KEY CHALLENGE
ActiveSummary
KEY CHALLENGE has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2,000 and a net result of €135,361. Equity is shrinking by ~28.3% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 23% of 14284 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency27▼-26
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
1.7%
Return on assets
114.3%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 14284 sector peers (2025).
NBB · sector comparisonPosition among 14284 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 11-05-2026, 81 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
81 d early
2024
30 d early
2023
75 d early
2022
on the day
2021
44 d early
2020
43 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 46 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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. Usually files around 17 June (4 of the last 5 filed years within 37 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€2,000▼ 92.5%
2024 · €26,721
Total assets
€118,404▲ 22.7%
2024 · €96,519
Net result
€135,361▲ 184%
2024 · €47,721
Working capital
-€4,499
2024 · €19,145
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. 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 fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€18,842▼ 76.0%-€9,722-€37,054▼ 281%€51,260€175,199▲ 242%
Net result€13,437within the sector's middle half▼ 78.3%-€10,896below the sector's middle half-€38,618below the sector's middle half▼ 254%€47,721above the sector's middle half€135,361above the sector's middle half▲ 184%
Equity€76,489within the sector's middle half▲ 19.8%€64,793within the sector's middle half▼ 15.3%€25,343within the sector's middle half▼ 60.9%€26,721within the sector's middle half▲ 5.4%€2,000below the sector's middle half▼ 92.5%
Total assets€113,366below the sector's middle half▲ 52.4%€98,509below the sector's middle half▼ 13.1%€57,420below the sector's middle half▼ 41.7%€96,519below the sector's middle half▲ 68.1%€118,404below the sector's middle half▲ 22.7%
Debt€36,877▲ 250%€33,716▼ 8.6%€32,077▼ 4.9%€69,798▲ 118%€116,404▲ 66.8%
Working capital€76,116within the sector's middle half▲ 20.5%€52,749within the sector's middle half▼ 30.7%€15,562within the sector's middle half▼ 70.5%€19,145within the sector's middle half▲ 23.0%-€4,499within the sector's middle half
Solvency67.5%above the sector's middle half▼ 18.4pp65.8%above the sector's middle half▼ 1.7pp44.1%within the sector's middle half▼ 21.6pp27.7%within the sector's middle half▼ 16.5pp1.7%below the sector's middle half▼ 26.0pp
Current ratio3.06above the sector's middle half▼ 3.942.56within the sector's middle half▼ 0.501.49within the sector's middle half▼ 1.081.27within the sector's middle half▼ 0.210.96within the sector's middle half▼ 0.31
Return on assets (ROA)11.9%above the sector's middle half▼ 71.3pp-11.1%below the sector's middle half▼ 22.9pp-67.3%below the sector's middle half▼ 56.2pp49.4%above the sector's middle half▲ 116.7pp114.3%above the sector's middle half▲ 64.9pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 242% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €118,404
Fixed assets
€6,499 ▼ 14.5%
Current assets
€111,905 ▲ 25.9%
Equity and liabilities €118,404
Equity
€2,000 ▼ 92.5%
Debt
€116,404 ▲ 66.8%
Debt's share of the balance-sheet total rises from 72.3% to 98.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€176,301▲
2024 · €53,440
Cash flow
€136,463▲
2024 · €49,901
Debt to equity
58.20▲
2024 · 2.61
Interest coverage
232.05▲
2024 · 24.23
Debt ≤ 1 year
€116,404▲
2024 · €69,773
Income taxes
€40,056▲
2024 · €1,555
A ratio outside any meaningful range has been withheld (balance sheet total €118,404, equity €2,000).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,153 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 96% are still going.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
1.7%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,153 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €6,967 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €290 | €1,779 | €2,264 | €2,180 | €1,102 | ▼ 49.5% |
| Other operating charges640/8 | €775 | €1,049 | €738 | €873 | €935 | ▲ 7.1% |
| Gross operating margin9900 | €19,906 | -€6,895 | -€34,052 | €54,313 | €177,236 | ▲ 226% |
| Operating profit (loss)9901 | €18,842 | -€9,722 | -€37,054 | €51,260 | €175,199 | ▲ 242% |
| Financial income75/76B | - | - | €127 | €221 | €978 | ▲ 342% |
| Recurring financial income75 | - | - | €127 | €221 | €978 | ▲ 342% |
| Financial charges65/66B | €807 | €1,041 | €1,548 | €2,205 | €760 | ▼ 65.6% |
| Recurring financial charges65 | €807 | €1,041 | €1,548 | €2,205 | €760 | ▼ 65.6% |
| Profit (loss) for the period before taxes9903 | €18,035 | -€10,763 | -€38,475 | €49,275 | €175,417 | ▲ 256% |
| Income taxes67/77 | €4,598 | €133 | €143 | €1,555 | €40,056 | ▲ 2,477% |
| Profit (loss) for the period9904 | €13,437 | -€10,896 | -€38,618 | €47,721 | €135,361 | ▲ 184% |
| Profit (loss) for the period to be appropriated9905 | €13,437 | -€10,896 | -€38,618 | €47,721 | €135,361 | ▲ 184% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €113,366 | €98,509 | €57,420 | €96,519 | €118,404 | ▲ 22.7% |
| Fixed assets21/28 | €373 | €12,044 | €9,781 | €7,600 | €6,499 | ▼ 14.5% |
| Tangible fixed assets22/27 | €373 | €12,044 | €9,781 | €7,600 | €6,499 | ▼ 14.5% |
| Furniture and vehicles24 | €373 | €2,585 | €1,308 | €115 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | €9,460 | €8,473 | €7,486 | €6,499 | ▼ 13.2% |
| Current assets29/58 | €112,993 | €86,465 | €47,639 | €88,918 | €111,905 | ▲ 25.9% |
| Amounts receivable within one year40/41 | €5,912 | €288 | €5,881 | €2,960 | €25,391 | ▲ 758% |
| Trade receivables40 | €2,200 | €124 | €5,881 | €1,948 | €24,142 | ▲ 1,139% |
| Other amounts receivable41 | €3,712 | €164 | - | €1,012 | €1,249 | ▲ 23.5% |
| Current investments50/53 | - | - | - | - | €40,000 | - |
| Cash at bank and in hand54/58 | €105,491 | €79,347 | €36,751 | €82,229 | €43,942 | ▼ 46.6% |
| Deferred charges and accrued income490/1 | €1,590 | €6,830 | €5,008 | €3,729 | €2,572 | ▼ 31.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €113,366 | €98,509 | €57,420 | €96,519 | €118,404 | ▲ 22.7% |
| Equity10/15 | €76,489 | €64,793 | €25,343 | €26,721 | €2,000 | ▼ 92.5% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €74,489 | €62,793 | €23,343 | €24,721 | - | - |
| Amounts payable17/49 | €36,877 | €33,716 | €32,077 | €69,798 | €116,404 | ▲ 66.8% |
| Amounts payable within one year42/48 | €36,877 | €33,716 | €32,077 | €69,773 | €116,404 | ▲ 66.8% |
| Financial debts43 | €809 | €511 | €570 | - | €890 | - |
| Credit institutions430/8 | €809 | €511 | €570 | - | €890 | - |
| Trade debts44 | €117 | €2,206 | €118 | €1,990 | €1,963 | ▼ 1.4% |
| Suppliers440/4 | €117 | €2,206 | €118 | €1,990 | €1,963 | ▼ 1.4% |
| Taxes, remuneration and social security45 | €18,946 | €17,486 | €11,456 | €7,972 | €23,824 | ▲ 199% |
| Taxes450/3 | €18,946 | €17,486 | €11,456 | €7,972 | €23,824 | ▲ 199% |
| Other amounts payable47/48 | €17,005 | €13,513 | €19,933 | €59,811 | €89,726 | ▲ 50.0% |
| Accrued charges and deferred income492/3 | - | - | - | €25 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,437 | -€10,896 | -€38,618 | €47,721 | €135,361 | ▲ 184% |
| + Depreciation and write-downs630 | €290 | €1,779 | €2,264 | €2,180 | €1,102 | ▼ 49.5% |
| Operating cash flow (approximation) | €13,727 | -€9,116 | -€36,354 | €49,901 | €136,463 | ▲ 173% |
| Investment in fixed assets (approximation) | - | -€13,451 | €0 | €0 | €0 | - |
| Change in cash | - | -€26,144 | -€42,596 | €45,478 | -€38,287 | ▼ 184% |
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
11-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2020net €135,361 ▲184%
Operating result €175,199, net result €135,361, both a record.
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €47,721
Net result €47,721 after 2 loss-making years.
17-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet -€38,618
Net result drops to -€38,618, the lowest in the series; recovery starts the following year.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
17-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
18-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ukkel · 1 establishment unit since 2020
Ground area
1,017 m²
Building footprint
590 m²
Volume, LiDAR
9,003 m³
Parcel 21618B0279/00V005, Brussels · tallest building 20.5 m, ±5 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
KEY CHALLENGE
since 20202.300.365.886
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21618B0279/00V005 | Brussels | 1,016 m² | 1 · 590 m² | 20.5 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.
Similar companies · same sector, comparable size
MADE UNLIMITED
BE 0727.512.866
Elsene · Eq €2,000
CAMMA
BE 0737.871.179
Diksmuide · Eq €2,000
't Huys Vastgoed
BE 0745.668.001
Hamont-Achel · Eq €2,000
Via Sofie
BE 0751.630.135
Boechout · Eq €2,000
IBP Real Estate
BE 0758.467.645
Kortemark · Eq €2,000
Of 11,749 companies in sector 68310 we hold annual accounts for 6,910. 1,121 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded28-02-2020
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
68110Buying and selling of own real estate
68203Renting and operating of own or leased non-residential real estate, excluding land
68321Property management for co-owned buildings (syndics)
68322Real estate appraisal on a fee or contract basis
Contact
E-invoicing
Reachable via Peppol
Peppol ID
0208:0744584767
Also
9925:BE0744584767
Registered
12-05-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.