KELLEN
ActiveKELLEN has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €1.66M and a net result of €778k. Equity is growing by ~19.4% per year across the filed fiscal years. Its solvency ranks better than 58% of 2282 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
87
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability100▲+7
Solvency79▼-5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €140k at 30 days acceptable
Liquidity ample (current ratio 2.65 against 2.95 in 2023; short-term debt: 37.1% and cash: 48.9% of total assets), and 46.1% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 82
Relative position
BE, all sectors
reference
Sector 82
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
53.9%
Return on assets
25.3%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 04-06-2025, 57 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
57 d early
2023
29 d early
2022
26 d early
2021
27 d early
2020
40 d early
2019
95 d early
← before the deadline
after the deadline →
Financials · fiscal year 2024, abbreviated schema
Equity
€1.66M▼ 11.8%
2023 · €1.88M
2018: €1.45M
2019: €313k
2020: €516k
2021: €889k
2022: €1.39M
2023: €1.88M
2018 → 2024
Total assets
€3.08M▼ 4.0%
2023 · €3.20M
2018: €3.12M
2019: €3.72M
2020: €2.76M
2021: €2.51M
2022: €2.34M
2023: €3.20M
2018 → 2024
Net result
€778k▲ 27.4%
2023 · €611k
2018: €444k
2019: €476k
2020: €203k
2021: €763k
2022: €620k
2023: €611k
2018 → 2024
Working capital
€1.88M▼ 8.7%
2023 · €2.06M
2018: €1.97M
2019: €991k
2020: €1.18M
2021: €973k
2022: €1.39M
2023: €2.06M
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€516k-€889k▲ 72.2%€1.39M▲ 56.2%€1.88M▲ 35.4%€1.66M▼ 11.8%
Operating result€398k-€951k▲ 139%€841k▼ 11.6%€831k▼ 1.2%€978k▲ 17.6%
Net result€203k-€763k▲ 276%€620k▼ 18.8%€611k▼ 1.4%€778k▲ 27.4%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 18% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €3.08M
Fixed assets
€50k▼ 40.3%
Current assets
€3.02M▼ 3.0%
Equity and liabilities €3.08M
Equity
€1.66M▼ 11.8%
Debt
€1.42M▲ 7.1%
The debt ratio rises from 41.3% to 46.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1.02M▲
2023 · €876k
Cash flow
€824k▲
2023 · €655k
Solvency
53.9%▼
2023 · 58.7%
Current ratio
2.65▼
2023 · 2.95
Quick ratio
2.65▼
2023 · 2.95
Debt / equity
0.86▲
2023 · 0.70
ROE
46.9%▲
2023 · 32.5%
ROA
25.3%▲
2023 · 19.1%
Interest coverage
28.79▲
2023 · 27.91
Debt
€1.42M▲
2023 · €1.32M
Debt ≤ 1 year
€1.14M▲
2023 · €1.06M
Income taxes
€198k▲
2023 · €198k
Staff costs
€4.19M▲
2023 · €3.96M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€3.20M€3.08M▼
Fixed assets21/28€85k€50k▼
Tangible fixed assets22/27€74k€40k▼
Plant, machinery and equipment23€487€166▼
Furniture and vehicles24€64k€33k▼
Other tangible fixed assets26€9k€6k▼
Financial fixed assets28€11k€11k=
Current assets29/58€3.12M€3.02M▼
Amounts receivable within one year40/41€939k€968k▲
Trade receivables40€775k€840k▲
Other amounts receivable41€163k€128k▼
Current investments50/53-€500k
Cash at bank and in hand54/58€2.10M€1.50M▼
Deferred charges and accrued income490/1€84k€54k▼
Equity and liabilities
Total equity and liabilities10/49€3.20M€3.08M▼
Equity10/15€1.88M€1.66M▼
Contributions10/11€124k€124k=
Capital10€124k€124k=
Issued capital100€124k€124k=
Reserves13€1.76M€1.53M▼
Non-distributable reserves130/1€12k€12k=
Legal reserve130€12k€12k=
Distributable reserves133€1.74M€1.52M▼
Profit (loss) carried forward14-€0
Amounts payable17/49€1.32M€1.42M▲
Amounts payable within one year42/48€1.06M€1.14M▲
Trade debts44€318k€117k▼
Suppliers440/4€318k€117k▼
Taxes, remuneration and social security45€538k€488k▼
Taxes450/3€12k€24k▲
Remuneration and social security454/9€527k€464k▼
Other amounts payable47/48€200k€537k▲
Accrued charges and deferred income492/3€268k€276k▲
Income statement
Code20232024
Remuneration, social security and pensions62€3.96M€4.19M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€44k€46k▲
Other operating charges640/8€2k€5k▲
Gross operating margin9900€4.84M€5.22M▲
Operating profit (loss)9901€831k€978k▲
Financial income75/76B€8k€34k▲
Recurring financial income75€8k€21k▲
Non-recurring financial income76B-€13k
Financial charges65/66B€31k€36k▲
Recurring financial charges65€31k€36k▲
Profit (loss) for the period before taxes9903€808k€976k▲
Income taxes67/77€198k€198k▲
Profit (loss) for the period9904€611k€778k▲
Profit (loss) for the period to be appropriated9905€611k€778k▲
Appropriation of the result
Profit (loss) to be appropriated9906€611k€778k▲
Transfer from equity791/2-€500k
Transfer to equity691/2€491k€278k▼
To other reserves6921€491k€278k▼
Profit to be distributed694/7€120k€1.00M▲
Return on contributions (dividend)694-€710k
Directors or managers695€120k€290k▲
Social balance
Average headcount (FTE)908738.642.1▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2026
23-07
State Gazette act
Capital & shares · Resignations & appointments · RestructuringGeneral meeting · Merger · Dissolution13 facts ▸
State Gazette act
Capital & shares · Resignations & appointments · Restructuring
General meeting · Merger · Dissolution13 facts ▸
- General meeting, 2026-06-29
- Merger, absorption, 2026-06-29
- Dissolution, 2026-06-29
- Capital increase, €62.500
- Share issue, 1229, fusie door overneming
- Accounting effect, 2026-01-01
- Share cancellation, 781, eigen aandelen verkregen door de Overnemende Vennootschap ingevolge de fusie door overneming
- Reserve release, beschikbare reserves
- Capital, €186.000
- Permanent representative, RUSH Travis Benjamin
- Mandate compensation, Willow Park Management LLC
- Exchange ratio, 1,229 nieuwe aandelen van de Overnemende Vennootschap in ruil voor 1 aandeel van de Overgenomen Vennootschap
- +1 further facts in this act
20-05
State Gazette act
RestructuringBoard meeting · Corporate purpose · Permanent representative20 facts ▸
State Gazette act
Restructuring
Board meeting · Corporate purpose · Permanent representative20 facts ▸
- Board meeting, 2026-03-18
- Corporate purpose, De vennootschap heeft tot voorwerp in België en in het buitenland: -Het adviseren en begeleiden (juridisch, financieel, fiscaal, sociaal en andere) van national…
- Corporate purpose, De vennootschap heeft tot voorwerp, in België en in het buitenland, uitsluitend in eigen naam en voor eigen rekening: 1. het beleggen, het intekenen op, vast ov…
- Permanent representative, Maria Scardigli
- Permanent representative, Alfonsus Westgeest
- Power of attorney, A. WESTGEEST
- Merger, fusion by absorption
- Net-asset statement, 3252712.29, EUR
- Net-asset statement, 2066999.82, EUR
- Share issue, 1229, new shares issued to shareholders of the absorbed company
- Accounting effect, 2026-01-01
- Number of shares, 1000
- +8 further facts in this act
2025
04-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €778k ▲27.4%
Operating result €978k, net result €778k, both a record.
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €1MEq €1.39M ▲56.2%
5 profitable years in a row build equity to €1.39M.
04-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
21-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-10
Financial
Weakest financial yearnet €203k ▼57.4%
Net result drops to €203k, the lowest in the series; recovery starts the following year.
31-10
Financial
Equity above €500kEq €516k ▲64.7%
3 profitable years in a row build equity to €516k.
26-02
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
08-04
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
25-04
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
24-04
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
09-03
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2021
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
29-11-2021
Alfons Westgeest: Resigned as Permanent representative
06-04-2021
Michael Joseph Brooks: Resigned as Director
Location & real-estate footprint
Registered office, Sint-Pieters-Woluwe · 1 establishment unit since 1993
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.
Tervurenlaan 188 A1150 Sint-Pieters-WoluweGround area
1,587 m²
Building footprint
969 m²
Volume, LiDAR
17,193 m³
2 parcels, Brussels · tallest building 27.4 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
Kellen
since 19932.131.087.426
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21019A0205/00D006 | Brussels | 1,258 m² | 1 · 703 m² | 25.4 m · 7 fl. |
| 21019A0205/00G006 | Brussels | 329 m² | 1 · 267 m² | 27.4 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
1 connected companyNetwork connections
Shared address
→
Acquisitions and mergers
1 transactionTook over:KELLEN HOLDINGS EUROPE
Capital and shareholders
Capital increase of 62,500 EUR · 1,229 new shares
Public money · subsidies and aid
European research
5 projects · 598,507 EUR EU contributionProgrammes
HORIZON
fp7
h2020
Projects
FEASIBLE RECOVERY OF CRITICAL RAW MATERIALS THROUGH A NEW CIRCULAR ECOSYSTEM FOR A LI-ION BATTERY CROSS-VALUE CHAIN IN EUROPE
BATTERIES2020: TOWARDS REALISTIC EUROPEAN COMPETITIVE AUTOMOTIVE BATTERIES
IMplementation Plan for Actions on CCUS Technologies in the SET Plan
Innovative industrial transformation of the steel and chemical industries of Europe
The Post-crisis Legitimacy of the European Union European Training Network
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Of 24,505 companies in sector 82990 we hold annual accounts for 9,396. 3,578 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded31-01-1994
Fiscal year end31-12
Activities, NACEBEL
70210Activities of head offices; management consultancy activities
73300Public relations and communication consultancy
74141
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 30 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.