WIND'O
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 36 filings
Turnover
≈ €1.4m
Estimated: probably between €820,000 and €2.3m
EBIT margin
Not included in this filing
Net result
-€76,752▲ 41.9%
2024 · -€132,062
Working capital
€79,269▼ 38.7%
2024 · €129,367
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€49,979
▲ 34.5%
2025
20192025
Net result
-€76,752
▲ 41.9%
2025
lowest quarter of the sector
20192025
Equity
€1.2m
▼ 6.2%
2025
highest quarter of the sector
20192025
Total assets
€2.2m
▼ 13.8%
2025
highest quarter of the sector
20192025
Debt
€1.0m
▼ 21.2%
2025
20192025
Working capital
€79,269
▼ 38.7%
2025
middle half of the sector
20192025
Solvency
53.4%
▲ 4.3pp
2025
middle half of the sector
20192025
Current ratio
1.08
▼ 0.02
2025
middle half of the sector
20192025
Return on assets (ROA)
-3.5%
▲ 1.7pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
10.3
▼ 14.2%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.1m--€0.008m▲ 94.2%-€0.006m▲ 30.1%€0.009m€0.01m▲ 3.5%-€0.08m-€0.05m▲ 34.5%
Net result-€0.1m--€0.02mbelow the sector's middle half▲ 85.9%-€0.01mbelow the sector's middle half▲ 28.4%€0.001mwithin the sector's middle half€0.002mwithin the sector's middle half▲ 167%-€0.1mbelow the sector's middle half-€0.08mbelow the sector's middle half▲ 41.9%
Equity€1.4m-€1.4mabove the sector's middle half▼ 1.5%€1.4mabove the sector's middle half▼ 1.1%€1.4mabove the sector's middle half▲ 0.1%€1.4mabove the sector's middle half▲ 0.2%€1.2mabove the sector's middle half▼ 9.7%€1.2mabove the sector's middle half▼ 6.2%
Total assets€2.6m-€2.1mabove the sector's middle half▼ 20.9%€1.9mabove the sector's middle half▼ 9.4%€1.8mabove the sector's middle half▼ 1.6%€2.0mabove the sector's middle half▲ 6.6%€2.5mabove the sector's middle half▲ 28.7%€2.2mabove the sector's middle half▼ 13.8%
Debt€1.2m-€0.7m▼ 43.5%€0.5m▼ 26.4%€0.5m▼ 6.3%€0.6m▲ 25.3%€1.3m▲ 118%€1.0m▼ 21.2%
Working capital€0.5m-€0.6mabove the sector's middle half▲ 33.3%€0.2mabove the sector's middle half▼ 65.1%€0.2mabove the sector's middle half▲ 0.1%€0.2mwithin the sector's middle half▲ 2.8%€0.1mabove the sector's middle half▼ 43.8%€0.08mwithin the sector's middle half▼ 38.7%
Solvency53.8%-67.0%within the sector's middle half▲ 13.2pp73.2%above the sector's middle half▲ 6.2pp74.4%above the sector's middle half▲ 1.3pp70.0%above the sector's middle half▼ 4.5pp49.1%within the sector's middle half▼ 20.9pp53.4%within the sector's middle half▲ 4.3pp
Current ratio1.70-4.12above the sector's middle half▲ 2.411.46within the sector's middle half▼ 2.651.49within the sector's middle half▲ 0.031.40within the sector's middle half▼ 0.101.10within the sector's middle half▼ 0.301.08within the sector's middle half▼ 0.02
Return on assets (ROA)-5.7%--1.0%within the sector's middle half▲ 4.7pp-0.8%below the sector's middle half▲ 0.2pp0.0%within the sector's middle half▲ 0.8pp0.1%within the sector's middle half▲ 0.1pp-5.3%below the sector's middle half▼ 5.4pp-3.5%below the sector's middle half▲ 1.7pp
Staff (FTE)22-20above the sector's middle half▼ 9.1%18▼ 10.0%14▼ 22.2%14above the sector's middle half=12▼ 14.3%10.3above the sector's middle half▼ 14.2%
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 loss of €49,979, smaller than the loss of €76,259 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.2m
Fixed assets
€1.1m ▼ 2.3%
Current assets
€1.1m ▼ 22.9%
Equity and liabilities €2.2m
Equity
€1.2m ▼ 6.2%
Debt
€1.0m ▼ 21.2%
Debt's share of the balance-sheet total falls from 50.9% to 46.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€7,527▼
2024 · €12,607
Cash flow
-€34,299▲
2024 · -€43,196
Quick ratio
0.60▼
2024 · 0.69
Debt to equity
0.87▼
2024 · 1.04
ROE
-6.6%▲
2024 · -10.7%
Interest coverage
-0.30▼
2024 · 0.24
Debt ≤ 1 year
€1.0m▼
2024 · €1.3m
Income taxes
€2,320▼
2024 · €2,904
Staff costs
€565,146▼
2024 · €1.2m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | - | - | 12 | 11 |
| full-time | - | - | 7 | 7 |
| part-time | - | - | 5 | 4 |
| in full-time equivalents | - | - | 9.6 | 9.8 |
| Average over the year, in full-time equivalents | 14 | 14 | 12 | 10.3 |
| On a permanent contract | - | - | 12 | 11 |
| Joined | - | - | - | 0 |
| Left | - | - | - | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 2024 | 2025 |
|---|---|---|---|---|
| Mortgages, amount registered | - | - | €192,037 | - |
| Mortgage mandates | - | - | €1.4m | - |
| Carrying value of the mortgaged assets | - | - | €1.0m | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €50,911 | €5,625 | €59,704 | €14,613 |
| Intangible fixed assets | - | - | - | €1,950 |
| Depreciation and write-downs of the year | €51,666 | €16,050 | €88,867 | €42,452 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.7m | €1.2m | €0.6m | ▼ 54.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.06m | €0.05m | €0.05m | €0.02m | €0.09m | €0.04m | ▼ 52.2% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.04m | €0.02m | ▼ 49.0% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.002m | - | - |
| Gross operating margin9900 | €0.9m | €1.0m | €0.7m | €0.8m | €0.7m | €1.3m | €0.6m | ▼ 55.5% |
| Operating profit (loss)9901 | -€0.1m | -€0.008m | -€0.006m | €0.009m | €0.01m | -€0.08m | -€0.05m | ▲ 34.5% |
| Financial income75/76B | - | - | - | - | - | €96 | €0.001m | ▲ 894% |
| Recurring financial income75 | €37 | €212 | €116 | - | - | €96 | €0.001m | ▲ 894% |
| Financial charges65/66B | - | - | - | €0.008m | €0.007m | €0.05m | €0.03m | ▼ 52.1% |
| Recurring financial charges65 | €0.01m | €0.01m | €0.008m | €0.008m | €0.007m | €0.05m | €0.03m | ▼ 52.1% |
| Profit (loss) for the period before taxes9903 | -€0.1m | -€0.02m | -€0.01m | €0.001m | €0.002m | -€0.1m | -€0.07m | ▲ 42.4% |
| Income taxes67/77 | €0.001m | €0.001m | €0.002m | €494 | €400 | €0.003m | €0.002m | ▼ 20.1% |
| Profit (loss) for the period9904 | -€0.1m | -€0.02m | -€0.01m | €0.001m | €0.002m | -€0.1m | -€0.08m | ▲ 41.9% |
| Profit (loss) for the period to be appropriated9905 | -€0.1m | -€0.02m | -€0.01m | €0.001m | €0.002m | -€0.1m | -€0.08m | ▲ 41.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.6m | €2.1m | €1.9m | €1.8m | €2.0m | €2.5m | €2.2m | ▼ 13.8% |
| Fixed assets21/28 | €1.4m | €1.2m | €1.2m | €1.2m | €1.1m | €1.1m | €1.1m | ▼ 2.3% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0.002m | - |
| Tangible fixed assets22/27 | €1.4m | €1.2m | €1.2m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 2.5% |
| Land and buildings22 | - | - | - | €1.1m | €1.1m | €1.0m | €1.0m | ▼ 1.0% |
| Plant, machinery and equipment23 | - | - | - | €0.08m | €0.08m | €0.09m | €0.07m | ▼ 23.0% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.004m | - |
| Financial fixed assets28 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | - | - | - |
| Current assets29/58 | €1.2m | €0.8m | €0.7m | €0.7m | €0.8m | €1.4m | €1.1m | ▼ 22.9% |
| Stocks and contracts in progress3 | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▼ 10.0% |
| Stocks30/36 | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | ▼ 10.0% |
| Amounts receivable within one year40/41 | €0.8m | €0.5m | €0.3m | €0.3m | €0.4m | €0.8m | €0.6m | ▼ 31.1% |
| Trade receivables40 | - | - | - | €0.3m | €0.4m | €0.8m | €0.6m | ▼ 31.3% |
| Other amounts receivable41 | - | - | - | €0.008m | €0.01m | - | €0.001m | - |
| Cash at bank and in hand54/58 | €0.03m | €0.04m | €0.04m | €0.03m | €0.008m | €0.009m | €0.01m | ▲ 24.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | - | €0.02m | €0.009m | ▼ 44.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.6m | €2.1m | €1.9m | €1.8m | €2.0m | €2.5m | €2.2m | ▼ 13.8% |
| Equity10/15 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.2m | €1.2m | ▼ 6.2% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Revaluation surpluses12 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Reserves13 | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Non-distributable reserves130/1 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Legal reserve130 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Profit (loss) carried forward14 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.03m | ▼ 75.0% |
| Amounts payable17/49 | €1.2m | €0.7m | €0.5m | €0.5m | €0.6m | €1.3m | €1.0m | ▼ 21.2% |
| Amounts payable after more than one year17 | €0.5m | €0.5m | €0.02m | €0.01m | €0.008m | - | - | - |
| Financial debts170/4 | - | - | - | €0.01m | €0.008m | - | - | - |
| Amounts payable within one year42/48 | €0.7m | €0.2m | €0.5m | €0.5m | €0.6m | €1.3m | €1.0m | ▼ 21.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.3m | €0.02m | €0.02m | ▲ 4.4% |
| Financial debts43 | - | - | - | €0.06m | €0.1m | €0.5m | €0.5m | ▼ 0.3% |
| Credit institutions430/8 | - | - | - | €0.06m | €0.1m | €0.5m | €0.5m | ▼ 0.3% |
| Trade debts44 | €0.3m | €0.1m | €0.07m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 4.2% |
| Suppliers440/4 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 4.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | €0.001m | €0.09m | €0.1m | ▲ 21.0% |
| Taxes450/3 | - | - | - | €0.001m | €422 | €0.03m | €0.04m | ▲ 56.3% |
| Remuneration and social security454/9 | - | - | - | €0.006m | €459 | €0.07m | €0.07m | ▲ 5.6% |
| Other amounts payable47/48 | - | - | - | - | - | €0.4m | €0.1m | ▼ 70.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.005m | €0.006m | ▲ 14.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€148,384 | -€20,879 | -€14,943 | €770 | €2,055 | -€132,062 | -€76,752 | ▲ 41.9% |
| + Depreciation and write-downs630 | €44,420 | €64,781 | €53,447 | €51,666 | €16,050 | €88,867 | €42,452 | ▼ 52.2% |
| Operating cash flow (approximation) | -€103,964 | €43,902 | €38,504 | €52,436 | €18,105 | -€43,196 | -€34,299 | ▲ 20.6% |
| Investment in fixed assets (approximation) | - | €160,394 | -€1,004 | -€50,014 | -€5,625 | -€54,994 | -€16,563 | ▲ 69.9% |
| Change in cash | - | €11,386 | -€1,769 | -€13,247 | -€19,338 | €1,366 | €2,294 | ▲ 68.0% |
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, 8,617 companies had the same profile as WIND'O has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WIND'O 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 8,617 companies, not a prediction for WIND'O. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-07-2026 | 2026-00278544 | |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00117872 | |
| 31-03-2023 | full format | 02-10-2023 | 2023-00482416 | |
| 31-03-2022 | micro format | 07-10-2022 | 2022-20454244 | |
| 31-03-2021 | micro format | 27-10-2021 | 2021-73500336 | |
| 31-03-2020 | micro format | 29-10-2020 | 2020-64600591 | |
| 31-03-2019 | micro format | 27-08-2019 | 2019-52600581 | |
| 31-03-2018 | micro format | 29-08-2018 | 2018-55800297 | |
| 31-03-2017 | micro format | 07-09-2017 | 2017-60000519 | |
| 31-03-2017 | full format | 21-08-2017 | 2017-46500201 |