KELLEN
ActiveSummary
KELLEN has been active since 1994 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.1m and a net result of €524,552. Equity has been growing by about 21% per year since 2019. Its solvency ranks better than 69% of 1,164 sector peers (NACE 82, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 31-01-1994 Normal situation
- Activity
- Other business support services NACE 82990and 1 other
- Joint committee
- 200 Aanvullend Paritair Comité voor de bedienden · annual accounts 2025
- Establishment unit
- 2.131.087.426 1150 Sint-Pieters-Woluwe, since 03-11-1993
- Financial year end
- 31 December
- Peppol
- Reachable
Board and ownership
Board
- Perrachon JeanDirector · since 06-04-2021
- SCARDIGLI MANAGEMENT BVDirector · since 01-01-2022
- A. WESTGEEST BVDirector · since 03-06-2025
- Auditor
- CALLENS VANDELANOTTE NV
Shareholders
- KELLEN HOLDINGS EUROPE100%2025 annual accounts of KELLEN HOLDINGS EUROPE
- Willow Park Companies Incconsolidatesannual accounts 2025
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
Annual accounts 2025
- Gross margin
- €4.8m
- ▼ 7.2%
- Turnover
- ≈ €7.5m
- estimated
- Profit
- €524,552
- ▼ 32.6%
- Equity
- €2.1m
- ▲ 24.7%
- Total assets
- €3.0m
- ▼ 0.9%
- Employees on 31-12-2025
- 37
- ▼ 14.0%
Filed on 17-06-2026, 44 days before the deadline
Score breakdownlowers riskLiquidity: current ratio 4.18, cash €1.4mEquity €2.1m (67.8% of total assets)Founded in 1994Profit of €524,552 (financial year 2025)Show the evidence
Checked score
Score 2025
98
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 84% of small companies in office administrative support (NACE 82)
Financial strength · tick: 2024
Strong
Solvency
93+14
equity 67.8% of total assets
Liquidity
91+8
short-term debt 23.7% · cash 45.1%
Profitability
90-10
return on assets 17.2%
Bankruptcy probability within 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%
01-2025: < 0.1%● unchanged vs 12-2024lowest value
02-2025: < 0.1%● unchanged vs 01-2025lowest value
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: < 0.1%● unchanged vs 06-2025
08-2025: < 0.1%● unchanged vs 07-2025
09-2025: < 0.1%● unchanged vs 08-2025
10-2025: < 0.1%● unchanged vs 09-2025
11-2025: < 0.1%● unchanged vs 10-2025
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: < 0.1%● unchanged vs 05-2026
07-2026: < 0.1%● unchanged vs 06-2026
08-2026: < 0.1%● unchanged vs 07-2026
09-2026: < 0.1%● unchanged vs 08-2026highest value
10-2026: < 0.1%● unchanged vs 09-2026
11-2026: < 0.1%● unchanged vs 10-2026
Credit of up to €200,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 4.18 (2.65 in 2024), above the usual 1.5. Short-term debt is 23.7% and cash 45.1% of total assets. 32.2% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 82, small). It does better than 72% of them on solvency, 95% on liquidity, 89% on profitability and 79% on growth.
The bankruptcy probability was computed on 01-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskneutral
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 17-06-2026, 44 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
44 days early
2024
57 days early
2023
29 days early
2022
26 days early
2021
27 days early
2020
40 days early
2019
95 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 45 days before the deadline. In the sector (NACE 82), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 3 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
02-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 31 filings
Turnover
≈ €7.5m
Estimated: probably between €5.6m and €11.0m
EBIT margin
Not included in this filing
Net result
€524,552▼ 32.6%
2024 · €778,052
Working capital
€2.3m▲ 21.7%
2024 · €1.9m
In the rankings
#10 company by equity in Sint-Pieters-Woluwe, Administrative and support services sector
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is 23% lower than in 2024 and the lowest since 2021.
Operating result€0.8m
2025
Net result€0.5m
2025
Total assets€3.0m
2025
Equity€2.1m
2025
Debt€1.0m
2025
Working capital€2.3m
2025
Return on assets (ROA)17.2%
2025
Solvency67.8%
2025
Current ratio4.18
2025
Staff (FTE)39.5
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.6m-€0.4m▼ 35.8%€1.0m▲ 139%€0.8m▼ 11.6%€0.8m▼ 1.2%€1.0m▲ 17.6%€0.8m▼ 22.8%
Net result€0.5m-€0.2mabove the sector's middle half▼ 57.4%€0.8mabove the sector's middle half▲ 276%€0.6mabove the sector's middle half▼ 18.8%€0.6mabove the sector's middle half▼ 1.4%€0.8mabove the sector's middle half▲ 27.4%€0.5mabove the sector's middle half▼ 32.6%
Equity€0.3m-€0.5mwithin the sector's middle half▲ 64.7%€0.9mwithin the sector's middle half▲ 72.2%€1.4mabove the sector's middle half▲ 56.2%€1.9mabove the sector's middle half▲ 35.4%€1.7mabove the sector's middle half▼ 11.8%€2.1mwithin the sector's middle half▲ 24.7%
Total assets€3.7m-€2.8mabove the sector's middle half▼ 26.0%€2.5mwithin the sector's middle half▼ 8.9%€2.3mwithin the sector's middle half▼ 6.7%€3.2mabove the sector's middle half▲ 36.7%€3.1mabove the sector's middle half▼ 4.0%€3.0mwithin the sector's middle half▼ 0.9%
Debt€3.4m-€2.2m▼ 34.3%€1.6m▼ 27.6%€1.0m▼ 41.1%€1.3m▲ 38.7%€1.4m▲ 7.1%€1.0m▼ 30.9%
Working capital€1.0m-€1.2mabove the sector's middle half▲ 18.6%€1.0mabove the sector's middle half▼ 17.2%€1.4mabove the sector's middle half▲ 43.2%€2.1mabove the sector's middle half▲ 48.0%€1.9mabove the sector's middle half▼ 8.7%€2.3mabove the sector's middle half▲ 21.7%
Solvency8.4%-18.7%within the sector's middle half▲ 10.3pp35.4%within the sector's middle half▲ 16.7pp59.3%within the sector's middle half▲ 23.9pp58.7%within the sector's middle half▼ 0.6pp53.9%within the sector's middle half▼ 4.8pp67.8%within the sector's middle half▲ 13.9pp
Current ratio1.39-1.83within the sector's middle half▲ 0.441.69within the sector's middle half▼ 0.142.66within the sector's middle half▲ 0.972.95within the sector's middle half▲ 0.292.65within the sector's middle half▼ 0.304.18above the sector's middle half▲ 1.53
Return on assets (ROA)12.8%-7.4%within the sector's middle half▼ 5.4pp30.4%above the sector's middle half▲ 23.0pp26.4%above the sector's middle half▼ 3.9pp19.1%above the sector's middle half▼ 7.4pp25.3%above the sector's middle half▲ 6.2pp17.2%above the sector's middle half▼ 8.1pp
Staff (FTE)36.5-35.8above the sector's middle half▼ 1.9%37.1above the sector's middle half▲ 3.6%37.4above the sector's middle half▲ 0.8%38.6above the sector's middle half▲ 3.2%42.1above the sector's middle half▲ 9.1%39.5above the sector's middle half▼ 6.2%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The turnover shown is an estimate from the gross margin.
Large changes and their cause
- 2021 Net result +276% on 2020. This financial year ran 14 months, the previous one 12.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.0m
Fixed assets
€33,003 ▼ 34.6%
Current assets
€3.0m ▼ 0.3%
Equity and liabilities €3.0m
Equity
€2.1m ▲ 24.7%
Debt
€980,301 ▼ 30.9%
Debt's share of the balance-sheet total falls from 46.1% to 32.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€783,399▼
2024 · €1.0m
Cash flow
€553,115▼
2024 · €823,633
Debt to equity
0.47▼
2024 · 0.86
ROE
25.4%▼
2024 · 46.9%
Interest coverage
19.89▼
2024 · 28.79
Debt ≤ 1 year
€721,951▼
2024 · €1.1m
Income taxes
€211,523▲
2024 · €198,291
Staff costs
€4.1m▼
2024 · €4.2m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 41 | 38 | 42 | 43 | 37 |
| full-time | 35 | 34 | 38 | 39 | 33 |
| part-time | 6 | 4 | 4 | 4 | 4 |
| in full-time equivalents | 39.7 | 37.4 | 41.3 | 42.3 | 36.3 |
| Average over the year, in full-time equivalents | 37.1 | 37.4 | 38.6 | 42.1 | 39.5 |
| On a permanent contract | 39 | 38 | 42 | 41 | 34 |
| Joined | 5 | 12 | 11 | 15 | 9 |
| Left | 2 | 15 | 7 | 14 | 13 |
| Training hours | 1,774 | 3,739 | 2,185 | 2,855 | 244 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,837 | €23,383 | €19,062 | €11,510 | €10,450 |
| Financial fixed assets | - | - | - | - | €616 |
| Depreciation and write-downs of the year | €47,510 | €42,147 | €44,114 | €45,581 | €28,563 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
European research
5 projects · €598,507 EU contributionProjects
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
Comparable companies
These companies have the same main activity as KELLEN: other business support services (NACE 82990). They are comparable in size and age: total assets between €2.2m and €6.5m, founded between 1978 and 2001.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| KELLEN Sint-Pieters-Woluwe | 1994 | €3.0m | €2.1m | €4.8m | €0.5m | 39.5 | 2025 |
| MATTHYS & PARTNERS Antwerpen | 1983 | €3.1m | €1.2m | €3.9m | €0.002m | 40.3 | 2025 |
| FIDUCIAIRE BOVY Mons | 1983 | €3.8m | €0.8m | €4.2m | €0.07m | 55.7 | 2024 |
| ASM BELGIUM Elsene | 2001 | €2.2m | €1.4m | €3.2m | €0.7m | 46.1 | 2025 |
| ENVIRONMENTAL COALITION ON STANDARDS Brussel | 2001 | €6.5m | €0.8m | €4.0m | €0.07m | 37.9 | 2025 |
| OBASI Tienen | 1978 | €4.4m | €1.5m | €5.5m | €0.1m | 45.4 | 2025 |
| DELTA MAINTENANCE Herstal | 2000 | €3.4m | €0.9m | €2.7m | €0.2m | 31.5 | 2025 |
They were chosen from the 9,746 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 20,136 companies had the same profile as KELLEN has now. Two years later, 0.2% had gone bankrupt and 95.0% were still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95.0%
was still going
That fits the bankruptcy probability of KELLEN itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 20,136 companies, not a prediction for KELLEN. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €4.1m | €3.7m | €4.0m | €4.2m | €4.1m | ▼ 3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.05m | €0.05m | €0.04m | €0.04m | €0.05m | €0.03m | ▼ 37.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€0.004m | - | - | - | - | - |
| Other operating charges640/8 | - | - | €0.008m | €0.002m | €0.002m | €0.005m | €0.003m | ▼ 48.2% |
| Gross operating margin9900 | €3.6m | €3.8m | €5.1m | €4.6m | €4.8m | €5.2m | €4.8m | ▼ 7.2% |
| Operating profit (loss)9901 | €0.6m | €0.4m | €1.0m | €0.8m | €0.8m | €1.0m | €0.8m | ▼ 22.8% |
| Financial income75/76B | - | - | €0.004m | €0.007m | €0.008m | €0.03m | €0.02m | ▼ 39.0% |
| Recurring financial income75 | €0.02m | €0.01m | €0.004m | €0.007m | €0.008m | €0.02m | €0.02m | ▼ 2.2% |
| Non-recurring financial income76B | - | - | - | - | - | €0.01m | €0 | ▼ 100% |
| Financial charges65/66B | - | - | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 10.8% |
| Recurring financial charges65 | €0.03m | €0.08m | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 10.8% |
| Profit (loss) for the period before taxes9903 | €0.6m | €0.3m | €0.9m | €0.8m | €0.8m | €1.0m | €0.7m | ▼ 24.6% |
| Income taxes67/77 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.7% |
| Profit (loss) for the period9904 | €0.5m | €0.2m | €0.8m | €0.6m | €0.6m | €0.8m | €0.5m | ▼ 32.6% |
| Profit (loss) for the period to be appropriated9905 | €0.5m | €0.2m | €0.8m | €0.6m | €0.6m | €0.8m | €0.5m | ▼ 32.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.7m | €2.8m | €2.5m | €2.3m | €3.2m | €3.1m | €3.0m | ▼ 0.9% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.1m | €0.1m | €0.08m | €0.05m | €0.03m | ▼ 34.6% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.1m | €0.1m | €0.07m | €0.04m | €0.02m | ▼ 45.5% |
| Plant, machinery and equipment23 | - | - | €0.001m | €0.001m | €487 | €166 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | €0.1m | €0.09m | €0.06m | €0.03m | €0.02m | ▼ 46.5% |
| Other tangible fixed assets26 | - | - | €0.01m | €0.01m | €0.009m | €0.006m | €0.004m | ▼ 39.0% |
| Financial fixed assets28 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 5.7% |
| Current assets29/58 | €3.5m | €2.6m | €2.4m | €2.2m | €3.1m | €3.0m | €3.0m | ▼ 0.3% |
| Amounts receivable within one year40/41 | €2.2m | €0.9m | €0.9m | €0.6m | €0.9m | €1.0m | €0.7m | ▼ 31.2% |
| Trade receivables40 | - | - | €0.8m | €0.5m | €0.8m | €0.8m | €0.6m | ▼ 31.6% |
| Other amounts receivable41 | - | - | €0.1m | €0.1m | €0.2m | €0.1m | €0.09m | ▼ 28.7% |
| Current investments50/53 | - | - | - | - | - | €0.5m | €0.9m | ▲ 80.0% |
| Cash at bank and in hand54/58 | €0.9m | €1.6m | €1.4m | €1.5m | €2.1m | €1.5m | €1.4m | ▼ 8.6% |
| Deferred charges and accrued income490/1 | - | - | €0.09m | €0.2m | €0.08m | €0.05m | €0.07m | ▲ 38.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.7m | €2.8m | €2.5m | €2.3m | €3.2m | €3.1m | €3.0m | ▼ 0.9% |
| Equity10/15 | €0.3m | €0.5m | €0.9m | €1.4m | €1.9m | €1.7m | €2.1m | ▲ 24.7% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.2m | €0.4m | €0.8m | €1.3m | €1.8m | €1.5m | €1.9m | ▲ 26.7% |
| Non-distributable reserves130/1 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | €0.8m | €1.3m | €1.7m | €1.5m | €1.9m | ▲ 26.9% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €3.4m | €2.2m | €1.6m | €1.0m | €1.3m | €1.4m | €1.0m | ▼ 30.9% |
| Amounts payable within one year42/48 | €2.5m | €1.4m | €1.4m | €0.8m | €1.1m | €1.1m | €0.7m | ▼ 36.8% |
| Trade debts44 | €0.2m | €0.07m | €0.09m | €0.2m | €0.3m | €0.1m | €0.1m | ▲ 15.7% |
| Suppliers440/4 | - | - | €0.09m | €0.2m | €0.3m | €0.1m | €0.1m | ▲ 15.7% |
| Taxes, remuneration and social security45 | - | - | €0.6m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 13.7% |
| Taxes450/3 | - | - | €0.05m | €0.2m | €0.01m | €0.02m | €0.1m | ▲ 364% |
| Remuneration and social security454/9 | - | - | €0.5m | €0.4m | €0.5m | €0.5m | €0.4m | ▼ 4.3% |
| Other amounts payable47/48 | - | - | €0.8m | €0.2m | €0.2m | €0.5m | €0.03m | ▼ 94.0% |
| Accrued charges and deferred income492/3 | - | - | €0.2m | €0.1m | €0.3m | €0.3m | €0.3m | ▼ 6.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €476,109 | €202,805 | €762,636 | €619,637 | €610,917 | €778,052 | €524,552 | ▼ 32.6% |
| + Depreciation and write-downs630 | €52,988 | €48,524 | €47,510 | €42,147 | €44,114 | €45,581 | €28,563 | ▼ 37.3% |
| Operating cash flow (approximation) | €529,097 | €251,329 | €810,146 | €661,785 | €655,031 | €823,633 | €553,115 | ▼ 32.8% |
| Investment in fixed assets (approximation) | - | -€11,775 | -€11,837 | -€23,383 | -€19,062 | -€11,510 | -€11,066 | ▲ 3.9% |
| Change in cash | - | €656,327 | -€161,536 | €54,199 | €599,631 | -€592,647 | -€128,675 | ▲ 78.3% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 17-06-2026 | 2026-00177953 | NBB |
| 31-12-2024 | abbreviated format | 04-06-2025 | 2025-00122041 | |
| 31-12-2023 | abbreviated format | 02-07-2024 | 2024-00209473 | |
| 31-12-2022 | abbreviated format | 05-07-2023 | 2023-00221434 | |
| 31-12-2021 | abbreviated format | 04-07-2022 | 2022-20166574 | |
| 31-10-2020 | abbreviated format | 21-04-2021 | 2021-10800377 | |
| 31-10-2019 | abbreviated format | 26-02-2020 | 2020-05900500 | |
| 31-10-2018 | abbreviated format | 08-04-2019 | 2019-09500196 | |
| 31-10-2017 | abbreviated format | 25-04-2018 | 2018-10600112 | |
| 31-10-2016 | full format | 24-04-2017 | 2017-10000104 |
Board & ownership
Directors
Directors
5 directors, last change in 2026
Board 5
Perrachon Jean
Current
SCARDIGLI MANAGEMENT BV
Current
Director · since 01-01-2022 · Legal entity · listed in the 2025 annual accounts, filed on 17-06-2026
A. WESTGEEST BV
Current
Director · since 03-06-2025 · Legal entity · listed in the 2025 annual accounts, filed on 17-06-2026
Current
Willow Park Management LLC
Current
Director (not named in the articles) · appointed in the act of 23-07-2026 · Legal entity · permanent representative: RUSH Travis Benjamin
Permanent representatives 1
RUSH Travis Benjamin
Current
Permanent representative · appointed in the act of 23-07-2026 · for Willow Park Management LLC
Statutory auditor 1
CALLENS VANDELANOTTE NV
Current
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“Hierbij geldig vertegenwoordigd door twee bestuurders: BV SCARDIGLI MANAGEMENT, met zetel te 1160 Oudergem, Geelvinkenlaan 89, ingeschreven…”
deed of 20-05-2026Owners and capital
Shareholders
2 ownersChain of control
- Willow Park Companies IncUS
- KELLEN HOLDINGS EUROPE
- KELLEN
Owners 2
- KELLEN HOLDINGS EUROPEparentEquity €3.3m Profit of €536,756 in 2025 (profit of €84,817 in 2023)100%
- Willow Park Companies IncUSconsolidating parentconsolidates
Capital transactions
Capital over time
- 23-07-2026 Capital increase of €62,500 · to €186,000 · 1,229 new shares
- 20-05-2026 Capital stated in the deed · 781 shares
Mandate history
10 people, 6 in office
- Board
- Statutory auditor
- began earlier
- end not dated
| Name | Functions and periods |
|---|---|
| Perrachon Jean |
|
| SCARDIGLI MANAGEMENT BV |
|
| A. WESTGEEST BV |
|
| PeterStephenRush |
|
| Willow Park Management LLC |
|
| CALLENS VANDELANOTTE NV |
|
| KELLEN HOLDINGS EUROPE |
|
| A.WESTGEESTBV |
|
| CallensVandelanotteNV |
|
| Wouters, Van Merode & Co Bedrijfsrevisoren |
|
Network & group
Acquisitions and mergers
1 transactionTook over:KELLEN HOLDINGS EUROPE
Companies at the same address
31 other companies- Potash Europe Registered office · since 2026 1043181352
- Branded Food and Beverage Service Chains in Europe Registered office · since 2026 1033183820
- European Candle Manufacturers Association Registered office · since 2021 0773950330
- EU DSO ENTITY Establishment · since 2021 0766433325
- INTERNATIONAL ASSOCIATION OF OIL & GAS PRODUCERS EUROPE Registered office · since 2020 0759579581
- International cellulosics Association Registered office · since 2020 0751923016
- European Portable Battery Association Registered office · since 2019 0724548626
- CO2Value Europe Registered office · since 2018 0695818117
- TECHNICAL COMMITTEE OF PETROLEUM ADDITIVE MANUFACTURERS IN EUROPE Registered office · since 2018 0694709743
- Federation of the European Manufacturers and Suppliers of Ingredients to the Bakery, Confectionery and Patisserie Industries Establishment · since 2016 0646788278
Connections & network
5 current directorsThe board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
23-07
Gazette deed
Merger: KELLEN takes over KELLEN HOLDINGS EUROPECapital increase of €62,500 to €186,000 · Resignation: KELLEN HOLDINGS EUROPE (director) · Appointment: Willow Park Management LLC (director)21 points ▸
Gazette deed
Merger: KELLEN takes over KELLEN HOLDINGS EUROPE
Capital increase of €62,500 to €186,000 · Resignation: KELLEN HOLDINGS EUROPE (director) · Appointment: Willow Park Management LLC (director)21 points ▸
- Merger, “fusie door overneming, onder algemene titel” (deed in Dutch)
- Other provision, “zetel van de overnemende vennootschap, uitreikingswijze nieuwe aandelen” (deed in Dutch)
- Other provision, “deelname in bedrijfsresultaat en bijzondere rechten inzake winstdeelname”, 01-01-2026 (deed in Dutch)
- Accounting effect, 01-01-2026
- Capital increase, €62,500
- Approval, “toekenning nieuwe aandelen op naam tegen oude aandelen, aandeelhouders van de Overgenomen Vennootschap” (deed in Dutch)
- Other provision, “vaststelling verwezenlijking kapitaalverhoging, ZESDE BESLISSING” (deed in Dutch)
- The company holds 781 shares of KELLEN
- Share cancellation, 781, “aandelen in de Overnemende Vennootschap aangehouden door de Overgenomen Vennootschap” (deed in Dutch)
- Other provision, “aanrekening vernietiging eigen aandelen, volledige bedrag” (deed in Dutch)
- Amendment of the articles, 5
- Director resignation, KELLEN HOLDINGS EUROPE (director)
- The act holds 9 more points.
17-06
full format · 44 days before the deadline
20-05
Gazette deed
Merger proposal: KELLEN takes over KELLEN HOLDINGS EUROPEPermanent representatives: Maria Scardigli and Alfonsus Westgeest · Capital · Net-asset statement11 points ▸
Gazette deed
Merger proposal: KELLEN takes over KELLEN HOLDINGS EUROPE
Permanent representatives: Maria Scardigli and Alfonsus Westgeest · Capital · Net-asset statement11 points ▸
- Merger, by absorption, “toebedeeld aan de overnemende vennootschap” (deed in Dutch)
- Permanent representative, Maria Scardigli
- Permanent representative, Alfonsus Westgeest, mentioned 2 times in the deed
- Capital, mentioned 3 times in the deed
- Net-asset statement, EUR, 3252712.29
- Net-asset statement, EUR, 2066999.82
- Share issue, “nieuwe aandelen”, 1229 (deed in Dutch)
- Accounting effect, 01-01-2026
- Declaration, “geen bijzondere rechten of andere effecten” (deed in Dutch)
- Declaration, “bezoldiging commissaris/bedrijfsrevisor/gecertificeerd accountant, aandeelhouders worden gevraagd te verzaken” (deed in Dutch)
- Declaration, “geen bijzondere voordelen aan bestuursorganen” (deed in Dutch)
2025
31-12
Financial
Equity above €2mequity €2.1m ▲24.7%
With a profit in every financial year since 2019, equity grows to €2.1m.
09-07
Gazette deed
Reappointments: A.WESTGEESTBV (director) and PeterStephenRush (director)Permanent representative: WestgeestAlfons · Appointment: CallensVandelanotteNV (statutory auditor)6 points ▸
Gazette deed
Reappointments: A.WESTGEESTBV (director) and PeterStephenRush (director)
Permanent representative: WestgeestAlfons · Appointment: CallensVandelanotteNV (statutory auditor)6 points ▸
- General meeting, 03-06-2025
- Director reappointment, A.WESTGEESTBV (director)
- Permanent representative, WestgeestAlfons (vastevertegenwoordiger)
- Director reappointment, PeterStephenRush (director)
- Auditor appointment, CallensVandelanotteNV (statutory auditor)
- Other provision, “publicationformsignaturecaptions, instrumenterendenotarisofvertegenwoordigersrechtspersoon” (deed in Dutch)
04-06
abbreviated format · 57 days before the deadline
18-04
Gazette deed
Permanent representative: Alfonsus Westgeest3 points ▸
Gazette deed
Permanent representative: Alfonsus Westgeest
3 points ▸
- Other provision, “alle aandelen van de Vennootschap, vereniging aandelen in één hand” (deed in Dutch)
- Permanent representative, Alfonsus Westgeest
- Director in office, NV KELLEN HOLDINGS EUROPE (managing director)
2024
31-12
Financial
Highest result from 2019 to 2025net €778,052 ▲27.4%
The operating result of €978,044 and the net result of €778,052 are both a record.
02-07
abbreviated format · 29 days before the deadline
2023
05-07
abbreviated format · 26 days before the deadline
2022
31-12
Financial
Equity above €1mequity €1.4m ▲56.2%
With a profit in every financial year since 2019, equity grows to €1.4m.
24-08
Gazette deed
Reappointments: Kellen Holdings Europe NV (director) and Wouters,Van Merode & Co Bedrijfsrevisoren (statutory auditor)Permanent representative: Travis Benjamin Rush6 points ▸
Gazette deed
Reappointments: Kellen Holdings Europe NV (director) and Wouters,Van Merode & Co Bedrijfsrevisoren (statutory auditor)
Permanent representative: Travis Benjamin Rush6 points ▸
- General meeting, 07-06-2022
- Director reappointment, Kellen Holdings Europe NV (director)
- Permanent representative, Travis Benjamin Rush
- Auditor reappointment, Wouters,Van Merode & Co Bedrijfsrevisoren (statutory auditor)
- Other provision, “vertegenwoordiger van commissaris, bedrijfsrevisor” (deed in Dutch)
- Director in office, Scardigli Management BV (managing director)
Show earlier events
04-07
abbreviated format · 27 days before the deadline
2021
21-04
abbreviated format · 40 days before the deadline
2020
31-10
Financial
Weakest financial yearnet €202,805 ▼57.4%
The net result drops to €202,805, the lowest from 2019 to 2025. It recovers the following year.
31-10
Financial
Equity above €500,000equity €516,206 ▲64.7%
With a profit in every financial year since 2019, equity grows to €516,206.
26-02
abbreviated format · 95 days before the deadline
2019
08-04
abbreviated format · 53 days before the deadline
2018
25-04
abbreviated format · 36 days before the deadline
2017
24-04
full format · 37 days before the deadline
1994
04-03
Gazette deed
Incorporation
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
KELLEN in Dutch
Enterprise number
0451.884.396
Legal form
Public limited company
Status
Active, normale toestand
Founded
31-01-1994
Entity type
Legal entity
Registered office and establishments
Registered office
Tervurenlaan 188 A, 1150 Sint-Pieters-Woluwe, Belgium
Establishment unit
Kellen, Tervurenlaan 188A, 1150 Sint-Pieters-Woluwe since 03-11-1993 · unit number 2.131.087.426
Activities
NACEBEL 2025VAT activities
82990
Other business support services main activity
73300
Public relations and communication consultancy
Social security (RSZ) activities
73300
Public relations and communication consultancy main activity
Codes under NACEBEL 2008
70210
Activities of head offices; management consultancy activities main activity
Codes under NACEBEL 2003
74141
main activity
Joint committee
200 Aanvullend Paritair Comité voor de bedienden annual accounts 2025
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 20-05-2026 (in Dutch)
“Het adviseren en begeleiden (juridisch, financieel, fiscaal, sociaal en andere) van nationale, regionale en internationale…”
10 activities
- Het adviseren en begeleiden (juridisch, financieel, fiscaal, sociaal en andere) van nationale, regionale en internationale samenwerkingsverbanden tussen en met private personen, bedrijven en overheidsautoriteiten in de meest ruime zin, ter bevordering van de gemeenschappelijke belangen van de deelnemers;
- De hulp inzake het beheer van ondernemingen, het advies, het creëren en uitbaten van studiebureaus en van organisaties, en van adviesbureaus inzake financiële, commerciële en marketing materie;
- De dienstverlening aan ondernemingen zoals handelstussenpersoon.
- De handel, de vertegenwoordiging, de import en export van diversie goederen.
- De vennootschap mag alle roerende of onroerende goederen, materialen en benodigdheden verwerven, huren of verhuren, vervaardigen, overdragen of ruilen, en in het algemeen alle commerciële, industriële of financiële handelingen verrichten, welke rechtstreeks of onrechtstreeks in verband staan met haar voorwerp, met inbegrip van de onderaanneming in het algemeen, en de uitbating van alle intellectuele rechten en industriële of commerciële eigendommen die er betrekking op hebben.
- Zij mag alle roerende en onroerende goederen als investering verwerven, zelfs als deze noch rechtstreeks noch onrechtstreeks verband houden met het voorwerp van de vennootschap.
- De vennootschap mag het bestuur en de vereffening waarnemen in alle verbonden vennootschappen, met dewelke een of andere band van deelneming bestaat en mag alle leningen, van gelijke welke vorm en voor gelijke welke duur, aan deze laatsten toestaan of borgstellingen verstrekken voor deze vennootschappen.
- Zij mag bij wijze van inbreng in speciën of in natura, van fusie, inschrijving, deelneming, financiële tussenkomst of op een andere wijze, een aandeel nemen in alle bestaande of op te richten vennootschappen of bedrijven, in België of het buitenland, waarvan het voorwerp identiek, gelijkaardig of verwant is met het hare, of van aard is de uitoefening van haar voorwerp te bevorderen.
- Deze lijst is exemplatief en niet beperkend.
- Het voorwerp van de vennootschap mag worden uitgebreid of beperkt door middel van een wijziging van de statuten, overeenkomstig de voorwaarden voorzien door artikel 7:154 van het Wetboek van vennootschappen en verenigingen.
Invoicing and payment
VAT number
BE 0451.884.396
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the addresses
Ground area
1,587 m²
Building footprint
969 m²
Building volume
17,193 m³
Tallest building: 27.4 m.
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21019A0205/00D006 | Brussels | 1,258 m² | 1 · 703 m² | 25.4 m · 7 |
| 21019A0205/00G006 | Brussels | 329 m² | 1 · 267 m² | 27.4 m · 1 |