Key Concept
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 22 filings
Turnover
€1.8m▼ 50.1%
2019 · €3.6m
EBIT margin
9.5%▼ 5.4pp
2019 · 14.8%
Net result
€50,841▲ 78.7%
2024 · €28,448
Working capital
€782,832▼ 39.6%
2024 · €1.3m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€2,388
2025
20182025
Net result
€50,841
▲ 78.7%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€1.2m
▼ 7.1%
2025
highest quarter of the sector
20182025
Total assets
€5.0m
▼ 19.4%
2025
highest quarter of the sector
20182025
Debt
€3.8m
▼ 22.7%
2025
20182025
Working capital
€782,832
▼ 39.6%
2025
highest quarter of the sector
20182025
Solvency
24.3%
▲ 3.2pp
2025
middle half of the sector
20182025
Current ratio
1.21
▼ 0.08
2025
middle half of the sector
20182025
Return on assets (ROA)
1.0%
▲ 0.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.3m-€3.6m▲ 181%€1.8m▼ 50.1%
Operating result€0.07m-€0.5m▲ 685%€0.2m▼ 68.1%€0.5m▲ 169%€0.08m▼ 82.0%€0.3m▲ 270%€0.2m▼ 26.2%-€0.002m
Net result€0.07m-€0.3m▲ 344%€0.06mwithin the sector's middle half▼ 80.6%€0.2mabove the sector's middle half▲ 252%€0.02mwithin the sector's middle half▼ 92.4%€0.06mwithin the sector's middle half▲ 302%€0.03mwithin the sector's middle half▼ 55.5%€0.05mwithin the sector's middle half▲ 78.7%
EBIT margin5.3%-14.8%▲ 9.5pp9.5%▼ 5.4pp
Equity€0.8m-€1.1m▲ 40.1%€1.1mwithin the sector's middle half▲ 5.5%€1.3mwithin the sector's middle half▲ 18.5%€1.3mwithin the sector's middle half▲ 1.1%€1.3mwithin the sector's middle half▼ 0.4%€1.3mwithin the sector's middle half▼ 3.0%€1.2mabove the sector's middle half▼ 7.1%
Total assets€3.4m-€3.9m▲ 14.1%€4.5mwithin the sector's middle half▲ 16.2%€3.1mwithin the sector's middle half▼ 31.8%€6.0mwithin the sector's middle half▲ 92.5%€4.8mwithin the sector's middle half▼ 19.7%€6.2mwithin the sector's middle half▲ 28.7%€5.0mabove the sector's middle half▼ 19.4%
Debt€2.7m-€2.8m▲ 6.7%€3.4m▲ 20.2%€1.8m▼ 48.3%€4.6m▲ 161%€3.4m▼ 25.3%€4.9m▲ 41.0%€3.8m▼ 22.7%
Working capital€0.4m-€1.1m▲ 143%€1.3mabove the sector's middle half▲ 23.0%€1.6mabove the sector's middle half▲ 25.2%€1.8mabove the sector's middle half▲ 10.9%€1.4mabove the sector's middle half▼ 22.2%€1.3mabove the sector's middle half▼ 9.0%€0.8mabove the sector's middle half▼ 39.6%
Solvency22.2%-27.2%▲ 5.0pp24.7%within the sector's middle half▼ 2.5pp43.0%within the sector's middle half▲ 18.2pp22.6%within the sector's middle half▼ 20.4pp28.0%within the sector's middle half▲ 5.4pp21.1%within the sector's middle half▼ 6.9pp24.3%within the sector's middle half▲ 3.2pp
Current ratio1.19-1.46▲ 0.271.47within the sector's middle half▲ 0.012.61within the sector's middle half▲ 1.141.46within the sector's middle half▼ 1.151.48within the sector's middle half▲ 0.031.29within the sector's middle half▼ 0.191.21within the sector's middle half▼ 0.08
Return on assets (ROA)2.0%-7.8%▲ 5.8pp1.3%within the sector's middle half▼ 6.5pp6.7%above the sector's middle half▲ 5.4pp0.3%within the sector's middle half▼ 6.5pp1.3%within the sector's middle half▲ 1.1pp0.5%within the sector's middle half▼ 0.9pp1.0%within the sector's middle half▲ 0.6pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €2,388, after a profit of €225,294 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.0m
Fixed assets
€423,745 ▼ 0.3%
Current assets
€4.5m ▼ 20.8%
Equity and liabilities €5.0m
Equity
€1.2m ▼ 7.1%
Debt
€3.8m ▼ 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 · €226,531
Cash flow
€52,389▲
2024 · €29,685
Quick ratio
0.30▼
2024 · 0.46
Debt to equity
3.11▼
2024 · 3.74
ROE
4.2%▲
2024 · 2.2%
Interest coverage
0.00▼
2024 · 1.19
Debt ≤ 1 year
€3.8m▼
2024 · €4.4m
Income taxes
€23,638▲
2024 · €21,695
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,341 | €7,190 | - | €3,567 | - |
| Financial fixed assets | - | - | €290,000 | €12,134 | €400 |
| Depreciation and write-downs of the year | €1,149 | €2,034 | €2,103 | €1,237 | €1,548 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.3m | €3.6m | €1.8m | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.001m | - | €0.001m | €0.002m | €0.002m | €0.001m | €0.002m | ▲ 25.1% |
| Other operating charges640/8 | - | - | - | €0.002m | €0.004m | €0.006m | €0.006m | €0.01m | ▲ 99.5% |
| Non-recurring operating charges66A | - | - | - | €0.1m | €0.002m | €0.01m | - | - | - |
| Gross operating margin9900 | €0.07m | €0.8m | €0.2m | €0.6m | €0.09m | €0.3m | €0.2m | €0.01m | ▼ 95.0% |
| Operating profit (loss)9901 | €0.07m | €0.5m | €0.2m | €0.5m | €0.08m | €0.3m | €0.2m | -€0.002m | - |
| Financial income75/76B | - | - | - | €0.001m | €0.008m | €0.002m | €0.02m | €0.3m | ▲ 19× |
| Recurring financial income75 | €0.02m | €0.02m | €0.002m | €0.001m | €0.008m | €0.002m | €0.02m | €0.3m | ▲ 19× |
| Financial charges65/66B | - | - | - | €0.1m | €0.06m | €0.2m | €0.2m | €0.2m | ▲ 15.7% |
| Recurring financial charges65 | €0.04m | €0.06m | €0.08m | €0.1m | €0.06m | €0.2m | €0.2m | €0.2m | ▲ 15.7% |
| Profit (loss) for the period before taxes9903 | €0.09m | €0.5m | €0.09m | €0.3m | €0.03m | €0.1m | €0.05m | €0.07m | ▲ 48.5% |
| Income taxes67/77 | €0.02m | €0.2m | €0.03m | €0.1m | €0.01m | €0.04m | €0.02m | €0.02m | ▲ 9.0% |
| Profit (loss) for the period9904 | €0.07m | €0.3m | €0.06m | €0.2m | €0.02m | €0.06m | €0.03m | €0.05m | ▲ 78.7% |
| Profit (loss) for the period to be appropriated9905 | €0.07m | €0.2m | €0.06m | €0.2m | €0.02m | €0.06m | €0.03m | €0.05m | ▲ 78.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.4m | €3.9m | €4.5m | €3.1m | €6.0m | €4.8m | €6.2m | €5.0m | ▼ 19.4% |
| Fixed assets21/28 | €0.7m | €0.5m | €0.4m | €0.4m | €0.1m | €0.4m | €0.4m | €0.4m | ▼ 0.3% |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.1m | €0.2m | €0.008m | €0.006m | €0.004m | €0.002m | ▼ 38.6% |
| Land and buildings22 | - | - | - | €0.1m | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.004m | €0.002m | €0.004m | €0.002m | ▼ 38.6% |
| Assets under construction and advance payments27 | - | - | - | - | €0.005m | €0.005m | - | - | - |
| Financial fixed assets28 | €0.5m | €0.4m | €0.3m | €0.3m | €0.1m | €0.4m | €0.4m | €0.4m | ▲ 0.1% |
| Current assets29/58 | €2.8m | €3.4m | €4.1m | €2.7m | €5.8m | €4.4m | €5.7m | €4.5m | ▼ 20.8% |
| Stocks and contracts in progress3 | €2.1m | €2.2m | €3.1m | €1.9m | €4.9m | €3.0m | €3.7m | €3.4m | ▼ 6.9% |
| Stocks30/36 | - | - | - | €1.9m | €4.9m | €3.0m | €3.7m | €3.4m | ▼ 6.9% |
| Amounts receivable within one year40/41 | €0.2m | €0.9m | €0.6m | €0.5m | €0.7m | €1.2m | €1.9m | €0.9m | ▼ 52.0% |
| Trade receivables40 | - | - | - | €0.3m | €0.3m | €0.8m | €1.5m | €0.8m | ▼ 50.1% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.4m | €0.4m | €0.4m | €0.1m | ▼ 60.1% |
| Current investments50/53 | €0.05m | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 41.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.009m | €0.01m | €0.02m | €0.02m | ▼ 4.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.4m | €3.9m | €4.5m | €3.1m | €6.0m | €4.8m | €6.2m | €5.0m | ▼ 19.4% |
| Equity10/15 | €0.8m | €1.1m | €1.1m | €1.3m | €1.3m | €1.3m | €1.3m | €1.2m | ▼ 7.1% |
| Contributions10/11 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.1m | €0.4m | €0.4m | €0.6m | €0.7m | €0.7m | €0.6m | €0.5m | ▼ 14.9% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €0.6m | €0.6m | €0.6m | €0.5m | €0.4m | ▼ 17.7% |
| Profit (loss) carried forward14 | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Amounts payable17/49 | €2.7m | €2.8m | €3.4m | €1.8m | €4.6m | €3.4m | €4.9m | €3.8m | ▼ 22.7% |
| Amounts payable after more than one year17 | €0.3m | €0.5m | €0.6m | €0.7m | €0.6m | €0.5m | €0.4m | - | - |
| Financial debts170/4 | - | - | - | €0.7m | €0.6m | €0.5m | €0.4m | - | - |
| Amounts payable within one year42/48 | €2.3m | €2.3m | €2.8m | €1.0m | €4.0m | €2.9m | €4.4m | €3.8m | ▼ 15.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.1m | €0.09m | €0.009m | ▼ 89.3% |
| Financial debts43 | - | - | - | €0.4m | €2.8m | €2.1m | €3.4m | €2.0m | ▼ 41.5% |
| Credit institutions430/8 | - | - | - | €0.4m | €2.8m | €2.1m | €3.4m | €2.0m | ▼ 41.5% |
| Trade debts44 | €0.4m | €0.4m | €0.4m | €0.3m | €0.8m | €0.5m | €0.8m | €1.1m | ▲ 40.0% |
| Suppliers440/4 | - | - | - | €0.3m | €0.8m | €0.5m | €0.8m | €1.1m | ▲ 40.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.04m | €0.1m | €0.03m | €0.4m | ▲ 13× |
| Taxes450/3 | - | - | - | €0.07m | €0.04m | €0.1m | €0.03m | €0.4m | ▲ 13× |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.2m | €0.09m | €0.1m | €0.3m | ▲ 101% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €68,722 | €305,047 | €59,216 | €208,450 | €15,874 | €63,867 | €28,448 | €50,841 | ▲ 78.7% |
| + Depreciation and write-downs630 | €888 | €888 | - | €1,149 | €2,034 | €2,103 | €1,237 | €1,548 | ▲ 25.1% |
| Operating cash flow (approximation) | €69,610 | €305,935 | €59,216 | €209,599 | €17,908 | €65,970 | €29,685 | €52,389 | ▲ 76.5% |
| Investment in fixed assets (approximation) | - | €150,145 | €89,500 | -€4,341 | €290,810 | -€290,000 | -€11,135 | -€400 | ▲ 96.4% |
| Change in cash | - | -€130,248 | €68,198 | -€15,000 | -€74,815 | -€113,438 | €12,921 | €53,161 | ▲ 311% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,685 companies had the same profile as Key Concept has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of Key Concept itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 4,685 companies, not a prediction for Key Concept. 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.
Latest 10 of 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00376326 | |
| 31-12-2024 | full format | 27-06-2025 | 2025-00220949 | |
| 31-12-2023 | full format | 22-07-2024 | 2024-00292164 | |
| 31-12-2022 | full format | 24-07-2023 | 2023-00273922 | |
| 31-12-2021 | full format | 14-07-2022 | 2022-20197649 | |
| 31-12-2020 | full format | 16-09-2021 | 2021-67600099 | |
| 31-12-2019 | full format | 20-10-2020 | 2020-62900346 | |
| 31-12-2018 | full format | 25-09-2019 | 2019-66600466 | |
| 31-12-2017 | full format | 03-08-2018 | 2018-43300412 | |
| 31-12-2016 | full format | 20-07-2017 | 2017-33700542 |