The club formed in 1988 by the merger of Waterschei Thor with KFC Winterslag, from which it took over the matricule number. It has been one of the most successful clubs in Belgium since the late 1990s and so they regularly qualify for European competitions. The club has been playing in the first division since the 1996–97 season. They play their home matches in the Cristal Arena. Their main outfit is blue and white.