Keys2IT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-06-2026 at the NBB all 14 filings
Turnover
≈ €61,000
Estimated: probably between €40,000 and €130,000
Total assets
€23,500▲ 7.3%
2024 · €21,891
Net result
€137▼ 95.8%
2024 · €3,293
Working capital
€1,543▼ 45.0%
2024 · €2,808
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,183
▼ 77.7%
2025
20182025
Net result
€137
▼ 95.8%
2025
lowest quarter of the sector
20182025
Equity
€7,510
▲ 1.9%
2025
lowest quarter of the sector
20182025
Total assets
€23,500
▲ 7.3%
2025
lowest quarter of the sector
20182025
Debt
€15,990
▲ 10.1%
2025
20182025
Working capital
€1,543
▼ 45.0%
2025
lowest quarter of the sector
20182025
Solvency
32.0%
▼ 1.7pp
2025
middle half of the sector
20182025
Current ratio
1.10
▼ 0.10
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.6%
▼ 14.5pp
2025
middle half of the sector
20182025
Staff (FTE)
0.4
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€3,593--€3,909€759€4,309▲ 468%-€2,867€2,455€5,311▲ 116%€1,183▼ 77.7%
Net result€3,514--€4,028€593within the sector's middle half€3,701within the sector's middle half▲ 524%-€3,609below the sector's middle half€916within the sector's middle half€3,293within the sector's middle half▲ 260%€137below the sector's middle half▼ 95.8%
Equity€6,508-€2,480▼ 61.9%€3,073below the sector's middle half▲ 23.9%€6,774below the sector's middle half▲ 120%€3,164below the sector's middle half▼ 53.3%€4,080below the sector's middle half▲ 28.9%€7,373below the sector's middle half▲ 80.7%€7,510below the sector's middle half▲ 1.9%
Total assets€6,601-€2,816▼ 57.3%€14,366below the sector's middle half▲ 410%€14,259below the sector's middle half▼ 0.7%€13,432below the sector's middle half▼ 5.8%€14,314below the sector's middle half▲ 6.6%€21,891below the sector's middle half▲ 52.9%€23,500below the sector's middle half▲ 7.3%
Debt€93-€336▲ 261%€11,293▲ 34×€7,485▼ 33.7%€10,268▲ 37.2%€10,234▼ 0.3%€14,518▲ 41.9%€15,990▲ 10.1%
Working capital€5,789-€2,383▼ 58.8%€1,945below the sector's middle half▼ 18.4%€2,603below the sector's middle half▲ 33.8%-€895below the sector's middle half€1,459below the sector's middle half€2,808below the sector's middle half▲ 92.5%€1,543below the sector's middle half▼ 45.0%
Solvency98.6%-21.4%within the sector's middle half47.5%within the sector's middle half▲ 26.1pp23.6%within the sector's middle half▼ 23.9pp28.5%within the sector's middle half▲ 4.9pp33.7%within the sector's middle half▲ 5.2pp32.0%within the sector's middle half▼ 1.7pp
Current ratio63.25-1.17within the sector's middle half1.35within the sector's middle half▲ 0.180.91below the sector's middle half▼ 0.431.14within the sector's middle half▲ 0.231.19within the sector's middle half▲ 0.051.10below the sector's middle half▼ 0.10
Return on assets (ROA)53.2%-4.1%within the sector's middle half26.0%above the sector's middle half▲ 21.8pp-26.9%below the sector's middle half▼ 52.8pp6.4%within the sector's middle half▲ 33.3pp15.0%within the sector's middle half▲ 8.6pp0.6%within the sector's middle half▼ 14.5pp
Staff (FTE)0.30.8▲ 167%0.5▼ 37.5%0.4▼ 20.0%0.4=
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 78% lower than in 2024.
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 €23,500
Fixed assets
€5,967 ▲ 30.7%
Current assets
€17,533 ▲ 1.2%
Equity and liabilities €23,500
Equity
€7,510 ▲ 1.9%
Debt
€15,990 ▲ 10.1%
Debt's share of the balance-sheet total rises from 66.3% to 68.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€3,458▼
2024 · €6,944
Cash flow
€2,411▼
2024 · €4,925
Quick ratio
0.90▼
2024 · 1.19
Debt to equity
2.13▲
2024 · 1.97
ROE
1.8%▼
2024 · 44.7%
Interest coverage
19.50▼
2024 · 39.12
Debt ≤ 1 year
€15,990▲
2024 · €14,518
Income taxes
€933▼
2024 · €1,841
Staff costs
€3,477▼
2024 · €4,170
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 | 1 | 1 | - | 1 | - |
| part-time | 1 | 1 | - | 1 | - |
| in full-time equivalents | 0.6 | 0.2 | - | 0.4 | - |
| Average over the year, in full-time equivalents | 0.3 | 0.2 | 0.3 | 0.2 | 0.1 |
| On a permanent contract | - | - | - | 1 | - |
| Joined | 2 | - | - | 2 | - |
| Left | 1 | - | - | 1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,529 | €1,447 | - | €3,576 | €3,676 |
| Financial fixed assets | €186 | - | - | - | - |
| Depreciation and write-downs of the year | €671 | €1,302 | €1,438 | €1,632 | €2,274 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €3,673 | €4,716 | €2,961 | €4,170 | €3,477 | ▼ 16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,475 | €583 | €145 | €671 | €1,302 | €1,438 | €1,632 | €2,274 | ▲ 39.3% |
| Other operating charges640/8 | - | - | - | €348 | €348 | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €8,416 | -€2,978 | €1,252 | €9,001 | €3,498 | €7,238 | €11,501 | €7,334 | ▼ 36.2% |
| Operating profit (loss)9901 | €3,593 | -€3,909 | €759 | €4,309 | -€2,867 | €2,455 | €5,311 | €1,183 | ▼ 77.7% |
| Financial income75/76B | - | - | - | €238 | €42 | - | €0 | €64 | ▲ 2,134× |
| Recurring financial income75 | €220 | €55 | - | €238 | €42 | - | €0 | €64 | ▲ 2,134× |
| Non-recurring financial income76B | - | - | - | €238 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €140 | €146 | €193 | €177 | €177 | ▼ 0.1% |
| Recurring financial charges65 | €298 | €174 | €166 | €140 | €146 | €193 | €177 | €177 | ▼ 0.1% |
| Profit (loss) for the period before taxes9903 | €3,514 | -€4,028 | €593 | €4,407 | -€2,971 | €2,262 | €5,134 | €1,070 | ▼ 79.2% |
| Income taxes67/77 | - | - | - | €706 | €638 | €1,346 | €1,841 | €933 | ▼ 49.3% |
| Profit (loss) for the period9904 | €3,514 | -€4,028 | €593 | €3,701 | -€3,609 | €916 | €3,293 | €137 | ▼ 95.8% |
| Profit (loss) for the period to be appropriated9905 | €3,514 | -€4,028 | €593 | €3,701 | -€3,609 | €916 | €3,293 | €137 | ▼ 95.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6,601 | €2,816 | €14,366 | €14,259 | €13,432 | €14,314 | €21,891 | €23,500 | ▲ 7.3% |
| Fixed assets21/28 | €718 | €97 | €1,128 | €4,171 | €4,059 | €2,621 | €4,565 | €5,967 | ▲ 30.7% |
| Tangible fixed assets22/27 | €680 | €97 | €1,128 | €3,985 | €3,873 | €2,435 | €4,379 | €5,781 | ▲ 32.0% |
| Furniture and vehicles24 | - | - | - | €3,985 | €3,873 | €2,435 | €4,379 | €5,781 | ▲ 32.0% |
| Financial fixed assets28 | €38 | - | - | €186 | €186 | €186 | €186 | €186 | = |
| Current assets29/58 | €5,882 | €2,719 | €13,238 | €10,088 | €9,373 | €11,693 | €17,326 | €17,533 | ▲ 1.2% |
| Stocks and contracts in progress3 | €252 | - | - | - | - | - | - | €3,075 | - |
| Stocks30/36 | - | - | - | - | - | - | - | €3,075 | - |
| Amounts receivable within one year40/41 | €419 | €151 | €8,591 | €9,008 | €3,515 | €10,353 | €14,778 | €11,337 | ▼ 23.3% |
| Trade receivables40 | - | - | - | €9,008 | €3,515 | €10,353 | €14,778 | €11,337 | ▼ 23.3% |
| Cash at bank and in hand54/58 | €2,019 | €1,206 | €4,647 | €1,066 | €5,670 | €1,175 | €2,411 | €1,302 | ▼ 46.0% |
| Deferred charges and accrued income490/1 | - | - | - | €14 | €189 | €165 | €137 | €1,819 | ▲ 13× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6,601 | €2,816 | €14,366 | €14,259 | €13,432 | €14,314 | €21,891 | €23,500 | ▲ 7.3% |
| Equity10/15 | €6,508 | €2,480 | €3,073 | €6,774 | €3,164 | €4,080 | €7,373 | €7,510 | ▲ 1.9% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €8,060 | €8,060 | €8,060 | = |
| Capital10 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | - | €12,400 | €12,400 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Profit (loss) carried forward14 | -€1,552 | -€5,580 | -€4,987 | -€1,286 | -€4,896 | -€3,980 | -€687 | -€550 | ▲ 19.9% |
| Amounts payable17/49 | €93 | €336 | €11,293 | €7,485 | €10,268 | €10,234 | €14,518 | €15,990 | ▲ 10.1% |
| Amounts payable within one year42/48 | €93 | €336 | €11,293 | €7,485 | €10,268 | €10,234 | €14,518 | €15,990 | ▲ 10.1% |
| Trade debts44 | €93 | €336 | €4,909 | €1,085 | €3,397 | €2,874 | €6,495 | €8,427 | ▲ 29.8% |
| Suppliers440/4 | - | - | - | €1,085 | €3,397 | €2,874 | €6,495 | €8,427 | ▲ 29.8% |
| Taxes, remuneration and social security45 | - | - | - | €3,678 | €4,987 | €5,754 | €6,293 | €6,892 | ▲ 9.5% |
| Taxes450/3 | - | - | - | €3,678 | €4,507 | €5,754 | €5,588 | €6,892 | ▲ 23.3% |
| Remuneration and social security454/9 | - | - | - | - | €481 | - | €705 | - | - |
| Other amounts payable47/48 | - | - | - | €2,722 | €1,883 | €1,607 | €1,730 | €671 | ▼ 61.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,514 | -€4,028 | €593 | €3,701 | -€3,609 | €916 | €3,293 | €137 | ▼ 95.8% |
| + Depreciation and write-downs630 | €4,475 | €583 | €145 | €671 | €1,302 | €1,438 | €1,632 | €2,274 | ▲ 39.3% |
| Operating cash flow (approximation) | €7,989 | -€3,445 | €738 | €4,372 | -€2,307 | €2,353 | €4,925 | €2,411 | ▼ 51.1% |
| Investment in fixed assets (approximation) | - | €38 | -€1,176 | -€3,715 | -€1,190 | €0 | -€3,576 | -€3,676 | ▼ 2.8% |
| Change in cash | - | -€813 | €3,441 | -€3,581 | €4,604 | -€4,495 | €1,237 | -€1,110 | - |
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, 10,904 companies had the same profile as Keys2IT has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Keys2IT itself: 0.3% 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 10,904 companies, not a prediction for Keys2IT. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-06-2026 | 2026-00164642 | |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00316683 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00229514 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00217627 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20099369 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-25000276 | |
| 31-12-2019 | micro format | 01-10-2020 | 2020-58500574 | |
| 31-12-2018 | micro format | 10-09-2019 | 2019-63900206 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-26800278 | |
| 31-12-2016 | micro format | 24-08-2017 | 2017-50800472 |