Equity
€715,489 ▼ 44.4%
Norbert KELLER paid out €529,216 in dividends in a year with a loss of €42,322.
Norbert KELLER
Lifetime
20 annual accounts with figures on one time axis, 36 filings since 1990peak €356,273 (2014)
€12,359▲ €29,967
lowest -€96,393 (2021)
-€42,322▲ €15,968
peak €1.6m (2016)
€715,489▼ 44.4%
€1.2m▲ 185%
peak 0.4 FTE (2006)
-not published
Board2 names since 1992
1 directorOlivier SCHMATZ
Owners
66.68%Link-Gennen & Schmatz
Documentsfilings and deeds
25-08-202625 days late
2025micro format
Gross margin from -€17,608 to €12,359Loss of €42,322Dividend €529,216Equity from €1.3m to €715,489Debts from €423,880 to €1.2mInvestments €492,219
Key points
from the 2025 annual accountsLosses
-€100,612 in two years
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
Debts
€1.2m ▲ 185%
Debts rose by €782,897 in 2025. A dividend stands under other debts on the balance sheet date until it is paid.
Investments
€536,181 21.6 × depreciation
Green is investment, beige is depreciation.
Liquidity
0.03 was 0.68 in 2024
Short-term debts rose from €423,880 to €1.2m.
Board
1 joined · 1 left
Board changed. Latest change 22-12-2025 · 1 in office.
2025 accounts filed 25 days after the deadline
Checked score
83
Excellent
Financially stronger than 25% of micro companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,625 companies (NACE 68, micro).
About 3 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 01-2025
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%▲ +0.1 percentage points vs 06-2025
08-2025: < 0.1%▼ -0.1 percentage points 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%▲ +0.1 percentage points vs 07-2026
09-2026: 0.3%▲ +0.2 percentage points vs 08-2026highest value
10-2026: 0.3%● unchanged vs 09-2026highest value
11-2026: 0.3%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 0.03, cash €171, halved
Loss of €42,322, the second in a row (financial year 2025)
lowers risk
Founded in 1989
Size: total assets €1.9m
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 68, micro). It does better than 55% of them on solvency, 14% on liquidity, 19% on profitability and 13% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 8,617 companies had the same profile as Norbert KELLER has now. Each dot stands for 22 companies, two years later.
94.2%
were still trading
5.2%
stopped another way
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Norbert KELLER itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,447 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 8,617 companies, not a prediction for Norbert KELLER. 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.
Credit verdict
Credit of up to €55,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.03 (0.68 in 2024), below 1. Short-term debt is 62.7% and cash 0% of total assets. 62.8% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€42,322
raises risk · 2025 accounts filed 25 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
25 days late
2024
30 days early
2023
13 days late
2022
30 days late
2021
19 days late
2020
30 days late
2019
66 days late
← 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 22 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% 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 19 August (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Link-Gennen & Schmatz 66.68%equity €931,036 (2025) · 2025 annual accounts of Link-Gennen & Schmatz
Shares in 1 company, Glass Ceyssens Luxembiourg SA
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0438686161
1 director appointed, 1 resignation
Resignation: Norbert KELLER · Permanent representatives: Norbert KELLER and Olivier SCHMATZ · Appointment: Olivier SCHMATZ · General meeting of 22-12-2025 · Gazette deed
Company renamed from Norbert KELLER PGmbH to Norbert KELLER
Change of role: KELLER Norbert, from manager to director · Permanent representative: KELLER Norbert · “Administratieve en ondersteunende activiteiten ten behoeve van kantoren 821; Reclamewezen 311001; Markt- en…” (deed in Dutch) · Gazette deed
First establishment
Van Bunnenlaan 16, Knokke-Heist
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Norbert KELLER Knokke-Heist | €1.9m | €12,359 | 37.2% | - |
| VERIMO Torhout | €2.9m | €13,028 | 99.9% | - |
| P.N.E. AMELOOT Ostend | €1.8m | €9,522 | 99.6% | - |
| OMALI Maldegem | €2.3m | €17,004 | 68.7% | - |
| GEERT VERSLUYS Aalter | €2.5m | €15,702 | 77.2% | - |
| RESIDENCE HOTEL Aartselaar | €2.9m | €12,176 | 15.9% | - |
| GROEP COEKAERTS Lier | €1.6m | €7,744 | 6.7% | - |
These companies have the same main activity as Norbert KELLER: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €1.6m and €2.9m, founded between 1985 and 2000.
Official details
Source: KBO- Status
- Active since 31-10-1989Normal situation
- Activity
- Renting and operating of own or leased non-residential real estate, excluding landNACE 68203and 1 other
- Establishment unit
- 2.045.773.7488300 Knokke-Heist, since 27-11-1989
- Financial year end
- 31 December
- Peppol
- Reachable since 22-01-2026
Insights on Norbert KELLER
Norbert KELLER files the micro format. That format states no turnover. The gross margin fell from €101,880 in 2006 to €12,359 in 2025.
The balance sheet grew most from 2016 to 2018 through fixed assets.
Link-Gennen & Schmatz holds 66.68% of the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Norbert KELLER
- What is the company number of Norbert KELLER?
- The company number of Norbert KELLER is 0438.686.161. The VAT number is the same number with BE in front: BE 0438.686.161.
- Where is Norbert KELLER based?
- The registered office is at Van Bunnenlaan 16, 8300 Knokke-Heist.Company details
- What does Norbert KELLER do?
- According to the KBO register, the main activity is renting and operating of own or leased non-residential real estate, excluding land (NACE 68203).
- What is the legal form of Norbert KELLER?
- Norbert KELLER is a private limited company (pre-2019) (BVBA).
- When was Norbert KELLER founded?
- Norbert KELLER was founded on 31-10-1989.
- Is Norbert KELLER still active?
- Yes, Norbert KELLER is an active enterprise in the KBO register.
- How many employees does Norbert KELLER have?
- Norbert KELLER had an average of 0.1 full-time equivalents in financial year 2019, according to the filed annual accounts.Financials
- What is the turnover of Norbert KELLER?
- The turnover in financial year 2025 is ≈ €43,000. This figure is estimated from the gross margin of €12,359 and 31 comparable companies (NACE 68203). It probably lies between €17,000 and €97,000. It is a rough estimate.
- Is Norbert KELLER profitable?
- In financial year 2025, Norbert KELLER made a loss of €42,322.
- Where can I find the annual accounts of Norbert KELLER?
- Norbert KELLER filed 36 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Norbert KELLER due?
- Norbert KELLER must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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