ACTIVE

Northwind

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Financial year 2025 · closed on 31/12/2025

Net result

24,8 M €

+6.9% YoY

Revenue

121,1 M €

-1.9% YoY

Equity

67,8 M €

+24.1% YoY

What does Northwind do?

Northwind is a Public limited company incorporated in 2007. Its registered office is in Kortrijk.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0894.163.222

Incorporation

13/12/2007

Legal form

Public limited company

Registered office

President Kennedypark(Kor) 8A box 1
8500 Kortrijk · FlandreSee on map

Contributed capital

28 490 700,00 €

Latest accounts

31/12/2025

Joint committees (1)

Signals

ProfitableGood liquidityPositive cashflowPositive EBITDAHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2012		2011		2010		2009		2008
Income statement
Revenue	121,1 M €	-1.9%	123,5 M €	+0.4%	122,9 M €	+51.3%	81,3 M €	-6.0%	86,5 M €	-30.3%	124 M €	+7.4%	115,5 M €	+7.8%	107,1 M €	-3.4%	111 M €	-6.5%	118,6 M €	-7.3%	127,9 M €	+39.8%	91,5 M €		–		–		–		–		–
EBITDA	84,9 M €	-2.0%	86,7 M €	-6.7%	92,9 M €	+76.3%	52,7 M €	-14.5%	61,6 M €	-32.4%	91,2 M €	+3.1%	88,5 M €	+11.3%	79,5 M €	+6.4%	74,7 M €	-19.5%	92,8 M €	-11.4%	104,7 M €	+38.0%	75,9 M €	+460%	13,5 M €	+1947%	-733,2 k €	-421%	-140,6 k €	-480%	-24,3 k €	-252%	-6,9 k €
Operating result	43,8 M €	-3.6%	45,5 M €	-16.1%	54,2 M €	+285%	14,1 M €	-39.2%	23,1 M €	-57.8%	54,9 M €	+5.3%	52,1 M €	+20.7%	43,2 M €	+12.5%	38,4 M €	-31.3%	55,9 M €	-17.7%	67,9 M €	+68.1%	40,4 M €	+199%	13,5 M €	+1917%	-743,5 k €	-422%	-142,4 k €	-487%	-24,3 k €	-252%	-6,9 k €
Net result	24,8 M €	+6.9%	23,2 M €	-23.2%	30,3 M €	+720%	-4,9 M €	-296%	2,5 M €	-90.6%	26,6 M €	+16.1%	22,9 M €	+40.6%	16,3 M €	+226%	5 M €	-73.8%	19,1 M €	-52.3%	40 M €	+198%	13,4 M €	+5027%	-272,3 k €	+71.4%	-950,7 k €	-215%	-301,6 k €	-1197%	-23,3 k €	-628%	-3,2 k €
Balance sheet
Equity	67,8 M €	+24.1%	54,6 M €	+74.0%	31,4 M €	+18.6%	26,5 M €	-15.6%	31,3 M €	-0.0%	31,3 M €	-24.4%	41,5 M €	-13.9%	48,2 M €	-15.3%	56,9 M €	-41.8%	97,8 M €	+4.6%	93,5 M €	-0.7%	94,2 M €	+19.2%	79 M €	+152%	31,3 M €	+496%	5,3 M €	+372%	1,1 M €	+86.6%	596,8 k €
Total assets	392,5 M €	-6.1%	418 M €	-10.3%	466,1 M €	-3.7%	484,1 M €	-9.2%	533,1 M €	-7.0%	573,5 M €	-8.3%	625,3 M €	-4.1%	652,2 M €	-10.8%	731 M €	+0.3%	729,1 M €	-12.0%	828,1 M €	-5.3%	874,5 M €	+200%	291,3 M €	+658%	38,4 M €	+519%	6,2 M €	+328%	1,4 M €	+111%	687,1 k €
Cash	11,7 M €	-52.1%	24,4 M €	-25.6%	32,8 M €	+162%	12,5 M €	-46.0%	23,2 M €	-11.6%	26,2 M €	-20.8%	33,1 M €	+78.9%	18,5 M €	-68.6%	58,9 M €	+342%	13,3 M €	-77.0%	58 M €	+129%	25,3 M €	+51.4%	16,7 M €	-2.8%	17,2 M €		–		4,5 k €	-97.6%	189,9 k €
Debts	295 M €	-12.7%	337,8 M €	-18.1%	412,5 M €	-6.1%	439,2 M €	-9.4%	485 M €	-7.4%	523,9 M €	-7.9%	568,8 M €	-3.7%	590,5 M €	-11.1%	664,2 M €	+6.8%	621,8 M €	-14.0%	723 M €	-5.0%	761,2 M €	+276%	202,3 M €	+2745%	7,1 M €	+643%	956,8 k €	+185%	336,3 k €	+272%	90,3 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		1,5 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 · 76 ended

Active mandates

Reiko Kawarazaki

Director · since 09 décembre 2025 · until 15 mai 2026

Active

Silja Wiebe

Director · since 25 juin 2025 · until 15 mai 2026

Active

Philippe Awouters

Director · since 16 mai 2025 · until 15 mai 2026

Active

David De Brabant

Director · since 09 décembre 2024 · until 15 mai 2026

Active

Ludo Kelchtermans

Chairman of the board of directors · since 18 juin 2020 · until 15 mai 2026

Active

Kenta Nishikawa

Director · since 15 mai 2020 · until 15 mai 2026

Active

Peter Jans

Director · since 15 mai 2020 · until 15 mai 2026

Active

Rik Van de Walle

Director · since 15 mai 2020 · until 15 mai 2026

Active

Ended mandates

David De Brabant

Director · since 09 décembre 2024 · until 16 mai 2025

Ended

Christoph Mertens

Director · since 14 juin 2024 · until 15 mai 2026

Ended

Aota Takashi

Director · since 19 mai 2023 · until 15 mai 2026

Ended

Mathias Van Steenwinkel

Director · since 20 mai 2022 · until 08 mars 2024

Ended

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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	11/06/2026	16/06/2025	17/06/2024	12/06/2023	15/06/2022	27/05/2021
General meeting	15/05/2026	16/05/2025	17/05/2024	19/05/2023	20/05/2022	21/05/2021
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	15/05/2026	11/06/2026	Dutch	PDF
Full model	31/12/2024	16/05/2025	16/06/2025	Dutch	PDF
Full model	31/12/2023	17/05/2024	17/06/2024	Dutch	PDF
Full model	31/12/2022	19/05/2023	12/06/2023	Dutch	PDF
Full model	31/12/2021	20/05/2022	15/06/2022	Dutch	PDF
Full model	31/12/2020	21/05/2021	27/05/2021	Dutch	PDF
Full model	31/12/2019	15/05/2020	10/06/2020	Dutch	PDF
Full model	31/12/2018	17/05/2019	27/05/2019	Dutch	PDF
Full model	31/12/2017	18/05/2018	06/06/2018	Dutch	PDF
Full model	31/12/2016	19/05/2017	06/06/2017	Dutch	PDF
Full model	31/12/2015	18/04/2016	28/04/2016	Dutch	PDF
Full model	31/12/2014	15/05/2015	10/06/2015	Dutch	PDF
Full model	31/12/2013	16/05/2014	20/08/2014	Dutch	PDF
Full model	31/12/2012	17/05/2013	19/06/2013	Dutch	PDF
Full model	31/12/2011	18/05/2012	18/06/2012	Dutch	PDF
Full model	31/12/2010	20/05/2011	31/08/2011	Dutch	PDF
Full model	31/12/2009	21/05/2010	21/05/2010	Dutch	PDF
Full model	31/12/2008	15/05/2009	11/06/2009	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 · 76 ended

Active mandates

Reiko Kawarazaki

Director · since 09 décembre 2025 · until 15 mai 2026

Active

Silja Wiebe

Director · since 25 juin 2025 · until 15 mai 2026

Active

Philippe Awouters

Director · since 16 mai 2025 · until 15 mai 2026

Active

David De Brabant

Director · since 09 décembre 2024 · until 15 mai 2026

Active

Ludo Kelchtermans

Chairman of the board of directors · since 18 juin 2020 · until 15 mai 2026

Active

Kenta Nishikawa

Director · since 15 mai 2020 · until 15 mai 2026

Active

Peter Jans

Director · since 15 mai 2020 · until 15 mai 2026

Active

Rik Van de Walle

Director · since 15 mai 2020 · until 15 mai 2026

Active

Ended mandates

David De Brabant

Director · since 09 décembre 2024 · until 16 mai 2025

Ended

Christoph Mertens

Director · since 14 juin 2024 · until 15 mai 2026

Ended

Aota Takashi

Director · since 19 mai 2023 · until 15 mai 2026

Ended

Mathias Van Steenwinkel

Director · since 20 mai 2022 · until 08 mars 2024

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other04/09/2026
STATUTEN (VERTALING, COORDINATIE, OVERIGE
PDF
Mandates01/09/2026
Ontslag en benoeming van een bestuurder
PDF
Mandates16/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/01/2026
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/08/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/04/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/08/2024
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DIVERSEN
PDF
Mandates14/06/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DIVERSEN - 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

15/05/2026
nominationPeter Jans — bestuurder
15/05/2026
nominationLudo Kelchtermans — bestuurder
15/05/2026
nominationRik Van de Walle — bestuurder
15/05/2026
nominationDavid De Brabant — bestuurder
15/05/2026
nominationPhilippe Awouters — bestuurder
15/05/2026
nominationKenta Nishikawa — bestuurder
15/05/2026
nominationSilja Wiebe — bestuurder
15/05/2026
nominationReiko Matsuura — bestuurder
15/05/2026
nominationElie Janssens — commissaris (vertegenwoordiger van Grant Thornton Bedrijfsrevisoren)
2025
Annual accounts 202524,8 M €↑
09/12/2025
nominationReiko Matsuura — bestuurder
25/06/2025
nominationSilja Wiebe — bestuurder
16/05/2025
nominationChristoph Mertens — bestuurder
16/05/2025
nominationDavid De Brabant — bestuurder
16/05/2025
nominationPhilippe Awouters — bestuurder
2024
Annual accounts 202423,2 M €↓
09/12/2024
nominationDavid De Brabant — bestuurder
14/06/2024
nominationChristoph Mertens — bestuurder
2023
Annual accounts 202330,3 M €↑
19/05/2023
nominationTakashi Aota — bestuurder
19/05/2023
nominationFrancis Boelens — vaste vertegenwoordiger (commissaris)
2022
Annual accounts 2022-4,9 M €↓
20/05/2022
nominationMathias Van Steenwinkel — bestuurder
20/05/2022
nominationPeter Caluwaerts — bestuurder
2021
Annual accounts 20212,5 M €↓
2020
Annual accounts 202026,6 M €↑
2019
Annual accounts 201922,9 M €↑
2018
Annual accounts 201816,3 M €↑
2017
Annual accounts 20175 M €↓
2016
Annual accounts 201619,1 M €↓
2015
Annual accounts 201540 M €↑
2014
Annual accounts 201413,4 M €↑
2012
Annual accounts 2012-272,3 k €↑
2011
Annual accounts 2011-950,7 k €↓
2010
Annual accounts 2010-301,6 k €↓
2010
Name changeNorthwind NV
2009
Annual accounts 2009-23,3 k €↓
2008
Annual accounts 2008-3,2 k €
2008
Name changeELDEPASCO
13/12/2007
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

Northwind

Overview

What does Northwind do?

Trend over 17 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