Wind4Flanders Projects Beta

Active

Public limited companyfounded 20205 yrs activeSimon Bolivarlaan 36, 1000 Brussel, BelgiumKBO/BCE: BE 0759.994.208

Summary

Wind4Flanders Projects Beta has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €20.76M and a net result of €-45k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 70% of 270 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).

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Checked score

Score 2025

72 / 100

Healthy

The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability79▲+22

Solvency77▲+1

Growth85▲+17

Track record94

Bankruptcy probability, 12 months

0.9% Low

0%0.5%1.5%4%10%≥ 25%

Credit up to €340k at 30 days acceptable

Liquidity short (current ratio 0.24 against 0.11 in 2024; short-term debt: 25.7% and cash: 2.2% of total assets), and 47.6% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 35

Relative position

BE, all sectors

reference

Sector 35

lower

← fewer bankruptcies more bankruptcies →

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

52.4%

Return on assets

-0.1%

Age of the figures

9 mo

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-05-2026, 66 days ahead of the deadline.

NBB · 5 filings

Deviation from the deadline

2025

66 d early

2024

70 d early

2023

68 d early

2022

62 d early

2021

68 d early

← before the deadline after the deadline →

Checked, nothing found (2)

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 months

Position in the running window

24-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover

€3.50M▼ 14.2%

2024 · €4.07M

2022: €1.14M 2023: €6.46M 2024: €4.07M

2022 → 2025

EBIT margin

9.2%▼ 25.9pp

2024 · 35.1%

2022: 38.7% 2023: 64.8% 2024: 35.1%

2022 → 2025

Net result

€-45k▲ 83.3%

2024 · €-266k

2021: €-161k 2022: €414k 2023: €2.72M 2024: €-266k

2021 → 2025

Working capital

€-7.74M▲ 56.8%

2024 · €-17.91M

2021: €-12.12M 2022: €-33.77M 2023: €-37.97M 2024: €-17.91M

2021 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€1.14M€6.46M▲ 465%€4.07M▼ 37.0%€3.50M▼ 14.2%

Equity€-61k-€353k€3.07M▲ 772%€21.21M▲ 590%€20.76M▼ 2.1%

Operating result€-155k-€442k€4.19M▲ 847%€1.43M▼ 65.9%€321k▼ 77.5%

Net result€-161k-€414k€2.72M▲ 558%€-266k€-45k▲ 83.3%

Result per fiscal year

Operating resultNet result

The operating result has fallen two years in a row; 2025 is 78% below 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €39.62M

93.8%

Fixed assets €37.17M ▼ 5.2%

Current assets €2.45M ▲ 16.0%

Equity and liabilities €39.62M

52.4%

47.2%

Equity €20.76M ▼ 2.1%

Provisions €152k ▲ 49.7%

Debt €18.70M ▼ 6.6%

Debt's share of the balance-sheet total falls from 48.4% to 47.2%. Equity and debt are lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€2.52M▼

2024 · €3.62M

Cash flow

€2.15M▲

2024 · €1.92M

Current ratio

0.24▲

2024 · 0.11

Debt to equity

0.90▼

2024 · 0.94

ROE

-0.2%▲

2024 · -1.3%

ROA

-0.1%▲

2024 · -0.6%

Interest coverage

5.99▲

2024 · 2.10

Debt ≤ 1 year

€10.18M▼

2024 · €20.02M

Debt > 1 year

€8.52M

Income taxes

€-4k▲

2024 · €-66k

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Filed annual accounts As filed with the NBB · 2025 against 2024 · 60 lines

Balance sheet Code20242025

Assets

Total assets20/58€41.33M€39.62M▼

Fixed assets21/28€39.22M€37.17M▼

Tangible fixed assets22/27€39.22M€37.17M▼

Plant, machinery and equipment23€39.22M€37.17M▼

Current assets29/58€2.11M€2.45M▲

Amounts receivable within one year40/41€1.31M€1.48M▲

Trade receivables40€1.28M€1.46M▲

Other amounts receivable41€25k€19k▼

Cash at bank and in hand54/58€700k€885k▲

Deferred charges and accrued income490/1€102k€86k▼

Equity and liabilities

Total equity and liabilities10/49€41.33M€39.62M▼

Equity10/15€21.21M€20.76M▼

Contributions10/11€18.50M€18.50M=

Capital10€18.50M€18.50M=

Issued capital100€18.50M€18.50M=

Reserves13€10k€10k=

Non-distributable reserves130/1€10k€10k=

Legal reserve130€10k€10k=

Profit (loss) carried forward14€2.70M€2.25M▼

Provisions and deferred taxes16€102k€152k▲

Provisions for liabilities and charges160/5€102k€152k▲

Other liabilities and charges164/5€102k€152k▲

Amounts payable17/49€20.02M€18.70M▼

Amounts payable after more than one year17-€8.52M

Financial debts170/4-€8.52M

Other loans174-€8.52M

Amounts payable within one year42/48€20.02M€10.18M▼

Current portion of amounts payable after more than one year42-€1.00M

Financial debts43€10.62M-

Other loans439€10.62M-

Trade debts44€9.34M€8.70M▼

Suppliers440/4€9.34M€8.70M▼

Taxes, remuneration and social security45€56k€85k▲

Taxes450/3€56k€85k▲

Other amounts payable47/48-€400k

Income statement Code20242025

Operating income70/76A€4.65M€3.53M▼

Turnover70€4.07M€3.50M▼

Other operating income74€579k€33k▼

Operating charges60/66A€3.22M€3.21M▼

Services and other goods61€982k€961k▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2.19M€2.20M▲

Provisions for liabilities and charges: additions (uses and reversals)635/8€50k€50k=

Other operating charges640/8€888€0▼

Operating profit (loss)9901€1.43M€321k▼

Financial income75/76B€4k€51k▲

Recurring financial income75€4k€51k▲

Income from current assets751€4k€51k▲

Financial charges65/66B€1.77M€421k▼

Recurring financial charges65€1.77M€421k▼

Debt charges650€1.73M€420k▼

Other financial charges652/9€41k€441▼

Profit (loss) for the period before taxes9903€-333k€-49k▲

Income taxes67/77€-66k€-4k▲

Tax adjustments and reversals of tax provisions77€66k€4k▼

Profit (loss) for the period9904€-266k€-45k▲

Profit (loss) for the period to be appropriated9905€-266k€-45k▲

Appropriation of the result

Profit (loss) to be appropriated9906€2.70M€2.65M▼

Profit (loss) brought forward from the previous period14P€2.96M€2.70M▼

Profit to be distributed694/7-€400k

Return on contributions (dividend)694-€400k

The notes to these accounts (27 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 27Financial 6Gazette 16Filings 5

Next filing, fiscal year 2026, expected by 31-07-2027

2026

26-05

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

10-11

State Gazette act Permanent representative: Jo Van Baelen

1 fact ▸

Permanent representative, Jo Van Baelen

07-07

State Gazette act Resignations: Rik Soens, Luc Van Hove and 11 others

Reappointments: Rik Soens, Luc Van Hove and 10 others · Appointments: Isabel Van Quickelberghe (director) and Willem Wevers (director)28 facts ▸

General meeting, 20-05-2025
Director resignation, Rik Soens (director)
Director resignation, Luc Van Hove (director)
Director resignation, Harold Vanheel (director)
Director resignation, Henk Kindt (director)
Director resignation, Nico Priem (director)
Director resignation, Christophe Lamoureux (director)
Director resignation, Lionel Matthysen (director)
Director resignation, Nicolas Van de Abeele (director)
Director resignation, Siegfried Vanhevel (director)
Director resignation, Tom Bollaert (director)
Director resignation, Ann Naessens (director)
+16 further facts in this act

22-05

NBB filing Annual accounts filed

fiscal year 2024 · full schema

14-01

State Gazette act Resignation: Walter Van den Bossche (director)

Appointment: Nico Priem (director)3 facts ▸

Board meeting, 28-11-2024
Director resignation, Walter Van den Bossche (director)
Director appointment, Nico Priem (director)

06-01

State Gazette act Resignation: Nico Priem (director)

Appointments: Siegfried Vanhevel, Rik Soens and Nicolas Van den Abeele · Power of attorney20 facts ▸

Board meeting, 26-09-2024
Director resignation, Nico Priem (director)
Director appointment, Siegfried Vanhevel (director)
Director appointment, Rik Soens (chair)
Director appointment, Nicolas Van den Abeele (vice-chair)
Power of attorney, Valérie Duchesne
Power of attorney, Ann Naessens
Power of attorney, Tom Bollaert
Power of attorney, Christophe Lamoureux
Power of attorney, Lionel Matthysen
Power of attorney, Nicolas Van den Abeele
Power of attorney, Siegfried Vanhevel
+8 further facts in this act

02-01

State Gazette act Appointments: Siegfried Vanhevel (director) and Nico Priem (director)

Resignations: Nico Priem (director) and Walter Van den Bossche (director) · Capital increase · Capital7 facts ▸

General meeting, 19-12-2024
Capital increase, €18.400.000
Capital, €18.500.000
Director appointment, Siegfried Vanhevel (director)
Director appointment, Nico Priem (director)
Director resignation, Nico Priem (director)
Director resignation, Walter Van den Bossche (director)

2024

31-12

Financial Weakest financial yearnet €-266k ▼110%

Net result drops to €-266k, the lowest in the series; recovery starts the following year.

31-12

Financial Equity above €10MEq €21.21M ▲590%

Equity rises from €3.07M to €21.21M.

19-11

State Gazette act Resignation: Jurgen Callaerts (director)

1 fact ▸

Director resignation, Jurgen Callaerts (director)

24-07

State Gazette act Appointment: Christophe Lamoureux (director)

Reappointment: Deloitte Bedrijfsrevisoren (statutory auditor)3 facts ▸

General meeting, 21-05-2024
Director appointment, Christophe Lamoureux (director)
Auditor reappointment, Deloitte Bedrijfsrevisoren

16-07

State Gazette act Resignation: Nico Priem (director)

1 fact ▸

Director resignation, Nico Priem (director)

Show earlier events

24-05

NBB filing Annual accounts filed

fiscal year 2023 · full schema

19-03

State Gazette act Resignation: Muriel Desplanque (director)

Appointment: Christophe Lamoureux (director)3 facts ▸

Board meeting, 05-12-2023
Director resignation, Muriel Desplanque (director)
Director appointment, Christophe Lamoureux (director)

2023

31-12

Financial Highest result since 2021net €2.72M ▲558%

Operating result €4.19M, net result €2.72M, both a record.

31-12

Financial Equity above €2MEq €3.07M ▲772%

2 profitable years in a row build equity to €3.07M.

27-07

State Gazette act Appointment: Nicolas Van den Abeele (director)

3 facts ▸

General meeting, 16-05-2023
Director appointment, Nicolas Van den Abeele (director)
Director appointment, Nicolas Van den Abeele (director)

05-07

State Gazette act Miscellaneous

Power of attorney · Mandate replacement · Mandate condition18 facts ▸

Board meeting, 29-06-2023
Power of attorney, Loïc BIOT
Power of attorney, Erwin BOOGAERTS
Power of attorney, Nicolas DE DEKEN
Power of attorney, Michel HERYGERS
Power of attorney, Michael LAVRY
Power of attorney, Stéphanie MASSCHELEIN
Power of attorney, Jean-Claude MOREL DE WESTGAVER
Power of attorney, Nico PRIEM
Power of attorney, Sybille PRINGOT
Power of attorney, Geert ROGGE
Power of attorney, Maria SAS
+6 further facts in this act

30-05

NBB filing Annual accounts filed

fiscal year 2022 · full schema

26-04

State Gazette act Resignation: Filip Meuleman (director and chair)

Appointment: Nicolas Van den Abeele (director and chair) · Registered-office move4 facts ▸

Board meeting, 09-03-2023
Director resignation, Filip Meuleman (director and chair)
Director appointment, Nicolas Van den Abeele (director and chair)
Registered-office move, Simon Bolivarlaan 36, 1000 Brussel

2022

31-12

Financial Back to profitnet €414k

Net result €414k after one loss-making year.

31-12

Financial Equity above €200kEq €353k

Equity rises from €-61k to €353k.

01-07

State Gazette act Resignation: Christian Viaene (director)

Appointment: Walter Van den Bossche (director)3 facts ▸

General meeting, 17-05-2022
Director resignation, Christian Viaene (director)
Director appointment, Walter Van den Bossche (director)

24-05

NBB filing Annual accounts filed

fiscal year 2021 · full schema

07-01

State Gazette act Appointments: Jurgen Callaerts, Henk Kindt and 5 others

8 facts ▸

General meeting, 23-12-2021
Director appointment, Jurgen Callaerts (class B director)
Director appointment, Henk Kindt (class B director)
Director appointment, Christian Viaene (class B director)
Director appointment, Ann Panis (class B director)
Director appointment, Rik Soens (class B director)
Director appointment, Harold Vanheel (class B director)
Director appointment, Luc Van Hove (class B director)

2021

24-06

State Gazette act Miscellaneous

Power of attorney19 facts ▸

Board meeting, 18-06-2021
Power of attorney, Loïc BIOT
Power of attorney, Erwin BOOGAERTS
Power of attorney, Reinout CLAEYS
Power of attorney, Nicolas DE DEKEN
Power of attorney, Maarten DENECKERE
Power of attorney, Michel HERYGERS
Power of attorney, Michael LAVRY
Power of attorney, Stéphanie MASSCHELEIN
Power of attorney, Filip MEULEMAN
Power of attorney, Jean-Claude MOREL DE WESTGAVER
Power of attorney, Nico PRIEM
+7 further facts in this act

2020

22-12

State Gazette act Incorporation

Appointments: MEULEMAN Filip, PRIEM Nico and 6 others · Founding capital · Bank account19 facts ▸

Incorporation, 17-12-2020
Founding capital, €100.000
Bank account, bijzondere rekening geopend op naam van de vennootschap in oprichting
Director appointment, MEULEMAN Filip (director)
Director appointment, PRIEM Nico (director)
Director appointment, NAESSENS Ann (director)
Director appointment, MATTHYSEN Lionel (director)
Director appointment, BOLLAERT Tom (director)
Director appointment, DESPLANQUE Muriel (director)
Director appointment, DUCHESNE Valérie (director)
Mandate compensation, MEULEMAN Filip
Mandate compensation, PRIEM Nico
+7 further facts in this act

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

15 directors, no change since 2025

Isabel Van Quickelberghe

Director · since 20-05-2025

Current

Willem Wevers

Director · since 20-05-2025

Current

Siegfried Vanhevel

Director · since 26-09-2024

Current

Christophe Lamoureux

Director · since 05-12-2023

Current

Nicolas Van den Abeele

Vice-chair · since 09-03-2023

Current

Harold Vanheel

Class B director · since 23-12-2021

Current

9 other directors

KINDT HENK

Class B director · since 23-12-2021

Current

Luc Van Hove

Class B director · since 23-12-2021

Current

Rik Soens

Chair · since 23-12-2021

Current

Ann Naessens

Director · since 17-12-2020

Current

Lionel Matthysen

Director · since 17-12-2020

Current

Nico Priem

Director · since 17-12-2020

Current

Tom Bollaert

Director · since 17-12-2020

Current

Valérie Duchesne

Director · since 17-12-2020

Current

Nicolas Van de Abeele

Director

Current

20-05-2025 Isabel Van Quickelberghe: Appointed as Director

20-05-2025 Willem Wevers: Appointed as Director

20-05-2025 Siegfried Vanhevel: Reappointed as Director

20-05-2025 Christophe Lamoureux: Reappointed as Director

20-05-2025 Harold Vanheel: Reappointed as Director

Full history in the Timeline (46 changes) →

Location & real-estate footprint

Registered office, Brussel

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.

Simon Bolivarlaan 361000 Brussel

Ground area

5,799 m²

Building footprint

2,489 m²

Volume, LiDAR

131,585 m³

Parcel 21813D0439/00P009, Brussels · tallest building 64.0 m, ±19 floors. Linked by address, not a title deed.

1 parcel

Brussels 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21813D0439/00P009	Brussels	5,799 m²	1 · 2,489 m²	64.0 m · 19 fl.

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.

Statutory auditor

1 auditor

Deloitte BedrijfsrevisorenCurrent

Auditor

21-05-2024 → present

Show 1 earlier auditors

Deloitte Bedrijsrevisoren

Statutory auditor

succeeded by Deloitte Bedrijfsrevisoren in 2024

18-12-2020 → 21-05-2024

Articles of association

Purpose

On-shore windenergieprojecten in België te realiseren, te beheren, te onderhouden en te exploiteren en met het oog hierop de nodige financiële middelen te verwerven

according to the deed of 22-12-2020

Structure & network

Connections & network

21 connected companies

Shared directors

Linked via shared directors

ELECTRABEL

via Nicolas Van den Abeele · Daily management delegate

→

ELECTRABEL GREEN PROJECTS FLANDERS

via Nicolas Van den Abeele · Director

→

GREENSKY

via Nicolas Van den Abeele · Director

→

HET PORTAAL

via KINDT HENK · Director

→

Show 17 more companies with a shared director

ICO WINDPARK

via Nicolas Van den Abeele · Director

→

Roeselare Bloeit

via KINDT HENK · Director

→

WALWIND

via Nicolas Van den Abeele · Daily management delegate

→

WIND4FLANDERS

via KINDT HENK and Nicolas Van den Abeele

→

WIND4Flanders Projects 1

via KINDT HENK and Nicolas Van den Abeele

→

WIND4FLANDERS PROJECTS 2

via KINDT HENK and Nicolas Van den Abeele

→

WIND4FLANDERS PROJECTS 3

via KINDT HENK and Nicolas Van den Abeele

→

WIND4FLANDERS PROJECTS 4

via KINDT HENK and Nicolas Van den Abeele

→

Wind4Flanders Projects Alfa

via KINDT HENK and Nicolas Van den Abeele

→

WIND4WALLONIA

via Nicolas Van den Abeele · Daily management delegate

→

WIND4WALLONIA 2

via Nicolas Van den Abeele · Daily management delegate

→

WIND4WALLONIA 3

via Nicolas Van den Abeele · Daily management delegate

→

WOLU-SPORT

via Nicolas Van den Abeele · Membre de l'assemblée générale et du conseil d'administration

former→

FLUVIUS WEST

Shared director

→

FLUXYS

Shared director

→

FLUXYS BELGIUM

Shared director

→

Section Belge du Centre International de Recherches et d'Informations Sur l'Economie publique, sociale et coopérative

Shared director

→

Capital and shareholders

Shareholders according to the acts

At incorporation act of 22-12-2020 ↗

ELECTRABEL NV (BE 0403.170.701)

The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.

Capital over the years

02-01-2025 Capital increase of 18,400,000 EUR · to 18,500,000 EUR · “verhoging van de fractiewaarde van de bestaande aandelen”
22-12-2020 Incorporation · 100,000 EUR · 1,000 shares

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Of 815 companies in sector 35110 we hold annual accounts for 631. 183 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Company data · Crossroads Bank

Identification

Legal formPublic limited company

Founded18-12-2020

Fiscal year end31-12

Activities, NACEBEL 2025

35110Production of electricity from non-renewable sources

35140Electricity, gas, steam and air conditioning supply

Sources

Crossroads Bank for EnterprisesNational Bank · 5 filingsAddress and cadastre registers

Scores and ratios are computed by Checked and are not a credit decision.