WIND4FLANDERS PROJECTS 2
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 27-05-2026 PDF all 11 filings
Turnover
€6.1m▲ 15.2%
2024 · €5.3m
EBIT margin
30.4%▲ 13.0pp
2024 · 17.4%
Net result
€1.1m▲ 175%
2024 · €417,950
Working capital
-€815,173▼ 144%
2024 · -€334,598
In the rankings
#9 company by equity in Brussels, Energy sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€6.1m
▲ 15.2%
2025
20182025
Operating result
€1.9m
▲ 101%
2025
20182025
Net result
€1.1m
▲ 175%
2025
highest quarter of the sector
20182025
EBIT margin
30.4%
▲ 13.0pp
2025
20182025
Equity
€17.4m
▲ 3.9%
2025
highest quarter of the sector
20182025
Total assets
€30.3m
▼ 10.8%
2025
middle half of the sector
20182025
Debt
€11.9m
▼ 27.1%
2025
20182025
Working capital
-€815,173
▼ 144%
2025
lowest quarter of the sector
20182025
Solvency
57.2%
▲ 8.1pp
2025
middle half of the sector
20182025
Current ratio
0.80
▼ 0.13
2025
middle half of the sector
20182025
Return on assets (ROA)
3.8%
▲ 2.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€7.3m-€8.1m▲ 11.0%€8.4m▲ 3.0%€6.2m▼ 26.0%€6.7m▲ 7.9%€10.1m▲ 51.8%€5.3m▼ 47.7%€6.1m▲ 15.2%
Operating result€3.3m-€3.8m▲ 16.3%€4.1m▲ 7.8%€2.0m▼ 51.6%€2.5m▲ 26.3%€5.8m▲ 128%€0.9m▼ 84.0%€1.9m▲ 101%
Net result€2.1m-€2.5m▲ 19.6%€2.9mabove the sector's middle half▲ 14.0%€1.3mabove the sector's middle half▼ 54.1%€1.5mabove the sector's middle half▲ 16.0%€4.0mabove the sector's middle half▲ 161%€0.4mwithin the sector's middle half▼ 89.4%€1.1mabove the sector's middle half▲ 175%
EBIT margin45.2%-47.4%▲ 2.2pp49.6%▲ 2.2pp32.4%▼ 17.2pp37.9%▲ 5.5pp56.9%▲ 18.9pp17.4%▼ 39.5pp30.4%▲ 13.0pp
Equity€12.0m-€11.3m▼ 5.9%€12.4mabove the sector's middle half▲ 10.2%€12.1mabove the sector's middle half▼ 2.6%€12.8mabove the sector's middle half▲ 5.9%€16.8mabove the sector's middle half▲ 30.9%€16.7mabove the sector's middle half▼ 0.5%€17.4mabove the sector's middle half▲ 3.9%
Total assets€49.3m-€46.8m▼ 5.0%€44.2mabove the sector's middle half▼ 5.5%€40.2mabove the sector's middle half▼ 9.1%€38.7mwithin the sector's middle half▼ 3.7%€37.7mabove the sector's middle half▼ 2.7%€34.0mabove the sector's middle half▼ 9.7%€30.3mwithin the sector's middle half▼ 10.8%
Debt€37.0m-€35.2m▼ 5.0%€31.3m▼ 10.9%€27.5m▼ 12.2%€25.2m▼ 8.5%€20.1m▼ 20.3%€16.4m▼ 18.4%€11.9m▼ 27.1%
Working capital-€1.1m--€2.4m▼ 124%-€1.9mbelow the sector's middle half▲ 21.2%-€2.6mbelow the sector's middle half▼ 40.7%-€2.4mbelow the sector's middle half▲ 8.8%€1.0mwithin the sector's middle half-€0.3mbelow the sector's middle half-€0.8mbelow the sector's middle half▼ 144%
Solvency24.3%-24.1%▼ 0.2pp28.1%within the sector's middle half▲ 4.0pp30.1%within the sector's middle half▲ 2.0pp33.2%within the sector's middle half▲ 3.0pp44.6%within the sector's middle half▲ 11.4pp49.1%within the sector's middle half▲ 4.6pp57.2%within the sector's middle half▲ 8.1pp
Current ratio0.79-0.63▼ 0.160.69below the sector's middle half▲ 0.050.50below the sector's middle half▼ 0.180.61below the sector's middle half▲ 0.111.24within the sector's middle half▲ 0.630.93within the sector's middle half▼ 0.310.80within the sector's middle half▼ 0.13
Return on assets (ROA)4.2%-5.3%▲ 1.1pp6.4%within the sector's middle half▲ 1.1pp3.3%within the sector's middle half▼ 3.2pp3.9%within the sector's middle half▲ 0.7pp10.5%above the sector's middle half▲ 6.6pp1.2%within the sector's middle half▼ 9.3pp3.8%within the sector's middle half▲ 2.6pp
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 101% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €30.3m
Fixed assets
€27.1m ▼ 8.8%
Current assets
€3.2m ▼ 24.8%
Equity and liabilities €30.3m
Equity
€17.4m ▲ 3.9%
Provisions
€1.0m ▲ 11.8%
Debt
€11.9m ▼ 27.1%
Debt's share of the balance-sheet total falls from 48.2% to 39.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4.5m▲
2024 · €3.5m
Cash flow
€3.8m▲
2024 · €3.0m
Debt to equity
0.69▼
2024 · 0.98
ROE
6.6%▲
2024 · 2.5%
Interest coverage
8.05▲
2024 · 3.61
Debt ≤ 1 year
€4.1m▼
2024 · €4.6m
Debt > 1 year
€7.9m▼
2024 · €11.7m
Income taxes
€411,063▲
2024 · €139,317
Customer credit
74 days▼
2024 · 80 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €21.4m | €21.4m | €21.4m | €21.4m | €21.4m |
| Carrying value of the mortgaged assets | €37.5m | €34.9m | €32.3m | €29.7m | €27.1m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €6,190 | €6,809 | €7,149 | €7,390 | €7,549 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €6.2m | €6.7m | €10.2m | €5.3m | €6.1m | ▲ 14.8% |
| Turnover70 | €7.3m | €8.1m | €8.4m | €6.2m | €6.7m | €10.1m | €5.3m | €6.1m | ▲ 15.2% |
| Other operating income74 | - | - | - | - | - | €0.02m | €0.03m | €0.006m | ▼ 78.3% |
| Operating charges60/66A | - | - | - | €4.2m | €4.1m | €4.4m | €4.4m | €4.3m | ▼ 3.4% |
| Services and other goods61 | - | - | - | €1.5m | €1.4m | €1.7m | €1.7m | €1.5m | ▼ 8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | = |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Other operating charges640/8 | - | - | - | €0.01m | €0.02m | €0.008m | €0.007m | €0.007m | ▲ 3.1% |
| Operating profit (loss)9901 | €3.3m | €3.8m | €4.1m | €2.0m | €2.5m | €5.8m | €0.9m | €1.9m | ▲ 101% |
| Financial income75/76B | - | - | - | €0 | €0 | €0.6m | €0.6m | €0.3m | ▼ 58.4% |
| Recurring financial income75 | - | - | - | €0 | €0 | €0.6m | €0.6m | €0.3m | ▼ 58.4% |
| Income from current assets751 | - | - | - | - | - | €0.6m | €0.6m | €0.3m | ▼ 58.4% |
| Other financial income752/9 | - | - | - | €0 | €0 | €0 | €4 | - | - |
| Financial charges65/66B | - | - | - | €0.6m | €0.5m | €1.1m | €1.0m | €0.6m | ▼ 43.7% |
| Recurring financial charges65 | €0.8m | €0.7m | €0.6m | €0.6m | €0.5m | €1.1m | €1.0m | €0.6m | ▼ 43.7% |
| Debt charges650 | €0.7m | €0.7m | €0.6m | €0.5m | €0.5m | €1.0m | €1.0m | €0.6m | ▼ 43.2% |
| Other financial charges652/9 | - | - | - | €0.03m | €0.03m | €0.03m | €0.04m | €0.02m | ▼ 56.2% |
| Profit (loss) for the period before taxes9903 | €2.5m | €3.1m | €3.5m | €1.4m | €2.0m | €5.3m | €0.6m | €1.6m | ▲ 180% |
| Income taxes67/77 | €0.5m | €0.6m | €0.7m | €0.1m | €0.5m | €1.3m | €0.1m | €0.4m | ▲ 195% |
| Taxes670/3 | - | - | - | €0.1m | €0.5m | €1.3m | €0.1m | €0.4m | ▲ 195% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.003m | - | - | - | - | - |
| Profit (loss) for the period9904 | €2.1m | €2.5m | €2.9m | €1.3m | €1.5m | €4.0m | €0.4m | €1.1m | ▲ 175% |
| Profit (loss) for the period to be appropriated9905 | €2.1m | €2.5m | €2.9m | €1.3m | €1.5m | €4.0m | €0.4m | €1.1m | ▲ 175% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €49.3m | €46.8m | €44.2m | €40.2m | €38.7m | €37.7m | €34.0m | €30.3m | ▼ 10.8% |
| Fixed assets21/28 | €45.3m | €42.7m | €40.1m | €37.5m | €34.9m | €32.3m | €29.7m | €27.1m | ▼ 8.8% |
| Tangible fixed assets22/27 | €45.3m | €42.7m | €40.1m | €37.5m | €34.9m | €32.3m | €29.7m | €27.1m | ▼ 8.8% |
| Plant, machinery and equipment23 | - | - | - | €37.5m | €34.9m | €32.3m | €29.7m | €27.1m | ▼ 8.8% |
| Current assets29/58 | €3.9m | €4.1m | €4.1m | €2.7m | €3.8m | €5.4m | €4.3m | €3.2m | ▼ 24.8% |
| Amounts receivable within one year40/41 | €1.6m | €1.4m | €3.1m | €2.0m | €0.7m | €2.7m | €1.2m | €1.2m | ▲ 6.1% |
| Trade receivables40 | - | - | - | €0.4m | €0.6m | €2.7m | €1.2m | €1.2m | ▲ 6.3% |
| Other amounts receivable41 | - | - | - | €1.6m | €0.1m | - | €0.003m | €0.001m | ▼ 67.1% |
| Cash at bank and in hand54/58 | €2.2m | €2.5m | €0.8m | €0.5m | €2.9m | €2.5m | €3.0m | €1.8m | ▼ 38.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €49.3m | €46.8m | €44.2m | €40.2m | €38.7m | €37.7m | €34.0m | €30.3m | ▼ 10.8% |
| Equity10/15 | €12.0m | €11.3m | €12.4m | €12.1m | €12.8m | €16.8m | €16.7m | €17.4m | ▲ 3.9% |
| Contributions10/11 | €10.6m | €10.6m | €10.6m | €10.6m | €10.6m | €10.6m | €10.6m | €10.6m | = |
| Capital10 | - | - | - | €10.6m | €10.6m | €10.6m | €10.6m | €10.6m | = |
| Issued capital100 | - | - | - | €10.6m | €10.6m | €10.6m | €10.6m | €10.6m | = |
| Reserves13 | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | €0.9m | €0.9m | €1.0m | ▲ 6.4% |
| Non-distributable reserves130/1 | - | - | - | €0.6m | €0.7m | €0.9m | €0.9m | €1.0m | ▲ 6.4% |
| Legal reserve130 | - | - | - | €0.6m | €0.7m | €0.9m | €0.9m | €1.0m | ▲ 6.4% |
| Profit (loss) carried forward14 | €1.1m | €0.3m | €1.3m | €0.9m | €1.6m | €5.3m | €5.2m | €5.8m | ▲ 11.4% |
| Provisions and deferred taxes16 | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €0.9m | €1.0m | ▲ 11.8% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.6m | €0.7m | €0.8m | €0.9m | €1.0m | ▲ 11.8% |
| Other liabilities and charges164/5 | - | - | - | €0.6m | €0.7m | €0.8m | €0.9m | €1.0m | ▲ 11.8% |
| Amounts payable17/49 | €37.0m | €35.2m | €31.3m | €27.5m | €25.2m | €20.1m | €16.4m | €11.9m | ▼ 27.1% |
| Amounts payable after more than one year17 | €32.0m | €28.7m | €25.3m | €22.2m | €19.0m | €15.7m | €11.7m | €7.9m | ▼ 32.8% |
| Financial debts170/4 | - | - | - | €22.2m | €19.0m | €15.7m | €11.7m | €7.9m | ▼ 32.8% |
| Credit institutions173 | - | - | - | €22.2m | €19.0m | €15.7m | €11.7m | €7.9m | ▼ 32.8% |
| Amounts payable within one year42/48 | €5.0m | €6.5m | €6.0m | €5.3m | €6.2m | €4.3m | €4.6m | €4.1m | ▼ 12.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3.2m | €3.2m | €3.2m | €3.2m | €2.5m | ▼ 24.3% |
| Trade debts44 | €0.6m | €0.9m | €0.5m | €0.3m | €1.9m | €0.6m | €0.7m | €0.6m | ▼ 5.6% |
| Suppliers440/4 | - | - | - | €0.3m | €1.9m | €0.6m | €0.7m | €0.6m | ▼ 5.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.3m | €0.4m | €0.2m | €0.5m | ▲ 102% |
| Taxes450/3 | - | - | - | €0.3m | €0.3m | €0.4m | €0.2m | €0.5m | ▲ 102% |
| Other amounts payable47/48 | - | - | - | €1.6m | €0.8m | - | €0.5m | €0.5m | = |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | - | €0.006m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.1m | €2.5m | €2.9m | €1.3m | €1.5m | €4.0m | €0.4m | €1.1m | ▲ 175% |
| + Depreciation and write-downs630 | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | = |
| Operating cash flow (approximation) | €4.7m | €5.1m | €5.5m | €3.9m | €4.1m | €6.6m | €3.0m | €3.8m | ▲ 24.2% |
| Investment in fixed assets (approximation) | - | €0 | -€0.01m | €340 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €0.3m | -€1.8m | -€0.2m | €2.4m | -€0.4m | €0.5m | -€1.1m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 133 companies had the same profile as WIND4FLANDERS PROJECTS 2 has now. Two years later, 91.7% were still going and 0.0% had gone bankrupt.
- Large
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
91.7%
was still going
8.3%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of WIND4FLANDERS PROJECTS 2 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 133 companies, not a prediction for WIND4FLANDERS PROJECTS 2. 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 | full format | 27-05-2026 | 2026-00136347 | |
| 31-12-2024 | full format | 22-05-2025 | 2025-00113740 | |
| 31-12-2023 | full format | 23-05-2024 | 2024-00095570 | |
| 31-12-2022 | full format | 30-05-2023 | 2023-00104789 | |
| 31-12-2021 | full format | 19-05-2022 | 2022-20031154 | |
| 31-12-2020 | full format | 21-05-2021 | 2021-15300330 | |
| 31-12-2019 | full format | 25-05-2020 | 2020-13100271 | |
| 31-12-2018 | full format | 11-06-2019 | 2019-17800502 | |
| 31-12-2017 | full format | 18-05-2018 | 2018-13500384 | |
| 31-12-2016 | full format | 07-06-2017 | 2017-16400341 |