WIND4FLANDERS PROJECTS 3 has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €15.3m and a net result of €175,603. Equity has been growing by about 10% per year since 2018. Its solvency ranks better than 51% of 352 sector peers (NACE 35, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Score breakdownlowers riskSize: turnover €7.2m, total assets €53.2mFigures for financial year 2025 (filed on 03-06-2026)Founded in 2015Legal form: public limited companyShow the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
95/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 59% of large companies in electricity, gas and steam (NACE 35)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Average
Solvency54+3
equity 28.8% of total assets
Liquidity56-2
short-term debt 15.6% · cash 7.8%
Profitability67+9
return on assets 0.3%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
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 0.2% (54 companies, NACE 35, large)
Last 24 months12-2024: 0.2%01-2025: 0.2%● unchanged vs 12-202402-2025: 0.2%● unchanged vs 01-202503-2025: 0.2%● unchanged vs 02-202504-2025: 0.3%▲ +0.1 percentage points vs 03-2025highest value05-2025: 0.1%▼ -0.2 percentage points vs 04-202506-2025: 0.1%● unchanged vs 05-202507-2025: 0.1%● unchanged vs 06-202508-2025: 0.1%● unchanged vs 07-202509-2025: 0.1%● unchanged vs 08-202510-2025: 0.1%● unchanged vs 09-202511-2025: 0.1%● unchanged vs 10-202512-2025: 0.1%● unchanged vs 11-202501-2026: 0.1%● unchanged vs 12-202502-2026: 0.1%● unchanged vs 01-202603-2026: 0.1%● unchanged vs 02-202604-2026: 0.1%● unchanged vs 03-202605-2026: 0.1%● unchanged vs 04-202606-2026: 0.1%● unchanged vs 05-202607-2026: 0.1%● unchanged vs 06-2026lowest value08-2026: 0.1%● unchanged vs 07-2026lowest value09-2026: 0.1%● unchanged vs 08-2026lowest value10-2026: 0.1%● unchanged vs 09-2026lowest value11-2026: 0.1%● unchanged vs 10-2026lowest value
Credit of up to €700,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.79 (0.93 in 2024), below 1. Short-term debt is 15.6% and cash 7.8% of total assets. 71.2% 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, large). It does better than 61% of them on solvency, 80% on liquidity, 46% on profitability and 49% 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).
Credit check for an amount and term of your choice
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 68 days before 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)
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 24 May (5 of the last 5 accounts filed within 30 days either side of that date).
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
Net result€3.4m-€4.0m▲ 16.6%€4.0mabove the sector's middle half▼ 0.8%€1.9mabove the sector's middle half▼ 52.4%€1.2mwithin the sector's middle half▼ 36.2%€5.4mabove the sector's middle half▲ 352%-€0.3mbelow the sector's middle half€0.2mwithin the sector's middle half
Equity€8.4m-€8.4m▲ 1.1%€8.9mabove the sector's middle half▲ 5.2%€8.7mwithin the sector's middle half▼ 1.7%€9.9mabove the sector's middle half▲ 13.8%€15.4mabove the sector's middle half▲ 54.7%€15.1mabove the sector's middle half▼ 1.6%€15.3mabove the sector's middle half▲ 1.2%
Total assets€88.4m-€80.6m▼ 8.8%€75.6mabove the sector's middle half▼ 6.3%€68.4mabove the sector's middle half▼ 9.5%€66.5mabove the sector's middle half▼ 2.8%€64.3mabove the sector's middle half▼ 3.2%€58.2mabove the sector's middle half▼ 9.5%€53.2mabove the sector's middle half▼ 8.6%
Working capital€2.0m--€1.0m-€1.8mbelow the sector's middle half▼ 78.2%-€3.3mbelow the sector's middle half▼ 84.0%-€3.3mbelow the sector's middle half▲ 0.2%€0.9mwithin the sector's middle half-€0.6mbelow the sector's middle half-€1.8mbelow the sector's middle half▼ 196%
Solvency9.4%-10.5%▲ 1.0pp11.8%within the sector's middle half▲ 1.3pp12.8%within the sector's middle half▲ 1.0pp15.0%within the sector's middle half▲ 2.2pp23.9%within the sector's middle half▲ 9.0pp26.0%within the sector's middle half▲ 2.1pp28.8%within the sector's middle half▲ 2.8pp
Current ratio1.18-0.90▼ 0.280.82within the sector's middle half▼ 0.080.61below the sector's middle half▼ 0.210.69below the sector's middle half▲ 0.081.11within the sector's middle half▲ 0.420.93within the sector's middle half▼ 0.180.79within the sector's middle half▼ 0.14
Return on assets (ROA)3.9%-5.0%▲ 1.1pp5.2%within the sector's middle half▲ 0.3pp2.8%within the sector's middle half▼ 2.5pp1.8%within the sector's middle half▼ 0.9pp8.5%within the sector's middle half▲ 6.7pp-0.4%within the sector's middle half▼ 8.9pp0.3%within the sector's middle half▲ 0.8pp
abovewithinbelowThe 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 45% 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 €53.2m
87.7%
12.3%
Fixed assets€46.6m ▼ 8.1%
Current assets€6.5m ▼ 12.2%
Equity and liabilities €53.2m
28.8%
68.9%
Equity€15.3m ▲ 1.2%
Provisions€1.2m ▲ 13.2%
Debt€36.7m ▼ 12.7%
Debt's share of the balance-sheet total falls from 72.1% to 68.9%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€5.1m▲
2024 · €4.8m
Cash flow
€4.3m▲
2024 · €3.9m
Debt to equity
2.39▼
2024 · 2.77
ROE
1.1%▲
2024 · -1.7%
Interest coverage
3.84▲
2024 · 2.20
Debt ≤ 1 year
€8.3m▲
2024 · €8.0m
Debt > 1 year
€28.4m▼
2024 · €34.0m
Customer credit
104 days▲
2024 · 57 days
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
-
-
€199,128
-
-
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
Tangible fixed assets
€44,871
€32,542
-
-
-
Depreciation and write-downs of the year
€4.1m
€4.1m
€4.1m
€4.1m
€4.1m
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
fees
Item
2021
2022
2023
2024
2025
Fee for the audit
€6,118
€6,729
€7,067
€7,310
€7,500
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 56 lines
Balance sheetCode20242025
Assets
Total assets20/58€58.2m€53.2m▼
Fixed assets21/28€50.8m€46.6m▼
Tangible fixed assets22/27€50.8m€46.6m▼
Plant, machinery and equipment23€50.8m€46.6m▼
Current assets29/58€7.5m€6.5m▼
Amounts receivable within one year40/41€2.1m€2.1m▼
Trade receivables40€1.1m€2.1m▲
Other amounts receivable41€1.0m€0.03m▼
Cash at bank and in hand54/58€5.0m€4.1m▼
Deferred charges and accrued income490/1€0.3m€0.3m▲
Equity and liabilities
Total equity and liabilities10/49€58.2m€53.2m▼
Equity10/15€15.1m€15.3m▲
Contributions10/11€8.0m€8.0m=
Capital10€8.0m€8.0m=
Issued capital100€8.0m€8.0m=
Reserves13€0.8m€0.8m=
Non-distributable reserves130/1€0.8m€0.8m=
Legal reserve130€0.8m€0.8m=
Profit (loss) carried forward14€6.3m€6.5m▲
Provisions and deferred taxes16€1.1m€1.2m▲
Provisions for liabilities and charges160/5€1.1m€1.2m▲
Other liabilities and charges164/5€1.1m€1.2m▲
Amounts payable17/49€42.0m€36.7m▼
Amounts payable after more than one year17€34.0m€28.4m▼
Financial debts170/4€34.0m€28.4m▼
Credit institutions173€34.0m€28.4m▼
Amounts payable within one year42/48€8.0m€8.3m▲
Current portion of amounts payable after more than one year42€5.5m€5.6m▲
Financial debts43-€1.8m
Credit institutions430/8-€1.8m
Trade debts44€2.2m€0.8m▼
Suppliers440/4€2.2m€0.8m▼
Taxes, remuneration and social security45€0.4m€0.1m▼
Taxes450/3€0.4m€0.1m▼
Income statementCode20242025
Operating income70/76A€7.4m€7.3m▼
Turnover70€7.0m€7.2m▲
Other operating income74€0.3m€0.07m▼
Operating charges60/66A€6.7m€6.2m▼
Services and other goods61€2.4m€2.0m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4.1m€4.1m=
Provisions for liabilities and charges: additions (uses and reversals)635/8€0.1m€0.1m=
Other operating charges640/8€0.02m€0.01m▼
Operating profit (loss)9901€0.7m€1.0m▲
Financial income75/76B€1.3m€0.5m▼
Recurring financial income75€1.3m€0.5m▼
Income from current assets751€1.3m€0.5m▼
Other financial income752/9€0€0▼
Financial charges65/66B€2.2m€1.4m▼
Recurring financial charges65€2.2m€1.4m▼
Debt charges650€2.2m€1.3m▼
Other financial charges652/9€0.03m€0.03m▼
Profit (loss) for the period before taxes9903-€0.3m€0.2m▲
Profit (loss) for the period9904-€0.3m€0.2m▲
Profit (loss) for the period to be appropriated9905-€0.3m€0.2m▲
Appropriation of the result
Profit (loss) to be appropriated9906€6.3m€6.5m▲
Profit (loss) brought forward from the previous period14P€6.6m€6.3m▼
The notes to these accounts have 23 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
The figures are counted, not predicted. They describe the group, not WIND4FLANDERS PROJECTS 3.
In July 2024, 273 companies had the same profile as WIND4FLANDERS PROJECTS 3 has now. Two years later, 98.2% were still going and 0.7% had gone bankrupt.
Large
solvency 10 to 30%
a profit under 5% of the balance sheet
without age
98.2%was still going
1.1%stopped otherwise
0.7%went bankrupt
That fits the bankruptcy probability of WIND4FLANDERS PROJECTS 3 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 273 companies, not a prediction for WIND4FLANDERS PROJECTS 3. 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.
Vice-chair · appointed in the act of 06-01-2025 · Director · since 09-03-2023 · 3-year term from 2025 · also on the board of 12 other companies · listed in the 2025 annual accounts, filed on 27-05-2026
The owners of WIND4FLANDERS PROJECTS 3 are in the annual accounts the companies file themselves. The chain of control runs up to the highest known parent.
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
The net result is €175,603, after one loss-making year.
09-07
Gazette deed2 directors appointed, 1 director resigning, 12 reappointed
Reappointments: Rik Soens, Luc Van Hove and 11 others · Resignation: Ann Panis (director) · Appointments: Isabel Van Quickelberghe (director) and Willem Wevers (director)17 points ▸
General meeting, 20-05-2025
Director reappointment, Rik Soens (director)
Director reappointment, Luc Van Hove (director)
Director reappointment, Harold Vanheel (director)
Director reappointment, Henk Kindt (director)
Director reappointment, Nico Priem (director)
Director reappointment, Christophe Lamoureux (director)
Director reappointment, Lionel Matthysen (director)
Director reappointment, Nicolas Van de Abeele (director)
Director reappointment, Siegfried Vanhevel (director)
Gazette deedRegistered office moved within Brussel
New seat: Simon Bolivarlaan 36, 1000 Brussel · Previous seat: Simon Bolivarlaan 34, 1000 Brussel · Resignation: Filip Meuleman (director and chair)4 points ▸
Board meeting, 09-03-2023
Director resignation, Filip Meuleman (director and chair)
Director appointment, Nicolas Van den Abeele (director and chair), mentioned 2 times in the deed
Registered-office move, Simon Bolivarlaan 36,1000 Brussel
Power of attorney · General representation · Special proxy9 points ▸
Board meeting, 20-02-2018
Director appointment, Nico PRIEM (managing director)
Power of attorney, Muriel DESPLANQUE
Power of attorney, Maria SAS
Power of attorney, Lionel MATTHYSEN
Power of attorney, François THOUMSIN
General representation, “twee gezamenlijk optredende bestuurders, één Bestuurder A en één Bestuurder B (artikel 25 statuten)” (deed in Dutch)
Special proxy, “bijzondere lasthebbers voor zes bevoegdheidsdomeinen: (1) financiële aangelegenheden, (2) juridische aangelegenheden, (3) fiscale aangelegenheden, (4) verzekeri…” (deed in Dutch)
Separate publication, “onroerende goederen (bevoegdheidsdomein III.6) via notariële tussenkomst en akte gerapporteerd, op separate wijze bekendgemaakt” (deed in Dutch)
Gazette deedAppointments: Nico PRIEM, Lionel MATTHYSEN and 3 others
Condition7 points ▸
Board meeting, 23-12-2015
Director appointment, Nico PRIEM (managing director)
Director appointment, Lionel MATTHYSEN (day-to-day manager)
Director appointment, François THOUMSIN (day-to-day manager)
Director appointment, Mieke SAS (day-to-day manager)
Director appointment, Karen WARNIER (day-to-day manager)
Condition, “De personen met bevoegdheid voor dagelijks bestuur (MATTHYSEN, THOUMSIN, SAS, WARNIER) treden twee aan twee op, dit óf onder elkaar óf met de Gedelegeerd Bestuu…” (deed in Dutch)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
On 23 December 2015, WIND4FLANDERS PROJECTS 3 was incorporated, with a starting capital of €100,050.12In 2016 the capital was increased by €1.0m.3The registered office was moved to Brussel in 2023.4Today the board has 14 members.5Turnover went from €10.8m in 2018 to €7.2m in 2025.6
35110Production of electricity from non-renewable sourcesmain activity
Codes under NACEBEL 2008
35110Electricity, gas, steam and air conditioning supplymain activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“De vennootschap heeft tot voorwerp, in eigen naam of in naam van derden, voor eigen rekening of voor rekening van derden, on-shore…”
Text of the purpose
“De vennootschap heeft tot voorwerp, in eigen naam of in naam van derden, voor eigen rekening of voor rekening van derden, on-shore windenergieprojecten in België te realiseren, te beheren, te onderhouden en te exploiteren en met het oog hierop de nodige financieèle middelen te verwerven.”