Active BE 0820.234.770Private limited company

KETTELS

Windmolenstraat(HA) 29 ·9450 Haaltert, Belgium· 16 yrs active

Sector: Plumbing work (43221)

Conclusion Checked

KETTELS has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €35k and a net result of €5k. Equity is growing by ~38% per year across the filed fiscal years. Its solvency ranks better than 80% of 26547 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).

Based on the State Gazette, CBE and 5 annual accounts.

Key figures

Equity	€35k
Net result	€5k
Better than sector	80%
Active	16 yrs

Financial profile 5 of 5 axes measured · computed by Checked

83 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 93

Profitability 70

Solvency 100

Growth 52

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.8% Low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Established

Founded in 2009, 16 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

93 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€3k

estimate, not credit advice

Score history

78 2021

78 2022

93 2023

100 2024

93 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 3.96 (≥ 1.5) +10

Quick ratio Quick ratio 3.58 (≥ 1.0) +5

Leverage Debt/equity 0.32 (< 1.0) +10

Profitability ROE 14% (≥ 10%) +10

Interest coverage Interest coverage 12.0× (≥ 3×) +8

Profit trend Net profit down YoY -3

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview16 NBB filings

Annual accounts filed on 30-08-2026 with the NBB · fiscal year 2025 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~38%/year over 5 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 43, Specialised construction activities · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	75.5%	47.4%	better than 80% of 26547 sector peers
Net result	€5k	€10k	better than 39% of 26539 sector peers
Equity	€35k	€60k	better than 36% of 26557 sector peers
Gross operating margin	€9k	€39k	better than 19% of 26517 sector peers
Total assets	€46k	€141k	better than 17% of 26551 sector peers

EBITDA

€8k

-55.5% 21-25

Net profit

€5k

-57.6% 21-25

Cash flow

€5k

-54.4% 21-25

Total assets

€46k

+10.7% 21-25

Equity

€35k

+16.3% 21-25

Working capital

€34k

+17.5% 21-25

Staff costs

€2k

-56.9% 21-25

Income taxes

€2k

-66.1% 21-25

Debt

€11k

-3.6% 21-25

Debt ≤ 1y

€11k

-3.6% 21-25

Debt > 1y

€1k

-70.7% 21-25

Current ratio

3.96

+15.5% 21-25

Quick ratio

3.58

+16.9% 21-25

Solvency

75.5%

+5.0% 21-25

Debt / equity

0.32

-17.1% 21-25

ROE

14.0%

-63.5% 21-25

ROA

10.6%

-61.7% 21-25

Interest coverage

11.98

-60.7% 21-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022	2021
Deposit	micro schema	micro schema	micro schema	micro schema	micro schema
Revenue	-	-	-	-	-
EBITDA	€8k	€18k	€7k	€8k	€13k
Net profit	€5k	€11k	€4k	€5k	€9k
Cash flow	€5k	€12k	€4k	€5k	€9k
Staff costs	-	-	€2k	€5k	€708
Income taxes	€2k	€6k	€2k	€3k	€4k
Dividends	-	-	-	-	-
Total assets	€46k	€42k	€34k	€55k	€30k
Equity	€35k	€30k	€18k	€15k	€10k
Debt	€11k	€12k	€15k	€40k	€21k
of which ≤ 1y	€11k	€12k	€14k	€35k	€21k
of which > 1y	-	-	€1k	€5k	-
Working capital	€34k	€29k	€18k	€17k	€10k
Employees (FTE)	-	-	-	-	-

Ratios (computed)

	2025	2024	2023	2022	2021
Current ratio	3.96	3.43	2.29	1.49	1.47
Quick ratio	3.58	3.07	1.98	1.37	1.18
Working capital ratio	72.6%	68.4%	53.0%	31.7%	31.7%
Solvency	75.5%	71.9%	54.4%	26.7%	32.0%
Debt / equity	0.32	0.39	0.84	2.74	2.13
Long-term debt ratio	-	-	0.08	0.34	-
Interest coverage	11.98	30.51	8.15	14.46	43.53
Gross margin	-	-	-	-	-
Net margin	-	-	-	-	-
ROA	10.6%	27.6%	11.0%	9.2%	29.0%
ROE	14.0%	38.4%	20.2%	34.4%	90.8%
EBITDA margin	-	-	-	-	-
Days sales outstanding	-	-	-	-	-
Days payable outstanding	-	-	-	-	-
Inventory turnover	-	-	-	-	-
Days inventory (DSI)	-	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €1k · 2.9% Current assets €45k · 97.1%

Equity & liabilities

Equity €35k · 75.5% Debt €11k · 24.5%

Full annual accounts (24 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€46k	€42k	€34k	€55k	€30k
Fixed assets	21/28	€1k	€1k	€2k	€2k	€97
Tangible fixed assets	22/27	€1k	€1k	€2k	€2k	€97
Current assets	29/58	€45k	€40k	€32k	€53k	€30k
Stocks & contracts in progress	3	€4k	€4k	€4k	€4k	€6k
Amounts receivable within one year	40/41	€31k	€28k	€19k	€41k	€20k
Cash & bank	54/58	€833	€75	€75	€473	€428
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€46k	€42k	€34k	€55k	€30k
Equity	10/15	€35k	€30k	€18k	€15k	€10k
Contributions / capital	10/11	€6k	€6k	€6k	€6k	€6k
Reserves	13	€29k	€24k	€12k	€9k	€3k
Accumulated profits (losses)	14	-	€0	€0	-	-
Amounts payable	17/49	€11k	€12k	€15k	€40k	€21k
Amounts payable after one year	17	-	-	€1k	€5k	-
Amounts payable within one year	42/48	€11k	€12k	€14k	€35k	€21k
Trade debts payable within one year	44	€3k	€847	€8k	€33k	€19k
Income statement
Gross operating margin	9900	€9k	€19k	€11k	€14k	€13k
Operating result	9901	€7k	€18k	€7k	€8k	€13k
Financial income	75	€162	€610	€1	€8	€463
Financial charges	65	€673	€593	€918	€568	€300
Result before taxes	9903	€7k	€18k	€6k	€8k	€13k
Income taxes	67/77	€2k	€6k	€2k	€3k	€4k
Net result for the period	9904	€5k	€11k	€4k	€5k	€9k
Result to be appropriated	9905	€5k	€11k	€4k	€5k	€9k

Directors & mandates 2 directors

Current directors & mandates

KETTELS Ignace
Director
State Gazette act 24348901 (31-01-2024)

Current
29-01-2024 → present
VERBESTEL Bianca
Director
State Gazette act 24348901 (31-01-2024)

Current
29-01-2024 → present

Legal Structure

NACE primary	Plumbing work(43221)
Legal form	Private limited company(610)
Incorporation	02-11-2009
Status	Active
Postal code	9450

Establishment units 1 location

KETTELS

Windmolenstraat(HA) 29, 9450 HaaltertRepair, maintenance and installation of machinery and equipment

since 20092.182.521.774

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
41024B0619/00M000	Flanders	1,132 m²	1 · 145 m²	10.0 m · 1 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 11 events

All 13Financial 2Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

30-08

NBB filing Annual accounts filed

fiscal year 2025 · micro schema · 30 days late

2025

29-07

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

31-12

Financial Highest result since 2021net €11k ▲208%

Operating result €18k, net result €11k, both a record.

30-07

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

31-01

State Gazette act Director changes

Alicia PANS

2023

31-12

Financial Weakest financial yearnet €4k ▼26.6%

Net result drops to €4k, the lowest in the series; recovery starts the following year.

30-08

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 30 days late

2022

30-09

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 61 days late

2021

30-08

NBB filing Annual accounts filed

fiscal year 2020 · micro schema · 30 days late

2020

30-11

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 122 days late

2019

29-07

NBB filing Annual accounts filed

fiscal year 2018 · micro schema

2018

10-11

NBB filing Annual accounts filed

fiscal year 2017 · micro schema · 102 days late

2017

25-08

NBB filing Annual accounts filed

fiscal year 2016 · micro schema · 25 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 3 acts read

We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 2 years ago

2024

31-01-2024 2 directors appointed Director changes·Alicia PANS

KETTELS Ignace, Bestuurder
VERBESTEL Bianca, Bestuurder

Notary: Alicia PANS · Erembodegem

Original publication ↗

Technical details

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    }
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  "notary": {
    "name": "Alicia PANS",
    "firm_city": null,
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    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
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    "filing_date": "2024-01-29",
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  "decisions": [
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  "publication_proxy": {
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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Plumbing work43221Installation of electric heating, air conditioning, cooling and ventilation43222Roofing work43410Other specialised construction activities43990Specialised construction activities43999

Names & trade names

Legal nameNL

KETTELS

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