KV SYSTEM
ActiveSummary
KV SYSTEM has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €84k and a net result of €18k. Equity is growing by ~29% per year across the filed fiscal years. Its solvency ranks better than 53% of 27965 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▼-18
Solvency75▼-13
Growth78=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity tight (current ratio 1.34 against 1.94 in 2024; short-term debt: 37% and cash: 14.9% of total assets), and 49.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
50.2%
Return on assets
10.7%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-07-2026, 29 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
29 d early
2024
1 d early
2023
7 d late
2022
1 d late
2021
11 d late
2020
5 d early
2019
46 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€84k▼ 8.0%
2024 · €91k
2019: €12klowest in 7 years
2020: €35k▲ +194% vs 2019
2021: €35k▼ -1.6% vs 2020
2022: €39k▲ +11.7% vs 2021
2023: €46k▲ +18.0% vs 2022
2024: €91k▲ +97.5% vs 2023highest in 7 years
2025: €84k▼ -8.0% vs 2024
2019 → 2025
Total assets
€167k▲ 15.2%
2024 · €145k
2019: €97klowest in 7 years
2020: €176k▲ +81.1% vs 2019
2021: €186k▲ +5.9% vs 2020
2022: €198k▲ +6.4% vs 2021highest in 7 years
2023: €120k▼ -39.2% vs 2022
2024: €145k▲ +20.1% vs 2023
2025: €167k▲ +15.2% vs 2024
2019 → 2025
Net result
€18k▼ 60.5%
2024 · €45k
2019: €6k
2020: €23k▲ +301% vs 2019
2021: €-555▼ -102% vs 2020lowest in 7 years
2022: €4k▲ +835% vs 2021
2023: €13k▲ +217% vs 2022
2024: €45k▲ +248% vs 2023highest in 7 years
2025: €18k▼ -60.5% vs 2024
2019 → 2025
Working capital
€21k▼ 12.3%
2024 · €24k
2019: €-22klowest in 7 years
2020: €6k▲ +127% vs 2019
2021: €6k▲ +10.2% vs 2020
2022: €7k▲ +9.6% vs 2021
2023: €-5k▼ -171% vs 2022
2024: €24k▲ +583% vs 2023highest in 7 years
2025: €21k▼ -12.3% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€35k-€39k▲ 11.7%€46k▲ 18.0%€91k▲ 97.5%€84k▼ 8.0%
2021: €35klowest in 5 years
2022: €39k▲ +11.7% vs 2021
2023: €46k▲ +18.0% vs 2022
2024: €91k▲ +97.5% vs 2023highest in 5 years
2025: €84k▼ -8.0% vs 2024
Operating result€5k-€9k▲ 92.5%€18k▲ 99.1%€65k▲ 255%€26k▼ 60.2%
2021: €5klowest in 5 years
2022: €9k▲ +92.5% vs 2021
2023: €18k▲ +99.1% vs 2022
2024: €65k▲ +255% vs 2023highest in 5 years
2025: €26k▼ -60.2% vs 2024
Net result€-555-€4k€13k▲ 217%€45k▲ 248%€18k▼ 60.5%
2021: €-555lowest in 5 years
2022: €4k▲ +835% vs 2021
2023: €13k▲ +217% vs 2022
2024: €45k▲ +248% vs 2023highest in 5 years
2025: €18k▼ -60.5% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 60% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €167k
Fixed assets
€84k ▼ 11.5%
Current assets
€83k ▲ 65.8%
Equity and liabilities €167k
Equity
€84k ▼ 8.0%
Debt
€83k ▲ 54.5%
Debt's share of the balance-sheet total rises from 37.1% to 49.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€54k▼
2024 · €90k
Cash flow
€46k▼
2024 · €70k
Current ratio
1.34▼
2024 · 1.94
Quick ratio
1.32▼
2024 · 1.88
Debt to equity
0.99▲
2024 · 0.59
ROE
21.2%▼
2024 · 49.4%
ROA
10.7%▼
2024 · 31.1%
Interest coverage
22.06▼
2024 · 76.41
Debt ≤ 1 year
€62k▲
2024 · €26k
Debt > 1 year
€21k▼
2024 · €28k
Income taxes
€6k▼
2024 · €19k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 51 lines
Balance sheet
Code20242025
Assets
Total assets20/58€145k€167k▲
Fixed assets21/28€95k€84k▼
Tangible fixed assets22/27€95k€84k▼
Land and buildings22€44k€37k▼
Plant, machinery and equipment23€25k€14k▼
Furniture and vehicles24€26k€32k▲
Current assets29/58€50k€83k▲
Stocks and contracts in progress3€1k€2k▲
Stocks30/36€1k€2k▲
Amounts receivable within one year40/41€31k€57k▲
Trade receivables40€27k€54k▲
Other amounts receivable41€4k€3k▼
Cash at bank and in hand54/58€17k€25k▲
Equity and liabilities
Total equity and liabilities10/49€145k€167k▲
Equity10/15€91k€84k▼
Contributions10/11€6k€6k=
Reserves13€84k€76k▼
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€82k€74k▼
Profit (loss) carried forward14€954€2k▲
Amounts payable17/49€54k€83k▲
Amounts payable after more than one year17€28k€21k▼
Financial debts170/4€28k€21k▼
Amounts payable within one year42/48€26k€62k▲
Current portion of amounts payable after more than one year42€5k€6k▲
Trade debts44€2k€21k▲
Suppliers440/4€2k€21k▲
Advances received on contracts in progress46-€6k
Taxes, remuneration and social security45€14k€3k▼
Taxes450/3€14k€3k▼
Other amounts payable47/48€3k€25k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€25k€28k▲
Other operating charges640/8€941€399▼
Gross operating margin9900€91k€55k▼
Operating profit (loss)9901€65k€26k▼
Financial income75/76B€168€77▼
Recurring financial income75€168€77▼
Financial charges65/66B€1k€2k▲
Recurring financial charges65€1k€2k▲
Profit (loss) for the period before taxes9903€64k€24k▼
Income taxes67/77€19k€6k▼
Profit (loss) for the period9904€45k€18k▼
Profit (loss) for the period to be appropriated9905€45k€18k▼
Appropriation of the result
Profit (loss) to be appropriated9906€45k€19k▼
Profit (loss) brought forward from the previous period14P€61€954▲
Transfer from equity791/2-€25k
Transfer to equity691/2€44k€17k▼
To other reserves6921€44k€17k▼
Profit to be distributed694/7-€25k
Return on contributions (dividend)694-€25k
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22k | €16k | €24k | €25k | €28k | ▲ 13.5% |
| Other operating charges640/8 | €947 | €1k | €2k | €941 | €399 | ▼ 57.5% |
| Gross operating margin9900 | €27k | €27k | €44k | €91k | €55k | ▼ 39.9% |
| Operating profit (loss)9901 | €5k | €9k | €18k | €65k | €26k | ▼ 60.2% |
| Financial income75/76B | €78 | €101 | - | €168 | €77 | ▼ 54.4% |
| Recurring financial income75 | €78 | €101 | - | €168 | €77 | ▼ 54.4% |
| Financial charges65/66B | €4k | €2k | €2k | €1k | €2k | ▲ 109% |
| Recurring financial charges65 | €4k | €2k | €2k | €1k | €2k | ▲ 109% |
| Profit (loss) for the period before taxes9903 | €1k | €7k | €17k | €64k | €24k | ▼ 63.3% |
| Income taxes67/77 | €2k | €3k | €4k | €19k | €6k | ▼ 69.9% |
| Profit (loss) for the period9904 | €-555 | €4k | €13k | €45k | €18k | ▼ 60.5% |
| Profit (loss) for the period to be appropriated9905 | €-555 | €4k | €13k | €45k | €18k | ▼ 60.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €186k | €198k | €120k | €145k | €167k | ▲ 15.2% |
| Fixed assets21/28 | €86k | €75k | €85k | €95k | €84k | ▼ 11.5% |
| Tangible fixed assets22/27 | €86k | €75k | €85k | €95k | €84k | ▼ 11.5% |
| Land and buildings22 | €63k | €56k | €50k | €44k | €37k | ▼ 14.5% |
| Plant, machinery and equipment23 | €15k | €14k | €35k | €25k | €14k | ▼ 43.3% |
| Furniture and vehicles24 | €8k | €4k | - | €26k | €32k | ▲ 23.4% |
| Current assets29/58 | €101k | €123k | €35k | €50k | €83k | ▲ 65.8% |
| Stocks and contracts in progress3 | €9k | €26k | €3k | €1k | €2k | ▲ 5.7% |
| Stocks30/36 | €9k | €3k | €3k | €1k | €2k | ▲ 5.7% |
| Contracts in progress37 | - | €23k | - | - | - | - |
| Amounts receivable within one year40/41 | €42k | €73k | €23k | €31k | €57k | ▲ 82.0% |
| Trade receivables40 | €32k | €61k | €11k | €27k | €54k | ▲ 99.0% |
| Other amounts receivable41 | €10k | €11k | €12k | €4k | €3k | ▼ 34.6% |
| Cash at bank and in hand54/58 | €50k | €23k | €10k | €17k | €25k | ▲ 42.0% |
| Deferred charges and accrued income490/1 | €549 | €1k | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €186k | €198k | €120k | €145k | €167k | ▲ 15.2% |
| Equity10/15 | €35k | €39k | €46k | €91k | €84k | ▼ 8.0% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €27k | €27k | €40k | €84k | €76k | ▼ 9.6% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | €25k | €25k | €38k | €82k | €74k | ▼ 9.8% |
| Profit (loss) carried forward14 | €2k | €6k | €61 | €954 | €2k | ▲ 78.8% |
| Amounts payable17/49 | €151k | €159k | €74k | €54k | €83k | ▲ 54.5% |
| Amounts payable after more than one year17 | €57k | €43k | €34k | €28k | €21k | ▼ 23.8% |
| Financial debts170/4 | €57k | €43k | €34k | €28k | €21k | ▼ 23.8% |
| Amounts payable within one year42/48 | €94k | €116k | €40k | €26k | €62k | ▲ 139% |
| Current portion of amounts payable after more than one year42 | €14k | €14k | €9k | €5k | €6k | ▲ 11.4% |
| Trade debts44 | €28k | €5k | €4k | €2k | €21k | ▲ 751% |
| Suppliers440/4 | €28k | €5k | €4k | €2k | €21k | ▲ 751% |
| Advances received on contracts in progress46 | €39k | €85k | €14k | - | €6k | - |
| Taxes, remuneration and social security45 | €2k | €5k | €5k | €14k | €3k | ▼ 79.5% |
| Taxes450/3 | €2k | €5k | €5k | €14k | €3k | ▼ 79.5% |
| Other amounts payable47/48 | €11k | €7k | €9k | €3k | €25k | ▲ 634% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-555 | €4k | €13k | €45k | €18k | ▼ 60.5% |
| + Depreciation and write-downs630 | €22k | €16k | €24k | €25k | €28k | ▲ 13.5% |
| Operating cash flow (approximation) | €21k | €20k | €37k | €70k | €46k | ▼ 34.0% |
| Investment in fixed assets (approximation) | - | €-5k | €-34k | €-35k | €-17k | ▲ 49.7% |
| Change in cash | - | €-27k | €-14k | €8k | €7k | ▼ 7.3% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2019net €45k ▲248%
Operating result €65k, net result €45k, both a record.
31-12
Financial
Liquidity doublescurrent ratio 1.94
Current ratio from 0.88 to 1.94; short-term debt falls from €40k to €26k.
07-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 7 days late
2023
01-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 1 day late
2022
31-12
Financial
Back to profitnet €4k
Net result €4k after one loss-making year.
11-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 11 days late
2021
31-12
Financial
Weakest financial yearnet €-555
Net result drops to €-555, the lowest in the series; recovery starts the following year.
26-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
16-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Saint-Georges-sur-Meuse · 1 establishment unit since 2017
Ground area
780 m²
Building footprint
43 m²
Volume, LiDAR
370 m³
Parcel 64065B0755/00R002, Wallonia · tallest building 9.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
KV SYSTEM
since 20172.271.094.058
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 64065B0755/00R002 | Wallonia | 780 m² | 1 · 43 m² | 9.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 22,815 companies in sector 43211 we hold annual accounts for 10,325. 8,804 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded13-12-2017
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
Scores and ratios are computed by Checked and are not a credit decision.