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Keys2IT

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Private limited companyfounded 2011active for 15 yearsRue Chèvequeue(WSP) 77, 1457 Walhain, BelgiumKBO/BCE: BE 0835.597.986

Financials · 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 years
Operating 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
2025 value · change against 2024
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

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date11-1-
part-time11-1-
in full-time equivalents0.60.2-0.4-
Average over the year, in full-time equivalents0.30.20.30.20.1
On a permanent contract---1-
Joined2--2-
Left1--1-

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
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
Filed annual accounts As filed with the NBB · 2025 against 2024 · 39 lines
Balance sheet Code20242025
Assets
Total assets20/58€21,891€23,500▲
Fixed assets21/28€4,565€5,967▲
Tangible fixed assets22/27€4,379€5,781▲
Furniture and vehicles24€4,379€5,781▲
Financial fixed assets28€186€186=
Current assets29/58€17,326€17,533▲
Stocks and contracts in progress3-€3,075
Stocks30/36-€3,075
Amounts receivable within one year40/41€14,778€11,337▼
Trade receivables40€14,778€11,337▼
Cash at bank and in hand54/58€2,411€1,302▼
Deferred charges and accrued income490/1€137€1,819▲
Equity and liabilities
Total equity and liabilities10/49€21,891€23,500▲
Equity10/15€7,373€7,510▲
Contributions10/11€8,060€8,060=
Profit (loss) carried forward14-€687-€550▲
Amounts payable17/49€14,518€15,990▲
Amounts payable within one year42/48€14,518€15,990▲
Trade debts44€6,495€8,427▲
Suppliers440/4€6,495€8,427▲
Taxes, remuneration and social security45€6,293€6,892▲
Taxes450/3€5,588€6,892▲
Remuneration and social security454/9€705-
Other amounts payable47/48€1,730€671▼
Income statement Code20242025
Remuneration, social security and pensions62€4,170€3,477▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1,632€2,274▲
Other operating charges640/8€387€400▲
Gross operating margin9900€11,501€7,334▼
Operating profit (loss)9901€5,311€1,183▼
Financial income75/76B€0€64▲
Recurring financial income75€0€64▲
Financial charges65/66B€177€177▼
Recurring financial charges65€177€177▼
Profit (loss) for the period before taxes9903€5,134€1,070▼
Income taxes67/77€1,841€933▼
Profit (loss) for the period9904€3,293€137▼
Profit (loss) for the period to be appropriated9905€3,293€137▼
Appropriation of the result
Profit (loss) to be appropriated9906-€687-€550▲
Profit (loss) brought forward from the previous period14P-€3,980-€687▲

The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 09-06-2026.

Line20182019202020212022202320242025Change
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%
Line20182019202020212022202320242025Change
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%
Line20182019202020212022202320242025Change
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.

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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.

The companies in ten equal groups, from the lowest to the highest expected share
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 PDF
31-12-2024 micro format 23-07-2025 2025-00316683 PDF
31-12-2023 micro format 08-07-2024 2024-00229514 PDF
31-12-2022 micro format 03-07-2023 2023-00217627 PDF
31-12-2021 micro format 24-06-2022 2022-20099369 PDF
31-12-2020 micro format 22-06-2021 2021-25000276 PDF
31-12-2019 micro format 01-10-2020 2020-58500574 PDF
31-12-2018 micro format 10-09-2019 2019-63900206 PDF
31-12-2017 micro format 29-06-2018 2018-26800278 PDF
31-12-2016 micro format 24-08-2017 2017-50800472 PDF

Show all 14 filings

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