ACTIVE

BELWIND

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Financial year 2025 · closed on 31/12/2025

Net result

11,8 M €

+1.2% YoY

Revenue

79,7 M €

-3.2% YoY

Equity

22,3 M €

+113.2% YoY

What does BELWIND do?

BELWIND is a Public limited company incorporated in 2006. Its main activity is: Production of electricity. Its registered office is in Leuven.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0879.041.417

Incorporation

26/01/2006

Legal form

Public limited company

Registered office

Sint-Maartenstraat 5
3000 Leuven · FlandreSee on map

Contributed capital

7 955 390,00 €

Latest accounts

31/12/2025

Activities (NACE)

35110Production of electricity· main 35110Production of electricity 40110Production d'électricité

Joint committees (1)

Signals

ProfitablePositive cashflowPositive EBITDAHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 15 financial years

	2025		2024		2023		2022		2021		2020		2018		2017		2015		2013		2012		2011		2010		2008		2006
Income statement
Revenue	79,7 M €	-3.2%	82,4 M €	-5.3%	87 M €	+29.4%	67,3 M €	-17.2%	81,3 M €	-2.7%	83,6 M €	+2.7%	81,4 M €	+5.2%	77,4 M €	-1.5%	78,6 M €	-13.8%	91,1 M €	+0.7%	90,5 M €	+182%	32,1 M €	+59179%	54,1 k €		–		–
EBITDA	49,5 M €	+0.4%	49,3 M €	-11.2%	55,5 M €	+48.2%	37,4 M €	-26.6%	51 M €	-9.3%	56,2 M €	-3.0%	58 M €	+19.2%	48,6 M €	-18.7%	59,8 M €	-15.9%	71,2 M €	+10.3%	64,5 M €	+240%	19 M €	+701%	2,4 M €	+453%	428,6 k €	+2595%	-17,2 k €
Operating result	16,6 M €	-1.2%	16,8 M €	-26.6%	22,9 M €	+485%	3,9 M €	-77.7%	17,6 M €	-30.0%	25,1 M €	-6.0%	26,7 M €	+51.4%	17,7 M €	-39.1%	29 M €	-28.0%	40,3 M €	+20.1%	33,6 M €	+77.7%	18,9 M €	+702%	2,4 M €	+450%	428,6 k €	+2595%	-17,2 k €
Net result	11,8 M €	+1.2%	11,7 M €	-28.6%	16,4 M €	+842%	-2,2 M €	-137%	6 M €	-23.7%	7,9 M €	+32.6%	6 M €	+270%	-3,5 M €	-2986%	-113,2 k €	-102%	4,6 M €	+170%	-6,6 M €	-150%	13,2 M €	+318%	-6 M €		–		-17,1 k €
Balance sheet
Equity	22,3 M €	+113%	10,5 M €	-43.4%	18,5 M €	+2.3%	18,1 M €	-31.5%	26,4 M €	+0.4%	26,3 M €	-55.1%	58,6 M €	-31.4%	85,4 M €	-16.4%	102,1 M €	+12.5%	90,8 M €	+0.3%	90,5 M €	-6.8%	97,1 M €	+15.7%	83,9 M €	+188721%	44,4 k €	+0.1%	44,4 k €
Total assets	194,8 M €	-11.4%	219,9 M €	-16.5%	263,3 M €	-6.0%	280 M €	-17.4%	339 M €	-4.1%	353,4 M €	-22.0%	453,3 M €	-10.5%	506,7 M €	-6.0%	538,8 M €	-11.1%	605,8 M €	-6.2%	646,1 M €	-4.5%	676,5 M €	+9.2%	619,4 M €	+3541%	17 M €	+8932%	188,3 k €
Cash	13,4 M €	+61.4%	8,3 M €	+49.5%	5,5 M €	-24.3%	7,3 M €	-73.6%	27,7 M €	+314%	6,7 M €	-70.8%	22,9 M €	-39.4%	37,8 M €	+15.0%	32,9 M €	+2.9%	31,9 M €	-8.8%	35 M €	+92.1%	18,2 M €	-23.1%	23,7 M €	+748106%	3,2 k €	+64.1%	1,9 k €
Debts	150,6 M €	-20.3%	189 M €	-17.3%	228,6 M €	-7.2%	246,2 M €	-17.5%	298,6 M €	-5.9%	317,2 M €	-18.1%	387,3 M €	-6.2%	413 M €	-2.8%	424,7 M €	-15.3%	501,4 M €	-6.7%	537,3 M €	-2.1%	548,8 M €	+8.1%	507,7 M €	+2904%	16,9 M €	+11733%	142,8 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		7,3 ETP	+7.4%	6,8 ETP	+278%	1,8 ETP	+100%	0,9 ETP		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 8 active · 69 ended

Active mandates

Geert Vanderbeeken

Director · since 31 janvier 2026 · until 07 mai 2029

Active

Marlies Vlasselear

Director · since 09 mai 2025 · until 04 mai 2029

Active

Neos Anemos

Director · since 09 mai 2025 · until 04 mai 2029 · 0702.893.573

Represented by Eric Antoons

Active

BLACKBOULDER

Director · since 20 juin 2024 · until 09 mai 2025 · 0787.351.869

Represented by Mathias Van Steenwinkel

Active

Peter Caluwaerts

Director · since 21 décembre 2021 · until 09 mai 2025

Active

Wim Verrept

Director · since 21 décembre 2021 · until 07 mai 2027

Active

VAN LEEUW CONSULTING

Director · since 24 juin 2016 · until 31 janvier 2026 · 0562.832.206

Represented by François Van Leeuw

Active

Willem Smelik

Director · since 30 septembre 2014 · until 04 mai 2026

Active

Ended mandates

BLACKBOULDER

Director · since 20 juin 2024 · until 04 mai 2029 · 0787.351.869

Represented by Mathias Van Steenwinkel

Ended

Mathias Van Steenwinkel

Director · since 11 octobre 2022 · until 05 mai 2023

Ended

Mathias Van Steenwinkel

Director · since 11 octobre 2022 · until 20 juin 2024

Ended

Mathias Van Steenwinkel

Director · since 11 octobre 2022 · until 05 mai 2028

Ended

At this address

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	05/05/2026	15/05/2025	06/05/2024	16/05/2023	13/06/2022	01/06/2021
General meeting	04/05/2026	05/05/2025	03/05/2024	05/05/2023	06/05/2022	07/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	04/05/2026	05/05/2026	Dutch	PDF
Full model	31/12/2024	05/05/2025	15/05/2025	Dutch	PDF
Full model	31/12/2023	03/05/2024	06/05/2024	Dutch	PDF
Full model	31/12/2022	05/05/2023	16/05/2023	Dutch	PDF
Full model	31/12/2021	06/05/2022	13/06/2022	Dutch	PDF
Full model	31/12/2020	07/05/2021	01/06/2021	Dutch	PDF
Full model	31/12/2019	04/05/2020	11/06/2020	Dutch	PDF
Full model	31/12/2018	03/05/2019	28/05/2019	Dutch	PDF
Full modelCorrection	31/12/2017	04/05/2018	25/09/2018	Dutch	PDF
Full model	31/12/2017	04/05/2018	25/05/2018	Dutch	PDF
Full model	31/12/2016	05/05/2017	22/05/2017	Dutch	PDF
Full model	31/12/2015	24/06/2016	24/06/2016	Dutch	PDF
Full model	31/03/2015	23/09/2015	08/10/2015	Dutch	PDF
Full model	31/03/2014	24/09/2014	08/10/2014	Dutch	PDF
Full model	31/03/2013	25/09/2013	21/10/2013	Dutch	PDF
Full model	31/03/2012	26/09/2012	27/09/2012	Dutch	PDF
Full model	31/03/2011	28/09/2011	07/11/2011	Dutch	PDF
Full modelCorrection	31/03/2010	22/09/2010	27/06/2011	Dutch	PDF
Full model	31/03/2010	22/09/2010	29/10/2010	Dutch	PDF
Abridged model	31/12/2008	02/06/2009	22/07/2009	Dutch	PDF
Abridged model	31/12/2007	02/06/2008	28/08/2008	Dutch	PDF
Abridged model	31/12/2006	04/06/2007	05/11/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 8 active · 69 ended

Active mandates

Geert Vanderbeeken

Director · since 31 janvier 2026 · until 07 mai 2029

Active

Marlies Vlasselear

Director · since 09 mai 2025 · until 04 mai 2029

Active

Neos Anemos

Director · since 09 mai 2025 · until 04 mai 2029 · 0702.893.573

Represented by Eric Antoons

Active

BLACKBOULDER

Director · since 20 juin 2024 · until 09 mai 2025 · 0787.351.869

Represented by Mathias Van Steenwinkel

Active

Peter Caluwaerts

Director · since 21 décembre 2021 · until 09 mai 2025

Active

Wim Verrept

Director · since 21 décembre 2021 · until 07 mai 2027

Active

VAN LEEUW CONSULTING

Director · since 24 juin 2016 · until 31 janvier 2026 · 0562.832.206

Represented by François Van Leeuw

Active

Willem Smelik

Director · since 30 septembre 2014 · until 04 mai 2026

Active

Ended mandates

BLACKBOULDER

Director · since 20 juin 2024 · until 04 mai 2029 · 0787.351.869

Represented by Mathias Van Steenwinkel

Ended

Mathias Van Steenwinkel

Director · since 11 octobre 2022 · until 05 mai 2023

Ended

Mathias Van Steenwinkel

Director · since 11 octobre 2022 · until 20 juin 2024

Ended

Mathias Van Steenwinkel

Director · since 11 octobre 2022 · until 05 mai 2028

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates12/08/2026
Ontslagen en benoemingen
PDF
Mandates09/03/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/11/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/10/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/01/2024
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares12/10/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DIVERSEN - KAPITAAL - AANDELEN
PDF
Mandates12/01/2023
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

31/01/2026
nominationGeert Vanderbeeken — bestuurder
2025
Annual accounts 202511,8 M €↑
09/05/2025
nominationNeos Anemos BV — bestuurder
09/05/2025
nominationMarlies Vlasselaer — bestuurder
2024
Annual accounts 202411,7 M €↓
14/10/2024
nominationKristof Verlinden — gevolmachtigde
20/06/2024
demissionMathias Van Steenwinkel — bestuurder
20/06/2024
nominationBLACKBOULDER BV — bestuurder
03/05/2024
reconductionErnst & Young Bedrijfsrevisoren BV — commissaris
2023
Annual accounts 202316,4 M €↑
05/10/2023
reduction_capital
05/05/2023
nominationMathias Van Steenwinkel — bestuurder
2022
Annual accounts 2022-2,2 M €↓
11/10/2022
nominationMathias Van Steenwinkel — bestuurder
30/09/2022
reduction_capital
06/05/2022
nominationErnst & Young Bedrijfsrevisoren BV — commissaris
06/05/2022
reconductionPeter Caluwaerts — bestuurder
06/05/2022
reconductionWim Verrept — bestuurder
06/05/2022
nominationMaarten van der Horst — bestuurder
2021
Annual accounts 20216 M €↓
21/12/2021
nominationPeter Caluwaerts — bestuurder
21/12/2021
nominationPieter Marinus — bestuurder
21/12/2021
nominationWim Verrept — bestuurder
07/05/2021
nominationErnst & Young Bedrijfsrevisoren BV CVBA — commissaris
07/05/2021
nominationFrancis Boelens — vaste vertegenwoordiger (commissaris)
07/05/2021
reconductionVan Leeuw Consulting BV — bestuurder
07/05/2021
nominationFrançois Van Leeuw — vaste vertegenwoordiger (bestuurder)
2020
Annual accounts 20207,9 M €↑
2018
Annual accounts 20186 M €↑
2017
Annual accounts 2017-3,5 M €↓
2015
Annual accounts 2015-113,2 k €↓
2013
Annual accounts 20134,6 M €↑
2012
Annual accounts 2012-6,6 M €↓
2011
Annual accounts 201113,2 M €↑
2010
Annual accounts 2010-6 M €↓
2008
Annual accounts 2008
2006
Annual accounts 2006-17,1 k €
26/01/2006
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

BELWIND

Overview

What does BELWIND do?

Trend over 15 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline