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WillowTree

Active Risk: not assessed
Private limited companyfounded 2009active for 17 yearsCoupure 53, 9000 Gent, BelgiumKBO/BCE: BE 0817.045.351
Summary

WillowTree is a financial institution. The bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €34,825 and a net result of €1,018. Equity has been shrinking by about 26% per year since 2018. Its solvency ranks better than 13% of 9,750 sector peers (NACE 64, financial year 2025). The company has been active since 2009 and the Belgian Official Gazette contains no insolvency or warning signals.

Overview

Overview

Official details

Source: KBO
Status
Active since 13-07-2009 Normal situation
Activity
Activities of holding companies NACE 64210and 1 other
Joint committee
200 Aanvullend Paritair Comité voor de bedienden · annual accounts 2023
Establishment unit
2.185.695.258 9000 Gent, since 13-07-2009
Financial year end
31 December
Peppol
Reachable since 21-10-2026

Financial position

Financial institution: outside the modelBankruptcy probability: sector outside the model
Annual accounts 2025
Profit
€1,018
Equity
€34,825
▲ 3.0%
Total assets
€527,236
▼ 7.9%
Filed on 30-07-2026, 1 day before the deadline
Signalsraises riskWeak solvency compared with the sectorneutralLatest accounts filed on timeShow the evidence

Checked score

Outside the general model
Model not applicable to financial institutions
The Checked score measures liquidity, leverage and margins against the norms for trading and manufacturing companies. A bank, insurer or financial holding has a very different balance sheet. Those ratios and the score mean nothing here. So there is no financial strength either.
Bankruptcy probability within 12 months

The company is a financial institution: a bank, insurer or financial holding. Its balance sheet works differently from that of a trading or manufacturing company. A bankruptcy probability from the general model would mislead here.

Credit check for an amount and term of your choice

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

Two signals.
raises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 13% of 9750 sector peers (2025).
NBB · sector comparison
Position among 9750 sector peers
Solvency
better than 13%
← weakest strongest →
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 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
1 day early
2024
on the day
2023
8 days early
2022
19 days late
2021
30 days late
2020
27 days late
2019
15 days late
← 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 12 days after the deadline. In the sector (NACE 64), the median for financial year 2024 was 14 days before the deadline, and 28% 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 31 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
02-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Financials

Financials · financial year 2025, micro format

Annual accounts 2025 filed on 30-07-2026 at the NBB all 16 filings

Equity
€34,825▲ 3.0%
2024 · €33,807
Net result
€1,018
2024 · -€1,469
Total assets
€527,236▼ 7.9%
2024 · €572,370
Solvency
6.6%▲ 0.7pp
2024 · 5.9%
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 43% lower than in 2024. It is the second fall in a row.

Operating result€14,337 2025 Net result€1,018 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result€55,349--€132,630-€52,936▲ 60.1%€10,496-€41,120€28,532€25,024▼ 12.3%€14,337▼ 42.7%
Net result€44,610--€136,764-€59,072below the sector's middle half▲ 56.8%€3,359below the sector's middle half-€50,505below the sector's middle half-€2,832below the sector's middle half▲ 94.4%-€1,469below the sector's middle half▲ 48.1%€1,018below the sector's middle half
Equity€281,089-€144,325▼ 48.7%€85,253within the sector's middle half▼ 40.9%€88,613within the sector's middle half▲ 3.9%€38,108below the sector's middle half▼ 57.0%€35,276below the sector's middle half▼ 7.4%€33,807below the sector's middle half▼ 4.2%€34,825below the sector's middle half▲ 3.0%
Total assets€519,302-€677,649▲ 30.5%€888,949within the sector's middle half▲ 31.2%€758,733within the sector's middle half▼ 14.6%€711,216within the sector's middle half▼ 6.3%€666,817within the sector's middle half▼ 6.2%€572,370within the sector's middle half▼ 14.2%€527,236within the sector's middle half▼ 7.9%
Debt€238,213-€533,323▲ 124%€803,696▲ 50.7%€670,120▼ 16.6%€673,108▲ 0.4%€631,541▼ 6.2%€538,563▼ 14.7%€492,412▼ 8.6%
Working capital€53,975--€50,631-€269,312below the sector's middle half▼ 432%-€262,483below the sector's middle half▲ 2.5%-€281,534below the sector's middle half▼ 7.3%-€248,683below the sector's middle half▲ 11.7%-€183,027below the sector's middle half▲ 26.4%-€133,301below the sector's middle half▲ 27.2%
Solvency54.1%-21.3%▼ 32.8pp9.6%below the sector's middle half▼ 11.7pp11.7%below the sector's middle half▲ 2.1pp5.4%below the sector's middle half▼ 6.3pp5.3%below the sector's middle half▼ 0.1pp5.9%below the sector's middle half▲ 0.6pp6.6%below the sector's middle half▲ 0.7pp
Current ratio1.47-0.81▼ 0.670.44below the sector's middle half▼ 0.370.27below the sector's middle half▼ 0.160.27below the sector's middle half=0.32below the sector's middle half▲ 0.040.31below the sector's middle half=0.42below the sector's middle half▲ 0.11
Return on assets (ROA)8.6%--20.2%▼ 28.8pp-6.6%below the sector's middle half▲ 13.5pp0.4%below the sector's middle half▲ 7.1pp-7.1%below the sector's middle half▼ 7.5pp-0.4%below the sector's middle half▲ 6.7pp-0.3%below the sector's middle half▲ 0.2pp0.2%below the sector's middle half▲ 0.4pp
Staff (FTE)0.2-0.8
above within below The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €527,236
Fixed assets €431,309 ▼ 11.8%
Current assets €95,928 ▲ 14.9%
Equity and liabilities €527,236
Equity €34,825 ▲ 3.0%
Debt €492,412 ▼ 8.6%
Debt's share of the balance-sheet total falls from 94.1% to 93.4%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
ROE
2.9%▲
2024 · -4.3%
Debt ≤ 1 year
€229,228▼
2024 · €266,500
Debt > 1 year
€256,111▼
2024 · €266,111
Income taxes
€29▼
2024 · €451
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-2022
Employees at the balance-sheet date1
part-time1
in full-time equivalents0.3
Average over the year, in full-time equivalents0.2
On a permanent contract1
Joined1
Left0

Source: social balance sheet in the 2022 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€37,919-€3,502--
Financial fixed assets-€5,000€2,701-€395
Depreciation and write-downs of the year€58,055€59,788€59,670€59,942€57,983

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

Comparable companies

These companies have the same main activity as WillowTree: activities of holding companies (NACE 64210). They are comparable in size and age: total assets between €431,000 and €636,000, founded between 2007 and 2010.

CompanyFoundedTotal assetsEquityGross marginNet resultFinancial year
WillowTree Gent2009€527,236€34,825€72,674€1,0182025
ASAP VDS Sint-Lievens-Houtem2008€461,350€317,630€67,849€34,6832025
IMAGE DEPOT Lokeren2010€470,510€452,377€68,433€29,1722025
AKW INVEST Gent2007€504,102€423,317€67,447€34,3952025
Livitin Beveren-Kruibeke-Zwijndrecht2010€635,522€322,754€69,648€26,8942025
G. VERNIERS Sint-Niklaas2008€431,464€407,966€77,375€37,4552025
CQ SOLUTIONS Lede2008€525,797€129,959€84,495€44,1602025

They were chosen from the 20,097 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 41 lines

Source: Annual accounts 2025 at the NBB, filed on 30-07-2026.

Balance sheet Code20242025
Assets
Total assets20/58€572,370€527,236▼
Fixed assets21/28€488,897€431,309▼
Tangible fixed assets22/27€484,249€426,266▼
Land and buildings22€480,924€424,747▼
Plant, machinery and equipment23€842€297▼
Furniture and vehicles24€2,483€1,222▼
Financial fixed assets28€4,648€5,043▲
Current assets29/58€83,473€95,928▲
Amounts receivable within one year40/41€62,890€80,934▲
Trade receivables40€37,830€63,257▲
Other amounts receivable41€25,060€17,677▼
Cash at bank and in hand54/58€20,171€14,994▼
Deferred charges and accrued income490/1€413-
Equity and liabilities
Total equity and liabilities10/49€572,370€527,236▼
Equity10/15€33,807€34,825▲
Contributions10/11€212,400€212,400=
Reserves13€68,689€68,689=
Distributable reserves133€68,689€68,689=
Profit (loss) carried forward14-€247,282-€246,264▲
Amounts payable17/49€538,563€492,412▼
Amounts payable after more than one year17€266,111€256,111▼
Financial debts170/4€266,111€256,111▼
Amounts payable within one year42/48€266,500€229,228▼
Trade debts44€40,995€47,176▲
Suppliers440/4€40,995€47,176▲
Taxes, remuneration and social security45€4,042€9,439▲
Taxes450/3€4,042€9,439▲
Other amounts payable47/48€221,463€172,614▼
Accrued charges and deferred income492/3€5,951€7,072▲
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€59,942€57,983▼
Other operating charges640/8€2,783€354▼
Gross operating margin9900€87,749€72,674▼
Operating profit (loss)9901€25,024€14,337▼
Financial charges65/66B€26,042€13,291▼
Recurring financial charges65€26,042€13,291▼
Profit (loss) for the period before taxes9903-€1,018€1,046▲
Income taxes67/77€451€29▼
Profit (loss) for the period9904-€1,469€1,018▲
Profit (loss) for the period to be appropriated9905-€1,469€1,018▲
Appropriation of the result
Profit (loss) to be appropriated9906-€247,282-€246,264▲
Profit (loss) brought forward from the previous period14P-€245,813-€247,282▼

The notes to these accounts have 10 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.

Line20182019202020212022202320242025Change
Remuneration, social security and pensions62----€7,106€1,366---
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€24,143€39,454€53,136€58,055€59,788€59,670€59,942€57,983▼ 3.3%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4----€1,763----
Other operating charges640/8---€1,336€2,341€1,550€2,783€354▼ 87.3%
Non-recurring operating charges66A-----€6,625---
Gross operating margin9900€84,366-€25,292€1,143€69,887€29,878€97,744€87,749€72,674▼ 17.2%
Operating profit (loss)9901€55,349-€132,630-€52,936€10,496-€41,120€28,532€25,024€14,337▼ 42.7%
Financial income75/76B---€82-----
Recurring financial income75€6,411€1,118€1€82-----
Financial charges65/66B---€6,857€9,068€30,936€26,042€13,291▼ 49.0%
Recurring financial charges65€945€5,108€5,849€6,857€9,068€30,936€26,042€13,291▼ 49.0%
Profit (loss) for the period before taxes9903€60,815-€136,620-€58,784€3,722-€50,187-€2,404-€1,018€1,046-
Income taxes67/77€16,205€144€288€362€318€428€451€29▼ 93.7%
Profit (loss) for the period9904€44,610-€136,764-€59,072€3,359-€50,505-€2,832-€1,469€1,018-
Profit (loss) for the period to be appropriated9905€44,610-€136,764-€59,072€3,359-€50,505-€2,832-€1,469€1,018-
Line20182019202020212022202320242025Change
Assets
Total assets20/58€519,302€677,649€888,949€758,733€711,216€666,817€572,370€527,236▼ 7.9%
Fixed assets21/28€351,682€465,809€680,783€660,647€605,860€551,893€488,897€431,309▼ 11.8%
Tangible fixed assets22/27€351,182€465,309€680,283€660,147€600,360€544,192€484,249€426,266▼ 12.0%
Land and buildings22---€654,359€596,547€538,736€480,924€424,747▼ 11.7%
Plant, machinery and equipment23---€923€160€1,387€842€297▼ 64.7%
Furniture and vehicles24---€4,865€3,652€4,069€2,483€1,222▼ 50.8%
Financial fixed assets28€500€500€500€500€5,500€7,701€4,648€5,043▲ 8.5%
Current assets29/58€167,619€211,840€208,166€98,086€105,356€114,924€83,473€95,928▲ 14.9%
Amounts receivable within one year40/41€129,376€196,912€196,417€97,633€87,919€103,745€62,890€80,934▲ 28.7%
Trade receivables40---€49,412€39,694€84,102€37,830€63,257▲ 67.2%
Other amounts receivable41---€48,221€48,225€19,643€25,060€17,677▼ 29.5%
Cash at bank and in hand54/58€38,017€14,684€11,749€453€14,967€11,179€20,171€14,994▼ 25.7%
Deferred charges and accrued income490/1----€2,470-€413--
Equity and liabilities
Total equity and liabilities10/49€519,302€677,649€888,949€758,733€711,216€666,817€572,370€527,236▼ 7.9%
Equity10/15€281,089€144,325€85,253€88,613€38,108€35,276€33,807€34,825▲ 3.0%
Contributions10/11€212,400€212,400-€212,400€212,400€212,400€212,400€212,400=
Reserves13€68,689€68,689€68,689€68,689€68,689€68,689€68,689€68,689=
Non-distributable reserves130/1---€21,240€21,240----
Reserves not available under the articles1311---€21,240€21,240----
Distributable reserves133---€47,449€47,449€68,689€68,689€68,689=
Profit (loss) carried forward14--€136,764-€195,835-€192,476-€242,981-€245,813-€247,282-€246,264▲ 0.4%
Amounts payable17/49€238,213€533,323€803,696€670,120€673,108€631,541€538,563€492,412▼ 8.6%
Amounts payable after more than one year17€124,569€270,853€326,218€309,552€286,218€267,934€266,111€256,111▼ 3.8%
Financial debts170/4---€309,552€286,218€267,934€266,111€256,111▼ 3.8%
Amounts payable within one year42/48€113,644€262,471€477,478€360,569€386,890€363,607€266,500€229,228▼ 14.0%
Trade debts44€31,888€138,011€199,152€82,259€100,615€33,944€40,995€47,176▲ 15.1%
Suppliers440/4---€82,259€100,615€33,944€40,995€47,176▲ 15.1%
Taxes, remuneration and social security45---€10,740€5,823€12,691€4,042€9,439▲ 134%
Taxes450/3---€10,740€4,723€12,691€4,042€9,439▲ 134%
Remuneration and social security454/9----€1,100----
Other amounts payable47/48---€267,571€280,452€316,972€221,463€172,614▼ 22.1%
Accrued charges and deferred income492/3------€5,951€7,072▲ 18.8%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€44,610-€136,764-€59,072€3,359-€50,505-€2,832-€1,469€1,018-
+ Depreciation and write-downs630€24,143€39,454€53,136€58,055€59,788€59,670€59,942€57,983▼ 3.3%
Operating cash flow (approximation)€68,753-€97,310-€5,936€61,414€9,282€56,838€58,474€59,001▲ 0.9%
Investment in fixed assets (approximation)--€153,580-€268,111-€37,919-€5,000-€5,703€3,053-€395-
Change in cash--€23,333-€2,935-€11,296€14,514-€3,788€8,992-€5,177-

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

Latest 10 of 16 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 micro format 30-07-2026 2026-00354678 NBB
31-12-2024 micro format 31-07-2025 2025-00341037 PDF
31-12-2023 micro format 23-07-2024 2024-00277642 PDF
31-12-2022 micro format 19-08-2023 2023-00336433 PDF
31-12-2021 micro format 30-08-2022 2022-20410714 PDF
31-12-2020 micro format 27-08-2021 2021-55600190 PDF
31-12-2019 micro format 15-08-2020 2020-41600153 PDF
31-12-2018 micro format 23-08-2019 2019-50400239 PDF
31-12-2017 micro format 31-08-2018 2018-59200100 PDF
31-12-2016 micro format 28-07-2017 2017-39100121 PDF

Show all 16 filings

Board & ownership

Directors

Directors
1 director, last change in 2023
De Waele,Wim Raymond Octaaf Marcel
Director · in office according to the act of 21-11-2023 · term without a fixed end · listed in the 2025 annual accounts, filed on 30-07-2026
Current
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 21-11-2023

Owners and capital

Articles of association

Board ruleThese rules set how the board is made up, meets and takes decisions.
“Alle handelingen nodig of nuttig voor verwezenlijking voorwerp, 1”

Articles of association, deed of 21-11-2023 (in Dutch)

Network & group

Holdings and subsidiaries

1 holding

Holdings 1

Board mandates elsewhere

2 board mandates
Board mandates of WillowTreeWillowTree sits on their board2

Companies at the same address

7 other companies

Connections & network

1 connected company
Depth

The 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, zoom with the mouse wheel.
Linked via shared directors
Madison Partners
Shared director
→

Timeline

Acts, filings and financial milestones

Deadline for the 2026 accounts: 31-07-2027
2026
30-07
NBB filing Annual accounts 2025 filedNBB
micro format · 1 day before the deadline
2025
31-12
Financial Back to profitnet €1,018
The net result is €1,018, after 3 loss-making years.
31-07
NBB filing Annual accounts 2024 filedPDF
micro format · on the deadline day
2024
23-07
NBB filing Annual accounts 2023 filedPDF
micro format · 8 days before the deadline
2023
21-11
Gazette deed Resignation: De Waele,Wim Raymond Octaaf Marcel (director)
Reappointment: De Waele,Wim Raymond Octaaf Marcel (director) · Amendment of the articles · Registered office clause7 points ▸
  • General meeting, 08-11-2023
  • Amendment of the articles, mentioned 2 times in the deed
  • Other provision, “toevoeging mogelijkheid tot uitkering winst door bestuursorgaan, winst van lopende boekjaar of winst van voorgaande boekjaar” (deed in Dutch)
  • Director resignation, De Waele,Wim Raymond Octaaf Marcel (director)
  • Director reappointment, De Waele,Wim Raymond Octaaf Marcel (director)
  • Registered office clause, “9000 Gent,Coupure 53 bus 001” (deed in Dutch)
  • Power of attorney, Jeroen Parmentier

Open the act in the Belgian Official Gazette

19-08
NBB filing Annual accounts 2022 filedPDF
micro format · 19 days late
2022
30-08
NBB filing Annual accounts 2021 filedPDF
micro format · 30 days late
2021
31-12
Financial Back to profitnet €3,359
The net result is €3,359, after 2 loss-making years.
27-08
NBB filing Annual accounts 2020 filedPDF
micro format · 27 days late
2020
15-08
NBB filing Annual accounts 2019 filedPDF
micro format · 15 days late
2019
31-12
Financial Weakest financial yearnet -€136,764
The net result drops to -€136,764, the lowest from 2018 to 2025. It recovers the following year.
23-08
NBB filing Annual accounts 2018 filedPDF
micro format · 23 days late
Show earlier events
2018
31-08
NBB filing Annual accounts 2017 filedPDF
micro format · 31 days late
2017
28-07
NBB filing Annual accounts 2016 filedPDF
micro format · 3 days before the deadline
2009
24-07
Gazette deed IncorporationPDF
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.

Sources:Publications in the Belgian Official GazetteFilings with the National Bank

History

On 13 July 2009, WillowTree was incorporated.1 Total assets went from €519,302 in 2018 to €527,236 in 2025 and headcount from 0.2 full-time equivalents in 2018 to 0.8 in 2022.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2018, 2022 and 2025

Company details

Register details

Identity

KBO record
Name WillowTree in Dutch
Enterprise number 0817.045.351
Legal form Private limited company
Status Active, normale toestand
Founded 13-07-2009
Entity type Legal entity
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 21-11-2023 (in Dutch)

Registered office and establishments

Registered office Coupure 53, 9000 Gent, Belgium
Establishment unit WillowTree, Coupure 53, 9000 Gent since 13-07-2009 · unit number 2.185.695.25846180 Agents specialised in the wholesale of other particular products
E-mail wim.dewaele@eggsplore.euGent

Activities

NACEBEL 2025
64210 Activities of holding companies main activity
70200 Business and other management consultancy
Codes under NACEBEL 2008
64200 Holdings main activity
70220 Business consulting
Joint committee 200 Aanvullend Paritair Comité voor de bedienden annual accounts 2023

Invoicing and payment

VAT number BE 0817.045.351
E-invoicing via Peppol
Reachable via Peppol
Peppol ID 0208:0817045351
Registered 21-10-2026

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

Register as of 1 November 2026 · Peppol Directory

Financial year and general meeting

Accounts at the NBB
Financial year end 31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Friday of May at 20:00
deed of 21-11-2023 (in Dutch)

Sites & property

Location
registered office establishment The establishment unit on the map
8 companies at this address See who is registered here

Buildings and parcels at the address

Ground area
543 m²
Building footprint
212 m²
Building volume
3,024 m³
Cadastral parcel Region Area Buildings Height / floors
44806F0674/00L003
ProtectedMonument · Townscape or village viewBlindenhuis Van Caeneghemgesticht en Pharmacodynamisch Instituut met omgevingSource ↗
Flanders 543 m² 1 · 212 m² 27.9 m · 5

1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.