Summary
Kelba is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €362k and a net result of €-383k. Equity is shrinking by ~13.5% per year across the filed fiscal years. Its solvency ranks better than 31% of 5547 sector peers (fiscal year 2025). The company has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 05-06-2026, 56 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
56 d early
2024
35 d early
2023
43 d early
2022
24 d early
2021
51 d late
2020
17 d early
2019
22 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · 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 monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€362k▼ 51.4%
2024 · €745k
2018: €585k
2019: €498k▼ -14.9% vs 2018
2020: €423k▼ -15.0% vs 2019
2021: €349k▼ -17.5% vs 2020
2022: €316k▼ -9.3% vs 2021
2023: €261k▼ -17.4% vs 2022lowest in 8 years
2024: €745k▲ +185% vs 2023highest in 8 years
2025: €362k▼ -51.4% vs 2024
2018 → 2025
Net result
€-383k
2024 · €484k
2018: €-9k
2019: €-57k▼ -542% vs 2018
2020: €-74k▼ -30.3% vs 2019
2021: €-74k▲ +0.3% vs 2020
2022: €-33k▲ +56.1% vs 2021
2023: €-55k▼ -68.8% vs 2022
2024: €484k▲ +978% vs 2023highest in 8 years
2025: €-383k▼ -179% vs 2024lowest in 8 years
2018 → 2025
Total assets
€1.20M▼ 24.3%
2024 · €1.58M
2018: €947k
2019: €830k▼ -12.4% vs 2018
2020: €801k▼ -3.4% vs 2019
2021: €790k▼ -1.4% vs 2020
2022: €777k▼ -1.7% vs 2021lowest in 8 years
2023: €844k▲ +8.6% vs 2022
2024: €1.58M▲ +87.2% vs 2023highest in 8 years
2025: €1.20M▼ -24.3% vs 2024
2018 → 2025
Solvency
30.3%▼ 16.9pp
2024 · 47.2%
2018: 61.8%highest in 8 years
2019: 60.0%▼ -2.9% vs 2018
2020: 52.8%▼ -11.9% vs 2019
2021: 44.2%▼ -16.4% vs 2020
2022: 40.7%▼ -7.8% vs 2021
2023: 31.0%▼ -23.9% vs 2022
2024: 47.2%▲ +52.2% vs 2023
2025: 30.3%▼ -35.8% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€349k-€316k▼ 9.3%€261k▼ 17.4%€745k▲ 185%€362k▼ 51.4%
2021: €349k
2022: €316k▼ -9.3% vs 2021
2023: €261k▼ -17.4% vs 2022lowest in 5 years
2024: €745k▲ +185% vs 2023highest in 5 years
2025: €362k▼ -51.4% vs 2024
Operating result€-64k-€-32k▲ 49.1%€-55k▼ 69.4%€654k€-51k
2021: €-64klowest in 5 years
2022: €-32k▲ +49.1% vs 2021
2023: €-55k▼ -69.4% vs 2022
2024: €654k▲ +1293% vs 2023highest in 5 years
2025: €-51k▼ -108% vs 2024
Net result€-74k-€-33k▲ 56.1%€-55k▼ 68.8%€484k€-383k
2021: €-74k
2022: €-33k▲ +56.1% vs 2021
2023: €-55k▼ -68.8% vs 2022
2024: €484k▲ +978% vs 2023highest in 5 years
2025: €-383k▼ -179% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €51k after €654k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.20M
Fixed assets
€289k ▼ 55.1%
Current assets
€907k ▼ 3.1%
Equity and liabilities €1.20M
Equity
€362k ▼ 51.4%
Provisions
€170k =
Debt
€664k ▼ 0.2%
Debt's share of the balance-sheet total rises from 42.1% to 55.5%. Equity and debt are lower.
Key figures and ratios
ROE
-105.9%▼
2024 · 64.9%
ROA
-32.0%▼
2024 · 30.6%
Debt ≤ 1 year
€514k▼
2024 · €515k
Debt > 1 year
€150k=
2024 · €150k
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 · 48 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.58M€1.20M▼
Fixed assets21/28€644k€289k▼
Tangible fixed assets22/27€321k€289k▼
Land and buildings22€321k€289k▼
Financial fixed assets28€323k€101▼
Current assets29/58€936k€907k▼
Amounts receivable within one year40/41€931k€902k▼
Trade receivables40€0-
Other amounts receivable41€931k€902k▼
Current investments50/53€0-
Cash at bank and in hand54/58€5k€4k▼
Equity and liabilities
Total equity and liabilities10/49€1.58M€1.20M▼
Equity10/15€745k€362k▼
Contributions10/11€210k€210k=
Capital10€210k€210k=
Issued capital100€210k€210k=
Reserves13€595k€595k=
Non-distributable reserves130/1€21k€21k=
Legal reserve130€21k€21k=
Tax-exempt reserves132€511k€511k=
Distributable reserves133€63k€63k=
Profit (loss) carried forward14€-60k€-443k▼
Provisions and deferred taxes16€170k€170k=
Deferred taxes168€170k€170k=
Amounts payable17/49€665k€664k▼
Amounts payable after more than one year17€150k€150k=
Financial debts170/4€150k€150k=
Amounts payable within one year42/48€515k€514k▼
Trade debts44€127€46▼
Suppliers440/4€127€46▼
Other amounts payable47/48€515k€514k▼
Income statement
Code20242025
Non-recurring operating income76A€681k€0▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€32k€32k=
Other operating charges640/8€37k€32k▼
Gross operating margin9900€724k€14k▼
Operating profit (loss)9901€654k€-51k▼
Financial charges65/66B€258€332k▲
Recurring financial charges65€258€10k▲
Non-recurring financial charges66B-€322k
Profit (loss) for the period before taxes9903€654k€-383k▼
Transfer to deferred taxes680€170k€0▼
Profit (loss) for the period9904€484k€-383k▼
Transfer to tax-exempt reserves689€511k€0▼
Profit (loss) for the period to be appropriated9905€-27k€-383k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-60k€-443k▼
Profit (loss) brought forward from the previous period14P€-33k€-60k▼
Transfer from equity791/2€0-
Social balance
Average headcount (FTE)90870.00.0=
The notes to these accounts (19 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €681k | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33k | €33k | €32k | €32k | €32k | = |
| Other operating charges640/8 | €32k | €33k | €35k | €37k | €32k | ▼ 12.9% |
| Gross operating margin9900 | €1k | €33k | €13k | €724k | €14k | ▼ 98.1% |
| Operating profit (loss)9901 | €-64k | €-32k | €-55k | €654k | €-51k | ▼ 108% |
| Financial charges65/66B | €300 | €276 | €260 | €258 | €332k | ▲ 128,793% |
| Recurring financial charges65 | €300 | €276 | €260 | €258 | €10k | ▲ 3,615% |
| Non-recurring financial charges66B | - | - | - | - | €322k | - |
| Profit (loss) for the period before taxes9903 | €-64k | €-33k | €-55k | €654k | €-383k | ▼ 159% |
| Transfer to deferred taxes680 | - | - | - | €170k | €0 | ▼ 100% |
| Income taxes67/77 | €10k | - | - | - | - | - |
| Profit (loss) for the period9904 | €-74k | €-33k | €-55k | €484k | €-383k | ▼ 179% |
| Transfer to tax-exempt reserves689 | - | - | - | €511k | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €-74k | €-33k | €-55k | €-27k | €-383k | ▼ 1,314% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €790k | €777k | €844k | €1.58M | €1.20M | ▼ 24.3% |
| Fixed assets21/28 | €760k | €728k | €695k | €644k | €289k | ▼ 55.1% |
| Tangible fixed assets22/27 | €438k | €405k | €373k | €321k | €289k | ▼ 10.1% |
| Land and buildings22 | €438k | €405k | €373k | €321k | €289k | ▼ 10.1% |
| Financial fixed assets28 | €323k | €323k | €323k | €323k | €101 | ▼ 100.0% |
| Current assets29/58 | €30k | €50k | €149k | €936k | €907k | ▼ 3.1% |
| Amounts receivable within one year40/41 | €13k | €41k | €147k | €931k | €902k | ▼ 3.1% |
| Trade receivables40 | €10k | €39k | €95k | €0 | - | - |
| Other amounts receivable41 | €3k | €3k | €53k | €931k | €902k | ▼ 3.1% |
| Current investments50/53 | €237 | €236 | €236 | €0 | - | - |
| Cash at bank and in hand54/58 | €17k | €8k | €855 | €5k | €4k | ▼ 5.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €790k | €777k | €844k | €1.58M | €1.20M | ▼ 24.3% |
| Equity10/15 | €349k | €316k | €261k | €745k | €362k | ▼ 51.4% |
| Contributions10/11 | €210k | €210k | €210k | €210k | €210k | = |
| Capital10 | €210k | €210k | €210k | €210k | €210k | = |
| Issued capital100 | €210k | €210k | €210k | €210k | €210k | = |
| Reserves13 | €139k | €106k | €84k | €595k | €595k | = |
| Non-distributable reserves130/1 | €21k | €21k | €21k | €21k | €21k | = |
| Legal reserve130 | €21k | €21k | €21k | €21k | €21k | = |
| Tax-exempt reserves132 | - | - | - | €511k | €511k | = |
| Distributable reserves133 | €118k | €85k | €63k | €63k | €63k | = |
| Profit (loss) carried forward14 | - | - | €-33k | €-60k | €-443k | ▼ 641% |
| Provisions and deferred taxes16 | - | - | - | €170k | €170k | = |
| Deferred taxes168 | - | - | - | €170k | €170k | = |
| Amounts payable17/49 | €441k | €461k | €582k | €665k | €664k | ▼ 0.2% |
| Amounts payable after more than one year17 | - | - | €40k | €150k | €150k | = |
| Financial debts170/4 | - | - | €40k | €150k | €150k | = |
| Amounts payable within one year42/48 | €441k | €461k | €542k | €515k | €514k | ▼ 0.2% |
| Trade debts44 | €53k | €62k | €84k | €127 | €46 | ▼ 63.4% |
| Suppliers440/4 | €53k | €62k | €84k | €127 | €46 | ▼ 63.4% |
| Other amounts payable47/48 | €389k | €399k | €459k | €515k | €514k | ▼ 0.2% |
| Accrued charges and deferred income492/3 | €25 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-74k | €-33k | €-55k | €484k | €-383k | ▼ 179% |
| + Depreciation and write-downs630 | €33k | €33k | €32k | €32k | €32k | = |
| Operating cash flow (approximation) | €-42k | €-73 | €-23k | €516k | €-351k | ▼ 168% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €19k | €322k | ▲ 1,583% |
| Change in cash | - | €-9k | €-7k | €4k | €-254 | ▼ 107% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
05-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €-383k
Net result drops to €-383k, the lowest in the series.
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €484k
Net result €484k after 6 loss-making years.
31-12
Financial
Liquidity times 7current ratio 1.82
Current ratio from 0.27 to 1.82; short-term debt falls from €542k to €515k.
31-12
Financial
Equity above €500kEq €745k ▲185%
Equity rises from €261k to €745k.
18-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
20-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 51 days late
2021
14-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
09-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
03-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
24-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 24 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Herk-de-Stad · 1 establishment unit since 1992
Ground area
3,267 m²
Building footprint
2,393 m²
Volume, LiDAR
14,565 m³
Parcel 71012A0369/00X000, Flanders · tallest building 8.9 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
KELBA NV
since 19922.058.194.401
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71012A0369/00X000 | Flanders | 3,267 m² | 1 · 2,393 m² | 8.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 24,730 companies in sector 64210 we hold annual accounts for 19,766. 13,780 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded06-05-1992
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.