Windhoek
ActiveSummary
Windhoek has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €90.1m and a net result of €10.9m. Equity is growing by ~17.3% per year across the filed fiscal years. Its solvency ranks better than 85% of 3221 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability72▼-17
Solvency100=
Growth55▼-3
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity ample (current ratio 5.43; short-term debt: 9% and cash: 11.7% of total assets), and 9.1% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% 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
90.9%
Return on assets
11%
Age of the figures
15 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 18-12-2025, 44 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
44 d early
2024
7 d early
2023
26 d early
2022
4 d early
2021
46 d early
2020
48 d early
2019
52 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 32 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#2 company by total assets in Bruges, Professional and technical services sector#2 company by equity in Bruges, Professional and technical services sector
Turnover
€381,688▼ 17.3%
2024 · €461,738
EBIT margin
87.9%▲ 18.9pp
2024 · 69.1%
Net result
€10.9m▲ 0.8%
2024 · €10.8m
Working capital
€39.7m▼ 4.3%
2024 · €41.5m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, 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
favourable
unfavourable
Line20212022202320242025
Turnover€584,068▼ 14.3%€493,848▼ 15.4%€506,330▲ 2.5%€461,738▼ 8.8%€381,688▼ 17.3%
Operating result€401,653▼ 14.9%€315,864▼ 21.4%€321,058▲ 1.6%€318,914▼ 0.7%€335,615▲ 5.2%
Net result€2.5mabove the sector's middle half▼ 10.1%€53.2mabove the sector's middle half▲ 2,048%€8.1mabove the sector's middle half▼ 84.8%€10.8mabove the sector's middle half▲ 33.3%€10.9mabove the sector's middle half▲ 0.8%
EBIT margin68.8%▼ 0.5pp64.0%▼ 4.8pp63.4%▼ 0.6pp69.1%▲ 5.7pp87.9%▲ 18.9pp
Equity€25.0mabove the sector's middle half▲ 11.0%€78.1mabove the sector's middle half▲ 213%€84.2mabove the sector's middle half▲ 7.8%€92.0mabove the sector's middle half▲ 9.3%€90.1mabove the sector's middle half▼ 2.0%
Total assets€33.0mabove the sector's middle half▼ 6.3%€84.9mabove the sector's middle half▲ 157%€107.3mabove the sector's middle half▲ 26.4%€92.0mabove the sector's middle half▼ 14.3%€99.2mabove the sector's middle half▲ 7.8%
Debt€8.1m▼ 36.9%€6.8m▼ 15.5%€23.1m▲ 240%€9,307▼ 100.0%€9.0m▲ 97,105%
Working capital€5.6m▼ 21.0%€57.5m▲ 933%€33.8m▼ 41.2%€41.5m▲ 22.8%€39.7m▼ 4.3%
Solvency75.6%above the sector's middle half▲ 11.8pp92.0%above the sector's middle half▲ 16.4pp78.5%above the sector's middle half▼ 13.5pp100.0%above the sector's middle half▲ 21.5pp90.9%above the sector's middle half▼ 9.1pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 5% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €99.2m
Fixed assets
€50.5m =
Current assets
€48.7m ▲ 17.3%
Equity and liabilities €99.2m
Equity
€90.1m ▼ 2.0%
Debt
€9.0m ▲ 97,105%
Debt's share of the balance-sheet total rises from 0.0% to 9.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€355,640▲
2024 · €336,469
Cash flow
€10.9m▲
2024 · €10.8m
Current ratio
5.43
Debt to equity
0.10▲
2024 · 0.00
ROE
12.1%▲
2024 · 11.7%
ROA
11.0%▼
2024 · 11.7%
Interest coverage
2.98▼
2024 · 164.02
Debt ≤ 1 year
€9.0m▲
2024 · €9,307
Income taxes
€215,669▼
2024 · €234,046
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €503,029 | €515,390 | €486,649 | €385,255 | ▼ 20.8% |
| Turnover70 | €584,068 | €493,848 | €506,330 | €461,738 | €381,688 | ▼ 17.3% |
| Other operating income74 | - | €9,181 | €9,060 | €4,911 | €3,567 | ▼ 27.4% |
| Non-recurring operating income76A | - | - | - | €20,000 | - | - |
| Operating charges60/66A | - | €187,165 | €194,332 | €167,735 | €49,640 | ▼ 70.4% |
| Services and other goods61 | - | €169,948 | €178,010 | €149,105 | €28,521 | ▼ 80.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,238 | €16,238 | €15,342 | €17,555 | €20,026 | ▲ 14.1% |
| Other operating charges640/8 | - | €979 | €980 | €1,075 | €1,094 | ▲ 1.7% |
| Operating profit (loss)9901 | €401,653 | €315,864 | €321,058 | €318,914 | €335,615 | ▲ 5.2% |
| Financial income75/76B | - | €53.2m | €8.0m | €10.7m | €10.9m | ▲ 1.9% |
| Recurring financial income75 | €2.4m | €53.2m | €8.0m | €10.7m | €10.9m | ▲ 1.9% |
| Income from financial fixed assets750 | - | €53.2m | €7.7m | €10.1m | €10.2m | ▲ 1.5% |
| Income from current assets751 | - | - | €344,131 | €627,207 | €683,624 | ▲ 9.0% |
| Other financial income752/9 | - | €0 | - | €4 | - | - |
| Financial charges65/66B | - | €320,074 | €108,512 | €2,051 | €157,990 | ▲ 7,602% |
| Recurring financial charges65 | €374,413 | €320,074 | €108,512 | €2,051 | €157,990 | ▲ 7,602% |
| Debt charges650 | €373,918 | €320,000 | €87,589 | - | €119,326 | - |
| Other financial charges652/9 | - | €74 | €20,923 | €2,051 | €38,664 | ▲ 1,785% |
| Profit (loss) for the period before taxes9903 | €2.5m | €53.2m | €8.2m | €11.0m | €11.1m | ▲ 0.6% |
| Income taxes67/77 | €1,162 | €961 | €150,244 | €234,046 | €215,669 | ▼ 7.9% |
| Taxes670/3 | - | €961 | €150,244 | €234,046 | €215,669 | ▼ 7.9% |
| Profit (loss) for the period9904 | €2.5m | €53.2m | €8.1m | €10.8m | €10.9m | ▲ 0.8% |
| Profit (loss) for the period to be appropriated9905 | €2.5m | €53.2m | €8.1m | €10.8m | €10.9m | ▲ 0.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €33.0m | €84.9m | €107.3m | €92.0m | €99.2m | ▲ 7.8% |
| Fixed assets21/28 | €27.4m | €27.4m | €50.4m | €50.5m | €50.5m | = |
| Tangible fixed assets22/27 | €31,580 | €15,342 | - | €82,573 | €62,548 | ▼ 24.3% |
| Furniture and vehicles24 | - | €15,342 | - | €82,573 | €62,548 | ▼ 24.3% |
| Financial fixed assets28 | €27.4m | €27.4m | €50.4m | €50.4m | €50.4m | = |
| Affiliated companies280/1 | - | €27.4m | €50.4m | €50.4m | €50.4m | = |
| Participating interests280 | - | €27.4m | €50.4m | €50.4m | €50.4m | = |
| Current assets29/58 | €5.6m | €57.5m | €56.9m | €41.5m | €48.7m | ▲ 17.3% |
| Amounts receivable after more than one year29 | - | €2.8m | €22.8m | €1.4m | €836,100 | ▼ 42.3% |
| Other amounts receivable291 | - | €2.8m | €22.8m | €1.4m | €836,100 | ▼ 42.3% |
| Amounts receivable within one year40/41 | €36,272 | €4 | €759 | €91,688 | €178,017 | ▲ 94.2% |
| Trade receivables40 | - | - | - | €26,557 | - | - |
| Other amounts receivable41 | - | €4 | €759 | €65,131 | €178,017 | ▲ 173% |
| Current investments50/53 | €620,413 | €620,413 | €28.1m | €28.1m | €36.1m | ▲ 28.3% |
| Other investments51/53 | - | €620,413 | €28.1m | €28.1m | €36.1m | ▲ 28.3% |
| Cash at bank and in hand54/58 | €5.0m | €54.1m | €6.0m | €11.8m | €11.6m | ▼ 2.0% |
| Deferred charges and accrued income490/1 | - | - | €20,981 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €33.0m | €84.9m | €107.3m | €92.0m | €99.2m | ▲ 7.8% |
| Equity10/15 | €25.0m | €78.1m | €84.2m | €92.0m | €90.1m | ▼ 2.0% |
| Contributions10/11 | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €24.9m | €78.0m | €84.1m | €91.9m | €90.0m | ▼ 2.0% |
| Non-distributable reserves130/1 | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves not available under the articles1311 | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Distributable reserves133 | - | €78.0m | €84.1m | €91.9m | €90.0m | ▼ 2.0% |
| Amounts payable17/49 | €8.1m | €6.8m | €23.1m | €9,307 | €9.0m | ▲ 97,105% |
| Amounts payable after more than one year17 | €8.0m | €6.8m | - | - | - | - |
| Financial debts170/4 | - | €6.8m | - | - | - | - |
| Other loans174 | - | €6.8m | - | - | - | - |
| Amounts payable within one year42/48 | €53,754 | €55,282 | €23.1m | €9,307 | €9.0m | ▲ 96,207% |
| Trade debts44 | €495 | - | €798 | €1,368 | €2,171 | ▲ 58.8% |
| Suppliers440/4 | - | - | €798 | €1,368 | €2,171 | ▲ 58.8% |
| Taxes, remuneration and social security45 | - | €23,146 | €79,087 | €7,790 | €35,798 | ▲ 360% |
| Taxes450/3 | - | €23,146 | €79,087 | €7,790 | €35,798 | ▲ 360% |
| Other amounts payable47/48 | - | €32,136 | €23.0m | €149 | €8.9m | ▲ 5,981,403% |
| Accrued charges and deferred income492/3 | - | - | - | - | €83,528 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.5m | €53.2m | €8.1m | €10.8m | €10.9m | ▲ 0.8% |
| + Depreciation and write-downs630 | €16,238 | €16,238 | €15,342 | €17,555 | €20,026 | ▲ 14.1% |
| Operating cash flow (approximation) | €2.5m | €53.2m | €8.1m | €10.8m | €10.9m | ▲ 0.8% |
| Investment in fixed assets (approximation) | - | €0 | -€23.1m | -€100,128 | €0 | ▲ 100% |
| Change in cash | - | €49.2m | -€48.2m | €5.9m | -€234,683 | ▼ 104% |
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
2025
18-12
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
24-01
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
30-06
Financial
Liquidity times 1812current ratio 4460.45
Current ratio from 2.46 to 4460.45; short-term debt falls from €23.1m to €9,307.
05-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
27-01
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-06
Financial
Highest result since 2019net €53.2m ▲2,048%
Net result €53.2m, the highest in the series.
30-06
Financial
Liquidity times 10current ratio 1040.89
Current ratio from 104.53 to 1040.89.
30-06
Financial
Equity above €50mEq €78.1m ▲213%
4 profitable years in a row build equity to €78.1m.
2021
16-12
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
30-06
Financial
Liquidity times 10current ratio 104.53
Current ratio from 10.34 to 104.53; short-term debt falls from €754,334 to €53,754.
2020
14-12
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2019
10-12
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Show earlier events
2018
21-12
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
18-12
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2016
06-12
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Brugge · 1 establishment unit since 2014
Ground area
2,323 m²
Building footprint
162 m²
Volume, LiDAR
1,082 m³
Parcel 31030A0297/00F000, Flanders · tallest building 10.2 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Windhoek
since 20142.226.840.876
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31030A0297/00F000 | Flanders | 2,323 m² | 1 · 162 m² | 10.2 m · 2 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.
Structure & network
Heads the group
Windhoek
19 companies
Group, risk and exposure
Owners and holdings
1 holding · 18 subsidiaries in the treeOwners 0
The accounts to 30-06-2025 list no shareholders, and no other source names one.
Holdings 1
-
80%
All subsidiaries, including indirect ones 18
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
ARTES GROUP 80%17 subsidiaries
- A10 100%
AELTERMAN CONTRACTING & ENGINEERING 100%1 subsidiary
- AELTERMAN 94.31%
- Artes Depret 100%
- ARTES ENERGIES 100%
- Artes Prefab 100%
- Artes Projects 100%
- Artes Roegiers 100%
- Artes TWT 100%
- Artes Uptech 100%
- Artes Woudenberg 100%
- ARTES RENO 70%
- Artes Terra 70%
CAAAP 70%3 subsidiaries
- PANNENKOT 100%
- Oleander 99%
- Militair Hospitaal Antwerpen 51%
According to the annual accounts to 30-06-2025 of Windhoek 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.
Recognitions · licences · registrations
Legal Entity Identifier
875500VXFJ7OFSNN5456
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Of 5,712 companies in sector 70100 we hold annual accounts for 3,504. 350 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
Founded07-02-2014
Fiscal year end30-06
Activities, NACEBEL 2025
70100Activities of head offices
70200Business and other management consultancy
73300Public relations and communication consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0545886306
Also
9925:BE0545886306
Registered
15-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.