KEY CONSTRUCT
ActiveSummary
KEY CONSTRUCT has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €172,779 and a net result of €162,779. Equity is growing by ~56.1% per year across the filed fiscal years. Its solvency ranks better than 63% of 16759 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Financials · fiscal year 2025, micro schema
Equity
€172,779▲ 85.3%
2024 · €93,250
Total assets
€366,893▼ 7.4%
2024 · €396,424
Net result
€162,779▲ 95.5%
2024 · €83,250
Working capital
€58,442▲ 28.5%
2024 · €45,466
Trend over the years
2021 to 2025, 5 fiscal years 2020 to 2025, 6 fiscal years
The operating result has risen four years in a row; 2025 is 98% above 2024 and is the highest result in the available series.
What the company sold each fiscal year and what was left of it. A loss stands below the zero line.
Operating result€228,209
2025
Net result€162,779
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€366,893
2025
Equity€172,779
2025
Debt€194,113
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€58,442
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)44.4%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency47.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.89
2025
Point at or tap 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
Line202020212022202320242025
Operating result€18,393-€6,496▼ 64.7%€96,289▲ 1,382%€99,419▲ 3.3%€115,414▲ 16.1%€228,209▲ 97.7%
Net result€14,614within the sector's middle half-€5,170within the sector's middle half▼ 64.6%€76,382above the sector's middle half▲ 1,377%€78,241above the sector's middle half▲ 2.4%€83,250above the sector's middle half▲ 6.4%€162,779above the sector's middle half▲ 95.5%
Equity€18,614within the sector's middle half-€23,784within the sector's middle half▲ 27.8%€100,166within the sector's middle half▲ 321%€88,241within the sector's middle half▼ 11.9%€93,250within the sector's middle half▲ 5.7%€172,779within the sector's middle half▲ 85.3%
Total assets€32,654below the sector's middle half-€34,318below the sector's middle half▲ 5.1%€122,212below the sector's middle half▲ 256%€98,485below the sector's middle half▼ 19.4%€396,424within the sector's middle half▲ 303%€366,893within the sector's middle half▼ 7.4%
Debt€14,040-€10,533▼ 25.0%€22,046▲ 109%€10,244▼ 53.5%€303,174▲ 2,860%€194,113▼ 36.0%
Working capital€16,896within the sector's middle half-€22,762within the sector's middle half▲ 34.7%€99,840within the sector's middle half▲ 339%€88,241within the sector's middle half▼ 11.6%€45,466within the sector's middle half▼ 48.5%€58,442within the sector's middle half▲ 28.5%
Solvency57.0%within the sector's middle half-69.3%above the sector's middle half▲ 12.3pp82.0%above the sector's middle half▲ 12.7pp89.6%above the sector's middle half▲ 7.6pp23.5%within the sector's middle half▼ 66.1pp47.1%within the sector's middle half▲ 23.6pp
Current ratio2.20within the sector's middle half-3.16above the sector's middle half▲ 0.965.53above the sector's middle half▲ 2.379.61above the sector's middle half▲ 4.092.00within the sector's middle half▼ 7.621.89within the sector's middle half▼ 0.10
Return on assets (ROA)44.8%above the sector's middle half-15.1%above the sector's middle half▼ 29.7pp62.5%above the sector's middle half▲ 47.4pp79.4%above the sector's middle half▲ 16.9pp21.0%above the sector's middle half▼ 58.4pp44.4%above the sector's middle half▲ 23.4pp
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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €366,893
Fixed assets
€243,011 ▼ 20.4%
Current assets
€123,882 ▲ 36.1%
Equity and liabilities €366,893
Equity
€172,779 ▲ 85.3%
Debt
€194,113 ▼ 36.0%
Debt's share of the balance-sheet total falls from 76.5% to 52.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€238,290▲
2024 · €118,441
Cash flow
€172,860▲
2024 · €86,277
Debt to equity
1.12▼
2024 · 3.25
ROE
94.2%▲
2024 · 89.3%
Interest coverage
27.34▼
2024 · 43.72
Debt ≤ 1 year
€65,439▲
2024 · €45,565
Debt > 1 year
€128,674▼
2024 · €257,609
Income taxes
€56,716▲
2024 · €29,455
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €370 | €696 | €696 | €326 | €3,027 | €10,081 | ▲ 233% |
| Other operating charges640/8 | - | €65 | €398 | €422 | €1,193 | €1,409 | ▲ 18.0% |
| Gross operating margin9900 | €18,813 | €7,256 | €97,383 | €100,168 | €119,635 | €239,699 | ▲ 100% |
| Operating profit (loss)9901 | €18,393 | €6,496 | €96,289 | €99,419 | €115,414 | €228,209 | ▲ 97.7% |
| Financial income75/76B | - | €266 | - | - | - | €2 | - |
| Recurring financial income75 | - | €266 | - | - | - | €2 | - |
| Financial charges65/66B | - | €40 | €51 | €143 | €2,709 | €8,715 | ▲ 222% |
| Recurring financial charges65 | €55 | €40 | €51 | €143 | €2,709 | €8,715 | ▲ 222% |
| Profit (loss) for the period before taxes9903 | €18,337 | €6,721 | €96,238 | €99,276 | €112,705 | €219,496 | ▲ 94.8% |
| Income taxes67/77 | €3,724 | €1,551 | €19,856 | €21,035 | €29,455 | €56,716 | ▲ 92.6% |
| Profit (loss) for the period9904 | €14,614 | €5,170 | €76,382 | €78,241 | €83,250 | €162,779 | ▲ 95.5% |
| Profit (loss) for the period to be appropriated9905 | €14,614 | €5,170 | €76,382 | €78,241 | €83,250 | €162,779 | ▲ 95.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €32,654 | €34,318 | €122,212 | €98,485 | €396,424 | €366,893 | ▼ 7.4% |
| Fixed assets21/28 | €1,718 | €1,022 | €326 | - | €305,393 | €243,011 | ▼ 20.4% |
| Tangible fixed assets22/27 | €1,718 | €1,022 | €326 | - | €42,893 | €40,511 | ▼ 5.6% |
| Plant, machinery and equipment23 | - | €1,022 | €326 | - | €785 | €3,672 | ▲ 368% |
| Furniture and vehicles24 | - | - | - | - | - | €3,706 | - |
| Leasing and similar rights25 | - | - | - | - | €42,109 | €33,133 | ▼ 21.3% |
| Financial fixed assets28 | - | - | - | - | €262,500 | €202,500 | ▼ 22.9% |
| Current assets29/58 | €30,936 | €33,295 | €121,886 | €98,485 | €91,031 | €123,882 | ▲ 36.1% |
| Amounts receivable within one year40/41 | €7,643 | €4,354 | €42,652 | €41,901 | €2,541 | €14,520 | ▲ 471% |
| Trade receivables40 | - | €3,904 | €42,652 | €41,901 | €2,541 | €14,520 | ▲ 471% |
| Other amounts receivable41 | - | €450 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €13,293 | €28,941 | €79,234 | €56,584 | €87,605 | €108,477 | ▲ 23.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | €885 | €885 | = |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €32,654 | €34,318 | €122,212 | €98,485 | €396,424 | €366,893 | ▼ 7.4% |
| Equity10/15 | €18,614 | €23,784 | €100,166 | €88,241 | €93,250 | €172,779 | ▲ 85.3% |
| Contributions10/11 | - | €4,000 | €4,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €14,614 | €19,784 | €96,166 | €78,241 | €83,250 | €162,779 | ▲ 95.5% |
| Distributable reserves133 | - | €19,784 | €96,166 | €78,241 | €83,250 | €162,779 | ▲ 95.5% |
| Amounts payable17/49 | €14,040 | €10,533 | €22,046 | €10,244 | €303,174 | €194,113 | ▼ 36.0% |
| Amounts payable after more than one year17 | - | - | - | - | €257,609 | €128,674 | ▼ 50.1% |
| Financial debts170/4 | - | - | - | - | €257,609 | €128,674 | ▼ 50.1% |
| Amounts payable within one year42/48 | €14,040 | €10,533 | €22,046 | €10,244 | €45,565 | €65,439 | ▲ 43.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €27,470 | €28,510 | ▲ 3.8% |
| Trade debts44 | €542 | €172 | €460 | €505 | €1,074 | €1,148 | ▲ 6.9% |
| Suppliers440/4 | - | €172 | €460 | €505 | €1,074 | €1,148 | ▲ 6.9% |
| Taxes, remuneration and social security45 | - | €4,312 | €19,509 | €9,212 | €16,879 | €35,296 | ▲ 109% |
| Taxes450/3 | - | €4,312 | €19,509 | €9,212 | €16,879 | €35,296 | ▲ 109% |
| Other amounts payable47/48 | - | €6,049 | €2,078 | €526 | €142 | €486 | ▲ 242% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,614 | €5,170 | €76,382 | €78,241 | €83,250 | €162,779 | ▲ 95.5% |
| + Depreciation and write-downs630 | €370 | €696 | €696 | €326 | €3,027 | €10,081 | ▲ 233% |
| Operating cash flow (approximation) | €14,984 | €5,866 | €77,078 | €78,568 | €86,277 | €172,860 | ▲ 100% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | €52,302 | - |
| Change in cash | - | €15,648 | €50,293 | -€22,650 | €31,021 | €20,872 | ▼ 32.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
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Of 11,806 companies in this sector we hold annual accounts for 7,018. 5,311 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector