KEY MUSIC
Open bankruptcyA bankruptcy procedure is open for KEY MUSIC according to publications in the Belgian State Gazette; curator: PETER VERCRAEYE.
Summary
The file additionally contains 2 interim measures and 1 judicial reorganisation. The 2021 annual accounts show negative equity (-€135,845) and a net result of -€1.6m.
Are you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Antwerp, Antwerp division
- Declared bankrupt
- 28 September 2022
- Supervising judge
- Leen Vandecruys
- Official Gazette
- 05-10-2022 (pdf) ↗search the document for 2022/135144
Deadlines
- Provisional date payments stopped
- 28 September 2022A later judgment can change the date.art. XX.105 CEL
- Appeal or third-party opposition until
- passed on 20 October 2022Fifteen days after the publication in the Official Gazette.art. XX.108 CEL
- File the claim in RegSol until
- passed on 28 October 2022art. XX.104 and XX.155 CEL
- First verification report
- passed on 25 November 2022Goods that belong to you, such as those delivered under retention of title, are reclaimed before this day.art. XX.104 and XX.194 CEL
- Late claim until
- passed on 28 September 2023Late, you share only in what has not been paid out yet, and the costs are yours.art. XX.165 CEL
Curator
- Peter VercraeyeBritselei 76, 2000 Antwerpen 1peter.vercraeye@advoteam.be
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
The deadlines above come from the publication of the judgment. Check them in RegSol before you file anything; a passed deadline no longer applies.
File a claim in RegSol ↗
Watch
Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help.Creditor guide for this company
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Overview
What they do
Retail sale of other cultural and recreation goods
NACE 47690NACE 47594NACE 52450
5 sites
How big
€16.1mturnover 2021
- Staff
- 48.4 FTE
- Equity
- -€135,845
- Loss
- -€1.6m
Financially healthy?
Open bankruptcy: no score
Who decides
- Holdings
- 1
Accounts 1158 d overdue0 of 16 deeds read
Signals- Open bankruptcyLatest accounts filed on timeShow the evidence
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2021 was due by 31-07-2022 and was filed on 05-07-2022, 26 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2021
26 d early
2020
23 d early
2019
5 d late
2018
8 d early
2017
6 d early
2016
6 d early
2015
19 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 12 days before the deadline; the sector median for financial year 2021 is 2 days after the deadline, and 51% of the sector filed late.
Checked, nothing found (1)
- OpeningOndernemingsrechtbank Antwerpen, afdeling Antwerpen ·…
- OpeningOndernemingsrechtbank Antwerpen · collective agreement…
- Provisional administratorOndernemingsrechtbank Gent · interim administrator…
Financials
Fiscal year 2021Turnover €16.1mLoss -€1.6mSolvency -2.0%Liquidity 0.93
Turnover
€16.1m▼ 9.3%
2018 - 2021
Net result
-€1.6m
2018 - 2021
Equity
-€135,845
2018 - 2021
Staff (FTE)
48.4▲ 28.7%
2018 - 2021
Financials · fiscal year 2021, full schema
Trend over the years
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
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 47, Retail trade, 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), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2018201920202021
Turnover€19.0m-€15.9m▼ 16.0%€17.7m▲ 11.2%€16.1m▼ 9.3%
Operating result-€1.3m--€1.5m▼ 16.5%€0.1m-€1.4m
Net result-€1.2m--€1.4m▼ 19.7%€0.2mabove the sector's middle half-€1.6mbelow the sector's middle half
EBIT margin-6.9%--9.6%▼ 2.7pp0.8%▲ 10.5pp-8.6%▼ 9.5pp
Equity€2.7m-€1.3m▼ 52.6%€1.4mabove the sector's middle half▲ 13.2%-€0.1mbelow the sector's middle half
Total assets€6.6m-€5.3m▼ 20.3%€6.5mabove the sector's middle half▲ 24.2%€7.0mabove the sector's middle half▲ 6.4%
Debt€3.9m-€4.0m▲ 1.6%€5.1m▲ 27.7%€7.1m▲ 38.9%
Working capital€2.0m-€0.7m▼ 63.4%€0.3mwithin the sector's middle half▼ 55.9%-€0.4mbelow the sector's middle half
Solvency40.4%-24.0%▼ 16.4pp21.9%within the sector's middle half▼ 2.1pp-2.0%below the sector's middle half▼ 23.8pp
Current ratio1.51-1.18▼ 0.331.06within the sector's middle half▼ 0.120.93below the sector's middle half▼ 0.13
Return on assets (ROA)-18.1%--27.1%▼ 9.0pp2.5%within the sector's middle half▲ 29.6pp-22.5%below the sector's middle half▼ 25.1pp
Staff (FTE)41.7-33.9▼ 18.7%37.6above the sector's middle half▲ 10.9%48.4above the sector's middle half▲ 28.7%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Result and balance sheet
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2021: a loss of €1.4m after €147,347 in 2020.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €7.0m
Fixed assets
€1.1m ▼ 5.7%
Current assets
€5.9m ▲ 8.9%
Equity and liabilities
Equity-€135,845
Debt€7.1m
Equity is negative: debt (€7.1m) exceeds the balance-sheet total (€7.0m).
Key figures and ratios
Key figures and ratios
EBITDA
-€1.2m▼
2020 · €335,165
Cash flow
-€1.4m▼
2020 · €354,499
Quick ratio
0.40▲
2020 · 0.24
Interest coverage
-194.75▼
2020 · 422.87
Debt ≤ 1 year
€6.4m▲
2020 · €5.1m
Debt > 1 year
€741,940▲
2020 · €7,867
Income taxes
€894▼
2020 · €1,063
Staff costs
€1.9m
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.
Filed annual accounts
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €16.8m | - |
| Turnover70 | €19.0m | €15.9m | €17.7m | €16.1m | ▼ 9.3% |
| Own construction capitalised72 | - | - | - | €0.005m | - |
| Other operating income74 | - | - | - | €0.3m | - |
| Non-recurring operating income76A | - | - | - | €0.5m | - |
| Operating charges60/66A | - | - | - | €18.2m | - |
| Goods for resale, raw materials and consumables60 | - | - | - | €12.6m | - |
| Purchases600/8 | - | - | - | €12.2m | - |
| Change in stocks: decrease (increase)609 | - | - | - | €0.5m | - |
| Services and other goods61 | - | - | - | €3.2m | - |
| Remuneration, social security and pensions62 | - | - | - | €1.9m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.3m | - |
| Other operating charges640/8 | - | - | - | €0.1m | - |
| Non-recurring operating charges66A | - | - | - | €150 | - |
| Operating profit (loss)9901 | -€1.3m | -€1.5m | €0.1m | -€1.4m | ▼ 1,043% |
| Financial income75/76B | - | - | - | €0.1m | - |
| Recurring financial income75 | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 22.9% |
| Income from current assets751 | - | - | - | €0.02m | - |
| Other financial income752/9 | - | - | - | €0.09m | - |
| Financial charges65/66B | - | - | - | €0.3m | - |
| Recurring financial charges65 | €0.07m | €0.07m | €0.1m | €0.1m | ▲ 18.3% |
| Debt charges650 | €0.002m | €0.001m | €0.001m | €0.006m | ▲ 680% |
| Other financial charges652/9 | - | - | - | €0.1m | - |
| Non-recurring financial charges66B | - | - | - | €0.2m | - |
| Profit (loss) for the period before taxes9903 | -€1.2m | -€1.4m | €0.2m | -€1.6m | ▼ 1,034% |
| Income taxes67/77 | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 15.9% |
| Taxes670/3 | - | - | - | €0.001m | - |
| Profit (loss) for the period9904 | -€1.2m | -€1.4m | €0.2m | -€1.6m | ▼ 1,040% |
| Profit (loss) for the period to be appropriated9905 | -€1.2m | -€1.4m | €0.2m | -€1.6m | ▼ 1,040% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €6.6m | €5.3m | €6.5m | €7.0m | ▲ 6.4% |
| Fixed assets21/28 | €0.7m | €0.6m | €1.1m | €1.1m | ▼ 5.7% |
| Intangible fixed assets21 | €0.03m | €0.03m | €0.4m | €0.4m | ▼ 5.7% |
| Tangible fixed assets22/27 | €0.7m | €0.5m | €0.7m | €0.7m | ▼ 7.9% |
| Plant, machinery and equipment23 | - | - | - | €0.05m | - |
| Furniture and vehicles24 | - | - | - | €0 | - |
| Other tangible fixed assets26 | - | - | - | €0.6m | - |
| Financial fixed assets28 | €0.005m | €0.005m | €0.001m | €0.02m | ▲ 2,910% |
| Affiliated companies280/1 | - | - | - | €0.02m | - |
| Participating interests280 | - | - | - | €0.02m | - |
| Other financial fixed assets284/8 | - | - | - | €229 | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | €229 | - |
| Current assets29/58 | €5.9m | €4.7m | €5.4m | €5.9m | ▲ 8.9% |
| Stocks and contracts in progress3 | €3.5m | €3.7m | €4.2m | €3.4m | ▼ 19.7% |
| Stocks30/36 | - | - | - | €3.4m | - |
| Goods purchased for resale34 | - | - | - | €3.4m | - |
| Amounts receivable within one year40/41 | €2.0m | €0.6m | €0.7m | €2.4m | ▲ 246% |
| Trade receivables40 | - | - | - | €0.5m | - |
| Other amounts receivable41 | - | - | - | €1.9m | - |
| Cash at bank and in hand54/58 | €0.4m | €0.4m | €0.4m | €0.09m | ▼ 79.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.007m | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €6.6m | €5.3m | €6.5m | €7.0m | ▲ 6.4% |
| Equity10/15 | €2.7m | €1.3m | €1.4m | -€0.1m | ▼ 109% |
| Contributions10/11 | €0.08m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | - |
| Issued capital100 | - | - | - | €0.1m | - |
| Reserves13 | €2.6m | €1.2m | €1.3m | €1.3m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | - |
| Legal reserve130 | - | - | - | €0.01m | - |
| Distributable reserves133 | - | - | - | €1.3m | - |
| Profit (loss) carried forward14 | - | - | - | -€1.6m | - |
| Amounts payable17/49 | €3.9m | €4.0m | €5.1m | €7.1m | ▲ 38.9% |
| Amounts payable after more than one year17 | €0.04m | €0.02m | €0.008m | €0.7m | ▲ 9,331% |
| Financial debts170/4 | - | - | - | €0.7m | - |
| Credit institutions173 | - | - | - | €0.7m | - |
| Amounts payable within one year42/48 | €3.9m | €4.0m | €5.1m | €6.4m | ▲ 24.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | - |
| Financial debts43 | - | - | - | €2.1m | - |
| Credit institutions430/8 | - | - | - | €2.1m | - |
| Trade debts44 | €3.0m | €1.9m | €2.5m | €2.7m | ▲ 4.9% |
| Suppliers440/4 | - | - | - | €2.7m | - |
| Advances received on contracts in progress46 | - | - | - | €0.4m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.7m | - |
| Taxes450/3 | - | - | - | €0.3m | - |
| Remuneration and social security454/9 | - | - | - | €0.3m | - |
| Other amounts payable47/48 | - | - | - | €0.4m | - |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1.2m | -€1.4m | €0.2m | -€1.6m | ▼ 1,040% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.2% |
| Operating cash flow (approximation) | -€1.0m | -€1.3m | €0.4m | -€1.4m | ▼ 490% |
| Investment in fixed assets (approximation) | - | -€0.02m | -€0.7m | -€0.1m | ▲ 83.7% |
| Change in cash | - | €0.03m | €0.06m | -€0.4m | ▼ 659% |
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 1,289 companies in this sector we hold annual accounts for 425. 20 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Board & ownership
1 holding
Directors
Directors
No directors read yet: 0 of 16 Gazette acts processed. See the function holders in the CBE →
Insolvency mandates
3 mandates| Role | Name | Tenure |
|---|---|---|
| Curator | PETER VERCRAEYE Britselei 76, 2000 Antwerpen 1 |
28-09-2022 → present |
| Interim administrator | Kenny Marien | 25-07-2022 → present |
| Interim administrator | Alain CLEYMAN | 05-07-2019 → present |
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2021 list no shareholders, and no other source names one.
Holdings 1
-
100%
According to the 2021 annual accounts of KEY MUSIC and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No directors read yet: 0 of 16 Gazette acts processed.
Timeline
16 eventsLatest 05-10-2022
History
Acts, filings and financial milestones
2022
05-10
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 28-09-2022
09-08
Judicial reorganisation
Opening
Ondernemingsrechtbank Antwerpen · collective agreement · event 04-08-2022
29-07
Interim measure
Provisional administrator
Ondernemingsrechtbank Gent · interim administrator: Kenny Marien · event 25-07-2022
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Weakest financial yearnet -€1.6m
Net result drops to -€1.6m, the lowest in the series.
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €166,681
Net result €166,681 after 2 loss-making years.
05-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 5 days late
2019
23-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
05-07
Interim measure
Provisional administrator
Ondernemingsrechtbank Gent · interim administrator: Alain Cleyman
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
25-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Show earlier events
2016
12-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
2015
22-07
NBB filing
Annual accounts filed
fiscal year 2014 · full schema
2014
04-08
NBB filing
Annual accounts filed
fiscal year 2013 · full schema · 4 days late
2013
28-06
NBB filing
Annual accounts filed
fiscal year 2012 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 16 acts read
About the unread acts
We know of 16 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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Company details
Public limited company · founded 20-05-1992Year ends 31-12Peppol not found5 sites
Register details
Identification
Legal formPublic limited company
Founded20-05-1992
Fiscal year end31-12
Activities, NACEBEL 2025
47690Retail sale of other cultural and recreation goods
Contact
E-mail
yannic@keymusic.com
Phone
03/766 63 93
Fax
03/766 63 94
Phone
02/548 25 20Brussel
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Sites & property
Location & real-estate footprint
Registered office, Antwerpen · 5 establishment units since 1997
Ground area
9,742 m²
Building footprint
6,217 m²
Volume, LiDAR
56,707 m³
5 parcels, Brussels, Flanders · tallest building 26.0 m, ±8 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
5 establishment units
Key music Gent
since 1997unit no. 2.058.030.786
Key music Brussel
since 2009unit no. 2.180.785.276
Key Music Antwerpen
since 2014unit no. 2.230.280.913
Key Music Brussel
since 2015unit no. 2.256.119.733
Key Music Temse
since 2021unit no. 2.324.275.693
5 parcels
Flanders
3
(60%)
Brussels
2
(40%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46025B0408/00C000 | Flanders | 8,020 m² | 1 · 5,099 m² | 10.8 m · 3 fl. |
| 11807G0157/14_000 | Flanders | 592 m² | 1 · 592 m² | 23.5 m · 3 fl. |
| 21809K0064/00K004 | Brussels | 477 m² | 1 · 176 m² | 20.6 m · 7 fl. |
| 44804D3670/00B003 | Flanders | 415 m² | 1 · 351 m² | 26.0 m · 8 fl. |
| 21809K0066/00Y000 | Brussels | 239 m² | - | - |
Linked by address, not proof of ownership
Good to know
5 of 5 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?Process a list How is the Retail sale of other cultural and recreation goods sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.