TIP - TOP
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 29 filings
Equity
€15,033▼ 16.2%
2024 · €17,929
Total assets
€25,456▼ 3.6%
2024 · €26,404
Net result
-€2,896
2024 · €1,057
Working capital
€21,705▼ 3.7%
2024 · €22,545
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€2,826
2025
20182025
Net result
-€2,896
2025
20182025
Equity
€15,033
▼ 16.2%
2025
20182025
Total assets
€25,456
▼ 3.6%
2025
20182025
Debt
€10,422
▲ 23.0%
2025
20182025
Working capital
€21,705
▼ 3.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€5,128-€2,469▼ 51.9%€277▼ 88.8%-€6,515€5,749€3,811▼ 33.7%€1,667▼ 56.3%-€2,826
Net result€4,817-€2,165▼ 55.1%€226▼ 89.6%-€6,620€5,691€3,166▼ 44.4%€1,057▼ 66.6%-€2,896
Equity€12,244-€14,409▲ 17.7%€14,635▲ 1.6%€8,015▼ 45.2%€13,706▲ 71.0%€16,872▲ 23.1%€17,929▲ 6.3%€15,033▼ 16.2%
Total assets€22,768-€24,693▲ 8.5%€28,275▲ 14.5%€19,608▼ 30.6%€20,196▲ 3.0%€25,177▲ 24.7%€26,404▲ 4.9%€25,456▼ 3.6%
Debt€10,524-€10,284▼ 2.3%€13,640▲ 32.6%€11,594▼ 15.0%€6,490▼ 44.0%€8,306▲ 28.0%€8,475▲ 2.0%€10,422▲ 23.0%
Working capital€18,866-€22,189▲ 17.6%€23,152▲ 4.3%€14,732▼ 36.4%€16,947▲ 15.0%€21,345▲ 25.9%€22,545▲ 5.6%€21,705▼ 3.7%
The operating result for 2025 is a loss of €2,826, after a profit of €1,667 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €25,456
Fixed assets
€2,319 ▼ 6.0%
Current assets
€23,136 ▼ 3.3%
Equity and liabilities €25,456
Equity
€15,033 ▼ 16.2%
Debt
€10,422 ▲ 23.0%
Debt's share of the balance-sheet total rises from 32.1% to 40.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€2,677▼
2024 · €1,866
Cash flow
-€2,747▼
2024 · €1,256
Current ratio
16.17▼
2024 · 17.21
Debt to equity
0.69▲
2024 · 0.47
ROE
-19.3%▼
2024 · 5.9%
ROA
-11.4%▼
2024 · 4.0%
Interest coverage
-37.78▼
2024 · 29.73
Debt ≤ 1 year
€1,431▲
2024 · €1,391
Debt > 1 year
€7,792▲
2024 · €6,284
Income taxes
€1▼
2024 · €560
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 | €316 | - | - | - | €399 |
| Depreciation and write-downs of the year | €410 | €199 | €199 | €199 | €149 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €65 | €410 | €199 | €199 | €199 | €149 | ▼ 25.4% |
| Other operating charges640/8 | - | - | - | €3,842 | €2,588 | €817 | €656 | €520 | ▼ 20.7% |
| Non-recurring operating charges66A | - | - | - | - | €2,889 | - | - | €76 | - |
| Gross operating margin9900 | €5,574 | €2,914 | €789 | -€2,264 | €11,425 | €4,827 | €2,522 | -€2,082 | - |
| Operating profit (loss)9901 | €5,128 | €2,469 | €277 | -€6,515 | €5,749 | €3,811 | €1,667 | -€2,826 | - |
| Financial income75/76B | - | - | - | - | - | €17 | €13 | €2 | ▼ 85.8% |
| Recurring financial income75 | - | €7 | - | - | - | €17 | €13 | €2 | ▼ 85.8% |
| Financial charges65/66B | - | - | - | €55 | €58 | €105 | €63 | €71 | ▲ 12.9% |
| Recurring financial charges65 | €311 | €311 | €48 | €55 | €58 | €105 | €63 | €71 | ▲ 12.9% |
| Profit (loss) for the period before taxes9903 | €4,817 | €2,165 | €229 | -€6,570 | €5,691 | €3,723 | €1,617 | -€2,895 | - |
| Income taxes67/77 | - | - | €3 | €50 | - | €557 | €560 | €1 | ▼ 99.9% |
| Profit (loss) for the period9904 | €4,817 | €2,165 | €226 | -€6,620 | €5,691 | €3,166 | €1,057 | -€2,896 | - |
| Profit (loss) for the period to be appropriated9905 | €4,817 | €2,165 | €226 | -€6,620 | €5,691 | €3,166 | €1,057 | -€2,896 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €22,768 | €24,693 | €28,275 | €19,608 | €20,196 | €25,177 | €26,404 | €25,456 | ▼ 3.6% |
| Fixed assets21/28 | €2,300 | €2,300 | €4,064 | €3,971 | €2,866 | €2,667 | €2,468 | €2,319 | ▼ 6.0% |
| Tangible fixed assets22/27 | - | - | €1,764 | €1,671 | €566 | €367 | €168 | €19 | ▼ 88.5% |
| Plant, machinery and equipment23 | - | - | - | €493 | €357 | €221 | €85 | - | - |
| Furniture and vehicles24 | - | - | - | €906 | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €272 | €209 | €146 | €83 | €19 | ▼ 76.5% |
| Financial fixed assets28 | €2,300 | €2,300 | €2,300 | €2,300 | €2,300 | €2,300 | €2,300 | €2,300 | = |
| Current assets29/58 | €20,468 | €22,393 | €24,210 | €15,638 | €17,330 | €22,510 | €23,936 | €23,136 | ▼ 3.3% |
| Amounts receivable within one year40/41 | €18,671 | €19,270 | €17,432 | €11,100 | €11,781 | €16,679 | €19,340 | €19,193 | ▼ 0.8% |
| Trade receivables40 | - | - | - | €7,657 | €468 | €1,557 | €1,504 | €524 | ▼ 65.1% |
| Other amounts receivable41 | - | - | - | €3,443 | €11,313 | €15,122 | €17,837 | €18,669 | ▲ 4.7% |
| Cash at bank and in hand54/58 | €1,797 | €2,095 | €3,112 | €4,538 | €5,549 | €5,721 | €3,749 | €3,178 | ▼ 15.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €111 | €846 | €765 | ▼ 9.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €22,768 | €24,693 | €28,275 | €19,608 | €20,196 | €25,177 | €26,404 | €25,456 | ▼ 3.6% |
| Equity10/15 | €12,244 | €14,409 | €14,635 | €8,015 | €13,706 | €16,872 | €17,929 | €15,033 | ▼ 16.2% |
| Contributions10/11 | €24,592 | €24,592 | - | €24,592 | €24,592 | €24,592 | €24,592 | €24,592 | = |
| Reserves13 | €2,237 | €2,237 | €2,237 | €2,237 | €2,237 | €2,237 | €2,237 | - | - |
| Non-distributable reserves130/1 | - | - | - | €2,237 | €2,237 | €2,237 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,237 | €2,237 | €2,237 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €2,237 | - | - |
| Profit (loss) carried forward14 | -€14,585 | -€12,420 | -€12,195 | -€18,815 | -€13,123 | -€9,957 | -€8,901 | -€9,559 | ▼ 7.4% |
| Amounts payable17/49 | €10,524 | €10,284 | €13,640 | €11,594 | €6,490 | €8,306 | €8,475 | €10,422 | ▲ 23.0% |
| Amounts payable after more than one year17 | €8,922 | €8,880 | €11,582 | €10,688 | €6,107 | €6,240 | €6,284 | €7,792 | ▲ 24.0% |
| Other amounts payable178/9 | - | - | - | €10,688 | €6,107 | €6,240 | €6,284 | €7,792 | ▲ 24.0% |
| Amounts payable within one year42/48 | €1,602 | €204 | €1,058 | €906 | €383 | €1,166 | €1,391 | €1,431 | ▲ 2.9% |
| Trade debts44 | €1,602 | €204 | €1,055 | €836 | €383 | €614 | €835 | €875 | ▲ 4.8% |
| Suppliers440/4 | - | - | - | €836 | €383 | €614 | €835 | €875 | ▲ 4.8% |
| Taxes, remuneration and social security45 | - | - | - | €70 | - | €552 | €556 | €556 | = |
| Taxes450/3 | - | - | - | €70 | - | €552 | €556 | €556 | = |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €900 | €800 | €1,200 | ▲ 50.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,817 | €2,165 | €226 | -€6,620 | €5,691 | €3,166 | €1,057 | -€2,896 | - |
| + Depreciation and write-downs630 | - | - | €65 | €410 | €199 | €199 | €199 | €149 | ▼ 25.4% |
| Operating cash flow (approximation) | €4,817 | €2,165 | €291 | -€6,210 | €5,890 | €3,365 | €1,256 | -€2,747 | - |
| Investment in fixed assets (approximation) | - | €0 | -€1,829 | -€316 | €906 | €0 | €0 | €0 | - |
| Change in cash | - | €297 | €1,018 | €1,425 | €1,011 | €172 | -€1,972 | -€571 | ▲ 71.0% |
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, 5,831 companies had the same profile as TIP - TOP has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TIP - TOP itself: 0.4% 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 5,831 companies, not a prediction for TIP - TOP. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00290858 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00188306 | |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00275346 | |
| 31-12-2022 | micro format | 12-06-2023 | 2023-00119300 | |
| 31-12-2021 | micro format | 10-06-2022 | 2022-20055981 | |
| 31-12-2020 | abbreviated format | 25-06-2021 | 2021-24600457 | |
| 31-12-2019 | abbreviated format | 28-07-2020 | 2020-37700599 | |
| 31-12-2018 | abbreviated format | 19-06-2019 | 2019-19800102 | |
| 31-12-2017 | abbreviated format | 28-06-2018 | 2018-25900563 | |
| 31-12-2016 | abbreviated format | 27-04-2017 | 2017-10400530 |