Windward
ActiveSummary
Windward has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €57,520 and a net result of €15,062. Equity has been growing by about 47% per year since 2023. Its solvency ranks better than 26% of 2,299 sector peers (NACE 63, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 02-02-2023 Normal situation
- Activity
- Computing infrastructure, data processing, hosting and related activities NACE 63100and 4 others
- Establishment unit
- 2.341.141.124 9040 Gent, since 02-02-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 20-12-2024
Board and ownership
Board
- DE SAEGER Pieter Madeleine MauriceDirector · since 31-01-2023
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
Annual accounts 2025
- Gross margin
- €52,519
- ▼ 9.1%
- Turnover
- ≈ €160,000
- estimated
- Profit
- €15,062
- ▼ 65.8%
- Equity
- €57,520
- ▲ 9.7%
- Total assets
- €244,834
- ▲ 212%
Score breakdownlowers riskSector: Computing infrastructure, data processing, hosting and other information service activities (NACE 63)Liquidity: current ratio 1.68, cash €45,644Figures for financial year 2025 (filed on 22-07-2026)Size: total assets €244,834Show the evidence
Checked score
Score 2025
91
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 46% of micro companies in computing infrastructure and information services (NACE 63)
Financial strength · tick: 2024
Strong
Solvency
48-44
equity 23.5% of total assets
Liquidity
69-19
short-term debt 16.3% · cash 18.6%
Profitability
76-24
return on assets 6.2%
Bankruptcy probability within 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025highest value
08-2025: 0.1%▼ -0.1 percentage points vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: < 0.1%▼ -0.1 percentage points vs 12-2025lowest value
02-2026: < 0.1%● unchanged vs 01-2026lowest value
03-2026: < 0.1%● unchanged vs 02-2026lowest value
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: 0.1%▲ +0.1 percentage points vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.2%▲ +0.1 percentage points vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.1%▼ -0.1 percentage points vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Credit of up to €5,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.68 (3.18 in 2024), above the usual 1.5. Short-term debt is 16.3% and cash 18.6% of total assets. However, 76.5% 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 63, micro). It does better than 27% of them on solvency, 58% on liquidity, 44% on profitability and 56% 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
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskneutral
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 22-07-2026, 9 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
9 days early
2024
31 days early
2023
29 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 3 accounts on average 4 days before the deadline. In the sector (NACE 63), the median for financial year 2024 was 9 days before the deadline, and 32% 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 22 July (3 of the last 3 accounts filed within 39 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 3 filings
Turnover
≈ €160,000
Estimated: probably between €100,000 and €270,000
Total assets
€244,834▲ 212%
2024 · €78,400
Net result
€15,062▼ 65.8%
2024 · €44,083
Working capital
€27,263▼ 46.3%
2024 · €50,806
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
€24,880
▼ 55.7%
2025
20232025
Net result
€15,062
▼ 65.8%
2025
middle half of the sector
20232025
Equity
€57,520
▲ 9.7%
2025
middle half of the sector
20232025
Total assets
€244,834
▲ 212%
2025
middle half of the sector
20232025
Debt
€187,315
▲ 622%
2025
20232025
Working capital
€27,263
▼ 46.3%
2025
middle half of the sector
20232025
Solvency
23.5%
▼ 43.4pp
2025
middle half of the sector
20232025
Current ratio
1.68
▼ 1.50
2025
middle half of the sector
20232025
Return on assets (ROA)
6.2%
▼ 50.1pp
2025
middle half of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€22,591-€56,151▲ 149%€24,880▼ 55.7%
Net result€16,374within the sector's middle half-€44,083within the sector's middle half▲ 169%€15,062within the sector's middle half▼ 65.8%
Equity€8,374below the sector's middle half-€52,457within the sector's middle half▲ 526%€57,520within the sector's middle half▲ 9.7%
Total assets€44,288below the sector's middle half-€78,400within the sector's middle half▲ 77.0%€244,834within the sector's middle half▲ 212%
Debt€35,914-€25,943▼ 27.8%€187,315▲ 622%
Working capital€6,074within the sector's middle half-€50,806within the sector's middle half▲ 737%€27,263within the sector's middle half▼ 46.3%
Solvency18.9%below the sector's middle half-66.9%within the sector's middle half▲ 48.0pp23.5%within the sector's middle half▼ 43.4pp
Current ratio1.17within the sector's middle half-3.18within the sector's middle half▲ 2.011.68within the sector's middle half▼ 1.50
Return on assets (ROA)37.0%above the sector's middle half-56.2%above the sector's middle half▲ 19.3pp6.2%within the sector's middle half▼ 50.1pp
above
within
below
The sector band is the middle half of the companies in Computing infrastructure, data processing, hosting and other information service activities (NACE 63). 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 56% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €244,834
Fixed assets
€177,673 ▲ 42×
Current assets
€67,161 ▼ 9.4%
Equity and liabilities €244,834
Equity
€57,520 ▲ 9.7%
Debt
€187,315 ▲ 622%
Debt's share of the balance-sheet total rises from 33.1% to 76.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€51,375▼
2024 · €57,007
Cash flow
€41,557▼
2024 · €44,939
Debt to equity
3.26▲
2024 · 0.49
ROE
26.2%▼
2024 · 84.0%
Interest coverage
10.41▼
2024 · over 100
Debt ≤ 1 year
€39,898▲
2024 · €23,322
Debt > 1 year
€147,338
Income taxes
€4,881▼
2024 · €12,014
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €3,093 | €2,380 | €199,896 |
| Depreciation and write-downs of the year | €1,429 | €856 | €26,495 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,429 | €856 | €26,495 | ▲ 31× |
| Other operating charges640/8 | €859 | €762 | €1,144 | ▲ 50.2% |
| Gross operating margin9900 | €24,879 | €57,769 | €52,519 | ▼ 9.1% |
| Operating profit (loss)9901 | €22,591 | €56,151 | €24,880 | ▼ 55.7% |
| Financial income75/76B | €0 | €0 | - | - |
| Recurring financial income75 | €0 | €0 | - | - |
| Financial charges65/66B | €42 | €54 | €4,937 | ▲ 91× |
| Recurring financial charges65 | €42 | €54 | €4,937 | ▲ 91× |
| Profit (loss) for the period before taxes9903 | €22,550 | €56,097 | €19,943 | ▼ 64.4% |
| Income taxes67/77 | €6,176 | €12,014 | €4,881 | ▼ 59.4% |
| Profit (loss) for the period9904 | €16,374 | €44,083 | €15,062 | ▼ 65.8% |
| Profit (loss) for the period to be appropriated9905 | €16,374 | €44,083 | €15,062 | ▼ 65.8% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €44,288 | €78,400 | €244,834 | ▲ 212% |
| Formation expenses20 | €89 | €0 | - | - |
| Fixed assets21/28 | €2,659 | €4,272 | €177,673 | ▲ 42× |
| Tangible fixed assets22/27 | €2,659 | €4,272 | €177,673 | ▲ 42× |
| Land and buildings22 | - | - | €171,734 | - |
| Furniture and vehicles24 | €2,659 | €4,272 | €3,486 | ▼ 18.4% |
| Other tangible fixed assets26 | - | - | €2,453 | - |
| Current assets29/58 | €41,541 | €74,128 | €67,161 | ▼ 9.4% |
| Amounts receivable within one year40/41 | €14,011 | €16,989 | €14,162 | ▼ 16.6% |
| Trade receivables40 | €14,011 | €16,989 | €14,162 | ▼ 16.6% |
| Current investments50/53 | - | €6,133 | €6,133 | = |
| Cash at bank and in hand54/58 | €27,148 | €49,794 | €45,644 | ▼ 8.3% |
| Deferred charges and accrued income490/1 | €382 | €1,211 | €1,222 | ▲ 0.9% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €44,288 | €78,400 | €244,834 | ▲ 212% |
| Equity10/15 | €8,374 | €52,457 | €57,520 | ▲ 9.7% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €6,374 | €50,457 | €40,520 | ▼ 19.7% |
| Distributable reserves133 | €6,374 | €50,457 | €40,520 | ▼ 19.7% |
| Profit (loss) carried forward14 | €0 | €0 | €15,000 | - |
| Amounts payable17/49 | €35,914 | €25,943 | €187,315 | ▲ 622% |
| Amounts payable after more than one year17 | - | - | €147,338 | - |
| Financial debts170/4 | - | - | €147,338 | - |
| Amounts payable within one year42/48 | €35,467 | €23,322 | €39,898 | ▲ 71.1% |
| Current portion of amounts payable after more than one year42 | - | - | €7,662 | - |
| Trade debts44 | €272 | €1,499 | €3,343 | ▲ 123% |
| Suppliers440/4 | €272 | €1,499 | €3,343 | ▲ 123% |
| Taxes, remuneration and social security45 | €16,847 | €20,799 | €25,418 | ▲ 22.2% |
| Taxes450/3 | €14,428 | €20,799 | €25,418 | ▲ 22.2% |
| Remuneration and social security454/9 | €2,420 | €0 | - | - |
| Other amounts payable47/48 | €18,348 | €1,024 | €3,476 | ▲ 239% |
| Accrued charges and deferred income492/3 | €447 | €2,621 | €78 | ▼ 97.0% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,374 | €44,083 | €15,062 | ▼ 65.8% |
| + Depreciation and write-downs630 | €1,429 | €856 | €26,495 | ▲ 31× |
| Operating cash flow (approximation) | €17,803 | €44,939 | €41,557 | ▼ 7.5% |
| Investment in fixed assets (approximation) | - | -€2,469 | -€199,896 | ▼ 7,995% |
| Change in cash | - | €22,647 | -€4,151 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 7,976 companies had the same profile as Windward has now. Two years later, 94.3% were still going and 3.6% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
94.3%
was still going
1.8%
stopped otherwise
3.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Windward itself is lower: 0.1% within 12 months. It rests on far more data about Windward 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.
| 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 7,976 companies, not a prediction for Windward. 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.
Board & ownership
Directors
Directors
1 director, no change since 2023
DE SAEGER Pieter Madeleine Maurice
Current
Director · since 31-01-2023 · term without a fixed end · listed in the 2025 annual accounts, filed on 22-07-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 06-02-2023Owners and capital
Shareholders
At incorporation
act of 06-02-2023 ↗
- DE SAEGER Pieter Madeleine Maurice 2,000 shares (100%) · €2,000
Capital transactions
Capital over time
- 06-02-2023 Incorporation · €2,000 · 2,000 shares
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “1, algemene vergadering”
Articles of association, deed of 06-02-2023 (in Dutch)
Network & group
Windward shares no director with another company.
Companies at the same address
1 other companyConnections & network
1 current directorThe network starts from the directors of Windward. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
22-07
micro format · 9 days before the deadline
2025
31-12
Financial
Weakest financial yearnet €15,062 ▼65.8%
The net result drops to €15,062, the lowest from 2023 to 2025.
30-06
micro format · 31 days before the deadline
2024
31-12
Financial
Highest result from 2023 to 2025net €44,083 ▲169%
The operating result of €56,151 and the net result of €44,083 are both a record.
31-12
Financial
Liquidity more than doubledcurrent ratio 3.18
The current ratio rises from 1.17 to 3.18. Short-term debt falls from €35,467 to €23,322.
29-08
micro format · 29 days late
2023
06-02
Gazette deed
IncorporationStarting capital €2,000 · Appointment: DE SAEGER Pieter Madeleine Maurice (director) · Founder5 points ▸
Gazette deed
Incorporation
Starting capital €2,000 · Appointment: DE SAEGER Pieter Madeleine Maurice (director) · Founder5 points ▸
- Founder, DE SAEGER Pieter Madeleine Maurice
- Incorporation, “WINDWARD” (deed in Dutch)
- Founding capital, €2,000
- Board rule, 1
- Director appointment, DE SAEGER Pieter Madeleine Maurice (director)
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
Windward in Dutch
Enterprise number
0797.940.410
Legal form
Private limited company
Status
Active, normale toestand
Founded
02-02-2023
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 06-02-2023 (in Dutch)Registered office and establishments
Registered office
Klinkkouterstraat 69, 9040 Gent, Belgium
Establishment unit
Windward, Klinkkouterstraat 69, 9040 Gent since 02-02-2023 · unit number 2.341.141.12458290 Other software publishing
Activities
NACEBEL 202563100
Computing infrastructure, data processing, hosting and related activities main activity
62200
Computer consultancy and computer facilities management
62900
Other information technology and computer services
64210
Activities of holding companies
70200
Business and other management consultancy
Codes under NACEBEL 2008
63110
Computing infrastructure, data processing, hosting and other information service activities main activity
62020
IT consultancy
62090
Computer programming, consultancy and related activities
64200
Holdings
70220
Business consulting
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 06-02-2023 (in Dutch)
“Het geven van management,adviezen op gebied van marketing,IT,productie,financiën en administratief en commercieel beheer,het uitwerken van…”
11 activities
- Het geven van management,adviezen op gebied van marketing,IT,productie,financiën en administratief en commercieel beheer,het uitwerken van organisatieprojecten in alle soorten ondernemingen,het nemen van minderheids— en/of meerderheidsparticipaties in bestaande en/of op te richten ondernemingen,het verstrekken van financiële middelen,het uitwerken van rendementsstudies en technische studies,het creëren van prototypes en nieuwe producten en markten.Zij mag voorzien in de supervisie,beheren,raad geven en filialen controleren en vennootschappen beheren in de breedste zin van het woord.
- Het kopen en verkopen,huren en verhuren,bouwen en verbouwen,evenals het beheer van:onroerende goederen.
- Het kopen en verkopen,huren en verhuren,evenals het beheer van roerende goederen.
- Het uitbaten van drank-,pub-,tavernes,tea-rooms of ontspanningsgelegenheden en hetzij verstrekken van snacks in deze gelegenheden.
- Het uitbaten van restauratie gelegenheden,feestzalen,traiteurdiensten,frituren en snackgelegenheden.
- Het uitbaten van hotels,motels en dancings.
- De handel in drank en eetwaren.
- Het verzorgen en organiseren van recepties,maaltijden,feesten en evenementen.
- Het verzorgen van muziekmanifestaties,De productie van muziek,grafische kunst en dergelijke.
- De verkoop en verhuur van muziek,grafische kunst en aanverwante producten.
- Het optreden als handelsagent.
Invoicing and payment
VAT number
BE 0797.940.410
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
“Iedere bestuurder vertegenwoordigt de vennootschap jegens derden en in rechte als eiser of als verweerder. Hij kan bijzondere machten…”
deed of 06-02-2023 (in Dutch)Sites & property
Location
Buildings and parcels at the address
Ground area
158 m²
Building footprint
87 m²
Building volume
693 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44432C1145/00B004 | Flanders | 158 m² | 1 · 87 m² | 13.7 m · 3 |