Key Concept
ActiveSummary
Key Concept has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.21M and a net result of €51k. Equity is growing by ~4.8% per year across the filed fiscal years. Its solvency ranks better than 43% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability20▼-9
Solvency49▲+3
Growth66=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55k at 30 days acceptable
Liquidity tight (current ratio 1.21 against 1.29 in 2024; short-term debt: 75.7% and cash: 3.7% of total assets), and 75.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
24.3%
Return on assets
1%
Age of the figures
9 mo
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
34 d early
2023
9 d early
2022
7 d early
2021
17 d early
2020
47 d late
2019
81 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
€1.80M▼ 50.1%
2019 · €3.60M
2018: €1.28Mlowest in 3 years
2019: €3.60M▲ +181% vs 2018highest in 3 years
2020: €1.80M▼ -50.1% vs 2019
2018 → 2020
EBIT margin
9.5%▼ 5.4pp
2019 · 14.8%
2018: 5.3%lowest in 3 years
2019: 14.8%▲ +180% vs 2018highest in 3 years
2020: 9.5%▼ -36.1% vs 2019
2018 → 2020
Net result
€51k▲ 78.7%
2024 · €28k
2018: €69k
2019: €305k▲ +344% vs 2018highest in 8 years
2020: €59k▼ -80.6% vs 2019
2021: €208k▲ +252% vs 2020
2022: €16k▼ -92.4% vs 2021lowest in 8 years
2023: €64k▲ +302% vs 2022
2024: €28k▼ -55.5% vs 2023
2025: €51k▲ +78.7% vs 2024
2018 → 2025
Working capital
€783k▼ 39.6%
2024 · €1.30M
2018: €442klowest in 8 years
2019: €1.07M▲ +143% vs 2018
2020: €1.32M▲ +23.0% vs 2019
2021: €1.65M▲ +25.2% vs 2020
2022: €1.83M▲ +10.9% vs 2021highest in 8 years
2023: €1.42M▼ -22.2% vs 2022
2024: €1.30M▼ -9.0% vs 2023
2025: €783k▼ -39.6% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.33M-€1.34M▲ 1.1%€1.34M▼ 0.4%€1.30M▼ 3.0%€1.21M▼ 7.1%
2021: €1.33M
2022: €1.34M▲ +1.1% vs 2021highest in 5 years
2023: €1.34M▼ -0.4% vs 2022
2024: €1.30M▼ -3.0% vs 2023
2025: €1.21M▼ -7.1% vs 2024lowest in 5 years
Operating result€459k-€82k▼ 82.0%€305k▲ 270%€225k▼ 26.2%€-2k
2021: €459khighest in 5 years
2022: €82k▼ -82.0% vs 2021
2023: €305k▲ +270% vs 2022
2024: €225k▼ -26.2% vs 2023
2025: €-2k▼ -101% vs 2024lowest in 5 years
Net result€208k-€16k▼ 92.4%€64k▲ 302%€28k▼ 55.5%€51k▲ 78.7%
2021: €208khighest in 5 years
2022: €16k▼ -92.4% vs 2021lowest in 5 years
2023: €64k▲ +302% vs 2022
2024: €28k▼ -55.5% vs 2023
2025: €51k▲ +78.7% vs 2024
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €2k after €225k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.96M
Fixed assets
€424k ▼ 0.3%
Current assets
€4.54M ▼ 20.8%
Equity and liabilities €4.96M
Equity
€1.21M ▼ 7.1%
Debt
€3.75M ▼ 22.7%
Debt's share of the balance-sheet total falls from 78.9% to 75.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-840▼
2024 · €227k
Cash flow
€52k▲
2024 · €30k
Current ratio
1.21▼
2024 · 1.29
Quick ratio
0.30▼
2024 · 0.46
Debt to equity
3.11▼
2024 · 3.74
ROE
4.2%▲
2024 · 2.2%
ROA
1.0%▲
2024 · 0.5%
Interest coverage
0.00▼
2024 · 1.19
Debt ≤ 1 year
€3.75M▼
2024 · €4.43M
Income taxes
€24k▲
2024 · €22k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 53 lines
Balance sheet
Code20242025
Assets
Total assets20/58€6.15M€4.96M▼
Fixed assets21/28€425k€424k▼
Tangible fixed assets22/27€4k€2k▼
Furniture and vehicles24€4k€2k▼
Financial fixed assets28€421k€421k▲
Current assets29/58€5.73M€4.54M▼
Stocks and contracts in progress3€3.68M€3.42M▼
Stocks30/36€3.68M€3.42M▼
Amounts receivable within one year40/41€1.90M€912k▼
Trade receivables40€1.53M€765k▼
Other amounts receivable41€369k€148k▼
Cash at bank and in hand54/58€129k€182k▲
Deferred charges and accrued income490/1€22k€21k▼
Equity and liabilities
Total equity and liabilities10/49€6.15M€4.96M▼
Equity10/15€1.30M€1.21M▼
Contributions10/11€6k€6k=
Reserves13€619k€527k▼
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Tax-exempt reserves132€96k€96k=
Distributable reserves133€521k€429k▼
Profit (loss) carried forward14€673k€673k=
Amounts payable17/49€4.85M€3.75M▼
Amounts payable after more than one year17€422k-
Financial debts170/4€422k-
Amounts payable within one year42/48€4.43M€3.75M▼
Current portion of amounts payable after more than one year42€88k€9k▼
Financial debts43€3.37M€1.97M▼
Credit institutions430/8€3.37M€1.97M▼
Trade debts44€802k€1.12M▲
Suppliers440/4€802k€1.12M▲
Taxes, remuneration and social security45€28k€355k▲
Taxes450/3€28k€355k▲
Other amounts payable47/48€148k€297k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1k€2k▲
Other operating charges640/8€6k€13k▲
Gross operating margin9900€233k€12k▼
Operating profit (loss)9901€225k€-2k▼
Financial income75/76B€16k€298k▲
Recurring financial income75€16k€298k▲
Financial charges65/66B€191k€221k▲
Recurring financial charges65€191k€221k▲
Profit (loss) for the period before taxes9903€50k€74k▲
Income taxes67/77€22k€24k▲
Profit (loss) for the period9904€28k€51k▲
Profit (loss) for the period to be appropriated9905€28k€51k▲
Appropriation of the result
Profit (loss) to be appropriated9906€702k€724k▲
Profit (loss) brought forward from the previous period14P€673k€673k=
Transfer from equity791/2-€143k
Transfer to equity691/2€28k€51k▲
To other reserves6921€28k€51k▲
Profit to be distributed694/7-€143k
Return on contributions (dividend)694-€143k
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1k | €2k | €2k | €1k | €2k | ▲ 25.1% |
| Other operating charges640/8 | €2k | €4k | €6k | €6k | €13k | ▲ 99.5% |
| Non-recurring operating charges66A | €99k | €2k | €11k | - | - | - |
| Gross operating margin9900 | €561k | €91k | €324k | €233k | €12k | ▼ 95.0% |
| Operating profit (loss)9901 | €459k | €82k | €305k | €225k | €-2k | ▼ 101% |
| Financial income75/76B | €1k | €8k | €2k | €16k | €298k | ▲ 1,772% |
| Recurring financial income75 | €1k | €8k | €2k | €16k | €298k | ▲ 1,772% |
| Financial charges65/66B | €117k | €59k | €209k | €191k | €221k | ▲ 15.7% |
| Recurring financial charges65 | €117k | €59k | €209k | €191k | €221k | ▲ 15.7% |
| Profit (loss) for the period before taxes9903 | €343k | €31k | €99k | €50k | €74k | ▲ 48.5% |
| Income taxes67/77 | €134k | €15k | €35k | €22k | €24k | ▲ 9.0% |
| Profit (loss) for the period9904 | €208k | €16k | €64k | €28k | €51k | ▲ 78.7% |
| Profit (loss) for the period to be appropriated9905 | €208k | €16k | €64k | €28k | €51k | ▲ 78.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.09M | €5.96M | €4.78M | €6.15M | €4.96M | ▼ 19.4% |
| Fixed assets21/28 | €420k | €127k | €415k | €425k | €424k | ▼ 0.3% |
| Tangible fixed assets22/27 | €151k | €8k | €6k | €4k | €2k | ▼ 38.6% |
| Land and buildings22 | €148k | - | - | - | - | - |
| Furniture and vehicles24 | €3k | €4k | €2k | €4k | €2k | ▼ 38.6% |
| Assets under construction and advance payments27 | - | €5k | €5k | - | - | - |
| Financial fixed assets28 | €269k | €119k | €409k | €421k | €421k | ▲ 0.1% |
| Current assets29/58 | €2.68M | €5.83M | €4.37M | €5.73M | €4.54M | ▼ 20.8% |
| Stocks and contracts in progress3 | €1.86M | €4.86M | €3.01M | €3.68M | €3.42M | ▼ 6.9% |
| Stocks30/36 | €1.86M | €4.86M | €3.01M | €3.68M | €3.42M | ▼ 6.9% |
| Amounts receivable within one year40/41 | €504k | €729k | €1.23M | €1.90M | €912k | ▼ 52.0% |
| Trade receivables40 | €256k | €313k | €816k | €1.53M | €765k | ▼ 50.1% |
| Other amounts receivable41 | €248k | €415k | €413k | €369k | €148k | ▼ 60.1% |
| Cash at bank and in hand54/58 | €304k | €230k | €116k | €129k | €182k | ▲ 41.2% |
| Deferred charges and accrued income490/1 | €10k | €9k | €13k | €22k | €21k | ▼ 4.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.09M | €5.96M | €4.78M | €6.15M | €4.96M | ▼ 19.4% |
| Equity10/15 | €1.33M | €1.34M | €1.34M | €1.30M | €1.21M | ▼ 7.1% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €650k | €665k | €659k | €619k | €527k | ▼ 14.9% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | €2k | = |
| Tax-exempt reserves132 | €96k | €96k | €96k | €96k | €96k | = |
| Distributable reserves133 | €552k | €567k | €561k | €521k | €429k | ▼ 17.7% |
| Profit (loss) carried forward14 | €673k | €673k | €673k | €673k | €673k | = |
| Amounts payable17/49 | €1.77M | €4.61M | €3.44M | €4.85M | €3.75M | ▼ 22.7% |
| Amounts payable after more than one year17 | €740k | €612k | €500k | €422k | - | - |
| Financial debts170/4 | €740k | €612k | €500k | €422k | - | - |
| Amounts payable within one year42/48 | €1.03M | €4.00M | €2.94M | €4.43M | €3.75M | ▼ 15.3% |
| Current portion of amounts payable after more than one year42 | €231k | €163k | €112k | €88k | €9k | ▼ 89.3% |
| Financial debts43 | €421k | €2.78M | €2.14M | €3.37M | €1.97M | ▼ 41.5% |
| Credit institutions430/8 | €421k | €2.78M | €2.14M | €3.37M | €1.97M | ▼ 41.5% |
| Trade debts44 | €307k | €787k | €459k | €802k | €1.12M | ▲ 40.0% |
| Suppliers440/4 | €307k | €787k | €459k | €802k | €1.12M | ▲ 40.0% |
| Taxes, remuneration and social security45 | €66k | €45k | €138k | €28k | €355k | ▲ 1,153% |
| Taxes450/3 | €66k | €45k | €138k | €28k | €355k | ▲ 1,153% |
| Other amounts payable47/48 | €560 | €222k | €90k | €148k | €297k | ▲ 101% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €208k | €16k | €64k | €28k | €51k | ▲ 78.7% |
| + Depreciation and write-downs630 | €1k | €2k | €2k | €1k | €2k | ▲ 25.1% |
| Operating cash flow (approximation) | €210k | €18k | €66k | €30k | €52k | ▲ 76.5% |
| Investment in fixed assets (approximation) | - | €291k | €-290k | €-11k | €-400 | ▲ 96.4% |
| Change in cash | - | €-75k | €-113k | €13k | €53k | ▲ 311% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
22-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet €16k ▼92.4%
Net result drops to €16k, the lowest in the series; recovery starts the following year.
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
16-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 47 days late
2020
20-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 81 days late
2019
31-12
Financial
Highest result since 2018net €305k ▲344%
Operating result €534k, net result €305k, both a record.
31-12
Financial
Equity above €1MEq €1.06M ▲40.1%
2 profitable years in a row build equity to €1.06M.
25-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 56 days late
2018
03-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 3 days late
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
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.
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Directors · office · real estate
Directors
3 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, Chastre · 1 establishment unit since 2003
Ground area
792 m²
Building footprint
140 m²
Volume, LiDAR
1,144 m³
Parcel 25017C0121/00L000, Wallonia · tallest building 10.3 m, ±3 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Key Concept
since 20032.145.489.550
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25017C0121/00L000 | Wallonia | 792 m² | 1 · 140 m² | 10.3 m · 3 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.
Recognitions · licences · registrations
Legal Entity Identifier
967600CD8XDJX5AN9071
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Of 9,693 companies in sector 68121 we hold annual accounts for 7,385. 3,678 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
Founded05-12-2003
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
Contact
E-mail
keyconcept@skynet.beChastre
Phone
0476/594100Chastre
Scores and ratios are computed by Checked and are not a credit decision.