KEY CONSTRUCT
ActiveSummary
KEY CONSTRUCT has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €173k and a net result of €163k. Equity is growing by ~56.1% per year across the filed fiscal years. Its solvency ranks better than 63% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+5
Solvency72▲+23
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €14k at 30 days acceptable
Liquidity ample (current ratio 1.89 against 2.0 in 2024; short-term debt: 17.8% and cash: 29.6% of total assets), but 52.9% 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 · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer 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
47.1%
Return on assets
44.4%
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 28-04-2026, 94 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
94 d early
2024
21 d late
2023
103 d early
2022
143 d early
2021
18 d late
2020
32 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
€173k▲ 85.3%
2024 · €93k
2020: €19klowest in 6 years
2021: €24k▲ +27.8% vs 2020
2022: €100k▲ +321% vs 2021
2023: €88k▼ -11.9% vs 2022
2024: €93k▲ +5.7% vs 2023
2025: €173k▲ +85.3% vs 2024highest in 6 years
2020 → 2025
Total assets
€367k▼ 7.4%
2024 · €396k
2020: €33klowest in 6 years
2021: €34k▲ +5.1% vs 2020
2022: €122k▲ +256% vs 2021
2023: €98k▼ -19.4% vs 2022
2024: €396k▲ +303% vs 2023highest in 6 years
2025: €367k▼ -7.4% vs 2024
2020 → 2025
Net result
€163k▲ 95.5%
2024 · €83k
2020: €15k
2021: €5k▼ -64.6% vs 2020lowest in 6 years
2022: €76k▲ +1377% vs 2021
2023: €78k▲ +2.4% vs 2022
2024: €83k▲ +6.4% vs 2023
2025: €163k▲ +95.5% vs 2024highest in 6 years
2020 → 2025
Working capital
€58k▲ 28.5%
2024 · €45k
2020: €17klowest in 6 years
2021: €23k▲ +34.7% vs 2020
2022: €100k▲ +339% vs 2021highest in 6 years
2023: €88k▼ -11.6% vs 2022
2024: €45k▼ -48.5% vs 2023
2025: €58k▲ +28.5% vs 2024
2020 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€24k-€100k▲ 321%€88k▼ 11.9%€93k▲ 5.7%€173k▲ 85.3%
2021: €24klowest in 5 years
2022: €100k▲ +321% vs 2021
2023: €88k▼ -11.9% vs 2022
2024: €93k▲ +5.7% vs 2023
2025: €173k▲ +85.3% vs 2024highest in 5 years
Operating result€6k-€96k▲ 1,382%€99k▲ 3.3%€115k▲ 16.1%€228k▲ 97.7%
2021: €6klowest in 5 years
2022: €96k▲ +1382% vs 2021
2023: €99k▲ +3.3% vs 2022
2024: €115k▲ +16.1% vs 2023
2025: €228k▲ +97.7% vs 2024highest in 5 years
Net result€5k-€76k▲ 1,377%€78k▲ 2.4%€83k▲ 6.4%€163k▲ 95.5%
2021: €5klowest in 5 years
2022: €76k▲ +1377% vs 2021
2023: €78k▲ +2.4% vs 2022
2024: €83k▲ +6.4% vs 2023
2025: €163k▲ +95.5% vs 2024highest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 98% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €367k
Fixed assets
€243k ▼ 20.4%
Current assets
€124k ▲ 36.1%
Equity and liabilities €367k
Equity
€173k ▲ 85.3%
Debt
€194k ▼ 36.0%
Debt's share of the balance-sheet total falls from 76.5% to 52.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€238k▲
2024 · €118k
Cash flow
€173k▲
2024 · €86k
Current ratio
1.89▼
2024 · 2.00
Debt to equity
1.12▼
2024 · 3.25
ROE
94.2%▲
2024 · 89.3%
ROA
44.4%▲
2024 · 21.0%
Interest coverage
27.34▼
2024 · 43.72
Debt ≤ 1 year
€65k▲
2024 · €46k
Debt > 1 year
€129k▼
2024 · €258k
Income taxes
€57k▲
2024 · €29k
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 · 45 lines
Balance sheet
Code20242025
Assets
Total assets20/58€396k€367k▼
Fixed assets21/28€305k€243k▼
Tangible fixed assets22/27€43k€41k▼
Plant, machinery and equipment23€785€4k▲
Furniture and vehicles24-€4k
Leasing and similar rights25€42k€33k▼
Financial fixed assets28€263k€203k▼
Current assets29/58€91k€124k▲
Amounts receivable within one year40/41€3k€15k▲
Trade receivables40€3k€15k▲
Cash at bank and in hand54/58€88k€108k▲
Deferred charges and accrued income490/1€885€885=
Equity and liabilities
Total equity and liabilities10/49€396k€367k▼
Equity10/15€93k€173k▲
Contributions10/11€10k€10k=
Reserves13€83k€163k▲
Distributable reserves133€83k€163k▲
Amounts payable17/49€303k€194k▼
Amounts payable after more than one year17€258k€129k▼
Financial debts170/4€258k€129k▼
Amounts payable within one year42/48€46k€65k▲
Current portion of amounts payable after more than one year42€27k€29k▲
Trade debts44€1k€1k▲
Suppliers440/4€1k€1k▲
Taxes, remuneration and social security45€17k€35k▲
Taxes450/3€17k€35k▲
Other amounts payable47/48€142€486▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€10k▲
Other operating charges640/8€1k€1k▲
Gross operating margin9900€120k€240k▲
Operating profit (loss)9901€115k€228k▲
Financial income75/76B-€2
Recurring financial income75-€2
Financial charges65/66B€3k€9k▲
Recurring financial charges65€3k€9k▲
Profit (loss) for the period before taxes9903€113k€219k▲
Income taxes67/77€29k€57k▲
Profit (loss) for the period9904€83k€163k▲
Profit (loss) for the period to be appropriated9905€83k€163k▲
Appropriation of the result
Profit (loss) to be appropriated9906€83k€163k▲
Transfer from equity791/2€78k€83k▲
Transfer to equity691/2€83k€163k▲
To other reserves6921€83k€163k▲
Profit to be distributed694/7€78k€83k▲
Return on contributions (dividend)694€78k€83k▲
The notes to these accounts (9 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 | €696 | €696 | €326 | €3k | €10k | ▲ 233% |
| Other operating charges640/8 | €65 | €398 | €422 | €1k | €1k | ▲ 18.0% |
| Gross operating margin9900 | €7k | €97k | €100k | €120k | €240k | ▲ 100% |
| Operating profit (loss)9901 | €6k | €96k | €99k | €115k | €228k | ▲ 97.7% |
| Financial income75/76B | €266 | - | - | - | €2 | - |
| Recurring financial income75 | €266 | - | - | - | €2 | - |
| Financial charges65/66B | €40 | €51 | €143 | €3k | €9k | ▲ 222% |
| Recurring financial charges65 | €40 | €51 | €143 | €3k | €9k | ▲ 222% |
| Profit (loss) for the period before taxes9903 | €7k | €96k | €99k | €113k | €219k | ▲ 94.8% |
| Income taxes67/77 | €2k | €20k | €21k | €29k | €57k | ▲ 92.6% |
| Profit (loss) for the period9904 | €5k | €76k | €78k | €83k | €163k | ▲ 95.5% |
| Profit (loss) for the period to be appropriated9905 | €5k | €76k | €78k | €83k | €163k | ▲ 95.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €34k | €122k | €98k | €396k | €367k | ▼ 7.4% |
| Fixed assets21/28 | €1k | €326 | - | €305k | €243k | ▼ 20.4% |
| Tangible fixed assets22/27 | €1k | €326 | - | €43k | €41k | ▼ 5.6% |
| Plant, machinery and equipment23 | €1k | €326 | - | €785 | €4k | ▲ 368% |
| Furniture and vehicles24 | - | - | - | - | €4k | - |
| Leasing and similar rights25 | - | - | - | €42k | €33k | ▼ 21.3% |
| Financial fixed assets28 | - | - | - | €263k | €203k | ▼ 22.9% |
| Current assets29/58 | €33k | €122k | €98k | €91k | €124k | ▲ 36.1% |
| Amounts receivable within one year40/41 | €4k | €43k | €42k | €3k | €15k | ▲ 471% |
| Trade receivables40 | €4k | €43k | €42k | €3k | €15k | ▲ 471% |
| Other amounts receivable41 | €450 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €29k | €79k | €57k | €88k | €108k | ▲ 23.8% |
| Deferred charges and accrued income490/1 | - | - | - | €885 | €885 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €34k | €122k | €98k | €396k | €367k | ▼ 7.4% |
| Equity10/15 | €24k | €100k | €88k | €93k | €173k | ▲ 85.3% |
| Contributions10/11 | €4k | €4k | €10k | €10k | €10k | = |
| Reserves13 | €20k | €96k | €78k | €83k | €163k | ▲ 95.5% |
| Distributable reserves133 | €20k | €96k | €78k | €83k | €163k | ▲ 95.5% |
| Amounts payable17/49 | €11k | €22k | €10k | €303k | €194k | ▼ 36.0% |
| Amounts payable after more than one year17 | - | - | - | €258k | €129k | ▼ 50.1% |
| Financial debts170/4 | - | - | - | €258k | €129k | ▼ 50.1% |
| Amounts payable within one year42/48 | €11k | €22k | €10k | €46k | €65k | ▲ 43.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €27k | €29k | ▲ 3.8% |
| Trade debts44 | €172 | €460 | €505 | €1k | €1k | ▲ 6.9% |
| Suppliers440/4 | €172 | €460 | €505 | €1k | €1k | ▲ 6.9% |
| Taxes, remuneration and social security45 | €4k | €20k | €9k | €17k | €35k | ▲ 109% |
| Taxes450/3 | €4k | €20k | €9k | €17k | €35k | ▲ 109% |
| Other amounts payable47/48 | €6k | €2k | €526 | €142 | €486 | ▲ 242% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5k | €76k | €78k | €83k | €163k | ▲ 95.5% |
| + Depreciation and write-downs630 | €696 | €696 | €326 | €3k | €10k | ▲ 233% |
| Operating cash flow (approximation) | €6k | €77k | €79k | €86k | €173k | ▲ 100% |
| Investment in fixed assets (approximation) | - | €0 | - | - | €52k | - |
| Change in cash | - | €50k | €-23k | €31k | €21k | ▼ 32.7% |
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
28-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2020net €163k ▲95.5%
Operating result €228k, net result €163k, both a record.
31-12
Financial
Equity above €150kEq €173k ▲85.3%
6 profitable years in a row build equity to €173k.
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 21 days late
2024
19-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
10-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Equity above €100kEq €100k ▲321%
3 profitable years in a row build equity to €100k.
18-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 18 days late
2021
31-12
Financial
Weakest financial yearnet €5k ▼64.6%
Net result drops to €5k, the lowest in the series; recovery starts the following year.
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Ternat · 1 establishment unit since 2019
Ground area
201 m²
Building footprint
201 m²
Volume, LiDAR
1,897 m³
Parcel 23086E0167/00M000, Flanders · tallest building 12.3 m, ±3 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Key Construct
since 20192.294.339.119
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23086E0167/00M000 | Flanders | 201 m² | 1 · 201 m² | 12.3 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 11,756 companies in sector 68310 we hold annual accounts for 6,904. 5,220 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
Founded14-08-2019
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
Contact
E-mail
info@keyconstruct.be
Phone
0478/111159
Scores and ratios are computed by Checked and are not a credit decision.