Public limited company · founded 2019 · 6 yrs activeSimon Bolivarlaan 36, 1000 Brussel, BelgiumKBO/BCE: BE 0737.828.520
Summary
Wind4Flanders Projects Alfa has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.2m and a net result of -€475,241. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 18% of 270 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability55▲+3
Solvency29▼-1
Growth68=
Track record100
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.9%Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €120,000 at 30 days acceptable
Liquidity tight (current ratio 1.26 against 1.25 in 2024; short-term debt: 12.2% and cash: 2.1% of total assets), and 95.9% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 65 days before the deadline; the sector median for financial year 2024 is 22 days before the deadline, and 27% of the sector filed late.
Checked, nothing found (2)
○
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 25 May (5 of the last 5 filed years within 30 days of that day).
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
On 19 November 2019, Wind4Flanders Projects Alfa was incorporated as a Public limited company by ELECTRABEL NV, with a starting capital of EUR 100,000.12The name was changed to Wind4Flanders Projects a in 2020 and to Wind4Flanders Projects Alfa in 2020.34In 2023 the registered office moved to Brussel.5Of the 16 current board members, Lionel Matthysen has served longest, since 2019.3Revenue went from EUR 175,787 in 2020 to EUR 5 million in 2025.6
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
Net result-€156,047below the sector's middle half-€190,882below the sector's middle half▼ 22.3%€3.3mabove the sector's middle half-€417,417below the sector's middle half-€475,241below the sector's middle half▼ 13.9%
Equity€8,723below the sector's middle half▼ 94.7%-€182,159below the sector's middle half€3.1mwithin the sector's middle half€2.7mwithin the sector's middle half▼ 13.4%€2.2mwithin the sector's middle half▼ 17.6%
Total assets€45.3mabove the sector's middle half▲ 116%€60.5mabove the sector's middle half▲ 33.6%€61.4mabove the sector's middle half▲ 1.4%€58.7mabove the sector's middle half▼ 4.3%€54.8mabove the sector's middle half▼ 6.6%
Working capital-€1.6mbelow the sector's middle half▲ 91.9%-€5.0mbelow the sector's middle half▼ 207%€2.0mwithin the sector's middle half€1.8mwithin the sector's middle half▼ 5.6%€1.7mwithin the sector's middle half▼ 5.1%
Solvency0.0%below the sector's middle half▼ 0.8pp-0.3%below the sector's middle half▼ 0.3pp5.1%below the sector's middle half▲ 5.4pp4.6%below the sector's middle half▼ 0.5pp4.1%below the sector's middle half▼ 0.5pp
Current ratio0.51below the sector's middle half▲ 0.490.55below the sector's middle half▲ 0.041.28within the sector's middle half▲ 0.731.25within the sector's middle half▼ 0.031.26within the sector's middle half▲ 0.01
Return on assets (ROA)-0.3%below the sector's middle half▼ 0.7pp-0.3%within the sector's middle half=5.4%within the sector's middle half▲ 5.7pp-0.7%within the sector's middle half▼ 6.1pp-0.9%below the sector's middle half▼ 0.2pp
abovewithinbelowthe middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 44% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €54.8m
84.6%
15.4%
Fixed assets€46.4m ▼ 6.2%
Current assets€8.4m ▼ 8.8%
Equity and liabilities €54.8m
95.4%
Equity€2.2m ▼ 17.6%
Provisions€301,000 ▲ 33.5%
Debt€52.3m ▼ 6.3%
Debt's share of the balance-sheet total rises from 95.0% to 95.4%. Equity and debt are lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€3.3m▼
2024 · €3.5m
Cash flow
€2.6m▼
2024 · €2.7m
Debt to equity
23.44▲
2024 · 20.61
ROE
-21.3%▼
2024 · -15.4%
Interest coverage
1.85▲
2024 · 1.28
Debt ≤ 1 year
€6.7m▼
2024 · €7.4m
Debt > 1 year
€45.2m▼
2024 · €48.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observation
Peer companies
What happened to companies that once looked just like this one does now. It describes the group, not this company: the figures are counted, not predicted.
Of the 102 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 97% are still going.
Large
solvency under 10%
a small loss
without age
2.0%went bankrupt
1.0%stopped otherwise
97%still going
For this company itself Checked computes a bankruptcy probability of 0.9% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
The companies in ten equal groups, from lowest to 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%
1.0%
6
1.3%
1.5%
7
1.6%
1.8%
8
1.8%
1.9%
9
3.0%
3.1%
10
5.6%
6.2%
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 102 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 59 lines
Balance sheetCode20242025
Assets
Total assets20/58€58.7m€54.8m▼
Fixed assets21/28€49.5m€46.4m▼
Tangible fixed assets22/27€49.5m€46.4m▼
Plant, machinery and equipment23€49.5m€46.4m▼
Current assets29/58€9.2m€8.4m▼
Amounts receivable within one year40/41€1.5m€912,159▼
Trade receivables40€1.4m€854,393▼
Other amounts receivable41€22,746€57,766▲
Current investments50/53€5.7m€6.0m▲
Other investments51/53€5.7m€6.0m▲
Cash at bank and in hand54/58€1.6m€1.2m▼
Deferred charges and accrued income490/1€496,469€362,089▼
Equity and liabilities
Total equity and liabilities10/49€58.7m€54.8m▼
Equity10/15€2.7m€2.2m▼
Contributions10/11€100,000€100,000=
Capital10€100,000€100,000=
Issued capital100€100,000€100,000=
Reserves13€10,000€10,000=
Non-distributable reserves130/1€10,000€10,000=
Legal reserve130€10,000€10,000=
Profit (loss) carried forward14€2.6m€2.1m▼
Provisions and deferred taxes16€225,400€301,000▲
Provisions for liabilities and charges160/5€225,400€301,000▲
Other liabilities and charges164/5€225,400€301,000▲
Amounts payable17/49€55.8m€52.3m▼
Amounts payable after more than one year17€48.1m€45.2m▼
Financial debts170/4€48.1m€45.2m▼
Credit institutions173€48.1m€45.2m▼
Amounts payable within one year42/48€7.4m€6.7m▼
Current portion of amounts payable after more than one year42€5.7m€5.8m▲
Trade debts44€1.6m€781,570▼
Suppliers440/4€1.6m€781,570▼
Taxes, remuneration and social security45€89,011€107,458▲
Taxes450/3€89,011€107,458▲
Other amounts payable47/48€0-
Accrued charges and deferred income492/3€291,235€398,647▲
Income statementCode20242025
Operating income70/76A€5.3m€5.0m▼
Turnover70€4.9m€5.0m▲
Other operating income74€413,527€10,600▼
Operating charges60/66A€4.9m€4.7m▼
Services and other goods61€1.7m€1.6m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3.1m€3.1m=
Provisions for liabilities and charges: additions (uses and reversals)635/8€75,600€75,600=
Other operating charges640/8€3,666€4,425▲
Operating profit (loss)9901€414,163€231,598▼
Financial income75/76B€1.9m€1.1m▼
Recurring financial income75€1.9m€1.1m▼
Income from current assets751€1.9m€1.1m▼
Financial charges65/66B€2.7m€1.8m▼
Recurring financial charges65€2.7m€1.8m▼
Debt charges650€2.7m€1.8m▼
Other financial charges652/9€13,501€12,986▼
Profit (loss) for the period before taxes9903-€454,649-€475,241▼
Income taxes67/77-€37,232-
Tax adjustments and reversals of tax provisions77€37,232-
Profit (loss) for the period9904-€417,417-€475,241▼
Profit (loss) for the period to be appropriated9905-€417,417-€475,241▼
Appropriation of the result
Profit (loss) to be appropriated9906€2.6m€2.1m▼
Profit (loss) brought forward from the previous period14P€3.0m€2.6m▼
The notes to these accounts (31 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2021
2022
2023
2024
2025
Change
Operating income70/76A
€1.1m
€3.7m
€9.4m
€5.3m
€5.0m
▼ 5.7%
Turnover70
€995,057
€3.2m
€9.3m
€4.9m
€5.0m
▲ 2.0%
Other operating income74
€131,837
€556,265
€64,269
€413,527
€10,600
▼ 97.4%
Operating charges60/66A
€1.2m
€3.3m
€5.0m
€4.9m
€4.7m
▼ 2.5%
Services and other goods61
€623,818
€933,465
€1.7m
€1.7m
€1.6m
▼ 7.2%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630
€533,412
€2.2m
€3.1m
€3.1m
€3.1m
=
Provisions for liabilities and charges: additions (uses and reversals)635/8
€16,100
€56,000
€75,600
€75,600
€75,600
=
Other operating charges640/8
€348
€151,528
€179,812
€3,666
€4,425
▲ 20.7%
Operating profit (loss)9901
-€46,783
€401,333
€4.4m
€414,163
€231,598
▼ 44.1%
Financial income75/76B
€0
€54,820
€1.6m
€1.9m
€1.1m
▼ 41.5%
Recurring financial income75
€0
€54,820
€1.6m
€1.9m
€1.1m
▼ 41.5%
Income from financial fixed assets750
-
€54,819
-
-
-
-
Income from current assets751
-
-
€1.6m
€1.9m
€1.1m
▼ 41.5%
Other financial income752/9
€0
€1
€0
-
-
-
Financial charges65/66B
€109,263
€647,035
€2.5m
€2.7m
€1.8m
▼ 34.2%
Recurring financial charges65
€109,263
€647,035
€2.5m
€2.7m
€1.8m
▼ 34.2%
Debt charges650
€69,352
€602,129
€2.5m
€2.7m
€1.8m
▼ 34.4%
Other financial charges652/9
€39,912
€44,906
-€3,007
€13,501
€12,986
▼ 3.8%
Profit (loss) for the period before taxes9903
-€156,047
-€190,882
€3.5m
-€454,649
-€475,241
▼ 4.5%
Income taxes67/77
-
-
€208,928
-€37,232
-
-
Taxes670/3
-
-
€208,928
-
-
-
Tax adjustments and reversals of tax provisions77
-
-
-
€37,232
-
-
Profit (loss) for the period9904
-€156,047
-€190,882
€3.3m
-€417,417
-€475,241
▼ 13.9%
Profit (loss) for the period to be appropriated9905
-€156,047
-€190,882
€3.3m
-€417,417
-€475,241
▼ 13.9%
Line
2021
2022
2023
2024
2025
Change
Assets
Total assets20/58
€45.3m
€60.5m
€61.4m
€58.7m
€54.8m
▼ 6.6%
Fixed assets21/28
€43.6m
€54.4m
€52.4m
€49.5m
€46.4m
▼ 6.2%
Tangible fixed assets22/27
€43.6m
€54.4m
€52.4m
€49.5m
€46.4m
▼ 6.2%
Plant, machinery and equipment23
€16.3m
€50.5m
€52.4m
€49.5m
€46.4m
▼ 6.2%
Assets under construction and advance payments27
€27.2m
€4.0m
€7,634
-
-
-
Current assets29/58
€1.7m
€6.1m
€9.0m
€9.2m
€8.4m
▼ 8.8%
Amounts receivable within one year40/41
€1.2m
€5.6m
€3.0m
€1.5m
€912,159
▼ 37.2%
Trade receivables40
€946,472
€5.6m
€3.0m
€1.4m
€854,393
▼ 40.2%
Other amounts receivable41
€259,374
-
-
€22,746
€57,766
▲ 154%
Current investments50/53
-
-
-
€5.7m
€6.0m
▲ 5.3%
Other investments51/53
-
-
-
€5.7m
€6.0m
▲ 5.3%
Cash at bank and in hand54/58
€428,142
€416,809
€5.9m
€1.6m
€1.2m
▼ 27.7%
Deferred charges and accrued income490/1
€63,519
€76,080
€116,739
€496,469
€362,089
▼ 27.1%
Equity and liabilities
Total equity and liabilities10/49
€45.3m
€60.5m
€61.4m
€58.7m
€54.8m
▼ 6.6%
Equity10/15
€8,723
-€182,159
€3.1m
€2.7m
€2.2m
▼ 17.6%
Contributions10/11
€100,000
€100,000
€100,000
€100,000
€100,000
=
Capital10
€100,000
€100,000
€100,000
€100,000
€100,000
=
Issued capital100
€100,000
€100,000
€100,000
€100,000
€100,000
=
Reserves13
€3,238
€3,238
€10,000
€10,000
€10,000
=
Non-distributable reserves130/1
€3,238
€3,238
€10,000
€10,000
€10,000
=
Legal reserve130
€3,238
€3,238
€10,000
€10,000
€10,000
=
Profit (loss) carried forward14
-€94,516
-€285,398
€3.0m
€2.6m
€2.1m
▼ 18.3%
Provisions and deferred taxes16
€18,200
€74,200
€149,800
€225,400
€301,000
▲ 33.5%
Provisions for liabilities and charges160/5
€18,200
€74,200
€149,800
€225,400
€301,000
▲ 33.5%
Other liabilities and charges164/5
€18,200
€74,200
€149,800
€225,400
€301,000
▲ 33.5%
Amounts payable17/49
€45.2m
€60.6m
€58.1m
€55.8m
€52.3m
▼ 6.3%
Amounts payable after more than one year17
€41.9m
€49.5m
€50.9m
€48.1m
€45.2m
▼ 6.0%
Financial debts170/4
€41.9m
€49.5m
€50.9m
€48.1m
€45.2m
▼ 6.0%
Credit institutions173
€39.0m
€49.2m
€50.9m
€48.1m
€45.2m
▼ 6.0%
Other loans174
€2.9m
€315,738
€0
-
-
-
Amounts payable within one year42/48
€3.3m
€11.1m
€7.0m
€7.4m
€6.7m
▼ 9.7%
Current portion of amounts payable after more than one year42
€2.1m
€4.3m
€5.3m
€5.7m
€5.8m
▲ 1.0%
Trade debts44
€1.2m
€6.2m
€1.1m
€1.6m
€781,570
▼ 50.4%
Suppliers440/4
€1.2m
€6.2m
€1.1m
€1.6m
€781,570
▼ 50.4%
Taxes, remuneration and social security45
-
€618,985
€453,933
€89,011
€107,458
▲ 20.7%
Taxes450/3
-
€618,985
€453,933
€89,011
€107,458
▲ 20.7%
Other amounts payable47/48
€15,052
-
€153,846
€0
-
-
Accrued charges and deferred income492/3
€3,725
€2,548
€140,319
€291,235
€398,647
▲ 36.9%
Line
2021
2022
2023
2024
2025
Change
Profit (loss) for the period9904
-€156,047
-€190,882
€3.3m
-€417,417
-€475,241
▼ 13.9%
+ Depreciation and write-downs630
€533,412
€2.2m
€3.1m
€3.1m
€3.1m
=
Operating cash flow (approximation)
€377,365
€2.0m
€6.4m
€2.7m
€2.6m
▼ 2.1%
Investment in fixed assets (approximation)
-
-€13.1m
-€1.0m
-€181,681
-€10,310
▲ 94.3%
Change in cash
-
-€11,334
€5.5m
-€4.3m
-€441,333
▲ 89.7%
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Director appointment, Muriel DESPLANQUE (director)
Director appointment, Valérie DUCHESNE (director)
Director appointment, Lionel MATTHYSEN (director)
Director appointment, Ann NAESSENS (director)
Director appointment, Nico PRIEM (director)
Director appointment, François THOUMSIN (director)
Director appointment, François THOUMSIN (voorzitter van het bestuursorgaan)
Director appointment, Nico PRIEM (managing director)
Mandate compensation, Muriel DESPLANQUE
+7 further facts in this act
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
17 of 18 acts read
About the unread acts
Of the 18 Belgian State Gazette acts we know for this company, 17 have been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
Auditor · since 19-11-2019 · perm. rep.: Jo Van Baelen
Current
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
1 of this company's 18 Belgian State Gazette acts has not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
Simon Bolivarlaan 36, 1000 BrusselProduction of electricity from non-renewable sources
since 20192.297.527.152
1 parcel
Brussels1(100%)
Parcel (capakey)
Region
Area
Buildings
Height / fl.
21813D0439/00P009
Brussels
5,799 m²
1 · 2,489 m²
64.0 m · 19 fl.
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
On-shore windenergieprojecten in België te realiseren, te beheren, te onderhouden en te exploateren en met het oog hierop de nodige financiële middelen te verwerven
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of Wind4Flanders Projects Alfa and those of the other companies, the acts in the Belgian Gazette and the LEI register.
The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
18 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
Of 814 companies in sector 35110 we hold annual accounts for 632. 396 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPublic limited company
Founded19-11-2019
Fiscal year end31-12
Abbreviation NLW4F PROJECTS Alfa
Activities, NACEBEL 2025
35110Production of electricity from non-renewable sources
35140Electricity, gas, steam and air conditioning supply