WINDOWMAKERS
ActiveWINDOWMAKERS has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.19M and a net result of €-101k. Equity is growing by ~22.6% per year across the filed fiscal years. Its solvency ranks better than 50% of 668 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
65
/ 100
Healthy▼ -23 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability10▼-12
Solvency91▼-7
Growth62▲+1
Stability100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €210k at 30 days acceptable
Liquidity ample (current ratio 2.1 against 2.76 in 2024), but 53.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 25
Relative position
BE, all sectors
reference
Sector 25
higher
← fewer bankruptcies
more bankruptcies →
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
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
46.4%
Return on assets
-1.5%
Age of the figures
8 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 04-08-2026, 4 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
4 d late
2024
1 d early
2023
31 d late
2022
31 d early
2021
31 d late
2020
40 d early
2019
29 d early
← before the deadline
after the deadline →
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
12-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€16.45M▲ 0.7%
2024 · €16.33M
2023: €16.59M
2024: €16.33M
2023 → 2025
EBIT margin
-0.3%▼ 0.8pp
2024 · 0.5%
2023: 4.1%
2024: 0.5%
2023 → 2025
Net result
€-101k
2024 · €150k
2018: €-161k
2019: €78k
2020: €242k
2021: €307k
2022: €225k
2023: €594k
2024: €150k
2018 → 2025
Working capital
€2.48M▼ 21.5%
2024 · €3.16M
2018: €1.40M
2019: €1.38M
2020: €1.50M
2021: €1.88M
2022: €1.18M
2023: €2.68M
2024: €3.16M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€16.59M€16.33M▼ 1.6%€16.45M▲ 0.7%
Equity€1.50M-€1.72M▲ 15.0%€3.14M▲ 82.3%€3.29M▲ 4.8%€3.19M▼ 3.1%
Operating result€331k-€179k▼ 45.7%€682k▲ 280%€84k▼ 87.7%€-54k
Net result€307k-€225k▼ 26.7%€594k▲ 164%€150k▼ 74.7%€-101k
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €54k after €84k in 2024, the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.87M
Fixed assets
€2.14M▲ 160%
Current assets
€4.74M▼ 4.6%
Equity and liabilities €6.87M
Equity
€3.19M▼ 3.1%
Debt
€3.68M▲ 47.5%
The debt ratio rises from 43.1% to 53.6%: debt grows while equity shrinks.
Key figures and ratios
EBITDA
€285k▼
2024 · €420k
Cash flow
€237k▼
2024 · €486k
Solvency
46.4%▼
2024 · 56.9%
Current ratio
2.10▼
2024 · 2.76
Quick ratio
1.31▼
2024 · 1.92
Debt / equity
1.15▲
2024 · 0.76
ROE
-3.2%▼
2024 · 4.6%
ROA
-1.5%▼
2024 · 2.6%
Interest coverage
4.65▼
2024 · 9.54
Debt
€3.68M▲
2024 · €2.49M
Debt ≤ 1 year
€2.25M▲
2024 · €1.80M
Debt > 1 year
€1.42M▲
2024 · €640k
Income taxes
€3k▼
2024 · €70k
Staff costs
€3.52M▲
2024 · €3.37M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€5.79M€6.87M▲
Fixed assets21/28€821k€2.14M▲
Tangible fixed assets22/27€821k€1.54M▲
Land and buildings22€8k€404k▲
Plant, machinery and equipment23€209k€370k▲
Furniture and vehicles24€41k€111k▲
Leasing and similar rights25€563k€591k▲
Assets under construction and advance payments27-€60k
Financial fixed assets28-€600k
Affiliated companies280/1-€600k
Amounts receivable281-€600k
Current assets29/58€4.97M€4.74M▼
Amounts receivable after more than one year29€57k€57k=
Trade receivables290€57k€57k=
Stocks and contracts in progress3€1.51M€1.78M▲
Stocks30/36€1.51M€1.78M▲
Raw materials and consumables30/31€1.26M€1.21M▼
Work in progress32€109k€360k▲
Finished goods33€10k€210k▲
Goods purchased for resale34€135k-
Amounts receivable within one year40/41€2.12M€1.81M▼
Trade receivables40€1.93M€1.76M▼
Other amounts receivable41€190k€57k▼
Current investments50/53€900k-
Other investments51/53€900k-
Cash at bank and in hand54/58€323k€34k▼
Deferred charges and accrued income490/1€53k€1.06M▲
Equity and liabilities
Total equity and liabilities10/49€5.79M€6.87M▲
Equity10/15€3.29M€3.19M▼
Contributions10/11€1.45M€1.45M=
Capital10€1.45M€1.45M=
Issued capital100€1.45M€1.45M=
Reserves13€1.84M€1.74M▼
Non-distributable reserves130/1€145k€145k=
Legal reserve130€145k€145k=
Tax-exempt reserves132€10k€10k=
Distributable reserves133€1.69M€1.59M▼
Amounts payable17/49€2.49M€3.68M▲
Amounts payable after more than one year17€640k€1.42M▲
Financial debts170/4€640k€1.42M▲
Leasing and similar obligations172€86k€273k▲
Other loans174€554k€1.15M▲
Amounts payable within one year42/48€1.80M€2.25M▲
Current portion of amounts payable after more than one year42€211k€416k▲
Financial debts43-€390k
Credit institutions430/8-€390k
Trade debts44€928k€755k▼
Suppliers440/4€928k€755k▼
Advances received on contracts in progress46€51k€58k▲
Taxes, remuneration and social security45€612k€632k▲
Taxes450/3€43k€48k▲
Remuneration and social security454/9€569k€585k▲
Accrued charges and deferred income492/3€53k€6k▼
Income statement
Code20242025
Operating income70/76A€15.96M€17.03M▲
Turnover70€16.33M€16.45M▲
Change in stocks of work in progress, finished goods and contracts in progress71€-421k€451k▲
Other operating income74€52k€133k▲
Non-recurring operating income76A€2k€4k▲
Operating charges60/66A€15.88M€17.09M▲
Goods for resale, raw materials and consumables60€9.00M€9.36M▲
Purchases600/8€9.36M€9.18M▼
Change in stocks: decrease (increase)609€-354k€187k▲
Services and other goods61€3.12M€3.33M▲
Remuneration, social security and pensions62€3.37M€3.52M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€336k€339k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€18k-
Other operating charges640/8€15k€12k▼
Non-recurring operating charges66A€7k€522k▲
Operating profit (loss)9901€84k€-54k▼
Financial income75/76B€181k€17k▼
Recurring financial income75€181k€17k▼
Income from current assets751€23k€17k▼
Other financial income752/9€159k-
Financial charges65/66B€45k€61k▲
Recurring financial charges65€45k€61k▲
Debt charges650€44k€61k▲
Other financial charges652/9€575€151▼
Profit (loss) for the period before taxes9903€220k€-98k▼
Income taxes67/77€70k€3k▼
Taxes670/3€70k€3k▼
Profit (loss) for the period9904€150k€-101k▼
Profit (loss) for the period to be appropriated9905€150k€-101k▼
Appropriation of the result
Profit (loss) to be appropriated9906€150k€-101k▼
Transfer from equity791/2-€101k
From reserves792-€101k
Transfer to equity691/2€150k-
To other reserves6921€150k-
Social balance
Average headcount (FTE)908756.358.1▲
The notes to these accounts (77 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
04-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 4 days late
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 31 days late
2023
31-12
Financial
Highest result since 2018net €594k ▲164%
Operating result €682k, net result €594k, both a record.
31-12
Financial
Equity above €2MEq €3.14M ▲82.3%
5 profitable years in a row build equity to €3.14M.
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €1MEq €1.19M ▲25.4%
2 profitable years in a row build equity to €1.19M.
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €78k
Net result €78k after one loss-making year.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
28-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2012
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
21-03-2012
Lisic BV: Resigned as Director
15-02-2012
DECLERCQ: Resigned as Managing director
Location & real-estate footprint
Registered office, Ravels · 1 establishment unit since 2004
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Nijverheidsstraat 18A2381 RavelsGround area
4.0 ha
Building footprint
2.7 ha
Parcel 13048D0006/00H004, Flanders. Linked by address, not a title deed.
1 establishment unit
Windowmakers
since 20042.142.181.751
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13048D0006/00H004 | Flanders | 4.0 ha | 1 · 2.7 ha | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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
Connections & network
1 connected companyNetwork connections
Shared address
→
Similar companies · same sector, comparable size
MATTHYS
BE 0447.957.678
Lo-Reninge · Eq €3.19M
MAGI
BE 0459.519.583
Torhout · Eq €3.17M
TSK Industriebouw
BE 0810.133.706
Hoogstraten · Eq €3.21M
VAN EYCKEN METAL CONSTRUCTION
BE 0411.941.776
Tienen · Eq €3.21M
BAYART
BE 0451.790.663
Kortrijk · Eq €3.22M
Of 3,964 companies in sector 25110 we hold annual accounts for 2,133. 846 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded08-10-2004
Fiscal year end31-12
Activities, NACEBEL
25110Manufacture of metal structures and parts of structures
25120Manufacture of fabricated metal products, except machinery and equipment
28110
23120Manufacture of other non-metallic mineral products
28120
Sources
Crossroads Bank for EnterprisesNational Bank · 21 filingsAddress and cadastre registers
Data from official sources, last processed on 12-09-2026. Scores and ratios are computed by Checked and are not a credit decision.