WAL'EOL

Active

Private limited companyfounded 2014active for 12 yearsRue Bonne-Femme 64, 4030 Liège, BelgiumKBO/BCE: BE 0544.883.939

Summary

WAL'EOL has been active since 2014 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.5m and a net result of €189,370. Equity has been growing by about 3.8% per year since 2018. Its solvency ranks better than 48% of 350 sector peers (NACE 35, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).

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WAL'EOLActiveChecked score 93/100

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Overview

Official details

Source: KBO

Status: Active since 23-01-2014 Normal situation
Activity: Electricity, gas, steam and air conditioning supply NACE 35120and 1 other
Establishment units: 2.226.431.003 5571 Beauraing, since 23-01-2014
: 2.271.162.750 1457 Walhain, since 01-01-2017
Financial year end: 31 December
Peppol: Reachable

Company details

Board and ownership

Board

Damien LéonardDirector · since 02-05-2025

Auditor: KPMG Réviseurs d'Entreprises SRL

Shareholders

Luminus100%· score 932025 annual accounts of Luminus
Alternative Green98%· score 672023 annual accounts of Alternative Green
EDF S.A.consolidatesannual accounts 2025

Board & ownership

Financial position

93 Excellent Checked score 2025

Bankruptcy probabilitywithin 12 months: < 0.1%

Annual accounts 2025

Gross margin: €519,955; ▲ 105%
Turnover: ≈ €1.2m; estimated
Profit: €189,370
Equity: €1.5m; ▲ 12.3%
Total assets: €4.9m; =

2025 accounts filed 3 days after the deadline

Financials

Score breakdownraises riskLast filed accounts filed 3 days late; 1 of the last 3 accounts latelowers riskSize: total assets €4.9mFigures for financial year 2025 (filed on 06-08-2026)Founded in 2014Show the evidence

Checked score

Score 2025

93 / 100

Excellent

Probability in this band: under 0.55%

Financially stronger than 45% of small companies in electricity, gas and steam (NACE 35)

Every signal that counts is listed under Signals.

Financial strength · tick: 2024

Average

Solvency 55+3

equity 30.4% of total assets

Liquidity 35-33

short-term debt 66.9% · cash 16.8%

Profitability 64+43

return on assets 3.9%

Bankruptcy probability within 12 months

< 0.1% Very low

0%0.5%1.5%4%10%≥ 25%

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (254 companies, NACE 35, small)

Last 24 months 12-2024: 0.1% 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025 03-2025: 0.1%● unchanged vs 02-2025 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.2%▲ +0.1 percentage points vs 06-2025 08-2025: 0.3%▲ +0.1 percentage points vs 07-2025 09-2025: 0.3%● unchanged vs 08-2025 10-2025: 0.6%▲ +0.3 percentage points vs 09-2025 11-2025: 0.5%▼ -0.1 percentage points vs 10-2025 12-2025: 0.8%▲ +0.3 percentage points vs 11-2025 01-2026: 1.3%▲ +0.5 percentage points vs 12-2025 02-2026: 1.3%● unchanged vs 01-2026 03-2026: 1.3%● unchanged vs 02-2026 04-2026: 1.2%▼ -0.1 percentage points vs 03-2026 05-2026: 1.2%● unchanged vs 04-2026 06-2026: 1.2%● unchanged vs 05-2026 07-2026: 1.2%● unchanged vs 06-2026 08-2026: 1.7%▲ +0.5 percentage points vs 07-2026highest value 09-2026: < 0.1%▼ -1.7 percentage points vs 08-2026lowest value 10-2026: < 0.1%● unchanged vs 09-2026lowest value 11-2026: < 0.1%● unchanged vs 10-2026lowest value

Credit of up to €130,000 on 30-day terms is acceptable

Liquidity is insufficient, with a current ratio of 0.55 (1.68 in 2024), below 1. Short-term debt is 66.9% and cash 16.8% of total assets. 69.6% of the assets are financed with debt and provisions.

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 35, small). It does better than 50% of them on solvency, 17% on liquidity, 38% on profitability and 75% on growth.

The bankruptcy probability was computed on 03-11-2026 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.

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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Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.

lowers riskraises risk

Size: total assets €4.9m

Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.

NBB · annual accounts

Figures for financial year 2025 (filed on 06-08-2026)

NBB · annual accounts

Last filed accounts filed 3 days late; 1 of the last 3 accounts late

NBB · filings

Founded in 2014

Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.

KBO

2025 accounts filed 3 days late

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-08-2026, 3 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.

NBB · 10 filings

Deviation from the deadline

2025

3 days late

2024

340 days late

2023

29 days late

2022

31 days late

2021

92 days late

2020

59 days early

2019

58 days early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 54 days after the deadline. In the sector (NACE 35), the median for financial year 2024 was 22 days before the deadline, and 27% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 31 August (4 of the last 5 accounts filed within 61 days either side of that date).

Companies Code · seven months

Where today falls in the filing period

04-11-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

That holds for every publication since 2021.

KBO publications

Financials

Financials · financial year 2025, abbreviated format

2025 annual accounts filed 3 days after the deadline Filed on 3 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00383813.

Annual accounts 2025 filed on 03-08-2026 at the NBB all 11 filings

Turnover

€1.4m▲ 6.3%

2019 · €1.3m

EBIT margin

46.6%▼ 6.5pp

2019 · 53.1%

Net result

€189,370

2024 · -€357,103

Working capital

-€1.5m

2024 · €647,226

Multi-year overview

2018 to 2025, 8 financial years

Turnover

no figure

2025

20182025

Operating result

€278,494

2025

20182025

Net result

€189,370

2025

highest quarter of the sector

20182025

EBIT margin

no figure

2025

20182025

Equity

€1.5m

▲ 12.3% 2025

middle half of the sector

20182025

Total assets

€4.9m

= 2025

middle half of the sector

20182025

Debt

€3.3m

▼ 5.2% 2025

20182025

Working capital

-€1.5m

2025

lowest quarter of the sector

20182025

Solvency

30.4%

▲ 3.3pp 2025

middle half of the sector

20182025

Current ratio

0.55

▼ 1.13 2025

lowest quarter of the sector

20182025

Return on assets (ROA)

3.9%

▲ 11.3pp 2025

middle half of the sector

20182025

Staff (FTE)

no figure

2025

20182025

Every figure per financial year

Every figure with its change against the financial year before

favourable unfavourable

Line20182019202020212022202320242025

Turnover€1.1m-€1.3m▲ 19.4%€1.4m▲ 6.3%

Operating result€0.5m-€0.7m▲ 39.3%€0.7m▼ 6.7%€0.6m▼ 8.3%€0.5m▼ 13.8%€0.2m▼ 65.7%-€0.006m€0.3m

Net result€0.4m-€0.6m▲ 61.3%€0.5m▼ 25.5%€0.4m▼ 9.8%€0.4m▼ 12.1%€0.1m▼ 66.5%-€0.4m€0.2m

EBIT margin45.5%-53.1%▲ 7.6pp46.6%▼ 6.5pp

Equity€1.1m-€1.4m▲ 25.4%€1.3m▼ 10.3%€1.3m▲ 4.4%€1.6m▲ 22.9%€1.7m▲ 3.7%€1.3m▼ 22.7%€1.5m▲ 12.3%

Total assets€6.2m-€6.1m▼ 1.9%€5.8m▼ 5.6%€5.6m▼ 3.0%€5.9m▲ 5.2%€5.3m▼ 10.3%€4.9m▼ 8.0%€4.9m=

Debt€5.1m-€4.6m▼ 8.2%€4.4m▼ 4.5%€4.2m▼ 5.4%€4.2m▼ 0.7%€3.5m▼ 16.2%€3.5m▼ 1.3%€3.3m▼ 5.2%

Working capital-€0.3m--€0.04m▲ 89.4%-€0.2m▼ 371%-€0.1m▲ 34.2%€0.2m€0.3m▲ 37.0%€0.6m▲ 135%-€1.5m

Solvency18.3%-23.3%▲ 5.1pp22.2%▼ 1.2pp23.9%▲ 1.7pp27.9%▲ 4.0pp32.2%▲ 4.3pp27.1%▼ 5.1pp30.4%▲ 3.3pp

Current ratio0.57-0.95▲ 0.390.83▼ 0.120.91▲ 0.081.13▲ 0.221.21▲ 0.081.68▲ 0.470.55▼ 1.13

Return on assets (ROA)6.2%-10.2%▲ 4.0pp8.1%▼ 2.2pp7.5%▼ 0.6pp6.3%▼ 1.2pp2.3%▼ 3.9pp-7.4%▼ 9.7pp3.9%▲ 11.3pp

Staff (FTE)000

above within below The sector band is the middle half of the companies in Electricity, gas, steam and air conditioning supply (NACE 35). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.

The operating result for 2025 is a profit of €278,494, after a loss of €5,598 in 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €4.9m

63.2%

36.8%

Fixed assets €3.1m ▼ 5.6%

Current assets €1.8m ▲ 11.3%

Equity and liabilities €4.9m

30.4%

67.5%

Equity €1.5m ▲ 12.3%

Provisions €101,371 ▲ 23.7%

Debt €3.3m ▼ 5.2%

Debt's share of the balance-sheet total falls from 71.2% to 67.5%. Equity is higher and debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€460,857▲

2024 · €176,764

Cash flow

€371,733▲

2024 · -€174,740

Debt to equity

2.22▼

2024 · 2.63

ROE

12.8%▲

2024 · -27.1%

Interest coverage

4.83▲

2024 · 1.43

Debt ≤ 1 year

€3.2m▲

2024 · €957,132

Debt > 1 year

€0▼

2024 · €2.5m

Income taxes

€24,378▼

2024 · €263,086

Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Securities and guarantees

on own assets and for others

Item	2021	2022	2023	2024	2025
Debts secured on the company's own assets	€3.1m	-	-	-	-

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	2021	2022	2023	2024	2025
Financial fixed assets	-	-	-	€352	€1,789
Depreciation and write-downs of the year	€418,752	€418,572	€415,601	€182,363	€182,363

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2025 against 2024 · 55 lines

Balance sheet Code20242025

Assets

Total assets20/58€4.9m€4.9m=

Fixed assets21/28€3.2m€3.1m▼

Intangible fixed assets21€0.2m€0.2m▼

Tangible fixed assets22/27€2.9m€2.7m▼

Land and buildings22€0.004m€0.004m▼

Plant, machinery and equipment23€2.9m€2.7m▼

Financial fixed assets28€0.2m€0.2m▲

Current assets29/58€1.6m€1.8m▲

Amounts receivable after more than one year29€0-

Other amounts receivable291€0-

Amounts receivable within one year40/41€0.5m€0.8m▲

Trade receivables40€0.1m€0.8m▲

Other amounts receivable41€0.4m€0.02m▼

Cash at bank and in hand54/58€0.9m€0.8m▼

Deferred charges and accrued income490/1€0.2m€0.1m▼

Equity and liabilities

Total equity and liabilities10/49€4.9m€4.9m=

Equity10/15€1.3m€1.5m▲

Contributions10/11€0.02m€0.02m=

Reserves13€0.002m€0.002m=

Distributable reserves133€0.002m€0.002m=

Profit (loss) carried forward14€0.8m€1.0m▲

Investment grants15€0.5m€0.5m▼

Provisions and deferred taxes16€0.08m€0.1m▲

Provisions for liabilities and charges160/5€0.08m€0.1m▲

Major repairs and maintenance162€0-

Environmental obligations163€0.08m€0.1m▲

Amounts payable17/49€3.5m€3.3m▼

Amounts payable after more than one year17€2.5m€0▼

Financial debts170/4€2.5m€0▼

Amounts payable within one year42/48€1.0m€3.2m▲

Current portion of amounts payable after more than one year42€0€2.6m▲

Financial debts43€0-

Credit institutions430/8€0-

Trade debts44€0.9m€0.7m▼

Suppliers440/4€0.9m€0.7m▼

Advances received on contracts in progress46€0-

Taxes, remuneration and social security45€0.01m€0.02m▲

Taxes450/3€0.01m€0.02m▲

Other amounts payable47/48€0.05m€0▼

Accrued charges and deferred income492/3€0.02m€0.03m▲

Income statement Code20242025

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.2m€0.2m=

Provisions for liabilities and charges: additions (uses and reversals)635/8€0.007m€0.02m▲

Other operating charges640/8€0.07m€0.04m▼

Gross operating margin9900€0.3m€0.5m▲

Operating profit (loss)9901-€0.006m€0.3m▲

Financial income75/76B€0.03m€0.03m▼

Recurring financial income75€0.03m€0.03m▼

Financial charges65/66B€0.1m€0.1m▼

Recurring financial charges65€0.1m€0.1m▼

Profit (loss) for the period before taxes9903-€0.09m€0.2m▲

Income taxes67/77€0.3m€0.02m▼

Profit (loss) for the period9904-€0.4m€0.2m▲

Profit (loss) for the period to be appropriated9905-€0.4m€0.2m▲

Appropriation of the result

Profit (loss) to be appropriated9906€0.8m€1.0m▲

Profit (loss) brought forward from the previous period14P€1.2m€0.8m▼

The notes to these accounts have 17 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 03-08-2026.

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Turnover70	€1.1m	€1.3m	€1.4m	-	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€0.4m	€0.4m	€0.4m	€0.4m	€0.4m	€0.4m	€0.2m	€0.2m	=
Provisions for liabilities and charges: additions (uses and reversals)635/8	-	-	-	€0.01m	€0.01m	€0.01m	€0.007m	€0.02m	▲ 166%
Other operating charges640/8	-	-	-	€0.03m	€0.03m	€0.03m	€0.07m	€0.04m	▼ 43.3%
Gross operating margin9900	€1.0m	€1.2m	€1.1m	€1.1m	€1.0m	€0.6m	€0.3m	€0.5m	▲ 105%
Operating profit (loss)9901	€0.5m	€0.7m	€0.7m	€0.6m	€0.5m	€0.2m	-€0.006m	€0.3m	-
Financial income75/76B	-	-	-	€0.07m	€0.07m	€0.07m	€0.03m	€0.03m	▼ 12.0%
Recurring financial income75	€0.06m	€0.06m	€0.06m	€0.07m	€0.07m	€0.07m	€0.03m	€0.03m	▼ 12.0%
Financial charges65/66B	-	-	-	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	▼ 22.6%
Recurring financial charges65	€0.2m	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	▼ 22.6%
Profit (loss) for the period before taxes9903	€0.4m	€0.6m	€0.6m	€0.5m	€0.5m	€0.1m	-€0.09m	€0.2m	-
Income taxes67/77	€32	-€32	€0.1m	€0.1m	€0.1m	€0.02m	€0.3m	€0.02m	▼ 90.7%
Profit (loss) for the period9904	€0.4m	€0.6m	€0.5m	€0.4m	€0.4m	€0.1m	-€0.4m	€0.2m	-
Profit (loss) for the period to be appropriated9905	€0.4m	€0.6m	€0.5m	€0.4m	€0.4m	€0.1m	-€0.4m	€0.2m	-

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€6.2m	€6.1m	€5.8m	€5.6m	€5.9m	€5.3m	€4.9m	€4.9m	=
Formation expenses20	€420	€210	€0	-	-	-	-	-	-
Fixed assets21/28	€5.8m	€5.4m	€4.9m	€4.5m	€4.1m	€3.7m	€3.2m	€3.1m	▼ 5.6%
Intangible fixed assets21	€0.4m	€0.4m	€0.3m	€0.3m	€0.3m	€0.2m	€0.2m	€0.2m	▼ 6.3%
Tangible fixed assets22/27	€4.9m	€4.6m	€4.2m	€3.8m	€3.4m	€3.0m	€2.9m	€2.7m	▼ 5.9%
Land and buildings22	-	-	-	€0.006m	€0.005m	€0.005m	€0.004m	€0.004m	▼ 5.6%
Plant, machinery and equipment23	-	-	-	€3.8m	€3.4m	€3.0m	€2.9m	€2.7m	▼ 5.9%
Financial fixed assets28	€0.4m	€0.4m	€0.4m	€0.4m	€0.4m	€0.4m	€0.2m	€0.2m	▲ 1.1%
Current assets29/58	€0.4m	€0.8m	€0.8m	€1.1m	€1.8m	€1.6m	€1.6m	€1.8m	▲ 11.3%
Amounts receivable after more than one year29	-	-	-	-	€0.4m	€0.4m	€0	-	-
Other amounts receivable291	-	-	-	-	€0.4m	€0.4m	€0	-	-
Amounts receivable within one year40/41	€0.4m	€0.5m	€0.5m	€0.9m	€0.6m	€0.5m	€0.5m	€0.8m	▲ 56.5%
Trade receivables40	-	-	-	€0.5m	€0.4m	€0.2m	€0.1m	€0.8m	▲ 625%
Other amounts receivable41	-	-	-	€0.4m	€0.2m	€0.2m	€0.4m	€0.02m	▼ 95.7%
Cash at bank and in hand54/58	€0.03m	€0.2m	€0.3m	€0.1m	€0.6m	€0.6m	€0.9m	€0.8m	▼ 11.5%
Deferred charges and accrued income490/1	-	-	-	€0.07m	€0.1m	€0.1m	€0.2m	€0.1m	▼ 6.8%
Equity and liabilities
Total equity and liabilities10/49	€6.2m	€6.1m	€5.8m	€5.6m	€5.9m	€5.3m	€4.9m	€4.9m	=
Equity10/15	€1.1m	€1.4m	€1.3m	€1.3m	€1.6m	€1.7m	€1.3m	€1.5m	▲ 12.3%
Contributions10/11	€0.02m	€0.02m	-	€0.02m	€0.02m	€0.02m	€0.02m	€0.02m	=
Reserves13	€0.002m	€0.002m	€0.002m	€0.002m	€0.002m	€0.002m	€0.002m	€0.002m	=
Non-distributable reserves130/1	-	-	-	€0.002m	€0	-	-	-	-
Reserves not available under the articles1311	-	-	-	€0.002m	€0	-	-	-	-
Distributable reserves133	-	-	-	-	€0.002m	€0.002m	€0.002m	€0.002m	=
Profit (loss) carried forward14	€0.3m	€0.6m	€0.6m	€0.7m	€1.0m	€1.2m	€0.8m	€1.0m	▲ 23.2%
Investment grants15	-	-	-	€0.6m	€0.6m	€0.5m	€0.5m	€0.5m	▼ 5.9%
Provisions and deferred taxes16	€0.02m	€0.03m	€0.04m	€0.05m	€0.06m	€0.07m	€0.08m	€0.1m	▲ 23.7%
Provisions for liabilities and charges160/5	-	-	-	€0.05m	€0.06m	€0.07m	€0.08m	€0.1m	▲ 23.7%
Major repairs and maintenance162	-	-	-	€0.05m	€0.06m	€0.07m	€0	-	-
Environmental obligations163	-	-	-	-	-	-	€0.08m	€0.1m	▲ 23.7%
Amounts payable17/49	€5.1m	€4.6m	€4.4m	€4.2m	€4.2m	€3.5m	€3.5m	€3.3m	▼ 5.2%
Amounts payable after more than one year17	€4.3m	€3.9m	€3.4m	€3.0m	€2.6m	€2.1m	€2.5m	€0	▼ 100%
Financial debts170/4	-	-	-	€3.0m	€2.6m	€2.1m	€2.5m	€0	▼ 100%
Amounts payable within one year42/48	€0.8m	€0.8m	€1.0m	€1.2m	€1.6m	€1.3m	€1.0m	€3.2m	▲ 239%
Current portion of amounts payable after more than one year42	-	-	-	€0.5m	€0.5m	€0.4m	€0	€2.6m	-
Financial debts43	-	-	-	€0.01m	€0.009m	€0.008m	€0	-	-
Credit institutions430/8	-	-	-	€0.01m	€0.009m	€0.008m	€0	-	-
Trade debts44	€0.05m	€0.06m	€0.2m	€0.07m	€0.2m	€0.3m	€0.9m	€0.7m	▼ 27.3%
Suppliers440/4	-	-	-	€0.07m	€0.2m	€0.3m	€0.9m	€0.7m	▼ 27.3%
Advances received on contracts in progress46	-	-	-	-	€0.5m	€0.5m	€0	-	-
Taxes, remuneration and social security45	-	-	-	€0.3m	€0.1m	€0.05m	€0.01m	€0.02m	▲ 64.8%
Taxes450/3	-	-	-	€0.3m	€0.1m	€0.05m	€0.01m	€0.02m	▲ 64.8%
Other amounts payable47/48	-	-	-	€0.3m	€0.2m	€10	€0.05m	€0	▼ 100%
Accrued charges and deferred income492/3	-	-	-	-	€0.008m	€0.03m	€0.02m	€0.03m	▲ 47.2%

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€0.4m	€0.6m	€0.5m	€0.4m	€0.4m	€0.1m	-€0.4m	€0.2m	-
+ Depreciation and write-downs630	€0.4m	€0.4m	€0.4m	€0.4m	€0.4m	€0.4m	€0.2m	€0.2m	=
Operating cash flow (approximation)	€0.8m	€1.1m	€0.9m	€0.8m	€0.8m	€0.5m	-€0.2m	€0.4m	-
Investment in fixed assets (approximation)	-	-€213	-€210	€0	€0	€0	€0.2m	-€0.002m	-
Change in cash	-	€0.2m	€0.04m	-€0.2m	€0.5m	-€0.02m	€0.3m	-€0.1m	-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Historical observation

In July 2024, 6,049 companies had the same profile as WAL'EOL has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.

Small
10 to 20 years old
solvency 30% or more
a profit under 5% of the balance sheet

95.9% was still going

3.6% stopped otherwise

0.4% went bankrupt

That fits the bankruptcy probability of WAL'EOL 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 6,049 companies, not a prediction for WAL'EOL. 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 11 filings with the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	03-08-2026	2026-00383813	PDF
31-12-2024	full format	06-07-2026	2026-00275580	PDF
31-12-2023	full format	29-08-2024	2024-00414581	PDF
31-12-2022	full format	31-08-2023	2023-00417505	PDF
31-12-2021	full format	31-10-2022	2022-20484038	PDF
31-12-2020	full format	02-06-2021	2021-17100421	PDF
31-12-2019	full format	03-06-2020	2020-15000432	PDF
31-12-2018	full format	09-07-2019	2019-31200289	PDF
31-12-2017	full format	10-07-2018	2018-31400203	PDF
31-12-2016	micro format	16-08-2017	2017-44200298	PDF

Show all 11 filings

Board & ownership

Directors

1 director, last change in 2025

Board 1

Damien Léonard

Sole director · since 02-05-2025 · term without a fixed end · listed in the 2025 annual accounts, filed on 03-08-2026

Current

Statutory auditor 1

KPMG Réviseurs d'Entreprises SRL

Statutory auditor · since 01-10-2024 · permanent representative: Axel Jorion · listed in the 2025 annual accounts, filed on 03-08-2026

Current

Office holders in the KBO →

Owners and capital

Shareholders

3 owners

Chain of control

EDF S.A.FR consolidates
EDF BELGIUM 68.63%
Luminus 100%
WAL'EOL

Luminusparent
Sourceaccounts Luminus 2025
Equity €772.5m Profit of €147.1m in 2025 (profit of €292.8m in 2024) Checked score 93

100%
Alternative Greenparent
Sourceaccounts Alternative Green 2023
Equity €4.5m Loss of €404,035 in 2025 (profit of €3.4m in 2024) Checked score 67

98%+ 0% via subsidiaries
EDF S.A.FRconsolidating parent
Sourceparent in own accounts 2025

consolidates

Mandate history

7 people, 2 in office

All 7 In office 2 Ended 5

Board
Statutory auditor
began earlier

Mandates per person, with start and end dates
Name	Functions and periods
Damien Léonard	Sole director, from 02-05-2025 to date
KPMG Réviseurs d'Entreprises SRL	Statutory auditor, appointed in the act of 05-11-2024, still in office
Lieselot De Meyere	Director (not named in the articles), appointed in the act of 05-11-2024, until 02-05-2025 Director, until 02-05-2025
Arthur Van Marcke	Director, until 05-11-2024
Luc Van Marcke	Director, until 05-11-2024
Marie Van Marcke	Director, until 05-11-2024
Marleen Coppens	Director, until 05-11-2024

See the board, name and registered office on a given date →

Network & group

Part of the group ELECTRICITE DE FRANCE 69 companies Group, risk and exposure

Companies at the same address

6 other companies

Connections & network

1 current director

Depth

The network starts from the directors of WAL'EOL. Every other company they run is a node.

This company Company Director Shareholding +N: links not shown yet

Timeline

Acts, filings and financial milestones

All 17Financial 3Gazette 4Filings 10

Deadline for the 2026 accounts: 31-07-2027

2026

19-08

Gazette deed Resignation: Lieselot De Meyere (sole director)

Appointment: Damien Léonard (sole director)3 points ▸

General meeting, 03-07-2026
Director resignation, Lieselot De Meyere (sole director)
Director appointment, Damien Léonard (sole director)

Open the act in the Belgian Official Gazette

03-08

NBB filing Annual accounts 2025 filedNBB

abbreviated format · 3 days late

06-07

NBB filing Annual accounts 2024 filedPDF

full format · 340 days late

2025

31-12

Financial Back to profitnet €189,370

The net result is €189,370, after one loss-making year.

06-06

Gazette deed Appointment: Damien Léonard (director)

Resignation: Lieselot De Meyere (director) · Declaration · Power of attorney9 points ▸

Board meeting, 16-05-2025
Director appointment, Damien Léonard (director)
Director resignation, Lieselot De Meyere (director)
Declaration, “élection de domicile, siège social de la société” (deed in French)
Power of attorney, Christian Robin
Power of attorney, Heidi Heleven
Power of attorney, Lieselot De Meyere
Power of attorney, Paul Soens
Power of attorney, Alexandre Saussez

Open the act in the Belgian Official Gazette

2024

31-12

Financial Weakest financial yearnet -€357,103

The net result drops to -€357,103, the lowest from 2018 to 2025. It recovers the following year.

05-11

Gazette deed Registered office moved to Liège

New seat: Rue Bonne-Femme 64/2, 4030 Liège · Resignations: Marleen Coppens, Luc Van Marcke and 2 others · Appointments: Lieselot De Meyere (director) and KPMG Réviseurs d'Entreprises SRL (statutory auditor)10 points ▸

General meeting, 01-10-2024
Director resignation, Marleen Coppens (director)
Director resignation, Luc Van Marcke (director)
Director resignation, Arthur Van Marcke (director)
Director resignation, Marie Van Marcke (director)
Director appointment, Lieselot De Meyere (director (not named in the articles))
Auditor appointment, KPMG Réviseurs d'Entreprises SRL (statutory auditor)
Permanent representative, Axel Jorion
Board meeting, 14-10-2024
Registered-office move, Rue Bonne-Femme 64/2, 4030 Liège

Open the act in the Belgian Official Gazette

29-08

NBB filing Annual accounts 2023 filedPDF

full format · 29 days late

2023

31-08

NBB filing Annual accounts 2022 filedPDF

full format · 31 days late

2022

31-10

NBB filing Annual accounts 2021 filedPDF

full format · 92 days late

2021

02-06

NBB filing Annual accounts 2020 filedPDF

full format · 59 days before the deadline

2020

03-06

NBB filing Annual accounts 2019 filedPDF

full format · 58 days before the deadline

Show earlier events

2019

31-12

Financial Highest result from 2018 to 2025net €624,947 ▲61.3%

The operating result of €702,883 and the net result of €624,947 are both a record.

09-07

NBB filing Annual accounts 2018 filedPDF

full format · 22 days before the deadline

2018

10-07

NBB filing Annual accounts 2017 filedPDF

full format · 21 days before the deadline

2017

16-08

NBB filing Annual accounts 2016 filedPDF

micro format · 16 days late

2014

10-02

Gazette deed IncorporationPDF

Show all 11 filings

Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.

Sources:Publications in the Belgian Official Gazette Filings with the National Bank

History

WAL'EOL was incorporated on 23 January 2014.¹ The registered office was moved to Liège in 2024.² Turnover grew from €1.1m in 2018 to €1.4m in 2020.³

Company details

Register details

Identity

KBO record

Name WAL'EOL in French

Enterprise number 0544.883.939

Legal form Private limited company

Status Active, normale toestand

Founded 23-01-2014

Entity type Legal entity

Registered office and establishments

Registered office Rue Bonne-Femme 64, 4030 Liège, Belgium

Establishment units Wal'Eol, Maisoncelles,Wm 53A, 5571 Beauraing since 23-01-2014 · unit number 2.226.431.003

Wal'Eol 5-6, Chemin de la Haute Baudecet(WSP) S/N, 1457 Walhain since 01-01-2017 · unit number 2.271.162.750

E-mail info@vents-houyet.beBeauraing

Phone 082/68 96 76Beauraing

Activities

NACEBEL 2025

35120 Electricity, gas, steam and air conditioning supply main activity

35150 Electricity, gas, steam and air conditioning supply

Codes under NACEBEL 2008

35110 Electricity, gas, steam and air conditioning supply main activity

35140 Electricity, gas, steam and air conditioning supply

Invoicing and payment

VAT number BE 0544.883.939

E-invoicing via Peppol

Reachable via Peppol

Peppol ID 0208:0544883939

Other Peppol ID 9925:BE0544883939

Follow this company and you will hear the next morning if it leaves the Peppol register.

Financial year and general meeting

Accounts at the NBB

Financial year end 31-12

Sites & property

Location

registered office establishment approximate 1 of 2 establishment units on the map

7 companies at this address See who is registered here

Buildings and parcels at the address

Ground area

3,038 m²

Building footprint

2,317 m²

Building volume

17,712 m³

Cadastral parcel	Region	Area	Buildings	Height / floors
62047C1395/00C009	Wallonia	3,038 m²	1 · 2,317 m²	12.1 m · 2

Overview

Overview

Official details

Board and ownership

Financial position

Checked score

Signals

Financials

Financials · financial year 2025, abbreviated format

Securities and guarantees

Investments

Historical observation

Board & ownership

Directors

Board 1

Statutory auditor 1

Owners and capital

Shareholders

Owners 3

Mandate history

Network & group

Companies at the same address

Connections & network

Timeline

Acts, filings and financial milestones

History

Company details

Register details

Identity

Registered office and establishments

Activities

Invoicing and payment

Financial year and general meeting

Sites & property

Buildings and parcels at the address