KELTS
ActiveSummary
KELTS has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.5m and a net result of -€51,974. Equity is growing by ~7.2% per year across the filed fiscal years. Its solvency ranks better than 83% of 8711 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability15▼-64
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €100,000 at 30 days acceptable
Liquidity ample (current ratio 13.88 against 7.36 in 2024; short-term debt: 4.2% and cash: 0.1% of total assets), and 13% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← 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 2025Solvency, return and age of the figures
Solvency
87%
Return on assets
-3%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
30 d late
2023
135 d late
2022
315 d late
2021
31 d late
2020
5 d early
2019
14 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 75 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#9 company by equity in De Haan, Professional and technical services sector#9 oldest company in De Haan, Professional and technical services sector
Equity
€1.5m▼ 3.4%
2024 · €1.5m
Total assets
€1.7m▼ 8.6%
2024 · €1.9m
Net result
-€51,974
2024 · €160,993
Working capital
€922,449▼ 6.2%
2024 · €983,478
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€273,604€38,573▼ 85.9%€132,856▲ 244%€195,762▲ 47.3%-€87,784
Net result€192,539▲ 246%€35,630▼ 81.5%€119,053▲ 234%€160,993▲ 35.2%-€51,974
Equity€1.2m▲ 18.6%€1.3m▲ 2.9%€1.4m▲ 9.4%€1.5m▲ 11.6%€1.5m▼ 3.4%
Total assets€1.8m▲ 5.5%€1.7m▼ 5.9%€1.7m▼ 1.2%€1.9m▲ 9.8%€1.7m▼ 8.6%
Debt€496,737▼ 25.9%€352,554▼ 29.0%€212,689▼ 39.7%€177,663▼ 16.5%€79,442▼ 55.3%
Working capital€673,695▲ 14.2%€638,497▼ 5.2%€811,145▲ 27.0%€983,478▲ 21.2%€922,449▼ 6.2%
Staff (FTE)
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2022 Net result -81% on 2021. Cause not known from the registers.
- 2021 Net result +246% on 2020. The accounts now follow the micro schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €87,784 after €195,762 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€719,639 ▼ 2.2%
Current assets
€994,087 ▼ 12.7%
Equity and liabilities €1.7m
Equity
€1.5m ▼ 3.4%
Provisions
€142,834 ▼ 6.8%
Debt
€79,442 ▼ 55.3%
Debt's share of the balance-sheet total falls from 9.5% to 4.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€71,228▼
2024 · €212,317
Cash flow
-€35,418▼
2024 · €177,549
Current ratio
13.88▲
2024 · 7.36
Quick ratio
11.67▲
2024 · 5.90
Debt to equity
0.05▼
2024 · 0.12
ROE
-3.5%▼
2024 · 10.4%
ROA
-3.0%▼
2024 · 8.6%
Interest coverage
-31.97▼
2024 · 112.08
Debt ≤ 1 year
€71,639▼
2024 · €154,672
Debt > 1 year
€7,803▼
2024 · €22,990
Income taxes
€8,690▼
2024 · €28,780
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,455 | €19,349 | €18,249 | €16,556 | €16,556 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €67,592 | - |
| Other operating charges640/8 | €15,603 | €79,805 | €62,368 | €1,094 | €4,567 | ▲ 318% |
| Gross operating margin9900 | €304,662 | €137,728 | €213,473 | €213,411 | €932 | ▼ 99.6% |
| Operating profit (loss)9901 | €273,604 | €38,573 | €132,856 | €195,762 | -€87,784 | ▼ 145% |
| Financial income75/76B | €2,092 | €5,793 | €32,184 | €36,873 | €36,304 | ▼ 1.5% |
| Recurring financial income75 | €2,092 | €5,793 | €32,184 | €36,873 | €36,304 | ▼ 1.5% |
| Financial charges65/66B | €5,817 | €8,830 | €2,631 | €1,894 | €2,228 | ▲ 17.6% |
| Recurring financial charges65 | €5,817 | €8,830 | €2,631 | €1,894 | €2,228 | ▲ 17.6% |
| Profit (loss) for the period before taxes9903 | €269,879 | €35,536 | €162,409 | €230,740 | -€53,708 | ▼ 123% |
| Transfer from deferred taxes780 | €33 | €94 | €94 | €94 | €10,424 | ▲ 10,957% |
| Transfer to deferred taxes680 | €77,272 | €0 | - | €41,061 | €0 | ▼ 100% |
| Income taxes67/77 | €102 | €0 | €43,450 | €28,780 | €8,690 | ▼ 69.8% |
| Profit (loss) for the period9904 | €192,539 | €35,630 | €119,053 | €160,993 | -€51,974 | ▼ 132% |
| Transfer from tax-exempt reserves789 | €99 | €283 | €283 | €283 | €31,273 | ▲ 10,957% |
| Transfer to tax-exempt reserves689 | €231,815 | €0 | - | €123,182 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | -€39,178 | €35,913 | €119,336 | €38,095 | -€20,701 | ▼ 154% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.8m | €1.7m | €1.7m | €1.9m | €1.7m | ▼ 8.6% |
| Fixed assets21/28 | €782,479 | €788,330 | €770,081 | €736,195 | €719,639 | ▼ 2.2% |
| Tangible fixed assets22/27 | €780,741 | €786,992 | €768,743 | €734,857 | €718,301 | ▼ 2.3% |
| Land and buildings22 | €775,870 | €782,500 | €765,013 | €731,595 | €715,507 | ▼ 2.2% |
| Plant, machinery and equipment23 | €4,280 | €4,197 | €3,729 | €3,261 | €2,794 | ▼ 14.3% |
| Furniture and vehicles24 | €590 | €295 | €0 | - | - | - |
| Financial fixed assets28 | €1,738 | €1,338 | €1,338 | €1,338 | €1,338 | = |
| Current assets29/58 | €1.1m | €939,987 | €937,330 | €1.1m | €994,087 | ▼ 12.7% |
| Stocks and contracts in progress3 | €765,094 | €225,308 | €225,308 | €225,308 | €157,716 | ▼ 30.0% |
| Stocks30/36 | €765,094 | €225,308 | €225,308 | €225,308 | €157,716 | ▼ 30.0% |
| Amounts receivable within one year40/41 | €282,594 | €637,444 | €476,793 | €669,635 | €605,988 | ▼ 9.5% |
| Trade receivables40 | €180,302 | €191,010 | €5,427 | €10,116 | €8,835 | ▼ 12.7% |
| Other amounts receivable41 | €102,292 | €446,434 | €471,366 | €659,519 | €597,153 | ▼ 9.5% |
| Current investments50/53 | €5 | €5 | €228,035 | €228,035 | €228,035 | = |
| Cash at bank and in hand54/58 | €6,075 | €76,442 | €7,195 | €13,457 | €1,344 | ▼ 90.0% |
| Deferred charges and accrued income490/1 | €718 | €788 | €0 | €1,715 | €1,005 | ▼ 41.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.8m | €1.7m | €1.7m | €1.9m | €1.7m | ▼ 8.6% |
| Equity10/15 | €1.2m | €1.3m | €1.4m | €1.5m | €1.5m | ▼ 3.4% |
| Contributions10/11 | €722,405 | €722,405 | €722,405 | €722,405 | €722,405 | = |
| Capital10 | €721,397 | €721,397 | €721,397 | €721,397 | €721,397 | = |
| Issued capital100 | €721,397 | €721,397 | €721,397 | €721,397 | €721,397 | = |
| Outside capital11 | €1,009 | €1,009 | €1,009 | €1,009 | €1,009 | = |
| Share premium1100/10 | €1,009 | €1,009 | €1,009 | €1,009 | €1,009 | = |
| Revaluation surpluses12 | €158,310 | €151,977 | €145,645 | €139,313 | €132,980 | ▼ 4.5% |
| Reserves13 | €347,032 | €353,082 | €359,131 | €488,362 | €463,422 | ▼ 5.1% |
| Non-distributable reserves130/1 | €41,421 | €41,421 | €41,421 | €41,421 | €41,421 | = |
| Legal reserve130 | €39,818 | €39,818 | €39,818 | €39,818 | €39,818 | = |
| Reserves not available under the articles1311 | €1,603 | €1,603 | €1,603 | €1,603 | €1,603 | = |
| Tax-exempt reserves132 | €263,936 | €263,654 | €263,371 | €386,270 | €354,997 | ▼ 8.1% |
| Distributable reserves133 | €41,675 | €48,007 | €54,340 | €60,672 | €67,004 | ▲ 10.4% |
| Profit (loss) carried forward14 | €0 | €35,913 | €155,249 | €193,344 | €172,643 | ▼ 10.7% |
| Provisions and deferred taxes16 | €112,480 | €112,386 | €112,292 | €153,258 | €142,834 | ▼ 6.8% |
| Provisions for liabilities and charges160/5 | €24,502 | €24,502 | €24,502 | €24,502 | €24,502 | = |
| Other liabilities and charges164/5 | €24,502 | €24,502 | €24,502 | €24,502 | €24,502 | = |
| Deferred taxes168 | €87,979 | €87,885 | €87,790 | €128,757 | €118,332 | ▼ 8.1% |
| Amounts payable17/49 | €496,737 | €352,554 | €212,689 | €177,663 | €79,442 | ▼ 55.3% |
| Amounts payable after more than one year17 | €113,943 | €51,064 | €86,503 | €22,990 | €7,803 | ▼ 66.1% |
| Financial debts170/4 | €65,074 | €51,064 | €86,503 | €22,990 | €7,803 | ▼ 66.1% |
| Trade debts175 | €48,869 | - | - | - | - | - |
| Advances received on contracts in progress176 | €0 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €380,790 | €301,490 | €126,186 | €154,672 | €71,639 | ▼ 53.7% |
| Current portion of amounts payable after more than one year42 | €13,761 | €14,011 | €14,115 | €14,644 | €15,187 | ▲ 3.7% |
| Financial debts43 | €80,000 | €0 | - | - | - | - |
| Other loans439 | €80,000 | €0 | - | - | - | - |
| Trade debts44 | €77,257 | €287,479 | €72,519 | €78,414 | €56,452 | ▼ 28.0% |
| Suppliers440/4 | €77,257 | €287,479 | €72,519 | €78,414 | €56,452 | ▼ 28.0% |
| Advances received on contracts in progress46 | €197,813 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €11,959 | €0 | €39,552 | €61,614 | €0 | ▼ 100% |
| Taxes450/3 | €11,959 | €0 | €39,552 | €61,614 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €2,003 | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €192,539 | €35,630 | €119,053 | €160,993 | -€51,974 | ▼ 132% |
| + Depreciation and write-downs630 | €15,455 | €19,349 | €18,249 | €16,556 | €16,556 | = |
| Operating cash flow (approximation) | €207,994 | €54,980 | €137,302 | €177,549 | -€35,418 | ▼ 120% |
| Investment in fixed assets (approximation) | - | -€25,200 | €0 | €17,330 | €0 | ▼ 100% |
| Change in cash | - | €70,368 | -€69,248 | €6,262 | -€12,113 | ▼ 293% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
25-08
State Gazette act
Appointment: Johannes Volckeryck (managing director)Power of attorney3 facts ▸
State Gazette act
Appointment: Johannes Volckeryck (managing director)
Power of attorney3 facts ▸
- Board meeting, 20-08-2026
- Director appointment, Johannes Volckeryck (managing director)
- Power of attorney, Aiarpi Abramian
2025
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 30 days late
2024
13-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 135 days late
10-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 315 days late
2023
31-12
Financial
Liquidity doublescurrent ratio 7.43
Current ratio from 3.12 to 7.43; short-term debt falls from €301,490 to €126,186.
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Highest result since 2018net €192,539 ▲246%
Operating result €273,604, net result €192,539, both a record.
26-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €1mEq €1.0m ▲5.7%
2 profitable years in a row build equity to €1.0m.
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €14,904
Net result €14,904 after one loss-making year.
Show earlier events
31-12
Financial
Liquidity triplescurrent ratio 3.40
Current ratio from 0.97 to 3.40; short-term debt falls from €1.0m to €267,198.
11-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 72 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 59 days late
2017
11-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 office holder, last change in 2026
Day-to-day management 1
Johannes Volckeryck
CurrentManaging director · since 20-08-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
8 of this company's 9 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, De Haan · 1 establishment unit since 1993
Ground area
219 m²
Building footprint
133 m²
Volume, LiDAR
1,923 m³
Parcel 31038B0029/00W002, Flanders · tallest building 18.8 m, ±5 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
KELTS NV
since 19932.052.663.025
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31038B0029/00W002 | Flanders | 219 m² | 1 · 133 m² | 18.8 m · 5 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.
Mandate history
1 person since 2026, 1 in office
- Day-to-day management
| Name | Functions and periods |
|---|---|
| Johannes Volckeryck |
|
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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Click a node to look further, drag to arrange, scroll to zoom.
Recognitions · licences · registrations
Legal Entity Identifier
967600TL03T900PQ8405
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 23,420 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
Founded12-04-1991
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
68110Buying and selling of own real estate
68310Real estate agency activities
E-invoicing
Not found in the Peppol register
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Register as of 26 September 2026 · Peppol Directory
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