WINDOWMAKERS
ActiveSummary
WINDOWMAKERS has been active since 2004 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.2m and a net result of -€101,086. Equity is growing by about 23% per year across the filed financial years. Its solvency ranks better than 51% of 826 sector peers (NACE 25, financial year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Overview
Activity
Manufacture of metal structures and parts of structures
NACE 25110Manufacture of fabricated metal products, except machinery and equipment NACE 25120
4th fastest staff growth in Ravels1 site
Size
€16.4mturnover 2025
- Staff
- 58.1 FTE
- Equity
- €3.2m
- Loss
- -€101,086
Structure
- Parent
- Gevelgoed Kozijnen BV
- Gevelgoed Kozijnen B.V.Director · permanent representative Daniel VAN DER HEIJDEN
- Lisic B.V.Director · permanent representative Marcus Antonius DE FRAITURE
2025 accounts filed 4 days late4 of 9 deeds summarised
Why 66raises riskLiquidity: current ratio 2.10, cash €33,820, halved1 change of registered office in 24 monthsLast filed accounts filed 4 days late; 1 of the last 3 lateSector: Manufacture of fabricated metal products, except machinery and equipment (NACE 25)Show the evidence
Checked score
Score 2025
66
/ 100
Healthy
Probability in this band: 0.55% to 1.5%
Financially better than 41% of its sector peers (NACE 25, medium-sized)
Financial strength · tick = 2024
Average
Solvency
71-11
equity 46.4% of total assets
Liquidity
36-8
short-term debt 32.8% · cash 0.5%
Profitability
46-12
return on assets -1.5%
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.1%
12-2024: 0.1%● unchanged vs 11-2024
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025lowest value
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.2%▲ +0.1 percentage points vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.5%▲ +0.3 percentage points vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.4%▼ -0.1 percentage points vs 01-2026
03-2026: 0.4%● unchanged vs 02-2026
04-2026: 0.4%● unchanged vs 03-2026
05-2026: 0.5%▲ +0.1 percentage points vs 04-2026
06-2026: 0.6%▲ +0.1 percentage points vs 05-2026
07-2026: 0.6%● unchanged vs 06-2026
08-2026: 0.8%▲ +0.2 percentage points vs 07-2026
09-2026: 1.0%▲ +0.2 percentage points vs 08-2026highest value
10-2026: 1.0%● unchanged vs 09-2026highest value
Credit of up to €210,000 on 30-day terms is acceptable
Liquidity ample (current ratio 2.1, compared with 2.76 in 2024, above the usual 1.5; short-term debt: 32.8% and cash: 0.5% of total assets), but 53.6% of the assets are financed with debt and provisions.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 25, medium-sized): better than 63% on solvency, 40% on liquidity, 21% on profitability and 41% on growth.
The bankruptcy probability was computed on 28-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
Five signals.
raises risk
raises risk · 2025 accounts filed 4 days late
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. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
4 days late
2024
1 day early
2023
31 days late
2022
31 days early
2021
31 days late
2020
40 days early
2019
29 days 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 5 days before the deadline; the sector median (NACE 25) for financial year 2024 is 7 days before the deadline, and 35% 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 4 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsWhere today falls in the filing period
29-10-2026 today31-12-2026 year end31-07-2027 deadline
- Annual accounts filedfinancial year 2025 · full…
- Permanent representatives: Marcus Antonius dE FRAITURE…Registered-office move
- Annual accounts filedfinancial year 2024 · full…
Financials · financial year 2025, full format
In the rankings
#4 company by staff growth in Ravels#5 employer in Ravels, Manufacturing sector#7 company by equity in Ravels, Manufacturing sector
Turnover
€16.4m▲ 0.7%
2024 · €16.3m
EBIT margin
-0.3%▼ 0.8pp
2024 · 0.5%
Net result
-€101,086
2024 · €150,051
Working capital
€2.5m▼ 21.5%
2024 · €3.2m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result turns negative in 2025: a loss of €53,660 after €83,648 in 2024, the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€16.4m
2025
Operating result-€0.05m
2025
Net result-€0.1m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€6.9m
2025
Equity€3.2m
2025
Debt€3.7m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€2.5m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin-0.3%
2025
Return on assets (ROA)-1.5%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency46.4%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio2.10
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)58.1
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 25, Manufacture of fabricated metal products, except machinery and equipment: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€16.6m€16.3m▼ 1.6%€16.4m▲ 0.7%
Operating result-€0.2m-€0.003m€0.2m▲ 65×€0.3m▲ 95.2%€0.2m▼ 45.7%€0.7m▲ 280%€0.08m▼ 87.7%-€0.05m
Net result-€0.2m-€0.08m€0.2mabove the sector's middle half▲ 211%€0.3mabove the sector's middle half▲ 27.0%€0.2mwithin the sector's middle half▼ 26.7%€0.6mabove the sector's middle half▲ 164%€0.2mwithin the sector's middle half▼ 74.7%-€0.1mbelow the sector's middle half
EBIT margin4.1%0.5%▼ 3.6pp-0.3%▼ 0.8pp
Equity€0.9m-€0.9m▲ 8.9%€1.2mabove the sector's middle half▲ 25.4%€1.5mabove the sector's middle half▲ 25.8%€1.7mabove the sector's middle half▲ 15.0%€3.1mwithin the sector's middle half▲ 82.3%€3.3mwithin the sector's middle half▲ 4.8%€3.2mwithin the sector's middle half▼ 3.1%
Total assets€3.2m-€2.9m▼ 6.8%€3.7mabove the sector's middle half▲ 25.4%€5.1mabove the sector's middle half▲ 37.8%€5.7mabove the sector's middle half▲ 12.7%€5.9mwithin the sector's middle half▲ 3.7%€5.8mwithin the sector's middle half▼ 2.8%€6.9mwithin the sector's middle half▲ 18.8%
Debt€2.3m-€2.0m▼ 12.8%€2.5m▲ 25.4%€3.6m▲ 43.5%€4.0m▲ 11.8%€2.8m▼ 30.0%€2.5m▼ 11.2%€3.7m▲ 47.5%
Working capital€1.4m-€1.4m▼ 1.4%€1.5mabove the sector's middle half▲ 8.8%€1.9mabove the sector's middle half▲ 25.4%€1.2mabove the sector's middle half▼ 37.3%€2.7mabove the sector's middle half▲ 127%€3.2mabove the sector's middle half▲ 17.9%€2.5mabove the sector's middle half▼ 21.5%
Solvency27.6%-32.3%▲ 4.6pp32.3%within the sector's middle half=29.4%within the sector's middle half▼ 2.8pp30.0%within the sector's middle half▲ 0.6pp52.8%within the sector's middle half▲ 22.7pp56.9%within the sector's middle half▲ 4.1pp46.4%within the sector's middle half▼ 10.5pp
Current ratio2.10-2.17▲ 0.061.90within the sector's middle half▼ 0.261.71within the sector's middle half▼ 0.191.35within the sector's middle half▼ 0.362.19within the sector's middle half▲ 0.842.76above the sector's middle half▲ 0.562.10within the sector's middle half▼ 0.65
Return on assets (ROA)-5.1%-2.6%▲ 7.7pp6.5%within the sector's middle half▲ 3.9pp6.0%within the sector's middle half▼ 0.5pp3.9%within the sector's middle half▼ 2.1pp10.0%within the sector's middle half▲ 6.1pp2.6%within the sector's middle half▼ 7.4pp-1.5%below the sector's middle half▼ 4.1pp
Staff (FTE)39.9-40.8▲ 2.3%38.1above the sector's middle half▼ 6.6%40.9above the sector's middle half▲ 7.3%42.8above the sector's middle half▲ 4.6%46.7above the sector's middle half▲ 9.1%56.3above the sector's middle half▲ 20.6%58.1above the sector's middle half▲ 3.2%
above
within
below
the middle half of NACE 25, Manufacture of fabricated metal products, except machinery and equipment: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Why a figure moved sharply
- 2024 Net result -75% on 2023. Merger absorbing Ramabel, effective 31-07-2023, in the previous financial year; now counts for a full year for the first time. Merger absorbing Windowmakers Services, effective 31-07-2023, in the previous financial year; now counts for a full year for the first time.
- 2023 Net result +164%, Equity +82% on 2022. Merger absorbing Ramabel, effective 31-07-2023. Merger absorbing Windowmakers Services, effective 31-07-2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.9m
Fixed assets
€2.1m ▲ 160%
Current assets
€4.7m ▼ 4.6%
Equity and liabilities €6.9m
Equity
€3.2m ▼ 3.1%
Debt
€3.7m ▲ 47.5%
Debt's share of the balance-sheet total rises from 43.1% to 53.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€284,840▼
2024 · €419,539
Cash flow
€237,414▼
2024 · €485,942
Quick ratio
1.31▼
2024 · 1.92
Debt to equity
1.15▲
2024 · 0.76
ROE
-3.2%▼
2024 · 4.6%
Interest coverage
4.65▼
2024 · 9.54
Debt ≤ 1 year
€2.3m▲
2024 · €1.8m
Debt > 1 year
€1.4m▲
2024 · €640,185
Income taxes
€2,845▼
2024 · €70,438
Staff costs
€3.5m▲
2024 · €3.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 830 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 96.5% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
2.9%
stopped otherwise
96.5%
still going
For this company itself Checked computes a higher bankruptcy probability: 1.0% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 830 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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | €17.1m | €16.0m | €17.0m | ▲ 6.7% |
| Turnover70 | - | - | - | - | - | €16.6m | €16.3m | €16.4m | ▲ 0.7% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | - | €0.4m | -€0.4m | €0.5m | - |
| Other operating income74 | - | - | - | - | - | €0.1m | €0.05m | €0.1m | ▲ 155% |
| Non-recurring operating income76A | - | - | - | - | €0.03m | €0.01m | €0.002m | €0.004m | ▲ 141% |
| Operating charges60/66A | - | - | - | - | - | €16.4m | €15.9m | €17.1m | ▲ 7.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | €9.7m | €9.0m | €9.4m | ▲ 4.0% |
| Purchases600/8 | - | - | - | - | - | €9.0m | €9.4m | €9.2m | ▼ 2.0% |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | €0.7m | -€0.4m | €0.2m | - |
| Services and other goods61 | - | - | - | - | - | €2.9m | €3.1m | €3.3m | ▲ 6.7% |
| Remuneration, social security and pensions62 | - | - | - | €2.0m | €2.1m | €3.4m | €3.4m | €3.5m | ▲ 4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.02m | -€0.002m | €0.1m | €0.02m | - | - |
| Other operating charges640/8 | - | - | - | €0.05m | €0.02m | €0.06m | €0.01m | €0.01m | ▼ 17.5% |
| Non-recurring operating charges66A | - | - | - | €0.01m | - | - | €0.007m | €0.5m | ▲ 79× |
| Gross operating margin9900 | €1.8m | €2.1m | €2.0m | €2.6m | €2.6m | - | - | - | - |
| Operating profit (loss)9901 | -€0.2m | €0.003m | €0.2m | €0.3m | €0.2m | €0.7m | €0.08m | -€0.05m | - |
| Financial income75/76B | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.02m | ▼ 90.7% |
| Recurring financial income75 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.02m | ▼ 90.7% |
| Income from current assets751 | - | - | - | - | - | €0.01m | €0.02m | €0.02m | ▼ 25.4% |
| Other financial income752/9 | - | - | - | - | - | €0.2m | €0.2m | - | - |
| Financial charges65/66B | - | - | - | €0.05m | €0.06m | €0.04m | €0.04m | €0.06m | ▲ 37.9% |
| Recurring financial charges65 | €0.05m | €0.05m | €0.05m | €0.05m | €0.06m | €0.04m | €0.04m | €0.06m | ▲ 37.9% |
| Debt charges650 | - | - | - | - | - | €0.04m | €0.04m | €0.06m | ▲ 39.4% |
| Other financial charges652/9 | - | - | - | - | - | €0.001m | €0.001m | €151 | ▼ 73.8% |
| Profit (loss) for the period before taxes9903 | -€0.2m | €0.08m | €0.3m | €0.5m | €0.3m | €0.8m | €0.2m | -€0.1m | - |
| Income taxes67/77 | - | - | €0.01m | €0.2m | €0.1m | €0.2m | €0.07m | €0.003m | ▼ 96.0% |
| Taxes670/3 | - | - | - | - | - | €0.2m | €0.07m | €0.003m | ▼ 96.0% |
| Profit (loss) for the period9904 | -€0.2m | €0.08m | €0.2m | €0.3m | €0.2m | €0.6m | €0.2m | -€0.1m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | €0.08m | €0.2m | €0.3m | €0.2m | €0.6m | €0.2m | -€0.1m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.2m | €2.9m | €3.7m | €5.1m | €5.7m | €5.9m | €5.8m | €6.9m | ▲ 18.8% |
| Fixed assets21/28 | €0.5m | €0.4m | €0.5m | €0.5m | €1.2m | €1.0m | €0.8m | €2.1m | ▲ 160% |
| Tangible fixed assets22/27 | €0.5m | €0.4m | €0.5m | €0.5m | €1.2m | €1.0m | €0.8m | €1.5m | ▲ 87.1% |
| Land and buildings22 | - | - | - | €0.02m | €0.02m | €0.01m | €0.008m | €0.4m | ▲ 49× |
| Plant, machinery and equipment23 | - | - | - | €0.4m | €0.3m | €0.2m | €0.2m | €0.4m | ▲ 77.5% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.05m | €0.03m | €0.04m | €0.1m | ▲ 171% |
| Leasing and similar rights25 | - | - | - | €0.04m | €0.8m | €0.7m | €0.6m | €0.6m | ▲ 4.9% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | - | €0.06m | - |
| Financial fixed assets28 | - | - | - | - | - | - | - | €0.6m | - |
| Affiliated companies280/1 | - | - | - | - | - | - | - | €0.6m | - |
| Amounts receivable281 | - | - | - | - | - | - | - | €0.6m | - |
| Current assets29/58 | €2.7m | €2.6m | €3.2m | €4.5m | €4.5m | €4.9m | €5.0m | €4.7m | ▼ 4.6% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €0.06m | €0.06m | €0.06m | = |
| Trade receivables290 | - | - | - | - | - | €0.06m | €0.06m | €0.06m | = |
| Stocks and contracts in progress3 | €1.0m | €0.9m | €0.9m | €1.9m | €1.9m | €1.6m | €1.5m | €1.8m | ▲ 17.5% |
| Stocks30/36 | - | - | - | €1.9m | €1.9m | €1.6m | €1.5m | €1.8m | ▲ 17.5% |
| Raw materials and consumables30/31 | - | - | - | - | - | €0.9m | €1.3m | €1.2m | ▼ 4.1% |
| Work in progress32 | - | - | - | - | - | €0.5m | €0.1m | €0.4m | ▲ 231% |
| Finished goods33 | - | - | - | - | - | €0.08m | €0.01m | €0.2m | ▲ 22× |
| Goods purchased for resale34 | - | - | - | - | - | €0.1m | €0.1m | - | - |
| Amounts receivable within one year40/41 | €1.6m | €1.6m | €2.2m | €2.7m | €2.6m | €2.0m | €2.1m | €1.8m | ▼ 14.5% |
| Trade receivables40 | - | - | - | €2.7m | €2.6m | €1.9m | €1.9m | €1.8m | ▼ 9.1% |
| Other amounts receivable41 | - | - | - | €0.002m | €0.003m | €0.09m | €0.2m | €0.06m | ▼ 70.2% |
| Current investments50/53 | - | - | - | - | - | - | €0.9m | - | - |
| Other investments51/53 | - | - | - | - | - | - | €0.9m | - | - |
| Cash at bank and in hand54/58 | €0.06m | €0.09m | - | - | €0.03m | €1.2m | €0.3m | €0.03m | ▼ 89.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.002m | €0.07m | €0.05m | €1.1m | ▲ 20× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.2m | €2.9m | €3.7m | €5.1m | €5.7m | €5.9m | €5.8m | €6.9m | ▲ 18.8% |
| Equity10/15 | €0.9m | €0.9m | €1.2m | €1.5m | €1.7m | €3.1m | €3.3m | €3.2m | ▼ 3.1% |
| Contributions10/11 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €1.4m | €1.4m | €1.4m | = |
| Capital10 | - | - | - | €0.7m | €0.7m | €1.4m | €1.4m | €1.4m | = |
| Issued capital100 | - | - | - | €0.7m | €0.7m | €1.4m | €1.4m | €1.4m | = |
| Reserves13 | €0.05m | €0.07m | €0.07m | €0.07m | €0.07m | €1.7m | €1.8m | €1.7m | ▼ 5.5% |
| Non-distributable reserves130/1 | - | - | - | €0.07m | €0.07m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.07m | €0.07m | €0.1m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | - | - | - | - | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | - | - | €1.5m | €1.7m | €1.6m | ▼ 6.0% |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.5m | €0.8m | €1.0m | - | - | - | - |
| Amounts payable17/49 | €2.3m | €2.0m | €2.5m | €3.6m | €4.0m | €2.8m | €2.5m | €3.7m | ▲ 47.5% |
| Amounts payable after more than one year17 | €1.0m | €0.8m | €0.8m | €0.8m | €0.6m | €0.5m | €0.6m | €1.4m | ▲ 123% |
| Financial debts170/4 | - | - | - | €0.8m | €0.6m | €0.5m | €0.6m | €1.4m | ▲ 123% |
| Leasing and similar obligations172 | - | - | - | - | - | €0.08m | €0.09m | €0.3m | ▲ 218% |
| Other loans174 | - | - | - | - | - | €0.4m | €0.6m | €1.2m | ▲ 108% |
| Amounts payable within one year42/48 | €1.3m | €1.2m | €1.7m | €2.7m | €3.3m | €2.3m | €1.8m | €2.3m | ▲ 25.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.5m | €0.2m | €0.2m | €0.4m | ▲ 97.3% |
| Financial debts43 | - | - | - | €0.5m | €0.09m | €0.09m | - | €0.4m | - |
| Credit institutions430/8 | - | - | - | €0.5m | €0.09m | €0.09m | - | €0.4m | - |
| Trade debts44 | €0.8m | €0.6m | €1.0m | €1.7m | €2.2m | €1.0m | €0.9m | €0.8m | ▼ 18.6% |
| Suppliers440/4 | - | - | - | €1.7m | €2.2m | €1.0m | €0.9m | €0.8m | ▼ 18.6% |
| Advances received on contracts in progress46 | - | - | - | €0.04m | €0.07m | €0.02m | €0.05m | €0.06m | ▲ 14.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.9m | €0.6m | €0.6m | ▲ 3.3% |
| Taxes450/3 | - | - | - | €0.1m | €0.2m | €0.3m | €0.04m | €0.05m | ▲ 10.4% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.6m | €0.6m | €0.6m | ▲ 2.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.06m | €0.07m | €0.05m | €0.006m | ▼ 89.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.2m | €0.08m | €0.2m | €0.3m | €0.2m | €0.6m | €0.2m | -€0.1m | - |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 0.8% |
| Operating cash flow (approximation) | €0.002m | €0.3m | €0.4m | €0.5m | €0.5m | €0.9m | €0.5m | €0.2m | ▼ 51.1% |
| Investment in fixed assets (approximation) | - | -€0.07m | -€0.3m | -€0.2m | -€0.9m | -€0.1m | -€0.1m | -€1.7m | ▼ 1,064% |
| Change in cash | - | €0.02m | - | - | - | €1.2m | -€0.9m | -€0.3m | ▲ 68.4% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 04-08-2026 | 2026-00384168 |
| 31-12-2024 | full format | 30-07-2025 | 2025-00336583 |
| 31-12-2023 | full format | 31-08-2024 | 2024-00428397 |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00179322 |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20389701 |
| 31-12-2020 | abbreviated format | 21-06-2021 | 2021-22200333 |
| 31-12-2019 | abbreviated format | 02-07-2020 | 2020-25200113 |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-55600444 |
| 31-12-2017 | abbreviated format | 28-06-2018 | 2018-23800269 |
| 31-12-2016 | abbreviated format | 28-07-2017 | 2017-36700600 |
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Of the 3,945 active companies whose main activity is manufacture of metal structures and parts of structures (NACE 25110), figures are known for 2,173. 835 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2023 to 2025 · 6 entries · €15,403 awarded · €15,403 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €1,205 | €1,725 |
| 2024 | 2 | €5,420 | €6,178 |
| 2023 | 2 | €8,778 | €7,500 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Directors
2 directors
Board 2
Gevelgoed Kozijnen B.V.
CurrentDirector · Legal entity · permanent representative: Daniel VAN DER HEIJDEN
Lisic B.V.
CurrentDirector · Legal entity · permanent representative: Marcus Antonius DE FRAITURE
Permanent representatives 2
Daniel VAN DER HEIJDEN
CurrentPermanent representative · for Gevelgoed Kozijnen B.V.
Marcus Antonius DE FRAITURE
CurrentPermanent representative · for Lisic B.V.
Derived from published Gazette deeds. The KBO keeps the official list of office holders; we do not read it, so the two can differ.
See the directors and other office holders in the KBO →
Not every act has been read: a resignation may still be missing
5 of this company's 9 Belgian Official Gazette deeds have not been read yet. Appointments and resignations recorded in them are not yet in the list of directors: someone who resigned there may still be listed as sitting. The acts are in the Timeline.
Mandate history
2 people since 2023, 2 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Gevelgoed Kozijnen B.V. |
|
| Lisic B.V. |
|
Owners and capital
Owners
3 ownersChain of control
- Gevelgoed Kozijnen BVNL
- WINDOWMAKERS
Highest known parent: Gevelgoed Kozijnen BV (Netherlands). The sources do not say who stands above it.
Owners 3
- Gevelgoed Kozijnen BVNLconsolidating parentconsolidates
- Sourceact 21-06-2023share not stated
-
share not stated
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
Shareholders according to the deeds
Stated in the act
act of 21-06-2023 ↗
- LISIC B.V. (BE 0832.707.287) 38,999,999 shares
- NV WINVISION2020 (BE 0883.237.557) 1 share
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
Capital over the years
- 25-08-2023 Capital increase of €240,000 · to €900,000 · 14,181,818 new shares
- 25-08-2023 Capital increase of €546,000 · to €1,446,000 · 32,263,636 new shares
- 21-06-2023 Capital stated in the deed · €660,000 · 39,000,000 shares
Group and network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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Acquisitions and mergers
2 transactionsTook over:Ramabel
Took over:Windowmakers Services
History
WINDOWMAKERS was incorporated on 8 October 2004.1 In 2023 the capital was increased by €546,000 to €1.4m.2 Ramabel and Windowmakers Services were merged into the company in 2023.34 The registered office was moved to Ravels in 2025.5 Turnover went from €16.6m in 2023 to €16.4m in 2025 and headcount from 46.7 to 58.1 full-time equivalents.6
Acts, filings and financial milestones
Next filing, financial year 2026, expected by
2026
04-08
NBB filing
Annual accounts filed
financial year 2025 · full format · 4 days late
2025
14-10
Gazette deed
Permanent representatives: Marcus Antonius dE FRAITURE and Daniel vAN dER HEIJDENRegistered-office move6 facts ▸
Gazette deed
Permanent representatives: Marcus Antonius dE FRAITURE and Daniel vAN dER HEIJDEN
Registered-office move6 facts ▸
- Board meeting, 10-09-2025
- Registered-office move, 2381 Ravels,Nijverheidsstraat 18A
- Director in office, LISIC B.V. (managing director)
- Permanent representative, Marcus Antonius dE FRAITURE
- Director in office, GEVELGOED KOZIJNEN B:V. (director)
- Permanent representative, Daniel vAN dER HEIJDEN
30-07
NBB filing
Annual accounts filed
financial year 2024 · full format
2024
31-08
NBB filing
Annual accounts filed
financial year 2023 · full format · 31 days late
2023
31-12
Financial
Highest result from 2018 to 2025net €594,202 ▲164%
Operating result €681,888, net result €594,202, both a record.
31-12
Financial
Equity above €2mequity €3.1m ▲82.3%
5 profitable years in a row build equity to €3.1m.
11-09
Gazette deed
Reappointments: LISIC B.V. (director) and GEVELGOED KOZIJNEN B.V. (director)Permanent representatives: Marcus Antonius DE FRAITURE and Daniel VAN DER HEIJDEN6 facts ▸
Gazette deed
Reappointments: LISIC B.V. (director) and GEVELGOED KOZIJNEN B.V. (director)
Permanent representatives: Marcus Antonius DE FRAITURE and Daniel VAN DER HEIJDEN6 facts ▸
- General meeting, 31-05-2023
- Board meeting, 31-05-2023
- Director reappointment, LISIC B.V. (director)
- Permanent representative, Marcus Antonius DE FRAITURE
- Director reappointment, GEVELGOED KOZIJNEN B.V. (director)
- Permanent representative, Daniel VAN DER HEIJDEN
25-08
Gazette deed
Capital & shares · Name · RestructuringMerger · Capital increase · Auditor report9 facts ▸
Gazette deed
Capital & shares · Name · Restructuring
Merger · Capital increase · Auditor report9 facts ▸
- General meeting, 31-07-2023
- Merger, “fusie door overneming, gehele vermogen zonder uitzondering of voorbehoud onder algemene titel over op overnemende vennootschap” (deed in Dutch) (2 times)
- Capital increase, €240,000
- Auditor report, “Norm inzake de opdracht van de bedrijfsrevisor in het kader van inbreng in natura en quasi-inbreng van het Instituut van de Bedrijfsrevisoren”, 46445454 (deed in Dutch)
- Capital increase, €546,000
- Name change, Windowmakers
- Amendment of the articles
- Capital, €1,446,000
- Other provision, “Naam en handtekening, Naam en hoedanigheid instrumenterende notaris of perso(o)n(en) bevoegd rechtspersoon ten aanzien van derden te vertegenwoordigen” (deed in Dutch)
30-06
NBB filing
Annual accounts filed
financial year 2022 · abbreviated format
21-06
Gazette deed
RestructuringPermanent representatives: Marcus DE FRAITURE and Daniel VAN DER HEIJDEN · Appointment: BV FINVISION BEDRIJFSREVISOREN HASSELT (statutory auditor) · Merger40 facts ▸
Gazette deed
Restructuring
Permanent representatives: Marcus DE FRAITURE and Daniel VAN DER HEIJDEN · Appointment: BV FINVISION BEDRIJFSREVISOREN HASSELT (statutory auditor) · Merger40 facts ▸
- Merger, “gehele vermogen,zowel de rechten als de verplichtingen, artikel 12:2 juncto artikel 12:24 e.v. WVV” (deed in Dutch) (2 times)
- Other provision, “statutenwijziging” (deed in Dutch)
- Board composition, LISIC B.V. (director and managing director) (3 times)
- Permanent representative, Marcus DE FRAITURE (3 times)
- Board composition, GEVELGOED KOZIJNEN B.V. (director) (3 times)
- Permanent representative, Daniel VAN DER HEIJDEN (3 times)
- General meeting, “algemene vergaderingen van de Overnemende vennootschap en de Over te nemen vennootschappen, kantoor van notariskantoor Tom en Jan COPPENS,geassocieerde notariss…” (deed in Dutch)
- Other provision, “kennisgeving neerleggingstermijn fusievoorstel, neerlegging ter griffie van de Ondernemingsrechtbank en bekendmaking” (deed in Dutch)
- Other provision, “voorstel fusie door te voeren, 1/ IDENTIFICATIE VAN DE BIJ DE FUSIE BETROKKEN VENNOOTSCHAPPEN - ARTIKEL 12:24. 1° WVV” (deed in Dutch)
- Capital, €240,000
- Shareholding, “op datum van opstelling van dit voorstel”, 23999999 (deed in Dutch)
- Shareholding, “op datum van opstelling van dit voorstel”, 1 (deed in Dutch) (4 times)
- +28 further facts in this act
2022
31-08
NBB filing
Annual accounts filed
financial year 2021 · abbreviated format · 31 days late
2021
21-06
NBB filing
Annual accounts filed
financial year 2020 · abbreviated format
Show earlier events
2020
31-12
Financial
Equity above €1mequity €1.2m ▲25.4%
2 profitable years in a row build equity to €1.2m.
02-07
NBB filing
Annual accounts filed
financial year 2019 · abbreviated format
2019
31-12
Financial
Back to profitnet €77,796
Net result €77,796 after one loss-making year.
30-08
NBB filing
Annual accounts filed
financial year 2018 · abbreviated format · 30 days late
2018
28-06
NBB filing
Annual accounts filed
financial year 2017 · abbreviated format
2017
28-07
NBB filing
Annual accounts filed
financial year 2016 · abbreviated format
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 21 annual accounts filed, the latest 10 are here; all 21 are under Financials.
4 of 9 deeds read
About the unread acts
Of the 9 Belgian Official Gazette deeds we know for this company, 4 have been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
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Register details
Identification
Legal formPublic limited company
Founded08-10-2004
Financial year end31-12
Activities, NACEBEL 2025
25110Manufacture of metal structures and parts of structures
25120Manufacture of fabricated metal products, except machinery and equipment
23120Manufacture of other non-metallic mineral products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0867699147
Registered
20-11-2020
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
Location & real-estate footprint
Registered office, Ravels · 1 establishment unit since 2004
Ground 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 2004unit no. 2.142.181.751
1 parcel
Flanders
1
(100%)
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 13048D0006/00H004 | Flanders | 4.0 ha | 1 · 2.7 ha | - |
How the parcels are linked
Good to know
The parcel matches the address exactly.
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “De handel in en de vervaardiging van constructies voor de bouw in metaal, kunststof, hout of enig ander materiaal; De handel in en de…” (deed in Dutch)deed of 21-06-2023
12 activities (deed in Dutch)
- De handel in en de vervaardiging van constructies voor de bouw in metaal, kunststof, hout of enig ander materiaal.
- De handel in en de vervaardiging van ramen, deuren, wanden, luken, hekken, garagepoorten, veranda's, alle mogelijke artikelen voor binnenhuisafwerking, in metaal, kunststof, hout of enig ander materiaal.
- De handel in en de vervaardiging van glas in ramen, glazen wanden, spiegels, enzovoort.
- De handel in en de vervaardiging van sloten, sleutels, hang-en sluitwerk, scharnieren en hengsels.
- De handel in en de vervaardiging van bouwmaterialen in de meest brede zin van het woord.
- De levering en plaatsing van de hogergenoemde artikelen.
- De onderneming heeft als bijkomend, sociaal geïnspireerd doel dat zij wenst aanwervingen te doen van mensen uit de kansengroepen en hen ook de vereiste opleidingen wenst te geven.
- Dit vanuit het standpunt van duurzaam ondernemen.
- Daartoe kan de vennootschap samenwerken met, deelnemen in, of op gelijk welke wijze, rechtstreeks of onrechtstreeks, belangen nemen in andere ondernemingen.
- De vennootschap kan zowel tot waarborg van eigen verbintenissen als tot waarborg van verbintenissen van derden borg stellen, onder meer door haar goederen in hypotheek of in pand te geven, inclusief de eigen handelszaak.
- De vennootschap kan in het algemeen alle commerciële, industriële, financiële, roerende of onroerende handelingen verrichten in rechtstreeks of onrechtstreeks verband met haar maatschappelijk doel of welke van aard zouden zijn de verwezenlijking ervan geheel of ten dele te vergemakkelijken.
- Zij kan ook de functies van bestuurder of vereffenaar in andere vennootschappen waarnemen.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimiteddeed of 25-08-2023
- Name clauseThe name the company operates under according to its articles.
- Windowmakersdeed of 25-08-2023
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaamse Gewest, eenvoudige beslissing bestuursorgaan” (deed in Dutch)“Enkel besluit bestuursorgaan, België of buitenland” (deed in Dutch)deed of 25-08-2023
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “5. Externe vertegenwoordiging. De raad van bestuur vertegenwoordigt als college de vennootschap in alle handelingen in en buiten rechte. Hij…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Vergoeding bestuurders, of en in welke mate mandaat bezoldigd met vaste of variabele vergoeding” (deed in Dutch)“Collegiaal bestuursorgaan,raad van bestuur, natuurlijke of rechtspersonen,al dan niet bezoldigd” (deed in Dutch)“Raad kiest voorzitter onder leden,zo niet oudste in jaren aanwezige bestuurder, Functies-Bijeenroeping” (deed in Dutch)“Verhinderde bestuurder kan schriftelijk ander lid machtigen, minstens helft leden aanwezig of vertegenwoordigd” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- 31 May at 18:00
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Na betaling schulden of consignatie nodige gelden verdelen vereffenaars onder aandeelhouders gelden of waarden die gelijk kunnen verdeeld…” (deed in Dutch)