,699 | - | - |
| Tangible fixed assets22/27 | €15,217 | €23,143 | €18,531 | €13,919 | €8,061 | €6,699 | - | - |
| Land and buildings22 | - | - | - | €5,918 | €3,195 | €1,833 | - | - |
| Plant, machinery and equipment23 | - | - | - | €4,866 | €4,866 | €4,866 | - | - |
| Furniture and vehicles24 | - | - | - | €3,135 | - | - | - | - |
| Current assets29/58 | €3,262 | €6,352 | €3,137 | €7,253 | €4,864 | €2,975 | €5,210 | ▲ 75.2% |
| Amounts receivable within one year40/41 | €3,262 | €1,254 | €998 | €1,808 | €1,027 | €1,536 | €31 | ▼ 98.0% |
| Trade receivables40 | - | - | - | €1,254 | - | €1,513 | - | - |
| Other amounts receivable41 | - | - | - | €554 | €1,027 | €24 | €31 | ▲ 28.4% |
| Cash at bank and in hand54/58 | - | €5,098 | €2,068 | €5,445 | €3,837 | €1,438 | €5,180 | ▲ 260% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €18,479 | €29,495 | €21,668 | €21,172 | €12,925 | €9,673 | €5,210 | ▼ 46.1% |
| Equity10/15 | -€17,349 | -€16,429 | -€18,256 | -€11,196 | -€17,423 | -€17,722 | -€19,716 | ▼ 11.3% |
| Contributions10/11 | €40,000 | €40,000 | - | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Contributions outside capital11 | - | - | - | €40,000 | €40,000 | €40,000 | - | - |
| Other1109/19 | - | - | - | €40,000 | €40,000 | €40,000 | - | - |
| Reserves13 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | -€59,349 | -€58,429 | -€60,256 | -€53,196 | -€59,423 | -€59,722 | -€61,716 | ▼ 3.3% |
| Amounts payable17/49 | €35,828 | €45,924 | €39,924 | €32,368 | €30,348 | €27,395 | €24,927 | ▼ 9.0% |
| Amounts payable after more than one year17 | - | €6,388 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €35,828 | €39,536 | €39,924 | €32,368 | €30,348 | €27,395 | €24,927 | ▼ 9.0% |
| Trade debts44 | €510 | €4,724 | €6,003 | €1,384 | €235 | €589 | €1,333 | ▲ 126% |
| Suppliers440/4 | - | - | - | €1,384 | €235 | €589 | €1,333 | ▲ 126% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €428 | €1,221 | ▲ 185% |
| Taxes450/3 | - | - | - | - | - | €428 | €1,221 | ▲ 185% |
| Other amounts payable47/48 | - | - | - | €30,984 | €30,113 | €26,378 | €22,373 | ▼ 15.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,175 | €920 | -€1,826 | €7,060 | -€1,216 | -€299 | -€1,994 | ▼ 566% |
| + Depreciation and write-downs630 | €1,477 | €4,612 | €4,612 | €4,612 | €1,362 | €1,362 | €1,833 | ▲ 34.6% |
| Operating cash flow (approximation) | -€4,697 | €5,532 | €2,786 | €11,672 | €146 | €1,062 | -€162 | - |
| Investment in fixed assets (approximation) | - | -€12,539 | €0 | €0 | - | €0 | - | - |
| Change in cash | - | - | -€3,030 | €3,376 | - | -€2,399 | €3,742 | - |
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, 6,619 companies had the same profile as NELWIN has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
Another 1.0% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of NELWIN itself is lower: 0.5% within 12 months. It rests on far more data about NELWIN than the profile alone.
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 6,619 companies, not a prediction for NELWIN. 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 | micro format | 24-09-2026 | 2026-00526355 | |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00321463 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00311445 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20319997 | |
| 31-12-2020 | micro format | 21-09-2021 | 2021-68000260 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-67400166 | |
| 31-12-2018 | micro format | 10-09-2019 | 2019-64100564 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-49500568 | |
| 31-12-2016 | micro format | 03-08-2017 | 2017-41000432 | |
| 31-12-2015 | full format | 29-08-2016 | 2016-56200089 |
Timeline
Deeds, filings and financial milestones
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Codes under NACEBEL 2003
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 52322B0474/00K039 | Wallonia | 1,521 m² | 1 · 54 m² | 11.3 m · 3 |