WND
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-06-2026 PDF all 24 filings
Equity
-€30,682▼ 3.9%
2024 · -€29,531
Total assets
€27,482▲ 0.5%
2024 · €27,339
Net result
-€1,151▲ 16.7%
2024 · -€1,382
Working capital
-€30,682▼ 3.9%
2024 · -€29,531
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,151
▲ 16.7%
2025
20182025
Net result
-€1,151
▲ 16.7%
2025
lowest quarter of the sector
20182025
Equity
-€30,682
▼ 3.9%
2025
lowest quarter of the sector
20182025
Total assets
€27,482
▲ 0.5%
2025
lowest quarter of the sector
20182025
Debt
€58,164
▲ 2.3%
2025
20182025
Working capital
-€30,682
▼ 3.9%
2025
lowest quarter of the sector
20182025
Solvency
-111.6%
▼ 3.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.47
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-4.2%
▲ 0.9pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€6,643--€2,430▲ 63.4%-€5,981▼ 146%-€2,632▲ 56.0%-€30▲ 98.9%-€2,392▼ 7,888%-€1,382▲ 42.2%-€1,151▲ 16.7%
Net result-€6,730--€2,453▲ 63.6%-€5,980below the sector's middle half▼ 144%-€2,701below the sector's middle half▲ 54.8%€5below the sector's middle half-€2,431below the sector's middle half-€1,382below the sector's middle half▲ 43.2%-€1,151below the sector's middle half▲ 16.7%
Equity-€14,590--€17,043▼ 16.8%-€23,023below the sector's middle half▼ 35.1%-€25,724below the sector's middle half▼ 11.7%-€25,718below the sector's middle half=-€28,149below the sector's middle half▼ 9.5%-€29,531below the sector's middle half▼ 4.9%-€30,682below the sector's middle half▼ 3.9%
Total assets€15,479-€11,571▼ 25.2%€7,387below the sector's middle half▼ 36.2%€31,777below the sector's middle half▲ 330%€27,417below the sector's middle half▼ 13.7%€26,661below the sector's middle half▼ 2.8%€27,339below the sector's middle half▲ 2.5%€27,482below the sector's middle half▲ 0.5%
Debt€30,069-€28,614▼ 4.8%€30,410▲ 6.3%€57,501▲ 89.1%€53,136▼ 7.6%€54,810▲ 3.2%€56,869▲ 3.8%€58,164▲ 2.3%
Working capital-€21,558--€20,220▲ 6.2%-€23,023below the sector's middle half▼ 13.9%-€27,024below the sector's middle half▼ 17.4%-€26,476below the sector's middle half▲ 2.0%-€28,149below the sector's middle half▼ 6.3%-€29,531below the sector's middle half▼ 4.9%-€30,682below the sector's middle half▼ 3.9%
Solvency-94.3%--147.3%▼ 53.0pp-311.7%below the sector's middle half▼ 164.4pp-81.0%below the sector's middle half▲ 230.7pp-93.8%below the sector's middle half▼ 12.9pp-105.6%below the sector's middle half▼ 11.8pp-108.0%below the sector's middle half▼ 2.4pp-111.6%below the sector's middle half▼ 3.6pp
Current ratio0.28-0.29▲ 0.010.24below the sector's middle half▼ 0.050.53below the sector's middle half▲ 0.290.50below the sector's middle half▼ 0.030.49below the sector's middle half▼ 0.020.48below the sector's middle half▼ 0.010.47below the sector's middle half▼ 0.01
Return on assets (ROA)-43.5%--21.2%▲ 22.3pp-81.0%below the sector's middle half▼ 59.8pp-8.5%below the sector's middle half▲ 72.5pp0.0%below the sector's middle half▲ 8.5pp-9.1%below the sector's middle half▼ 9.1pp-5.1%below the sector's middle half▲ 4.1pp-4.2%below the sector's middle half▲ 0.9pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €1,151, smaller than the loss of €1,382 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Key figures and ratios
Quick ratio
0.02▲
2024 · 0.02
Debt ≤ 1 year
€58,164▲
2024 · €56,869
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,629 | - | - | - | - |
| Depreciation and write-downs of the year | €329 | €543 | €757 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,965 | €3,790 | €3,177 | €329 | €543 | €757 | - | - | - |
| Other operating charges640/8 | - | - | - | €42 | €43 | - | - | - | - |
| Gross operating margin9900 | -€2,366 | €1,589 | -€2,699 | -€2,261 | €556 | -€1,634 | -€1,382 | -€1,151 | ▲ 16.7% |
| Operating profit (loss)9901 | -€6,643 | -€2,430 | -€5,981 | -€2,632 | -€30 | -€2,392 | -€1,382 | -€1,151 | ▲ 16.7% |
| Financial income75/76B | - | - | - | €74 | €36 | - | - | - | - |
| Recurring financial income75 | - | - | €4 | €74 | €36 | - | - | - | - |
| Financial charges65/66B | - | - | - | €142 | €1 | €39 | - | - | - |
| Recurring financial charges65 | €26 | €26 | €3 | €142 | €1 | €39 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€6,730 | -€2,453 | -€5,980 | -€2,701 | €5 | -€2,431 | -€1,382 | -€1,151 | ▲ 16.7% |
| Profit (loss) for the period9904 | -€6,730 | -€2,453 | -€5,980 | -€2,701 | €5 | -€2,431 | -€1,382 | -€1,151 | ▲ 16.7% |
| Profit (loss) for the period to be appropriated9905 | -€6,730 | -€2,453 | -€5,980 | -€2,701 | €5 | -€2,431 | -€1,382 | -€1,151 | ▲ 16.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €15,479 | €11,571 | €7,387 | €31,777 | €27,417 | €26,661 | €27,339 | €27,482 | ▲ 0.5% |
| Fixed assets21/28 | €6,967 | €3,177 | - | €1,300 | €757 | - | - | - | - |
| Tangible fixed assets22/27 | €6,967 | €3,177 | - | €1,300 | €757 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €1,300 | €757 | - | - | - | - |
| Current assets29/58 | €8,512 | €8,394 | €7,387 | €30,477 | €26,660 | €26,661 | €27,339 | €27,482 | ▲ 0.5% |
| Stocks and contracts in progress3 | €1,785 | €1,785 | €1,785 | €22,540 | €26,040 | €26,040 | €26,040 | €26,040 | = |
| Stocks30/36 | - | - | - | €22,540 | €26,040 | €26,040 | €26,040 | €26,040 | = |
| Amounts receivable within one year40/41 | €5,981 | €4,566 | €3,539 | €2,242 | - | - | €273 | - | - |
| Trade receivables40 | - | - | - | €2,242 | - | - | €273 | - | - |
| Cash at bank and in hand54/58 | €746 | €2,043 | €46 | €2,516 | €30 | €31 | €31 | €31 | = |
| Deferred charges and accrued income490/1 | - | - | - | €3,179 | €589 | €589 | €995 | €1,410 | ▲ 41.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €15,479 | €11,571 | €7,387 | €31,777 | €27,417 | €26,661 | €27,339 | €27,482 | ▲ 0.5% |
| Equity10/15 | -€14,590 | -€17,043 | -€23,023 | -€25,724 | -€25,718 | -€28,149 | -€29,531 | -€30,682 | ▼ 3.9% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €674 | €674 | €674 | €674 | €674 | €674 | €674 | €674 | = |
| Non-distributable reserves130/1 | - | - | - | €674 | €674 | €674 | €674 | €674 | = |
| Reserves not available under the articles1311 | - | - | - | €674 | €674 | €674 | €674 | €674 | = |
| Profit (loss) carried forward14 | -€35,265 | -€37,717 | -€43,697 | -€46,398 | -€46,393 | -€48,823 | -€50,205 | -€51,356 | ▼ 2.3% |
| Amounts payable17/49 | €30,069 | €28,614 | €30,410 | €57,501 | €53,136 | €54,810 | €56,869 | €58,164 | ▲ 2.3% |
| Amounts payable within one year42/48 | €30,069 | €28,614 | €30,410 | €57,501 | €53,136 | €54,810 | €56,869 | €58,164 | ▲ 2.3% |
| Trade debts44 | €1,690 | €216 | €339 | €6,940 | - | €1,634 | €917 | - | - |
| Suppliers440/4 | - | - | - | €6,940 | - | €1,634 | €917 | - | - |
| Other amounts payable47/48 | - | - | - | €50,561 | €53,136 | €53,176 | €55,953 | €58,164 | ▲ 4.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,730 | -€2,453 | -€5,980 | -€2,701 | €5 | -€2,431 | -€1,382 | -€1,151 | ▲ 16.7% |
| + Depreciation and write-downs630 | €3,965 | €3,790 | €3,177 | €329 | €543 | €757 | - | - | - |
| Operating cash flow (approximation) | -€2,765 | €1,338 | -€2,803 | -€2,372 | €548 | -€1,673 | -€1,382 | -€1,151 | ▲ 16.7% |
| Investment in fixed assets (approximation) | - | €0 | - | - | €0 | - | - | - | - |
| Change in cash | - | €1,297 | -€1,997 | €2,469 | -€2,485 | €1 | €0 | €0 | - |
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, 2,796 companies had the same profile as WND has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
90.4%
was still going
6.0%
stopped otherwise
2.1%
went bankrupt
Another 1.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WND itself: 2.1% within 12 months.
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 2,796 companies, not a prediction for WND. 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.
Latest 10 of 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-06-2026 | 2026-00138184 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00209396 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00198685 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00427641 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20385763 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-52200208 | |
| 31-12-2019 | micro format | 25-08-2020 | 2020-45200033 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56400298 | |
| 31-12-2017 | micro format | 16-08-2018 | 2018-46300119 | |
| 31-12-2016 | micro format | 21-09-2017 | 2017-62300409 |