KEYFICO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-06-2026 PDF all 10 filings
Turnover
≈ €760,000
Estimated: probably between €660,000 and €900,000
Total assets
€669,659▲ 105%
2024 · €326,504
Net result
€248,455▲ 29×
2024 · €8,531
Working capital
€177,926
2024 · -€35,401
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€345,925
▲ 12×
2025
20182025
Net result
€248,455
▲ 29×
2025
highest quarter of the sector
20182025
Equity
€230,257
2025
middle half of the sector
20182025
Total assets
€669,659
▲ 105%
2025
highest quarter of the sector
20182025
Debt
€362,997
▲ 5.3%
2025
20182025
Working capital
€177,926
2025
highest quarter of the sector
20182025
Solvency
34.4%
▲ 40.0pp
2025
middle half of the sector
20182025
Current ratio
1.87
▲ 1.21
2025
middle half of the sector
20182025
Return on assets (ROA)
37.1%
▲ 34.5pp
2025
middle half of the sector
20182025
Staff (FTE)
2.3
▼ 17.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€8,658--€9,358▼ 8.1%€9,030€211▼ 97.7%€6,566▲ 31×€89,519▲ 14×€28,343▼ 68.3%€345,925▲ 12×
Net result-€16,696--€22,699▼ 36.0%-€5,479below the sector's middle half▲ 75.9%-€6,381below the sector's middle half▼ 16.4%-€5,360below the sector's middle half▲ 16.0%€69,305within the sector's middle half€8,531below the sector's middle half▼ 87.7%€248,455above the sector's middle half▲ 29×
Equity-€56,114--€78,813▼ 40.5%-€84,292below the sector's middle half▼ 7.0%-€90,673below the sector's middle half▼ 7.6%-€96,033below the sector's middle half▼ 5.9%-€26,728below the sector's middle half▲ 72.2%-€18,198below the sector's middle half▲ 31.9%€230,257within the sector's middle half
Total assets€392,832-€633,757▲ 61.3%€566,273above the sector's middle half▼ 10.6%€451,246within the sector's middle half▼ 20.3%€380,154within the sector's middle half▼ 15.8%€355,388within the sector's middle half▼ 6.5%€326,504within the sector's middle half▼ 8.1%€669,659above the sector's middle half▲ 105%
Debt€448,945-€712,570▲ 58.7%€650,565▼ 8.7%€541,919▼ 16.7%€476,187▼ 12.1%€382,116▼ 19.8%€344,702▼ 9.8%€362,997▲ 5.3%
Working capital-€50,501--€121,951▼ 141%-€93,104below the sector's middle half▲ 23.7%-€113,079below the sector's middle half▼ 21.5%-€126,395below the sector's middle half▼ 11.8%-€70,543below the sector's middle half▲ 44.2%-€35,401below the sector's middle half▲ 49.8%€177,926above the sector's middle half
Solvency-14.3%--12.4%▲ 1.8pp-14.9%below the sector's middle half▼ 2.4pp-20.1%below the sector's middle half▼ 5.2pp-25.3%below the sector's middle half▼ 5.2pp-7.5%below the sector's middle half▲ 17.7pp-5.6%below the sector's middle half▲ 1.9pp34.4%within the sector's middle half▲ 40.0pp
Current ratio0.63-0.42▼ 0.210.52below the sector's middle half▲ 0.100.37below the sector's middle half▼ 0.150.39below the sector's middle half▲ 0.010.52below the sector's middle half▲ 0.130.66below the sector's middle half▲ 0.141.87within the sector's middle half▲ 1.21
Return on assets (ROA)-4.3%--3.6%▲ 0.7pp-1.0%below the sector's middle half▲ 2.6pp-1.4%below the sector's middle half▼ 0.4pp-1.4%below the sector's middle half=19.5%within the sector's middle half▲ 20.9pp2.6%below the sector's middle half▼ 16.9pp37.1%within the sector's middle half▲ 34.5pp
Staff (FTE)2.2-2.2=2.1within the sector's middle half▼ 4.5%2.2▲ 4.8%2.2=2.5▲ 13.6%2.8▲ 12.0%2.3▼ 17.9%
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 over 12 times that of 2024 and the highest since 2018. It is a recovery after the fall in 2024.
Large changes and their cause
- 2025 Net result +2,812% on 2024. The 2025 profit included a one-off income of €306,572.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €669,659
Fixed assets
€287,831 ▲ 12.0%
Current assets
€381,828 ▲ 450%
Equity and liabilities €669,659
Equity
€230,257
Provisions
€76,404
Debt
€362,997
Debt's share of the balance-sheet total is 54.2%.
Key figures and ratios
EBITDA
€376,731▲
2024 · €55,401
Cash flow
€279,261▲
2024 · €35,589
Debt to equity
1.58
ROE
107.9%
Interest coverage
30.59▲
2024 · 4.11
Debt ≤ 1 year
€203,902▲
2024 · €104,843
Debt > 1 year
€158,703▼
2024 · €239,859
Income taxes
€9,005▲
2024 · €6,524
Staff costs
€53,268▼
2024 · €57,975
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 4 | 3 | 3 |
| full-time | 2 | 2 | 3 | 1 | - |
| part-time | 1 | 1 | 1 | 2 | 3 |
| in full-time equivalents | 2.2 | 2.2 | 3.2 | 2 | 1.9 |
| Average over the year, in full-time equivalents | 2.2 | 2.2 | 2.5 | 2.8 | 2 |
| On a permanent contract | 2 | 2 | 2 | 2 | 3 |
| Joined | - | - | 5 | 0 | - |
| Left | - | - | 4 | 1 | - |
| Training hours | 1,724 | 1,740 | 2,348 | 2,918 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €42,275 | €16,786 | €11,723 | €5,356 | €81,649 |
| Intangible fixed assets | - | €3,775 | - | - | - |
| Financial fixed assets | - | - | - | - | €2,500 |
| Depreciation and write-downs of the year | €102,005 | €104,253 | €32,955 | €27,059 | €30,806 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €4,052 | - | €28,959 | €359 | €306,572 | ▲ 853× |
| Remuneration, social security and pensions62 | - | - | - | €42,643 | €47,452 | €57,420 | €57,975 | €53,268 | ▼ 8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €82,595 | €101,327 | €100,581 | €102,005 | €104,253 | €32,955 | €27,059 | €30,806 | ▲ 13.8% |
| Other operating charges640/8 | - | - | - | €2,286 | €2,601 | €7,005 | €5,352 | €5,377 | ▲ 0.5% |
| Non-recurring operating charges66A | - | - | - | €918 | €4,174 | - | €1,500 | €150 | ▼ 90.0% |
| Gross operating margin9900 | €134,269 | €156,895 | €164,615 | €148,063 | €165,047 | €186,899 | €120,228 | €435,527 | ▲ 262% |
| Operating profit (loss)9901 | -€8,658 | -€9,358 | €9,030 | €211 | €6,566 | €89,519 | €28,343 | €345,925 | ▲ 12× |
| Financial income75/76B | - | - | - | €7,087 | €295 | €867 | €199 | €257 | ▲ 29.1% |
| Recurring financial income75 | €0 | €1,111 | €988 | €7,087 | €295 | €867 | €199 | €257 | ▲ 29.1% |
| Financial charges65/66B | - | - | - | €13,122 | €11,768 | €13,443 | €13,487 | €12,317 | ▼ 8.7% |
| Recurring financial charges65 | €7,439 | €13,763 | €14,878 | €13,122 | €11,768 | €13,443 | €13,487 | €12,317 | ▼ 8.7% |
| Profit (loss) for the period before taxes9903 | -€16,097 | -€22,010 | -€4,859 | -€5,824 | -€4,907 | €76,943 | €15,055 | €333,865 | ▲ 22× |
| Transfer from deferred taxes780 | - | - | - | - | - | - | - | €238 | - |
| Transfer to deferred taxes680 | - | - | - | - | - | - | - | €76,643 | - |
| Income taxes67/77 | €599 | €689 | €620 | €557 | €453 | €7,638 | €6,524 | €9,005 | ▲ 38.0% |
| Profit (loss) for the period9904 | -€16,696 | -€22,699 | -€5,479 | -€6,381 | -€5,360 | €69,305 | €8,531 | €248,455 | ▲ 29× |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €715 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | - | €229,929 | - |
| Profit (loss) for the period to be appropriated9905 | -€16,696 | -€22,699 | -€5,479 | -€6,381 | -€5,360 | €69,305 | €8,531 | €19,242 | ▲ 126% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €392,832 | €633,757 | €566,273 | €451,246 | €380,154 | €355,388 | €326,504 | €669,659 | ▲ 105% |
| Formation expenses20 | €318 | €159 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €307,875 | €545,608 | €465,032 | €383,689 | €299,997 | €278,765 | €257,063 | €287,831 | ▲ 12.0% |
| Intangible fixed assets21 | €258,934 | €235,714 | €181,344 | €107,304 | €36,460 | €25,950 | €15,440 | - | - |
| Tangible fixed assets22/27 | €48,916 | €309,869 | €283,662 | €276,360 | €263,512 | €252,790 | €241,598 | €285,306 | ▲ 18.1% |
| Land and buildings22 | - | - | - | €246,486 | €240,541 | €230,938 | €223,059 | €280,001 | ▲ 25.5% |
| Furniture and vehicles24 | - | - | - | €28,814 | €22,061 | €21,094 | €17,933 | €4,851 | ▼ 73.0% |
| Other tangible fixed assets26 | - | - | - | €1,061 | €909 | €758 | €606 | €455 | ▼ 25.0% |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | €2,525 | ▲ 101× |
| Current assets29/58 | €84,639 | €87,990 | €101,241 | €67,557 | €80,157 | €76,623 | €69,442 | €381,828 | ▲ 450% |
| Amounts receivable within one year40/41 | €79,765 | €74,411 | €96,261 | €62,957 | €75,921 | €72,772 | €65,598 | €375,832 | ▲ 473% |
| Trade receivables40 | - | - | - | €62,899 | €65,775 | €60,689 | €30,303 | €375,748 | ▲ 12× |
| Other amounts receivable41 | - | - | - | €58 | €10,146 | €12,084 | €35,295 | €83 | ▼ 99.8% |
| Current investments50/53 | €402 | €7,002 | €2 | €1 | €0 | €0 | €0 | €0 | = |
| Cash at bank and in hand54/58 | €2,621 | €5,268 | €3,474 | €3,639 | €2,271 | €1,199 | €95 | €1,035 | ▲ 995% |
| Deferred charges and accrued income490/1 | - | - | - | €960 | €1,965 | €2,651 | €3,749 | €4,962 | ▲ 32.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €392,832 | €633,757 | €566,273 | €451,246 | €380,154 | €355,388 | €326,504 | €669,659 | ▲ 105% |
| Equity10/15 | -€56,114 | -€78,813 | -€84,292 | -€90,673 | -€96,033 | -€26,728 | -€18,198 | €230,257 | - |
| Contributions10/11 | €22,000 | €22,000 | - | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | = |
| Reserves13 | - | - | - | - | - | €25,000 | €30,000 | €265,213 | ▲ 784% |
| Tax-exempt reserves132 | - | - | - | - | - | - | - | €229,213 | - |
| Distributable reserves133 | - | - | - | - | - | €25,000 | €30,000 | €36,000 | ▲ 20.0% |
| Profit (loss) carried forward14 | -€78,114 | -€100,813 | -€106,292 | -€112,673 | -€118,033 | -€73,728 | -€70,198 | -€56,956 | ▲ 18.9% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €76,404 | - |
| Deferred taxes168 | - | - | - | - | - | - | - | €76,404 | - |
| Amounts payable17/49 | €448,945 | €712,570 | €650,565 | €541,919 | €476,187 | €382,116 | €344,702 | €362,997 | ▲ 5.3% |
| Amounts payable after more than one year17 | €313,806 | €502,628 | €456,220 | €361,283 | €269,635 | €233,927 | €239,859 | €158,703 | ▼ 33.8% |
| Financial debts170/4 | - | - | - | €361,283 | €269,635 | €233,927 | €239,859 | €158,703 | ▼ 33.8% |
| Amounts payable within one year42/48 | €135,140 | €209,942 | €194,345 | €180,636 | €206,552 | €147,166 | €104,843 | €203,902 | ▲ 94.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €90,060 | €86,572 | €30,426 | €17,638 | €13,680 | ▼ 22.4% |
| Financial debts43 | - | - | - | €25,000 | €25,000 | €32,425 | €26,371 | €34,791 | ▲ 31.9% |
| Credit institutions430/8 | - | - | - | €25,000 | €25,000 | €32,425 | €26,371 | €34,791 | ▲ 31.9% |
| Trade debts44 | €31,621 | €43,935 | €44,710 | €28,816 | €46,384 | €27,616 | €15,739 | €46,492 | ▲ 195% |
| Suppliers440/4 | - | - | - | €28,816 | €46,384 | €27,616 | €15,739 | €46,492 | ▲ 195% |
| Taxes, remuneration and social security45 | - | - | - | €30,362 | €36,702 | €44,539 | €34,643 | €36,323 | ▲ 4.9% |
| Taxes450/3 | - | - | - | €17,493 | €19,020 | €23,746 | €17,329 | €17,954 | ▲ 3.6% |
| Remuneration and social security454/9 | - | - | - | €12,868 | €17,682 | €20,793 | €17,314 | €18,369 | ▲ 6.1% |
| Other amounts payable47/48 | - | - | - | €6,398 | €11,894 | €12,160 | €10,452 | €72,615 | ▲ 595% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €1,023 | - | €392 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,696 | -€22,699 | -€5,479 | -€6,381 | -€5,360 | €69,305 | €8,531 | €248,455 | ▲ 29× |
| + Depreciation and write-downs630 | €82,595 | €101,327 | €100,581 | €102,005 | €104,253 | €32,955 | €27,059 | €30,806 | ▲ 13.8% |
| Operating cash flow (approximation) | €65,899 | €78,627 | €95,102 | €95,624 | €98,892 | €102,260 | €35,589 | €279,261 | ▲ 685% |
| Investment in fixed assets (approximation) | - | -€339,059 | -€20,005 | -€20,662 | -€20,561 | -€11,723 | -€5,356 | -€61,574 | ▼ 1,050% |
| Change in cash | - | €2,647 | -€1,794 | €165 | -€1,369 | -€1,072 | -€1,105 | €940 | - |
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, 34,693 companies had the same profile as KEYFICO has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of KEYFICO 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 34,693 companies, not a prediction for KEYFICO. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-06-2026 | 2026-00155891 | |
| 31-12-2024 | micro format | 14-06-2025 | 2025-00142233 | |
| 31-12-2023 | micro format | 13-06-2024 | 2024-00141581 | |
| 31-12-2022 | micro format | 16-06-2023 | 2023-00136367 | |
| 31-12-2021 | micro format | 23-05-2022 | 2022-20033553 | |
| 31-12-2020 | micro format | 15-06-2021 | 2021-20300202 | |
| 31-12-2019 | micro format | 28-05-2020 | 2020-13500292 | |
| 31-12-2018 | micro format | 11-06-2019 | 2019-17200180 | |
| 31-12-2017 | micro format | 31-05-2018 | 2018-15100133 | |
| 31-12-2016 | micro format | 16-06-2017 | 2017-18200355 |