KEYSTEP
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00448657.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 11 filings
Turnover
€35,351▼ 3.4%
2024 · €36,604
EBIT margin
-7.5%▼ 4.0pp
2024 · -3.5%
Net result
-€2,094▼ 529%
2024 · -€333
Working capital
€21,541▼ 3.9%
2024 · €22,425
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€35,351
▼ 3.4%
2025
20182025
Operating result
-€2,652
▼ 108%
2025
20182025
Net result
-€2,094
▼ 529%
2025
lowest quarter of the sector
20182025
EBIT margin
-7.5%
▼ 4.0pp
2025
20182025
Equity
€22,451
▼ 8.5%
2025
middle half of the sector
20182025
Total assets
€28,870
▲ 2.3%
2025
lowest quarter of the sector
20182025
Debt
€6,419
▲ 74.7%
2025
20182025
Working capital
€21,541
▼ 3.9%
2025
middle half of the sector
20182025
Solvency
77.8%
▼ 9.2pp
2025
highest quarter of the sector
20182025
Current ratio
5.13
▼ 4.93
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-7.3%
▼ 6.1pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€45,052-€81,115▲ 80.0%€88,097▲ 8.6%€72,755▼ 17.4%€26,674▼ 63.3%€10,837▼ 59.4%€36,604▲ 238%€35,351▼ 3.4%
Operating result-€5,098-€2,014€14,249▲ 607%-€3,165-€3,699▼ 16.9%-€5,885▼ 59.1%-€1,274▲ 78.4%-€2,652▼ 108%
Net result-€4,722-€1,961€9,752within the sector's middle half▲ 397%-€4,550below the sector's middle half-€2,261below the sector's middle half▲ 50.3%-€4,621below the sector's middle half▼ 104%-€333within the sector's middle half▲ 92.8%-€2,094below the sector's middle half▼ 529%
EBIT margin-11.3%-2.5%▲ 13.8pp16.2%▲ 13.7pp-4.4%▼ 20.5pp-13.9%▼ 9.5pp-54.3%▼ 40.4pp-3.5%▲ 50.8pp-7.5%▼ 4.0pp
Equity€23,906-€25,867▲ 8.2%€35,620within the sector's middle half▲ 37.7%€31,760within the sector's middle half▼ 10.8%€29,499within the sector's middle half▼ 7.1%€24,878within the sector's middle half▼ 15.7%€24,545within the sector's middle half▼ 1.3%€22,451within the sector's middle half▼ 8.5%
Total assets€26,278-€31,731▲ 20.8%€41,439below the sector's middle half▲ 30.6%€35,865below the sector's middle half▼ 13.5%€32,068below the sector's middle half▼ 10.6%€26,460below the sector's middle half▼ 17.5%€28,220below the sector's middle half▲ 6.7%€28,870below the sector's middle half▲ 2.3%
Debt€2,372-€5,864▲ 147%€5,819▼ 0.8%€4,105▼ 29.5%€2,569▼ 37.4%€1,582▼ 38.4%€3,675▲ 132%€6,419▲ 74.7%
Working capital€17,266-€19,787▲ 14.6%€27,196within the sector's middle half▲ 37.4%€24,194within the sector's middle half▼ 11.0%€23,434within the sector's middle half▼ 3.1%€20,349within the sector's middle half▼ 13.2%€22,425within the sector's middle half▲ 10.2%€21,541within the sector's middle half▼ 3.9%
Solvency91.0%-81.5%▼ 9.5pp86.0%above the sector's middle half▲ 4.4pp88.6%above the sector's middle half▲ 2.6pp92.0%above the sector's middle half▲ 3.4pp94.0%above the sector's middle half▲ 2.0pp87.0%above the sector's middle half▼ 7.0pp77.8%above the sector's middle half▼ 9.2pp
Current ratio8.28-4.37▼ 3.905.67above the sector's middle half▲ 1.306.89above the sector's middle half▲ 1.2210.12above the sector's middle half▲ 3.2313.86above the sector's middle half▲ 3.7410.06above the sector's middle half▼ 3.805.13above the sector's middle half▼ 4.93
Return on assets (ROA)-18.0%-6.2%▲ 24.1pp23.5%above the sector's middle half▲ 17.4pp-12.7%below the sector's middle half▼ 36.2pp-7.1%below the sector's middle half▲ 5.6pp-17.5%below the sector's middle half▼ 10.4pp-1.2%below the sector's middle half▲ 16.3pp-7.3%below the sector's middle half▼ 6.1pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 a loss of €2,652, larger than the loss of €1,274 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €28,870
Fixed assets
€2,110 ▼ 36.4%
Current assets
€26,760 ▲ 7.5%
Equity and liabilities €28,870
Equity
€22,451 ▼ 8.5%
Debt
€6,419 ▲ 74.7%
Debt's share of the balance-sheet total rises from 13.0% to 22.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€1,442▼
2024 · -€3
Cash flow
-€884▼
2024 · €938
Debt to equity
0.29▲
2024 · 0.15
ROE
-9.3%▼
2024 · -1.4%
Interest coverage
-2.30▼
2024 · -0.01
Debt ≤ 1 year
€5,219▲
2024 · €2,475
Income taxes
€42▼
2024 · €43
Customer credit
265 days▲
2024 · 149 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €887 | - | - | €62 | - |
| Depreciation and write-downs of the year | €1,745 | €1,501 | €1,535 | €1,271 | €1,210 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €45,052 | €81,115 | €88,097 | €72,755 | €26,674 | €10,837 | €36,604 | €35,351 | ▼ 3.4% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €71,523 | €28,290 | €14,641 | €35,322 | €35,638 | ▲ 0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,669 | €1,861 | €2,077 | €1,745 | €1,501 | €1,535 | €1,271 | €1,210 | ▼ 4.8% |
| Other operating charges640/8 | - | - | - | €2,652 | €582 | €546 | €1,285 | €1,155 | ▼ 10.1% |
| Gross operating margin9900 | -€1,283 | €4,876 | €17,561 | €1,232 | -€1,616 | -€3,804 | €1,282 | -€287 | - |
| Operating profit (loss)9901 | -€5,098 | €2,014 | €14,249 | -€3,165 | -€3,699 | -€5,885 | -€1,274 | -€2,652 | ▼ 108% |
| Financial income75/76B | - | - | - | €1,019 | €1,931 | €1,731 | €1,300 | €1,227 | ▼ 5.6% |
| Recurring financial income75 | €1,252 | €969 | €1,227 | €1,019 | €1,931 | €1,731 | €1,300 | €1,227 | ▼ 5.6% |
| Financial charges65/66B | - | - | - | €148 | €327 | €231 | €316 | €627 | ▲ 98.4% |
| Recurring financial charges65 | €402 | €642 | €1,262 | €148 | €327 | €231 | €316 | €627 | ▲ 98.4% |
| Profit (loss) for the period before taxes9903 | -€4,248 | €2,341 | €14,214 | -€2,294 | -€2,095 | -€4,385 | -€290 | -€2,052 | ▼ 608% |
| Income taxes67/77 | €474 | €380 | €4,462 | €2,256 | €166 | €236 | €43 | €42 | ▼ 2.3% |
| Profit (loss) for the period9904 | -€4,722 | €1,961 | €9,752 | -€4,550 | -€2,261 | -€4,621 | -€333 | -€2,094 | ▼ 529% |
| Profit (loss) for the period to be appropriated9905 | -€4,722 | €1,961 | €9,752 | -€4,550 | -€2,261 | -€4,621 | -€333 | -€2,094 | ▼ 529% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €26,278 | €31,731 | €41,439 | €35,865 | €32,068 | €26,460 | €28,220 | €28,870 | ▲ 2.3% |
| Fixed assets21/28 | €6,640 | €6,080 | €8,424 | €7,566 | €6,065 | €4,529 | €3,320 | €2,110 | ▼ 36.4% |
| Tangible fixed assets22/27 | €6,640 | €6,080 | €8,424 | €7,566 | €6,065 | €4,529 | €3,320 | €2,110 | ▼ 36.4% |
| Plant, machinery and equipment23 | - | - | - | €783 | €606 | €429 | €252 | €74 | ▼ 70.6% |
| Furniture and vehicles24 | - | - | - | €458 | €246 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €6,325 | €5,213 | €4,100 | €3,068 | €2,036 | ▼ 33.6% |
| Current assets29/58 | €19,638 | €25,651 | €33,015 | €28,299 | €26,003 | €21,931 | €24,900 | €26,760 | ▲ 7.5% |
| Amounts receivable within one year40/41 | €12,245 | €19,000 | €14,371 | €26,533 | €25,787 | €21,659 | €14,989 | €25,658 | ▲ 71.2% |
| Trade receivables40 | - | - | - | - | - | €2,173 | - | - | - |
| Other amounts receivable41 | - | - | - | €26,533 | €25,787 | €19,486 | €14,989 | €25,658 | ▲ 71.2% |
| Cash at bank and in hand54/58 | €7,393 | €6,651 | €18,644 | €1,766 | €216 | €272 | €9,911 | €1,102 | ▼ 88.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €26,278 | €31,731 | €41,439 | €35,865 | €32,068 | €26,460 | €28,220 | €28,870 | ▲ 2.3% |
| Equity10/15 | €23,906 | €25,867 | €35,620 | €31,760 | €29,499 | €24,878 | €24,545 | €22,451 | ▼ 8.5% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | €6,200 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €12,400 | - | - | - | - | - |
| Reserves13 | €26,432 | €26,432 | €36,185 | €36,875 | €36,875 | €36,875 | €36,875 | €36,875 | = |
| Non-distributable reserves130/1 | - | - | - | €1,322 | €1,322 | €1,322 | €1,322 | €1,322 | = |
| Legal reserve130 | - | - | - | €1,322 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,322 | €1,322 | €1,322 | €1,322 | = |
| Distributable reserves133 | - | - | - | €35,553 | €35,553 | €35,553 | €35,553 | €35,553 | = |
| Profit (loss) carried forward14 | -€8,726 | -€6,765 | -€6,765 | -€11,315 | -€13,576 | -€18,197 | -€18,530 | -€20,624 | ▼ 11.3% |
| Amounts payable17/49 | €2,372 | €5,864 | €5,819 | €4,105 | €2,569 | €1,582 | €3,675 | €6,419 | ▲ 74.7% |
| Amounts payable within one year42/48 | €2,372 | €5,864 | €5,819 | €4,105 | €2,569 | €1,582 | €2,475 | €5,219 | ▲ 111% |
| Trade debts44 | €416 | €2,145 | €1,056 | €1,212 | €2,403 | €1,582 | €2,041 | - | - |
| Suppliers440/4 | - | - | - | €1,212 | €2,403 | €1,582 | €2,041 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2,893 | €166 | - | €434 | €5,124 | ▲ 12× |
| Taxes450/3 | - | - | - | €2,893 | €166 | - | €434 | €5,124 | ▲ 12× |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €95 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,200 | €1,200 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,722 | €1,961 | €9,752 | -€4,550 | -€2,261 | -€4,621 | -€333 | -€2,094 | ▼ 529% |
| + Depreciation and write-downs630 | €1,669 | €1,861 | €2,077 | €1,745 | €1,501 | €1,535 | €1,271 | €1,210 | ▼ 4.8% |
| Operating cash flow (approximation) | -€3,053 | €3,822 | €11,829 | -€2,805 | -€760 | -€3,086 | €938 | -€884 | - |
| Investment in fixed assets (approximation) | - | -€1,301 | -€4,421 | -€887 | €0 | €1 | -€62 | €0 | - |
| Change in cash | - | -€742 | €11,993 | -€16,878 | -€1,550 | €56 | €9,639 | -€8,809 | - |
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, 6,908 companies had the same profile as KEYSTEP has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KEYSTEP itself: 0.2% 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 6,908 companies, not a prediction for KEYSTEP. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-08-2026 | 2026-00448657 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00393488 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00370225 | |
| 31-12-2022 | micro format | 21-08-2023 | 2023-00338334 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20387507 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-58900588 | |
| 31-12-2019 | micro format | 25-09-2020 | 2020-56000171 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57000502 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-48600377 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-58600084 |