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BELWIND

Active
Public limited companyfounded 2006active for 20 yearsSint-Maartenstraat 5, 3000 Leuven, BelgiumKBO/BCE: BE 0879.041.417
Summary

BELWIND has been active since 2006 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €22.3m and a net result of €11.8m. Equity is shrinking by about 20% per year and would, assuming unchanged policy, indicatively turn negative around financial year 2027. Its solvency ranks better than 27% of 341 sector peers (NACE 35, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Overview

Activity
Production of electricity from non-renewable sources
NACE 35110
5th largest company by total assets in Flemish Brabant, Energy sector1 site
Size
€79.7mturnover 2025
Equity
€22.3m
Profit
€11.8m
Financial health
95 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.1%
Structure
Parent
PARKWIND · 78.54%
Board
5 members
Auditor: PricewaterhouseCoopers Bedrijfsrevisoren BVAccounts 87 days early
Why 95raises riskEquity €22.3m (11.5% of total assets)Liquidity: current ratio 0.70, cash €13.4mlowers riskSize: turnover €79.7m, total assets €194.8mFounded in 2006Show the evidence

Checked score

Score 2025
95 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 59% of its sector peers (NACE 35, large)
Financial strength · tick = 2024
Average
Solvency 36+6
equity 11.5% of total assets
Liquidity 51+3
short-term debt 21.5% · cash 6.9%
Profitability 83+9
return on assets 6.1%
Bankruptcy probability, 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.2% (54 companies, NACE 35, large)
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 03-2025 05-2025: 0.1%● unchanged vs 04-2025highest value 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025 08-2025: 0.1%● unchanged 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%● unchanged vs 12-2025 02-2026: 0.1%● unchanged vs 01-2026 03-2026: 0.1%● unchanged vs 02-2026 04-2026: 0.1%● unchanged vs 03-2026 05-2026: 0.1%● unchanged vs 04-2026 06-2026: 0.1%● unchanged vs 05-2026lowest value 07-2026: 0.1%● unchanged vs 06-2026lowest value 08-2026: 0.1%● unchanged vs 07-2026lowest value 09-2026: 0.1%● unchanged vs 08-2026 10-2026: 0.1%● unchanged vs 09-2026
Credit of up to €2,100,000 on 30-day terms is acceptable
Liquidity insufficient (current ratio 0.7, compared with 0.58 in 2024; short-term debt: 21.5% and cash: 6.9% of total assets), and 88.5% 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 35, large): better than 33% on solvency, 54% on liquidity, 87% on profitability and 64% on growth.

The bankruptcy probability was computed on 11-10-2026 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).

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Signals

Six signals.
lowers riskraises riskneutral
lowers risk · Size: turnover €79.7m, total assets €194.8m
Companies of this size fail less often; how much that weighs depends on the rest of its profile.
NBB · annual accounts
raises risk · Equity €22.3m (11.5% of total assets)
NBB · annual accounts
raises risk · Liquidity: current ratio 0.70, cash €13.4m
NBB · annual accounts
lowers risk · Founded in 2006
Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.
KBO
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025
Equity per financial year
1819202122232425
2018 to 2025 · latest year €22.3m
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 05-05-2026, 87 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
87 days early
2024
77 days early
2023
86 days early
2022
76 days early
2021
48 days early
2020
60 days early
2019
50 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 69 days before the deadline; the sector median (NACE 35) for financial year 2024 is 22 days before the deadline, and 27% 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 15 May (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
12-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Reappointment: Willem Smellik (director)Resignations: Ernst en Young Bedrijfsrevisoren…
  2. Annual accounts filedfinancial year 2025 · full…
  3. Resignation: Van Leeuw Consulting BV (director)Permanent representatives: François Van Leeuw…

Key points

  • Positive: Equity rose in 2025from €10.5m to €22.3m ▲ 113% View
  • Positive: Among the best 10% on net resultsector median €174,895 · 340 companies €11.8m View
  • Board changedlatest change 12-08-2026 · 5 in office 3 joined · 3 left View
  • Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
  • Controlled by PARKWINDknown shareholders 100% 78.54% View

By topic

Financials

Financial year
2025
Turnover
€79.7m
Profit
€11.8m
Solvency
11.5%
Turnover▼ 3.2%
Net result
20182025
Go to Financials

Board & ownership

Board
5 members
Parent
PARKWIND · 78.54%
Known shareholders
100%
Auditor
PricewaterhouseCoopers Bedrijfsrevisoren BV
  • Kristof VerlindenChair
  • Marlies VlasselaerDirector
  • Geert VanderbeekenDirector
  • Willem SmellikDirector
  • Parkwind NVDirector
Go to Board & ownership

Network & group

Group
株式会社JERA
Connected companies
77
Mergers and asset contributions
1
Go to Network & group

Timeline

Events
68
Since
2007
Next accounts
by 31-07-2027
  1. 16-06-2025Resignations: Blackboulder BV (director) and Peter Caluwaerts…
  2. 15-05-2025Annual accounts filed
  3. 25-11-2024Resignations & appointments
Go to Timeline

Company details

Sites
1
Legal form
Public limited company
Activity
Production of electricity from non-renewable sourcesNACE 35110
Founded
26-01-2006
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
2
Purpose
“Het ontwikkelen, bouwen en exploiteren van offshore windparken in de Belgische Wateren.…” (deed in Dutch)
Go to Articles of association

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