Key Builder
ActiveSummary
The computed 12-month bankruptcy probability of Key Builder is 3.3% (moderate). The 2025 annual accounts show negative equity (-€562,482) and a net result of -€111,907. Equity is shrinking by about 23% per year across the filed financial years. Its solvency ranks better than 5% of 11,191 sector peers (NACE 68, financial year 2025). The company has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (29 days) Filed on 29 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00130089.
Equity
-€562,482▼ 24.8%
2024 · -€450,575
Total assets
€1.2m▼ 1.3%
2024 · €1.2m
Net result
-€111,907
2024 · €192,448
Working capital
€300,183▲ 29.2%
2024 · €232,428
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result turns negative in 2025: a loss of €27,112 after €295,102 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€0.03m
2025
Net result-€0.1m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€1.2m
2025
Equity-€0.6m
2025
Debt€1.7m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€0.3m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-9.6%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency-48.3%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio2.13
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.03m--€0.03m-€0.2m▼ 680%-€0.02m▲ 90.5%-€0.04m▼ 97.7%€0.3m-€0.03m
Net result-€0.01m--€0.07mbelow the sector's middle half▼ 517%-€0.3mbelow the sector's middle half▼ 342%-€0.1mbelow the sector's middle half▲ 56.2%-€0.2mbelow the sector's middle half▼ 22.6%€0.2mabove the sector's middle half-€0.1mbelow the sector's middle half
Equity€0.03m--€0.04mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 718%-€0.5mbelow the sector's middle half▼ 38.5%-€0.6mbelow the sector's middle half▼ 34.1%-€0.5mbelow the sector's middle half▲ 29.9%-€0.6mbelow the sector's middle half▼ 24.8%
Total assets€1.0m-€1.1mwithin the sector's middle half▲ 14.3%€1.5mwithin the sector's middle half▲ 37.1%€1.6mwithin the sector's middle half▲ 5.4%€1.6mwithin the sector's middle half▼ 0.3%€1.2mwithin the sector's middle half▼ 27.3%€1.2mwithin the sector's middle half▼ 1.3%
Debt€1.0m-€1.2m▲ 21.8%€1.9m▲ 61.8%€2.1m▲ 11.5%€2.3m▲ 7.5%€1.6m▼ 28.0%€1.7m▲ 6.0%
Working capital-€0.7m--€0.8mbelow the sector's middle half▼ 6.7%-€1.2mbelow the sector's middle half▼ 53.3%-€1.4mbelow the sector's middle half▼ 15.6%-€2.1mbelow the sector's middle half▼ 51.4%€0.2mwithin the sector's middle half€0.3mwithin the sector's middle half▲ 29.2%
Solvency2.7%--3.8%below the sector's middle half▼ 6.4pp-22.4%below the sector's middle half▼ 18.7pp-29.5%below the sector's middle half▼ 7.0pp-39.6%below the sector's middle half▼ 10.2pp-38.2%below the sector's middle half▲ 1.4pp-48.3%below the sector's middle half▼ 10.1pp
Current ratio0.21-0.22below the sector's middle half▲ 0.010.04below the sector's middle half▼ 0.180.07below the sector's middle half▲ 0.020.03below the sector's middle half▼ 0.031.67within the sector's middle half▲ 1.642.13within the sector's middle half▲ 0.46
Return on assets (ROA)-1.1%--6.1%below the sector's middle half▼ 5.0pp-19.7%below the sector's middle half▼ 13.6pp-8.2%below the sector's middle half▲ 11.5pp-10.1%below the sector's middle half▼ 1.9pp16.3%above the sector's middle half▲ 26.4pp-9.6%below the sector's middle half▼ 25.9pp
above
within
below
the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€598,035 ▼ 0.4%
Current assets
€566,543 ▼ 2.2%
Equity and liabilities
Equity-€562,482
Debt€1.7m
Equity is negative: debt (€1.7m) exceeds the balance-sheet total (€1.2m).
Key figures and ratios
EBITDA
-€26,896▼
2024 · €295,362
Cash flow
-€111,691▼
2024 · €192,709
Quick ratio
0.12▼
2024 · 0.22
Interest coverage
-0.30▼
2024 · 2.84
Debt ≤ 1 year
€266,360▼
2024 · €346,802
Debt > 1 year
€1.5m▲
2024 · €1.3m
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €500,027 | €130 | ▼ 100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,890 | €41,529 | €108,172 | €53,604 | €51,388 | €261 | €216 | ▼ 17.2% |
| Other operating charges640/8 | - | - | €6,001 | €34,957 | €17,650 | €23,984 | €8,608 | ▼ 64.1% |
| Non-recurring operating charges66A | - | - | €110,000 | €0 | - | €49,499 | - | - |
| Gross operating margin9900 | €126,795 | €21,348 | €10,033 | €68,157 | €28,694 | €368,845 | -€18,289 | - |
| Operating profit (loss)9901 | €26,076 | -€27,452 | -€214,140 | -€20,405 | -€40,343 | €295,102 | -€27,112 | - |
| Financial income75/76B | - | - | €547 | €595 | €473 | €1,502 | €3,955 | ▲ 163% |
| Recurring financial income75 | €1,690 | €1,202 | €547 | €595 | €473 | €1,502 | €3,955 | ▲ 163% |
| Financial charges65/66B | - | - | €90,363 | €113,472 | €123,557 | €104,155 | €88,750 | ▼ 14.8% |
| Recurring financial charges65 | €38,900 | €42,462 | €90,363 | €113,472 | €123,557 | €104,155 | €88,750 | ▼ 14.8% |
| Profit (loss) for the period before taxes9903 | -€11,134 | -€68,713 | -€303,955 | -€133,282 | -€163,428 | €192,448 | -€111,907 | - |
| Profit (loss) for the period9904 | -€11,134 | -€68,713 | -€303,955 | -€133,282 | -€163,428 | €192,448 | -€111,907 | - |
| Transfer from tax-exempt reserves789 | - | - | €0 | - | - | - | - | - |
| Transfer to tax-exempt reserves689 | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€11,612 | -€68,426 | -€303,955 | -€133,282 | -€163,428 | €192,448 | -€111,907 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.0m | €1.1m | €1.5m | €1.6m | €1.6m | €1.2m | €1.2m | ▼ 1.3% |
| Fixed assets21/28 | €0.8m | €0.9m | €1.5m | €1.5m | €1.5m | €0.6m | €0.6m | ▼ 0.4% |
| Tangible fixed assets22/27 | €0.8m | €0.9m | €1.5m | €1.5m | €1.5m | €0.002m | €0.001m | ▼ 61.4% |
| Land and buildings22 | - | - | €1.5m | €1.5m | €1.5m | - | - | - |
| Furniture and vehicles24 | - | - | €0.02m | €0.01m | €0.002m | €0.002m | €0.001m | ▼ 61.4% |
| Financial fixed assets28 | - | - | - | - | €0.001m | €0.6m | €0.6m | ▼ 0.2% |
| Current assets29/58 | €0.2m | €0.2m | €0.05m | €0.1m | €0.07m | €0.6m | €0.6m | ▼ 2.2% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.5m | €0.5m | ▲ 6.1% |
| Stocks30/36 | - | - | - | - | - | €0.5m | €0.5m | ▲ 6.1% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.05m | €0.1m | €0.07m | €0.08m | €0.03m | ▼ 57.2% |
| Trade receivables40 | - | - | €0.01m | €0.06m | €0.04m | €0.01m | €0.01m | ▼ 4.5% |
| Other amounts receivable41 | - | - | €0.04m | €0.04m | €0.03m | €0.06m | €0.02m | ▼ 69.5% |
| Cash at bank and in hand54/58 | - | €386 | €0.001m | €0.001m | €0.001m | €67 | €297 | ▲ 343% |
| Deferred charges and accrued income490/1 | - | - | €0.001m | €0.002m | €0.002m | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.0m | €1.1m | €1.5m | €1.6m | €1.6m | €1.2m | €1.2m | ▼ 1.3% |
| Equity10/15 | €0.03m | -€0.04m | -€0.3m | -€0.5m | -€0.6m | -€0.5m | -€0.6m | ▼ 24.8% |
| Contributions10/11 | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.02m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Non-distributable reserves130/1 | - | - | €0.003m | €0.003m | €0.003m | - | - | - |
| Reserves not available under the articles1311 | - | - | €0.003m | €0.003m | €0.003m | - | - | - |
| Tax-exempt reserves132 | - | - | €191 | €191 | €191 | €191 | €191 | = |
| Distributable reserves133 | - | - | - | - | - | €0.003m | €0.003m | = |
| Profit (loss) carried forward14 | - | -€0.05m | -€0.4m | -€0.5m | -€0.7m | -€0.5m | -€0.6m | ▼ 24.4% |
| Amounts payable17/49 | €1.0m | €1.2m | €1.9m | €2.1m | €2.3m | €1.6m | €1.7m | ▲ 6.0% |
| Amounts payable after more than one year17 | - | €0.1m | €0.6m | €0.5m | €0 | €1.3m | €1.5m | ▲ 14.1% |
| Financial debts170/4 | - | - | €0.6m | €0.5m | €0 | €1.3m | €1.5m | ▲ 14.1% |
| Amounts payable within one year42/48 | €0.9m | €1.0m | €1.3m | €1.5m | €2.2m | €0.3m | €0.3m | ▼ 23.2% |
| Current portion of amounts payable after more than one year42 | - | - | €0.04m | €0.04m | €0.9m | - | - | - |
| Financial debts43 | - | - | €0.4m | €0.4m | €0.1m | €0.2m | €0.2m | = |
| Credit institutions430/8 | - | - | €0.4m | €0.4m | €0.1m | - | - | - |
| Other loans439 | - | - | - | - | - | €0.2m | €0.2m | = |
| Trade debts44 | €0.08m | €0.06m | €0.03m | €0.04m | €0.02m | €0.04m | €0.003m | ▼ 92.6% |
| Suppliers440/4 | - | - | €0.03m | €0.04m | €0.02m | €0.04m | €0.003m | ▼ 92.6% |
| Advances received on contracts in progress46 | - | - | €0.002m | €123 | €171 | - | - | - |
| Taxes, remuneration and social security45 | - | - | €0.003m | €0 | - | €0.07m | €0.04m | ▼ 46.6% |
| Taxes450/3 | - | - | €0.003m | €0 | - | €0.07m | €0.04m | ▼ 46.6% |
| Other amounts payable47/48 | - | - | €0.8m | €1.1m | €1.2m | €0.03m | €0.02m | ▼ 17.4% |
| Accrued charges and deferred income492/3 | - | - | €0.03m | €0.06m | €0.05m | €0.004m | €0.001m | ▼ 70.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,134 | -€68,713 | -€303,955 | -€133,282 | -€163,428 | €192,448 | -€111,907 | - |
| + Depreciation and write-downs630 | €37,890 | €41,529 | €108,172 | €53,604 | €51,388 | €261 | €216 | ▼ 17.2% |
| Operating cash flow (approximation) | €26,756 | -€27,184 | -€195,784 | -€79,678 | -€112,040 | €192,709 | -€111,691 | - |
| Investment in fixed assets (approximation) | - | -€154,582 | -€698,571 | -€92,442 | -€71,692 | €947,591 | €1,999 | ▼ 99.8% |
| Change in cash | - | - | €614 | €26 | -€148 | -€811 | €230 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-09-2025 | abbreviated format | 29-05-2026 | 2026-00130089 |
| 30-09-2024 | abbreviated format | 30-04-2025 | 2025-00085823 |
| 30-09-2023 | abbreviated format | 29-04-2024 | 2024-00071618 |
| 30-09-2022 | abbreviated format | 28-04-2023 | 2023-00069491 |
| 30-09-2021 | abbreviated format | 28-04-2022 | 2022-20010853 |
| 30-09-2020 | abbreviated format | 30-04-2021 | 2021-12000248 |
| 30-09-2019 | abbreviated format | 29-04-2020 | 2020-10100451 |
| 30-09-2018 | abbreviated format | 27-03-2019 | 2019-07800187 |
| 30-09-2017 | abbreviated format | 17-05-2018 | 2018-12900119 |
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of the 9,531 active companies whose main activity is development of residential building projects (NACE 68121), figures are known for 7,448. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.