TOP
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 9 filings
Turnover
€94,668▼ 34.2%
2024 · €143,957
EBIT margin
-41.3%▼ 46.4pp
2024 · 5.1%
Net result
-€39,366
2024 · €6,772
Working capital
-€86,114▼ 105%
2024 · -€41,916
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€94,668
▼ 34.2%
2025
20192025
Operating result
-€39,089
2025
20192025
Net result
-€39,366
2025
lowest quarter of the sector
20192025
EBIT margin
-41.3%
▼ 46.4pp
2025
20192025
Equity
-€87,576
▼ 81.7%
2025
lowest quarter of the sector
20192025
Total assets
€114,042
▼ 22.4%
2025
lowest quarter of the sector
20192025
Debt
€201,618
▲ 3.3%
2025
20192025
Working capital
-€86,114
▼ 105%
2025
lowest quarter of the sector
20192025
Solvency
-76.8%
▼ 44.0pp
2025
lowest quarter of the sector
20192025
Current ratio
0.57
▼ 0.21
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-34.5%
▼ 39.1pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€266,162-€151,124▼ 43.2%€120,363▼ 20.4%€175,955▲ 46.2%€137,978▼ 21.6%€143,957▲ 4.3%€94,668▼ 34.2%
Operating result€70,902--€16,716-€31,201▼ 86.6%-€44,245▼ 41.8%-€38,450▲ 13.1%€7,364-€39,089
Net result€72,920--€16,719below the sector's middle half-€31,271below the sector's middle half▼ 87.0%-€44,860below the sector's middle half▼ 43.5%-€39,102below the sector's middle half▲ 12.8%€6,772within the sector's middle half-€39,366below the sector's middle half
EBIT margin26.6%--11.1%▼ 37.7pp-25.9%▼ 14.9pp-25.1%▲ 0.8pp-27.9%▼ 2.7pp5.1%▲ 33.0pp-41.3%▼ 46.4pp
Equity€76,971-€60,251below the sector's middle half▼ 21.7%€28,980below the sector's middle half▼ 51.9%-€15,879below the sector's middle half-€54,981below the sector's middle half▼ 246%-€48,209below the sector's middle half▲ 12.3%-€87,576below the sector's middle half▼ 81.7%
Total assets€87,387-€79,281below the sector's middle half▼ 9.3%€73,877below the sector's middle half▼ 6.8%€116,723below the sector's middle half▲ 58.0%€120,630below the sector's middle half▲ 3.3%€147,004below the sector's middle half▲ 21.9%€114,042below the sector's middle half▼ 22.4%
Debt€10,416-€19,030▲ 82.7%€44,897▲ 136%€132,602▲ 195%€175,611▲ 32.4%€195,213▲ 11.2%€201,618▲ 3.3%
Working capital€74,580-€58,983below the sector's middle half▼ 20.9%€27,766below the sector's middle half▼ 52.9%-€15,308below the sector's middle half-€53,856below the sector's middle half▼ 252%-€41,916below the sector's middle half▲ 22.2%-€86,114below the sector's middle half▼ 105%
Solvency88.1%-76.0%within the sector's middle half▼ 12.1pp39.2%within the sector's middle half▼ 36.8pp-13.6%below the sector's middle half▼ 52.8pp-45.6%below the sector's middle half▼ 32.0pp-32.8%below the sector's middle half▲ 12.8pp-76.8%below the sector's middle half▼ 44.0pp
Current ratio8.16-4.19within the sector's middle half▼ 3.971.62within the sector's middle half▼ 2.570.88below the sector's middle half▼ 0.730.69below the sector's middle half▼ 0.190.78below the sector's middle half▲ 0.090.57below the sector's middle half▼ 0.21
Return on assets (ROA)83.4%--21.1%below the sector's middle half▼ 104.5pp-42.3%below the sector's middle half▼ 21.2pp-38.4%below the sector's middle half▲ 3.9pp-32.4%below the sector's middle half▲ 6.0pp4.6%within the sector's middle half▲ 37.0pp-34.5%below the sector's middle half▼ 39.1pp
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 €39,089, after a profit of €7,364 in 2024.
Key figures and ratios
EBITDA
-€39,083▼
2024 · €7,396
Cash flow
-€39,360▼
2024 · €6,804
Interest coverage
-140.85▼
2024 · 12.49
Debt ≤ 1 year
€200,156▲
2024 · €188,914
Customer credit
106 days▼
2024 · 125 days
Supplier credit
479 days▲
2024 · 470 days
Staff costs
€3,060▼
2024 · €3,099
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €266,162 | €151,124 | €120,363 | €175,955 | €137,978 | €143,957 | €94,668 | ▼ 34.2% |
| Goods, raw materials, services and sundry goods60/61 | - | - | €146,495 | €215,518 | €172,988 | €132,856 | €130,082 | ▼ 2.1% |
| Remuneration, social security and pensions62 | - | - | €3,797 | €3,494 | €2,247 | €3,099 | €3,060 | ▼ 1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €636 | €588 | €588 | €588 | €588 | €32 | €6 | ▼ 81.7% |
| Other operating charges640/8 | - | - | €683 | €600 | €605 | €606 | €609 | ▲ 0.5% |
| Gross operating margin9900 | €85,053 | -€10,055 | -€26,132 | -€39,563 | -€35,010 | €11,101 | -€35,414 | - |
| Operating profit (loss)9901 | €70,902 | -€16,716 | -€31,201 | -€44,245 | -€38,450 | €7,364 | -€39,089 | - |
| Financial income75/76B | - | - | €0 | €0 | €0 | - | - | - |
| Recurring financial income75 | €2,221 | €0 | €0 | €0 | €0 | - | - | - |
| Financial charges65/66B | - | - | €70 | €615 | €652 | €592 | €277 | ▼ 53.1% |
| Recurring financial charges65 | €203 | €3 | €70 | €615 | €652 | €592 | €277 | ▼ 53.1% |
| Profit (loss) for the period before taxes9903 | €72,920 | -€16,719 | -€31,271 | -€44,860 | -€39,102 | €6,772 | -€39,366 | - |
| Profit (loss) for the period9904 | €72,920 | -€16,719 | -€31,271 | -€44,860 | -€39,102 | €6,772 | -€39,366 | - |
| Profit (loss) for the period to be appropriated9905 | €72,920 | -€16,719 | -€31,271 | -€44,860 | -€39,102 | €6,772 | -€39,366 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €87,387 | €79,281 | €73,877 | €116,723 | €120,630 | €147,004 | €114,042 | ▼ 22.4% |
| Fixed assets21/28 | €2,390 | €1,802 | €1,214 | €626 | €38 | €6 | - | - |
| Tangible fixed assets22/27 | €2,390 | €1,802 | €1,214 | €626 | €38 | €6 | - | - |
| Land and buildings22 | - | - | €1,214 | €626 | €38 | €6 | - | - |
| Current assets29/58 | €84,996 | €77,479 | €72,663 | €116,097 | €120,592 | €146,998 | €114,042 | ▼ 22.4% |
| Amounts receivable within one year40/41 | €75,085 | €73,124 | €64,164 | €109,499 | €119,690 | €145,552 | €112,907 | ▼ 22.4% |
| Trade receivables40 | - | - | €24,021 | €44,960 | €34,261 | €49,227 | €27,601 | ▼ 43.9% |
| Other amounts receivable41 | - | - | €40,143 | €64,538 | €85,429 | €96,324 | €85,305 | ▼ 11.4% |
| Cash at bank and in hand54/58 | €9,911 | €4,355 | €8,499 | €6,598 | €902 | €1,446 | €1,135 | ▼ 21.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €87,387 | €79,281 | €73,877 | €116,723 | €120,630 | €147,004 | €114,042 | ▼ 22.4% |
| Equity10/15 | €76,971 | €60,251 | €28,980 | -€15,879 | -€54,981 | -€48,209 | -€87,576 | ▼ 81.7% |
| Profit (loss) carried forward14 | €76,971 | €60,251 | €28,980 | -€15,879 | -€54,981 | -€48,209 | -€87,576 | ▼ 81.7% |
| Amounts payable17/49 | €10,416 | €19,030 | €44,897 | €132,602 | €175,611 | €195,213 | €201,618 | ▲ 3.3% |
| Amounts payable within one year42/48 | €10,416 | €18,496 | €44,897 | €131,405 | €174,448 | €188,914 | €200,156 | ▲ 6.0% |
| Trade debts44 | €10,416 | €18,496 | €44,897 | €93,405 | €146,948 | €171,214 | €170,656 | ▼ 0.3% |
| Suppliers440/4 | - | - | €44,897 | €93,405 | €146,948 | €171,214 | €170,656 | ▼ 0.3% |
| Accrued charges and deferred income492/3 | - | - | - | €1,197 | €1,163 | €6,299 | €1,462 | ▼ 76.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €72,920 | -€16,719 | -€31,271 | -€44,860 | -€39,102 | €6,772 | -€39,366 | - |
| + Depreciation and write-downs630 | €636 | €588 | €588 | €588 | €588 | €32 | €6 | ▼ 81.7% |
| Operating cash flow (approximation) | €73,556 | -€16,131 | -€30,683 | -€44,272 | -€38,514 | €6,804 | -€39,360 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | - | - |
| Change in cash | - | -€5,557 | €4,144 | -€1,901 | -€5,696 | €544 | -€311 | - |
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, 6,619 companies had the same profile as TOP has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of TOP itself is lower: 0.1% within 12 months. It rests on far more data about TOP than the profile alone.
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 6,619 companies, not a prediction for 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 08-07-2026 | 2026-00275068 | |
| 31-12-2024 | abbreviated format | 09-07-2025 | 2025-00251073 | |
| 31-12-2023 | abbreviated format | 09-07-2024 | 2024-00240661 | |
| 31-12-2022 | abbreviated format | 27-06-2023 | 2023-00160319 | |
| 31-12-2021 | abbreviated format | 05-07-2022 | 2022-20152210 | |
| 31-12-2020 | abbreviated format | 07-07-2021 | 2021-33000504 | |
| 31-12-2019 | abbreviated format | 09-07-2020 | 2020-28500068 | |
| 31-12-2007 | abbreviated format | 22-07-2008 | 2008-42400270 | |
| 31-12-2006 | abbreviated format | 27-02-2008 | 2008-05200133 |