Equity
-€375,640
Debts exceed assets in financial year 2025.
3 KEYS CONSTRUCT
Lifetime
6 annual accounts with figures on one time axispeak -€5,716 (2022)
-€276,587▼ €214,592
lowest -€301,386 (2025)
-€301,386▼ €228,583
peak €50,084 (2020)
-€375,640▼ €301,386
€4.4m▲ 170%
Board4 names since 2019
2 directorsBEMISAL and 1 other
Owners3 names in the annual accounts
33.33%Bemisal and 2 others
Documentsfilings and deeds
28-01-20263 days before the deadline
2025abbreviated format
Gross margin from -€61,995 to -€276,587Loss of €301,386Equity from -€74,254 to -€375,640Debts from €1.6m to €4.4mCash from €58,305 to €126,279
Key points
from the 2025 annual accountsLosses
-€438,640 in six years
Every financial year from 2020 to 2025 closed with a loss. 2025 was the heaviest.
Debts
€4.4m 109% of the balance sheet
Financial debts 73%Suppliers 12%Taxes and wages 1%Other 14%
€3.2m of the debts are secured on the company's own assets.
Filings
6 annual accounts since 2020
The last five annual accounts were filed 0 to 6 days before the end of the period.
Board
1 joined · 1 left
Board changed. Latest change 01-09-2026 · 3 in office.
Position in the sector
-€301,386
Lower net result than 95% of companies in real estate. Sector median €9,997 · 11,290 companies.
Turnover not published (abbreviated format)
Checked score
52
Fair
Financially stronger than 7% of small companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,995 companies (NACE 68, small).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%lowest value
01-2025: 0.3%▲ +0.1 percentage points vs 12-2024
02-2025: 0.2%▼ -0.1 percentage points vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.3%▲ +0.1 percentage points vs 03-2025
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.3%● unchanged vs 05-2025
07-2025: 0.3%● unchanged vs 06-2025
08-2025: 0.3%● unchanged vs 07-2025
09-2025: 0.3%● unchanged vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.3%● unchanged vs 10-2025
12-2025: 0.4%▲ +0.1 percentage points vs 11-2025
01-2026: 0.4%● unchanged vs 12-2025highest value
02-2026: 0.3%▼ -0.1 percentage points vs 01-2026
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.3%● unchanged vs 03-2026
05-2026: 0.3%● unchanged vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.3%● unchanged vs 06-2026
08-2026: 0.3%● unchanged vs 07-2026
09-2026: 0.3%● unchanged vs 08-2026
10-2026: 0.3%● unchanged vs 09-2026
11-2026: 0.3%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Negative equity -€375,640
Liquidity: current ratio 0.93, cash €126,279
lowers risk
Size: total assets €4.0m
Sector: Real estate activities (NACE 68)
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, small). It does better than 6% of them on solvency, 7% on liquidity, 12% on profitability and 1% on growth.
The bankruptcy probability was computed on 08-11-2026 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 30-06-2025.
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, 1,167 companies had the same profile as 3 KEYS CONSTRUCT has now. Each dot stands for 3 companies, two years later.
94.9%
were still trading
2.8%
stopped another way
2.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of 3 KEYS CONSTRUCT itself is lower: 0.3% within 12 months. It rests on far more data about 3 KEYS CONSTRUCT than the profile alone.
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 1,167 companies, not a prediction for 3 KEYS CONSTRUCT. 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
No credit on open account
Liquidity is insufficient, with a current ratio of 0.93 (0.95 in 2024), below 1. Short-term debt is 108% and cash 3.2% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
202122232425
2020 to 2025 · latest year -€375,640
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 28-01-2026, 3 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
3 days early
2024
2 days early
2023
6 days early
2022
1 day early
2021
on the day
2020
2 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 2 days before 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 financial year that closed on 30-06-2026 is due by 31-01-2027. Nothing is late today. The company usually files around 29 January (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
30-06-2026 year end09-11-2026 today31-01-2027 deadline
Board and ownership
- Bemisal 100%score 97equity €7.2m (2025) · deed of 01-10-2026
- SUNFIRE 33.33%equity €36.9m (2025) · 30-06-2025 annual accounts of SUNFIRE
- TPJE 33.33%score 98equity €26.1m (2025) · 2025 annual accounts of TPJE
Recent changes
1 director resigning
Vossekot NV · Permanent representatives: Philippe Dubaere, Isabelle Lemahieu and Michel Lemahieu · General meeting of 13-01-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0725453397
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| 3 KEYS CONSTRUCT Sint-Martens-Latem | - | - | -9.4% | - |
| Marie Thumas Ghent | - | - | -7.2% | 0 |
| Nasco Sint-Truiden | - | - | -19.1% | 0 |
| WELLENE Brussels | €511,909 | -20.7% | 2.3% | 0 |
| Constructies VWG Antwerp | €1,079 | - | -7.5% | - |
| NIVELLES OFFICE PARC 11 Mont-Saint-Guibert | - | - | -0.3% | - |
| Grond Ontwikkeling Bedrijf Edegem | - | - | 21.6% | - |
These companies have the same main activity as 3 KEYS CONSTRUCT: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €3.3m and €4.7m, founded between 2018 and 2020.
Official details
Source: KBO- Status
- Active since 17-04-2019Normal situation
- Registered office
- 10 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- Development of residential building projectsNACE 68121and 2 others
- Establishment unit
- 2.289.998.6659830 Sint-Martens-Latem, since 17-04-2019
- Financial year end
- 30 June
- Peppol
- Reachable since 23-06-2025
Annual accounts to 30-06-2025
- €4.0m▲ 159%
- Filing
- Filed on 28-01-2026, 3 days before the end of the filing period
Insights on 3 KEYS CONSTRUCT
3 KEYS CONSTRUCT files the abbreviated format. That format states no turnover. The gross margin fell from -€11,309 in 2020 to -€276,587 in 2025.
Bemisal holds all 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 3 KEYS CONSTRUCT
- What is the company number of 3 KEYS CONSTRUCT?
- The company number of 3 KEYS CONSTRUCT is 0725.453.397. The VAT number is the same number with BE in front: BE 0725.453.397.
- Where is 3 KEYS CONSTRUCT based?
- The registered office is at Kortrijksesteenweg 154, 9830 Sint-Martens-Latem.Company details
- What does 3 KEYS CONSTRUCT do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of 3 KEYS CONSTRUCT?
- 3 KEYS CONSTRUCT is a public limited company (NV).
- When was 3 KEYS CONSTRUCT founded?
- 3 KEYS CONSTRUCT was founded on 17-04-2019.
- Is 3 KEYS CONSTRUCT still active?
- Yes, 3 KEYS CONSTRUCT is an active enterprise in the KBO register.
- What is the turnover of 3 KEYS CONSTRUCT?
- The annual accounts for financial year 2025 state no turnover. The abbreviated format does not require it.Financials
- Is 3 KEYS CONSTRUCT profitable?
- In financial year 2025, 3 KEYS CONSTRUCT made a loss of €301,386.
- Where can I find the annual accounts of 3 KEYS CONSTRUCT?
- 3 KEYS CONSTRUCT filed 6 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of 3 KEYS CONSTRUCT due?
- 3 KEYS CONSTRUCT must file the annual accounts for financial year 2026 by 31-01-2027.Timeline
Next steps
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