Result
-€898,883 ▼ 108%
The result fell in 2025: merger with CPL MANAGEMENT.
WILHELM et Co
Lifetime
19 annual accounts with figures on one time axis, 36 filings since 1989peak €3.6m (2010)
€687,805▼ 58.3%
lowest -€898,883 (2025)
-€898,883▼ €466,813
peak €21.9m (2020)
€20.5m▼ 4.2%
€22.9m▲ 9.9%
peak 26.5 FTE (2008)
5.2 FTE▲ 4.0%
Board4 names since 2017
3 directorsJean-Michel Despaux and 2 others
Owners
100%WILCO GROUP S.A
Documentsfilings and deeds
31-08-202631 days late
2025financial year
Gross margin from €1.6m to €687,805Loss of €898,883
Key points
from the 2025 annual accountsStaff
5.2 FTE from 26.5 in 2008
Between 2008 and 2025, 80% of the full-time equivalents disappeared.
Filings
36 annual accounts since 1989
Two of the last ten came late. The 2025 accounts came latest: 31 days after the end of the period.
At the same address
36 companies
Restructuring
2
2 restructurings since 2023. Latest: merger with CPL MANAGEMENT.
Position in the sector
-€898,883
Lower net result than 95% of companies in real estate. Sector median €20,538 · 5,811 companies.
Checked score
83
Excellent
Financially stronger than 34% of micro companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%lowest value
01-2025: 0.1%● unchanged vs 12-2024lowest value
02-2025: 0.1%● unchanged vs 01-2025lowest value
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: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.4%▲ +0.2 percentage points vs 07-2026highest value
09-2026: 0.3%▼ -0.1 percentage points vs 08-2026
10-2026: 0.3%● unchanged vs 09-2026
11-2026: 0.3%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 1.78, cash €149,813
Last filed accounts filed 31 days late; 1 of the last 3 accounts late
lowers risk
Founded in 1988
Size: 5.2 FTE, total assets €44.2m
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 62% of them on solvency, 19% on liquidity, 20% on profitability and 35% on growth.
The bankruptcy probability was computed on 06-11-2026 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 very low class on 30-06-2025, 0.1% 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).
Comparable companies, two years later
In July 2024, 12,322 companies had the same profile as WILHELM et Co has now. Each dot stands for 31 companies, two years later.
90.3%
were still trading
8.6%
stopped another way
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WILHELM et Co itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,447 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 12,322 companies, not a prediction for WILHELM et Co. 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.
Credit verdict
Credit of up to €1,700,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.78 (1.88 in 2024), above the usual 1.5. Short-term debt is 51.5% and cash 0.3% of total assets. However, 53.6% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€898,883
raises risk · 2025 accounts filed 31 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 filingsDeviation from the deadline
2025
31 days late
2024
13 days early
2023
28 days late
2022
1 day early
2021
3 days early
2020
5 days early
2019
on the day
← 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 5 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)
neutral · 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 29 August (3 of the last 3 accounts filed within 42 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- WILCO GROUP S.A 100%annual accounts 2025
Shares in 2 companies, C.P.L. MANAGEMENT and COMPAGNIE DE PROMOTION IMMOBILIERE DE LA LOUVIERE
Board & ownershipRecent changes
1 director resigning, 3 reappointments
Reappointments: Peter Wilhelm, Nicole Van den Plas and Jean-Michel Despaux · Resignation: Claude Armould · General meeting of 18-07-2024 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0435552665
Merger: WILHELM & Co takes over CPL MANAGEMENT
The company holds all the shares of CPL MANAGEMENT · General meeting of 08-11-2024 · Gazette deed
Merger proposal: Wilhelm & Co S.A. takes over CPL Management S.A.
The company holds all the shares of CPL Management S.A. · Board meeting of 18-07-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| WILHELM et Co Brussels | €44.2m | €0.7m | 46.4% | 5.2 |
| Vybros Real Estate Wortegem-Petegem | €48.9m | €0.6m | 44.7% | 3.5 |
| MCA Facilities Antwerp | €27.5m | €0.8m | 41.7% | 8.9 |
| LVDB INVEST Roeselare | €28.8m | €1.2m | 42.7% | 8 |
| HET MOLENHOF Bruges | €22.5m | €1.3m | 69.4% | 4.6 |
| Bercopar Leuven | €21.7m | €1.0m | 53.4% | 3.3 |
| A.B.K. Wevelgem | €16.7m | €0.8m | -12.2% | 3.9 |
These companies have the same main activity as WILHELM et Co: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €17m and €49m, founded between 1968 and 2000.
Official details
Source: KBO- Status
- Active since 11-10-1988Normal situation
- Registered office
- 38 active companies are registered at this address2 started in the 12 months before. Source: KBO register, as of 7 November 2026.
- Activity
- Renting and operating of own or leased non-residential real estate, excluding landNACE 68203and 5 others
- Joint committees
- 100Auxiliary committee for blue-collar workers
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.040.914.8401000 Brussels, since 22-11-1988
- Financial year end
- 31 December
- Peppol
- Reachable since 20-10-2025
Annual accounts 2025
- ≈ €760,000estimated
- €44.2m▲ 2.7%
- Employeeson 31-12-2025
- 5=
- Filing
- Filed on 31-08-2026
Insights on WILHELM et Co
WILHELM et Co has existed since 1988. The gross margin fell from €2.5m in 2023 to €687,805 in 2025.
WILCO GROUP S.A holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about WILHELM et Co
- What is the company number of WILHELM et Co?
- The company number of WILHELM et Co is 0435.552.665. The VAT number is the same number with BE in front: BE 0435.552.665.
- Where is WILHELM et Co based?
- The registered office is at Goedheidsstraat 5, 1000 Brussels.Company details
- What does WILHELM et Co do?
- According to the KBO register, the main activity is renting and operating of own or leased non-residential real estate, excluding land (NACE 68203).
- What is the legal form of WILHELM et Co?
- WILHELM et Co is a public limited company (NV).
- When was WILHELM et Co founded?
- WILHELM et Co was founded on 11-10-1988.
- Is WILHELM et Co still active?
- Yes, WILHELM et Co is an active enterprise in the KBO register.
- How many employees does WILHELM et Co have?
- WILHELM et Co had an average of 5.2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does WILHELM et Co fall under?
- In its 2025 annual accounts, WILHELM et Co states joint committees 100 (Auxiliary committee for blue-collar workers) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of WILHELM et Co?
- The turnover in financial year 2025 is ≈ €760,000. This figure is estimated from the gross margin of €687,805 and 39 comparable companies (NACE 68203). It probably lies between €720,000 and €950,000.
- Is WILHELM et Co profitable?
- In financial year 2025, WILHELM et Co made a loss of €898,883.
- Where can I find the annual accounts of WILHELM et Co?
- WILHELM et Co filed 36 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of WILHELM et Co due?
- WILHELM et Co must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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