The annual accounts of WindGrid for financial 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 has been growing by about 51% per year since 2022. Its solvency ranks better than 49% of 350 sector peers (NACE 35, financial year 2025). The company has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.3% (very low).
Score breakdownraises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLoss of €121.1m, the second in a row (financial year 2025)lowers riskLiquidity: current ratio 46.78, cash €31.5mSize: 4.1 FTE, total assets €118.6mSector: Electricity, gas, steam and air conditioning supply (NACE 35)Show 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.
55/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially stronger than 45% of micro 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.
Weak
Solvency57-43
equity 32.0% of total assets
Liquidity83+32
short-term debt 2.1% · cash 26.5%
Profitability0-5
return on assets -102.1%
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.
0.3%Very low
0%0.5%1.5%4%10%≥ 25%
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.3% (543 companies, NACE 35, micro)
Last 24 months12-2024: 0.2%lowest value01-2025: 0.2%● unchanged vs 12-2024lowest value02-2025: 0.2%● unchanged vs 01-2025lowest value03-2025: 0.2%● unchanged vs 02-2025lowest value04-2025: 0.2%● unchanged vs 03-202505-2025: 0.2%● unchanged vs 04-202506-2025: 0.5%▲ +0.3 percentage points vs 05-202507-2025: 0.5%● unchanged vs 06-2025highest value08-2025: 0.5%● unchanged vs 07-202509-2025: 0.5%● unchanged vs 08-202510-2025: 0.5%● unchanged vs 09-202511-2025: 0.5%● unchanged vs 10-202512-2025: 0.4%▼ -0.1 percentage points vs 11-202501-2026: 0.4%● unchanged vs 12-202502-2026: 0.4%● unchanged vs 01-202603-2026: 0.4%● unchanged vs 02-202604-2026: 0.5%▲ +0.1 percentage points vs 03-202605-2026: 0.5%● unchanged vs 04-202606-2026: 0.3%▼ -0.2 percentage points vs 05-202607-2026: 0.3%● unchanged vs 06-202608-2026: 0.3%● unchanged vs 07-202609-2026: 0.3%● unchanged vs 08-202610-2026: 0.3%● unchanged vs 09-202611-2026: 0.3%● unchanged vs 10-2026
Credit of up to €2,050,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is ample, with a current ratio of 46.78 (2.81 in 2024), above the usual 1.5. Short-term debt is 2.1% and cash 26.5% of total assets. However, 68% 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, micro). It does better than 45% of them on solvency, 78% on liquidity, 8% on profitability and 47% on growth.
The bankruptcy probability was computed on 02-11-2026 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 4 accounts on average 86 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 7 May (4 of the last 4 accounts filed within 30 days either side of that date).
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-€2.8mbelow the sector's middle half--€5.6mbelow the sector's middle half▼ 100%-€4.3mbelow the sector's middle half▲ 22.5%-€121.1mbelow the sector's middle half▼ 2,712%
Equity€9.2mabove the sector's middle half-€3.7mabove the sector's middle half▼ 60.2%€38.5mabove the sector's middle half▲ 950%€37.9mabove the sector's middle half▼ 1.5%
Total assets€9.9mabove the sector's middle half-€4.7mwithin the sector's middle half▼ 53.2%€40.0mabove the sector's middle half▲ 760%€118.6mabove the sector's middle half▲ 196%
Debt€0.7m-€1.0m▲ 37.8%€1.5m▲ 53.4%€2.5m▲ 68.9%
Working capital€9.2mabove the sector's middle half-€2.5mabove the sector's middle half▼ 72.5%€2.4mabove the sector's middle half▼ 3.8%€116.1mabove the sector's middle half▲ 48×
Solvency92.8%above the sector's middle half-78.8%above the sector's middle half▼ 14.0pp96.2%above the sector's middle half▲ 17.4pp32.0%within the sector's middle half▼ 64.2pp
Current ratio13.92above the sector's middle half-3.79above the sector's middle half▼ 10.132.81above the sector's middle half▼ 0.9846.78above the sector's middle half▲ 43.96
Return on assets (ROA)-27.9%below the sector's middle half--119.5%below the sector's middle half▼ 91.6pp-10.8%below the sector's middle half▲ 108.7pp-102.1%below the sector's middle half▼ 91.3pp
Staff (FTE)0.9below the sector's middle half-2.3within the sector's middle half▲ 156%3.8within the sector's middle half▲ 65.2%4.1within the sector's middle half▲ 7.9%
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 a loss of €84.9m, larger than the loss of €4.3m in 2024. It is the lowest result since 2022.
Large changes and their cause
2025Total assets +196% on 2024.Capital increase of €114,514,000 (Official Gazette 24-12-2025).
2024Equity +950%, Total assets +760% on 2023.Capital increase of €19,150,000 (Official Gazette 23-04-2024). Capital increase of €20,000,000 (Official Gazette 25-01-2024).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €118.6m
100.0%
Fixed assets€9,105 ▼ 100.0%
Current assets€118.6m ▲ 31×
Equity and liabilities €118.6m
32.0%
65.9%
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
2025 value · change against 2024
EBITDA
-€84.9m▼
2024 · -€4.3m
Cash flow
-€121.1m▼
2024 · -€4.3m
Debt to equity
0.07▲
2024 · 0.04
ROE
-319.1%▼
2024 · -11.2%
Interest coverage
-1916.65▼
2024 · -116.11
Debt ≤ 1 year
€2.5m▲
2024 · €1.3m
Income taxes
€1,715▲
2024 · €716
Supplier credit
136 days▲
2024 · 91 days
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.
Staff
social balance sheet
Item
31-12-2022
31-12-2023
31-12-2024
31-12-2025
Employees at the balance-sheet date
2
2
4
3
full-time
2
2
4
3
part-time
-
0
0
0
in full-time equivalents
2
2
4
3
Average over the year, in full-time equivalents
0.9
2.3
3.8
4.1
On a permanent contract
2
2
4
3
Joined
2
1
2
1
Left
0
1
0
2
Training hours
-
-
-
2
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
fixed assets acquired
Item
2022
2023
2024
2025
Tangible fixed assets
-
€9,099
-
-
Financial fixed assets
-
€1.2m
€35.0m
€0
Depreciation and write-downs of the year
-
€775
€1,820
€1,815
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
European Union, budget
European Union, budget
The company received this money from the EU budget. It is often for projects with European partners.
2024 · 1 entry · €325,000 in total
Projects
4 GW GENERATION PROJECT BETWEEN GERMANY AND SCOTLAND CONNECTED BY A HYBRID INTERCONNECTOR
Connecting Europe Facility, Energy · 10-01-2024 to 09-01-2026 · €325,000
European research
European research
The company takes part in these European research projects. Such participation is a sign of innovation and international cooperation.
Enabling interoperability of multi-vendor HVDC grids
Horizon Europe · third party · 01-01-2023 to 30-04-2027 · €33,250 · InterOPERA
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 48 lines
Balance sheetCode20242025
Assets
Total assets20/58€40.0m€118.6m▲
Fixed assets21/28€36.2m€0.009m▼
Tangible fixed assets22/27€0.007m€0.005m▼
Furniture and vehicles24€0.007m€0.005m▼
Financial fixed assets28€36.2m€0.004m▼
Current assets29/58€3.8m€118.6m▲
Amounts receivable within one year40/41€0.5m€86.9m▲
Trade receivables40€0.3m€0.5m▲
Other amounts receivable41€0.2m€86.4m▲
Current investments50/53€2.7m€0.002m▼
Cash at bank and in hand54/58€0.4m€31.5m▲
Deferred charges and accrued income490/1€0.3m€0.3m▼
Equity and liabilities
Total equity and liabilities10/49€40.0m€118.6m▲
Equity10/15€38.5m€37.9m▼
Contributions10/11€51.2m€171.7m▲
Capital10€51.2m€171.7m▲
Issued capital100€51.2m€171.7m▲
Profit (loss) carried forward14-€12.6m-€133.7m▼
Provisions and deferred taxes16-€78.1m
Provisions for liabilities and charges160/5-€78.1m
Other liabilities and charges164/5-€78.1m
Amounts payable17/49€1.5m€2.5m▲
Amounts payable within one year42/48€1.3m€2.5m▲
Trade debts44€1.0m€2.5m▲
Suppliers440/4€1.0m€2.5m▲
Taxes, remuneration and social security45€0.3m€0.07m▼
Taxes450/3€0.008m€0.001m▼
Remuneration and social security454/9€0.3m€0.07m▼
Accrued charges and deferred income492/3€0.2m€0.01m▼
Income statementCode20242025
Goods, raw materials, services and sundry goods60/61€4.2m€6.6m▲
Remuneration, social security and pensions62€1.5m€1.5m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.002m€0.002m▼
Provisions for liabilities and charges: additions (uses and reversals)635/8-€78.1m
Other operating charges640/8€0.002m€88▼
Gross operating margin9900-€2.9m-€5.3m▼
Operating profit (loss)9901-€4.3m-€84.9m▼
Financial income75/76B€0.08m€0.09m▲
Recurring financial income75€0.08m€0.09m▲
Financial charges65/66B€0.04m€36.3m▲
Recurring financial charges65€0.04m€0.04m▲
Non-recurring financial charges66B-€36.2m
Profit (loss) for the period before taxes9903-€4.3m-€121.1m▼
Income taxes67/77€0.001m€0.002m▲
Profit (loss) for the period9904-€4.3m-€121.1m▼
Profit (loss) for the period to be appropriated9905-€4.3m-€121.1m▼
Appropriation of the result
Profit (loss) to be appropriated9906-€12.6m-€133.7m▼
Profit (loss) brought forward from the previous period14P-€8.3m-€12.6m▼
Social balance sheet
Average headcount (FTE)90873.84.1▲
The notes to these accounts have 20 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 WindGrid.
In July 2024, 3,223 companies had the same profile as WindGrid has now. Two years later, 87.8% were still going and 3.4% had gone bankrupt.
Micro
2 to 5 years old
solvency 30% or more
a loss of 10% of the balance sheet or more
87.8%was still going
8.7%stopped otherwise
3.4%went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of WindGrid itself is lower: 0.3% within 12 months. It rests on far more data about WindGrid than the profile alone.
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 3,223 companies, not a prediction for WindGrid. 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.
Chief executive officer (ceo) belast met het dagelijks bestuur · appointed in the act of 15-05-2026
Current
Statutory auditor 1
BB
BDO Bedrijfsrevisoren bv
Statutory auditor · current term since 29-04-2025 · permanent representative: Michaël Deibeke · listed in the 2025 annual accounts, filed on 11-05-2026
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.
Gazette deedResignations: Catherine Vandenborre (director) and Markus Laukamp (ceo belast met het dagelijks bestuur)
Appointments: Bernard Gustin (director) and Christophe Durieux (ceo ad interim belast met het dagelijks bestuur) · Reappointments: Bernard Gustin, Stefan Kapferer and 4 others18 points ▸
Board meeting, 16-04-2025
Director resignation, Catherine Vandenborre (director)
Director appointment, Bernard Gustin (director), mentioned 2 times in the deed
General meeting, 29-04-2025
Director reappointment, Bernard Gustin (director)
Director reappointment, Stefan Kapferer (director)
Starting capital €12,000,000 · Appointments: Chris Peeters, Catherine Vandenborre and 4 others · Founder20 points ▸
Founder, Elia Group
Other provision, “bijlage 1, vertegenwoordiging comparant en woonstkeuze” (deed in Dutch)
Incorporation, “WindGrid” (deed in Dutch)
Founding capital, €12,000,000
Bank account, “BNP PARIBAS FORTIS, vennootschap in oprichting” (deed in Dutch)
Other provision, “illegible amount, oprichtingskosten” (deed in Dutch)
Other provision, “financieel plan en oprichtersaansprakelijkheid, aansprakelijkheid oprichter bij faillissement binnen drie jaar na oprichting indien kapitaal kennelijk ontoereik…” (deed in Dutch)
Other provision, “bepaling statuten en overgangsbepalingen, naleving oprichtingsvoorwaarden en vaststelling statuten” (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 1 April 2022, WindGrid was incorporated as a public limited company by Elia Group, with a starting capital of €12.0m.12The capital was increased 6 times between 2024 and 2026, most recently to €177.4m.345Of the 2 current board members, Bernard Gustin has served longest, since 2025.6Total assets went from €9.9m in 2022 to €118.6m in 2025 and headcount from 0.9 to 4.1 full-time equivalents.7
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Brussels Hoofdstedelijk Gewest, raad van bestuur mag administratieve zetels, exploitatiezetels, bijkantoren en depots in België of…”
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0784.365.061