WindGrid
ActiveSummary
The annual accounts of WindGrid for fiscal year 2025 show a net loss of 102% of total assets and of 314% of the equity at the start of that year. The 2025 annual accounts show equity of €37.9m and a net result of -€121.1m. Equity is growing by ~51.3% per year across the filed fiscal years. Its solvency ranks better than 49% of 279 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-5
Solvency57▼-43
Growth52=
Track record94
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,950,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 46.78 against 2.81 in 2024; short-term debt: 2.1% and cash: 26.5% of total assets), but 68% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
32%
Return on assets
-102.1%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
22232425
2022 to 2025 · latest year -€121.1m
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 11-05-2026, 81 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
81 d early
2024
87 d early
2023
85 d early
2022
90 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 86 days before the deadline; the sector median for financial year 2024 is 23 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Subsidy mirror Which other companies belong to the same group?Elia Group · 10 companies
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#6 company by total assets in Brussels, Energy sector#7 company by equity in Brussels, Energy sector
Turnover
€0
Total assets
€118.6m▲ 196%
2024 · €40.0m
Net result
-€121.1m▼ 2,712%
2024 · -€4.3m
Working capital
€116.1m▲ 4,657%
2024 · €2.4m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2022202320242025
Turnover€0
Operating result-€2.8m--€5.6m▼ 101%-€4.3m▲ 22.1%-€84.9m▼ 1,855%
Net result-€2.8m--€5.6m▼ 100%-€4.3m▲ 22.5%-€121.1m▼ 2,712%
Equity€9.2m-€3.7m▼ 60.2%€38.5m▲ 950%€37.9m▼ 1.5%
Total assets€9.9m-€4.7m▼ 53.2%€40.0m▲ 760%€118.6m▲ 196%
Debt€714,084-€983,788▲ 37.8%€1.5m▲ 53.4%€2.5m▲ 68.9%
Working capital€9.2m-€2.5m▼ 72.5%€2.4m▼ 3.8%€116.1m▲ 4,657%
Staff (FTE)0.9-2.3▲ 156%3.8▲ 65.2%4.1▲ 7.9%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Why a figure moved sharply
- 2025 Net result -2,712%, Total assets +196% on 2024. Cause not known from the registers.
- 2024 Equity +950%, Total assets +760% on 2023. Cause not known from the registers.
- 2023 Net result -100%, Equity -60%, Total assets -53% on 2022. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €84.9m in 2025 against €4.3m in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €118.6m
Fixed assets
€9,105 ▼ 100.0%
Current assets
€118.6m ▲ 3,034%
Equity and liabilities €118.6m
Equity
€37.9m ▼ 1.5%
Provisions
€78.1m
Debt
€2.5m ▲ 68.9%
Debt's share of the balance-sheet total falls from 3.8% to 2.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€84.9m▼
2024 · -€4.3m
Cash flow
-€121.1m▼
2024 · -€4.3m
Current ratio
46.78▲
2024 · 2.81
Debt to equity
0.07▲
2024 · 0.04
ROE
-319.1%▼
2024 · -11.2%
ROA
-102.1%▼
2024 · -10.8%
Interest coverage
-1916.65▼
2024 · -116.11
Debt ≤ 1 year
€2.5m▲
2024 · €1.3m
Income taxes
€1,715▲
2024 · €716
Staff costs
€1.5m▲
2024 · €1.5m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,225 companies that looked in July 2024 the way this one looks now, 2.9% went bankrupt within 24 months and 87% are still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
2.9%
went bankrupt
8.6%
stopped otherwise
87%
still going
A further 1.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 3,225 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
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Turnover70 | - | €0 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €5.2m | €4.2m | €6.6m | ▲ 58.7% |
| Remuneration, social security and pensions62 | €212,294 | €691,622 | €1.5m | €1.5m | ▲ 2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €775 | €1,820 | €1,815 | ▼ 0.3% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €78.1m | - |
| Other operating charges640/8 | €440 | €85 | €1,691 | €88 | ▼ 94.8% |
| Gross operating margin9900 | -€2.6m | -€4.9m | -€2.9m | -€5.3m | ▼ 84.1% |
| Operating profit (loss)9901 | -€2.8m | -€5.6m | -€4.3m | -€84.9m | ▼ 1,855% |
| Financial income75/76B | €2,786 | €28,554 | €75,615 | €88,471 | ▲ 17.0% |
| Recurring financial income75 | €2,786 | €28,554 | €75,615 | €88,471 | ▲ 17.0% |
| Financial charges65/66B | €3,389 | €12,783 | €37,396 | €36.3m | ▲ 96,891% |
| Recurring financial charges65 | €3,389 | €12,783 | €37,396 | €44,298 | ▲ 18.5% |
| Non-recurring financial charges66B | - | - | - | €36.2m | - |
| Profit (loss) for the period before taxes9903 | -€2.8m | -€5.6m | -€4.3m | -€121.1m | ▼ 2,712% |
| Income taxes67/77 | €350 | €883 | €716 | €1,715 | ▲ 140% |
| Profit (loss) for the period9904 | -€2.8m | -€5.6m | -€4.3m | -€121.1m | ▼ 2,712% |
| Profit (loss) for the period to be appropriated9905 | -€2.8m | -€5.6m | -€4.3m | -€121.1m | ▼ 2,712% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €9.9m | €4.7m | €40.0m | €118.6m | ▲ 196% |
| Fixed assets21/28 | - | €1.2m | €36.2m | €9,105 | ▼ 100.0% |
| Tangible fixed assets22/27 | - | €8,324 | €6,504 | €4,689 | ▼ 27.9% |
| Furniture and vehicles24 | - | €8,324 | €6,504 | €4,689 | ▼ 27.9% |
| Financial fixed assets28 | - | €1.2m | €36.2m | €4,416 | ▼ 100.0% |
| Current assets29/58 | €9.9m | €3.4m | €3.8m | €118.6m | ▲ 3,034% |
| Amounts receivable within one year40/41 | €267,511 | €133,899 | €456,611 | €86.9m | ▲ 18,926% |
| Trade receivables40 | €27,337 | €5,262 | €264,545 | €499,126 | ▲ 88.7% |
| Other amounts receivable41 | €240,174 | €128,636 | €192,066 | €86.4m | ▲ 44,872% |
| Current investments50/53 | - | - | €2.7m | €2,383 | ▼ 99.9% |
| Cash at bank and in hand54/58 | €9.7m | €2.9m | €366,617 | €31.5m | ▲ 8,480% |
| Deferred charges and accrued income490/1 | €11,857 | €408,885 | €255,188 | €253,539 | ▼ 0.6% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €9.9m | €4.7m | €40.0m | €118.6m | ▲ 196% |
| Equity10/15 | €9.2m | €3.7m | €38.5m | €37.9m | ▼ 1.5% |
| Contributions10/11 | €12.0m | €12.0m | €51.2m | €171.7m | ▲ 236% |
| Capital10 | €12.0m | €12.0m | €51.2m | €171.7m | ▲ 236% |
| Issued capital100 | €12.0m | €12.0m | €51.2m | €171.7m | ▲ 236% |
| Profit (loss) carried forward14 | -€2.8m | -€8.3m | -€12.6m | -€133.7m | ▼ 958% |
| Provisions and deferred taxes16 | - | - | - | €78.1m | - |
| Provisions for liabilities and charges160/5 | - | - | - | €78.1m | - |
| Other liabilities and charges164/5 | - | - | - | €78.1m | - |
| Amounts payable17/49 | €714,084 | €983,788 | €1.5m | €2.5m | ▲ 68.9% |
| Amounts payable within one year42/48 | €714,084 | €908,199 | €1.3m | €2.5m | ▲ 88.6% |
| Trade debts44 | €684,298 | €881,372 | €1.0m | €2.5m | ▲ 137% |
| Suppliers440/4 | €684,298 | €881,372 | €1.0m | €2.5m | ▲ 137% |
| Taxes, remuneration and social security45 | €29,785 | €26,828 | €306,296 | €70,567 | ▼ 77.0% |
| Taxes450/3 | €350 | €0 | €8,470 | €845 | ▼ 90.0% |
| Remuneration and social security454/9 | €29,435 | €26,828 | €297,826 | €69,722 | ▼ 76.6% |
| Accrued charges and deferred income492/3 | - | €75,589 | €165,080 | €14,238 | ▼ 91.4% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2.8m | -€5.6m | -€4.3m | -€121.1m | ▼ 2,712% |
| + Depreciation and write-downs630 | - | €775 | €1,820 | €1,815 | ▼ 0.3% |
| Operating cash flow (approximation) | -€2.8m | -€5.6m | -€4.3m | -€121.1m | ▼ 2,713% |
| Investment in fixed assets (approximation) | - | - | -€35.0m | €36.2m | ▲ 203% |
| Change in cash | - | -€6.8m | -€2.5m | €31.1m | ▲ 1,327% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
11-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€121.1m
Net result drops to -€121.1m, the lowest in the series.
31-12
Financial
Liquidity times 17current ratio 46.78
Current ratio from 2.81 to 46.78.
05-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Equity above €25mEq €38.5m ▲950%
Equity rises from €3.7m to €38.5m.
07-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
02-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2022
Ground area
1,714 m²
Building footprint
1,396 m²
Volume, LiDAR
34,110 m³
Parcel 21808H1784/00L000, Brussels · tallest building 32.8 m, ±9 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
WindGrid
since 20222.331.921.966
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21808H1784/00L000 | Brussels | 1,714 m² | 1 · 1,396 m² | 32.8 m · 9 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Part of the group
Elia Group
10 companies
Group, risk and exposure
Owners and holdings
1 owner · 1 holdingChain of control
- Elia Group
- WindGrid
Highest known parent: Elia Group. The sources do not say who stands above it.
Owners 1
-
100%
Holdings 1
- Windgrid USA Holdings LLCUSsubsidiarySourceown accounts 2025100%
According to the 2025 annual accounts of WindGrid 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
No current directors or connected companies found in the register.
Public money · subsidies and aid
European Union, budget
2024 · 1 entry · 325,000 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2024 | 1 | 325,000 EUR |
Projects
4 GW GENERATION PROJECT BETWEEN GERMANY AND SCOTLAND CONNECTED BY A HYBRID INTERCONNECTOR
European research
1 project · 33,250 EUR EU contributionProgrammes
Projects
Enabling interoperability of multi-vendor HVDC grids
Recognitions · licences · registrations
Legal Entity Identifier
213800D8FOAXROC1E230
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Of 107 companies in sector 35130 we hold annual accounts for 70. 14 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded01-04-2022
Fiscal year end31-12
Activities, NACEBEL 2025
35130Electricity, gas, steam and air conditioning supply
70200Business and other management consultancy
42220Construction of utility projects for electricity and telecommunications
62200Computer consultancy and computer facilities management
E-invoicing
Reachable via Peppol
Peppol ID
0208:0784365061
Also
9925:BE0784365061
Registered
04-11-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.