TOP
ActiveSummary
TOP has been active since 2009 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.6m and a net result of €369,988. Equity is growing by about 17% per year across the filed financial years. Its solvency ranks better than 66% of 34,855 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Overview
- Equity
- €2.6m
- Profit
- €369,988
- Parent
- Arsa bv
Why 88raises riskLiquidity: current ratio 0.76, cash €34,491, halved1 change of registered office in 24 monthslowers riskSize: total assets €4.3mFigures for financial year 2025 (filed 14-04-2026)Show the evidence
Checked score
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, small): better than 79% on solvency, 47% on liquidity, 70% on profitability and 72% on growth.
The bankruptcy probability was computed on 30-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 28 days before the deadline; the sector median (NACE 43) for financial year 2024 is 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Highest result from 2019 to 2025net €369,988 ▲21.6%
- Registered officeRegistered-office move · Director in…
Financials · financial year 2025, micro format
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result has risen four years in a row; 2025 is 20% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 43, Specialised construction activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 17,811 companies that looked in July 2024 the way this one looks now, 0.3% went bankrupt within 24 months and 96.5% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 17,811 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,802 | €166,700 | €150,836 | €43,085 | €53,879 | €79,906 | €106,621 | ▲ 33.4% |
| Other operating charges640/8 | - | - | €2,958 | €2,278 | €2,020 | €1,598 | €1,355 | ▼ 15.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €132 | €0 | ▼ 100% |
| Gross operating margin9900 | €212,428 | €332,595 | €359,421 | €390,096 | €462,582 | €521,990 | €636,919 | ▲ 22.0% |
| Operating profit (loss)9901 | €206,455 | €163,804 | €205,627 | €344,733 | €406,682 | €440,354 | €528,942 | ▲ 20.1% |
| Financial income75/76B | - | - | €15,995 | €19,666 | €30,075 | €9,120 | €0 | ▼ 100% |
| Recurring financial income75 | €12,373 | €3,853 | €15,995 | €19,666 | €30,075 | €9,120 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | €3,585 | €18,550 | €26,087 | €38,424 | €8,733 | ▼ 77.3% |
| Recurring financial charges65 | €1,032 | €1,485 | €3,585 | €18,550 | €26,087 | €38,424 | €8,733 | ▼ 77.3% |
| Profit (loss) for the period before taxes9903 | €217,797 | €166,173 | €218,037 | €345,849 | €410,670 | €411,049 | €520,209 | ▲ 26.6% |
| Income taxes67/77 | €54,772 | €40,052 | €55,267 | €87,957 | €108,229 | €106,774 | €150,221 | ▲ 40.7% |
| Profit (loss) for the period9904 | €163,024 | €126,121 | €162,769 | €257,892 | €302,442 | €304,275 | €369,988 | ▲ 21.6% |
| Transfer to tax-exempt reserves689 | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €161,544 | €121,896 | €162,769 | €257,892 | €302,442 | €304,275 | €369,988 | ▲ 21.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €1.3m | €1.9m | €2.7m | €3.1m | €3.7m | €4.3m | ▲ 14.6% |
| Fixed assets21/28 | €0.01m | €0.6m | €1.2m | €2.1m | €2.5m | €3.1m | €3.6m | ▲ 14.6% |
| Tangible fixed assets22/27 | €0.01m | €0.6m | €1.2m | €2.1m | €2.5m | €3.1m | €3.6m | ▲ 14.6% |
| Land and buildings22 | - | - | €1.2m | €2.1m | €2.5m | €3.1m | €3.6m | ▲ 14.8% |
| Furniture and vehicles24 | - | - | €0 | - | - | €0.01m | €0.01m | ▼ 27.7% |
| Current assets29/58 | €1.1m | €0.7m | €0.7m | €0.6m | €0.6m | €0.6m | €0.7m | ▲ 14.6% |
| Amounts receivable after more than one year29 | - | - | €0.4m | €0.3m | €0 | - | - | - |
| Trade receivables290 | - | - | €0.4m | €0.3m | €0 | - | - | - |
| Amounts receivable within one year40/41 | €0.08m | €0.2m | €0.2m | €0.3m | €0.6m | €0.5m | €0.7m | ▲ 31.0% |
| Trade receivables40 | - | - | €0.1m | €0.2m | €0.4m | €0.1m | €0.07m | ▼ 45.4% |
| Other amounts receivable41 | - | - | €0.07m | €0.03m | €0.2m | €0.4m | €0.6m | ▲ 56.7% |
| Cash at bank and in hand54/58 | €0.7m | €0.3m | €0.07m | €0.007m | €0.04m | €0.1m | €0.03m | ▼ 65.3% |
| Deferred charges and accrued income490/1 | - | - | €0.006m | €0.003m | €0.01m | €0.009m | €0.004m | ▼ 55.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €1.3m | €1.9m | €2.7m | €3.1m | €3.7m | €4.3m | ▲ 14.6% |
| Equity10/15 | €1.1m | €1.2m | €1.4m | €1.6m | €1.9m | €2.2m | €2.6m | ▲ 16.6% |
| Contributions10/11 | €0.006m | - | €0.006m | €0.006m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €1.1m | €1.2m | €1.3m | €1.6m | €1.9m | €2.2m | €2.6m | ▲ 16.7% |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | €1.3m | €1.6m | €1.9m | €2.2m | €2.6m | ▲ 16.8% |
| Amounts payable17/49 | €0.03m | €0.07m | €0.6m | €1.1m | €1.2m | €1.5m | €1.7m | ▲ 11.7% |
| Amounts payable after more than one year17 | - | - | €0.2m | €0.4m | €0.5m | €0.8m | €0.7m | ▼ 8.0% |
| Financial debts170/4 | - | - | €0.2m | €0.4m | €0.5m | €0.8m | €0.7m | ▼ 8.0% |
| Amounts payable within one year42/48 | €0.03m | €0.07m | €0.3m | €0.6m | €0.7m | €0.7m | €1.0m | ▲ 33.7% |
| Current portion of amounts payable after more than one year42 | - | - | €0.02m | €0.06m | €0.07m | €0.07m | €0.07m | ▲ 1.2% |
| Financial debts43 | - | - | €0.03m | €0.04m | €0.05m | €0.05m | €0 | ▼ 100% |
| Other loans439 | - | - | €0.03m | €0.04m | €0.05m | €0.05m | €0 | ▼ 100% |
| Trade debts44 | €0.004m | €0.01m | €0.2m | €0.2m | €0.2m | €0.08m | €0.3m | ▲ 304% |
| Suppliers440/4 | - | - | €0.2m | €0.2m | €0.2m | €0.08m | €0.3m | ▲ 304% |
| Taxes, remuneration and social security45 | - | - | €0.08m | €0.04m | €0.09m | €0.06m | €0.2m | ▲ 140% |
| Taxes450/3 | - | - | €0.08m | €0.04m | €0.09m | €0.06m | €0.2m | ▲ 143% |
| Remuneration and social security454/9 | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | €0 | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 12.8% |
| Accrued charges and deferred income492/3 | - | - | - | €236 | €0.001m | €0.001m | €0.001m | ▼ 7.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €163,024 | €126,121 | €162,769 | €257,892 | €302,442 | €304,275 | €369,988 | ▲ 21.6% |
| + Depreciation and write-downs630 | €4,802 | €166,700 | €150,836 | €43,085 | €53,879 | €79,906 | €106,621 | ▲ 33.4% |
| Operating cash flow (approximation) | €167,827 | €292,821 | €313,606 | €300,977 | €356,321 | €384,181 | €476,609 | ▲ 24.1% |
| Investment in fixed assets (approximation) | - | -€737,538 | -€794,924 | -€905,239 | -€445,253 | -€710,048 | -€560,976 | ▲ 21.0% |
| Change in cash | - | -€375,793 | -€222,379 | -€59,539 | €31,922 | €60,376 | -€64,900 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-09-2025 | micro format | 14-04-2026 | 2026-00078764 |
| 30-09-2024 | abbreviated format | 31-03-2025 | 2025-00058521 |
| 30-09-2023 | abbreviated format | 03-04-2024 | 2024-00057493 |
| 30-09-2022 | abbreviated format | 30-03-2023 | 2023-00053544 |
| 30-09-2021 | abbreviated format | 05-04-2022 | 2022-20000909 |
| 30-09-2020 | micro format | 07-04-2021 | 2021-09900397 |
| 30-09-2019 | micro format | 18-03-2020 | 2020-06900462 |
| 30-09-2018 | micro format | 18-03-2019 | 2019-07200216 |
| 30-09-2017 | micro format | 16-03-2018 | 2018-07000236 |
| 30-09-2016 | abbreviated format | 17-03-2017 | 2017-06600333 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Owners and capital
Owners
1 ownerChain of control
- Arsa bv
- TOP
Highest known parent: Arsa bv. The sources do not say who stands above it.
Owners 1
- Arsa bvconsolidating parentconsolidates
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 28-12-2023 Converted to available equity
Group and network
Connections & network
The network starts from this company’s shareholders. What else they own or run appears here as nodes.
History
Acts, filings and financial milestones
03-06
Gazette deed
Registered officeRegistered-office move · Director in office3 facts ▸
- General meeting, 29-04-2025
- Registered-office move, Daknammolenstraat 47, 9160 Lokeren
- Director in office, Top Selami (director)
28-12
Gazette deed
Amendment of the articles · Legal-form change · Resignations & appointmentsBoard composition · Registered office clause · Capital conversion11 facts ▸
- Other provision, “TITEL VII. ONTBINDING – VEREFFENING, titel VII ontbinding-vereffening” (deed in Dutch)
- Other provision, “TITEL VIII. ALGEMENE MAATREGELEN, titel VIII algemene maatregelen” (deed in Dutch)
- Other provision, “omzetting hoedanigheid zaakvoerder naar bestuurder van rechtswege, term zaakvoerder van rechtswege vervangen door bestuurder; hoedanigheid zaakvoerder van recht…” (deed in Dutch)
- Board composition, TOP Selami (director (not named in the articles))
- Board composition, UCAR Güllü (director (not named in the articles))
- Registered office clause, “Adhemar Goetersstraat 59, 9160 Lokeren” (deed in Dutch)
- General meeting, 19-12-2023
- Amendment of the articles (5 times)
- Capital conversion, “beschikbaar voor toekomstige uitkeringen” (deed in Dutch)
- Capital
- Other provision, “TITEL III.EFFECTEN, geen te publiceren gegevens,volgt ellipsis” (deed in Dutch)
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 2 have been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 31 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice, with enterprise number 0809.429.762
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 46014A0017/00G000 | Flanders | 5,928 m² | 1 · 634 m² | - |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Het waarnemen van alle bestuursopdrachten,het uitoefenen van opdrachten en functies die rechtstreeks of onrechtstreeks met het voorwerp…” (deed in Dutch)
31 activities (deed in Dutch)
- Het waarnemen van alle bestuursopdrachten,het uitoefenen van opdrachten en functies die rechtstreeks of onrechtstreeks met het voorwerp verband houden,de vennootschap mag bestuursmandaten waarnemen in andere vennootschappen;
- De vennootschap kan eveneens belangen hebben bij wijze van inbreng,afstand,samensmelting of op gelijk welke manier in andere vennootschappen of gelijkaardige ondernemingen of van aard om rechtstreeks of onrechtstreeks de ontwikkeling der zaken te bevorderen.
- Het uitvoeren van studies,het verlenen van adviezen zowel op technisch als op organisatorisch gebied in het binnen- als buitenland;
- Onderneming voor grond- en waterbouwkundige werken;
- Het bouwen,herstellen en onderhouden van wegen,rioleringswerken,het leggen van kabels en leidingen,wegpersingen en dwarsboringen;
- Het leggen van opritten in klinkers,kasseien en andere gelijkaardige materialen;
- Aannemer van metsel- en betonwerken,waterdicht maken van bouwwerken;
- Aannemer van slopingswerken;
- Installeren van individuele verwarmingsinstallaties van gas;
- Het uitoefenen van het beroep van sanitair installateur,loodgieter,installateur van centrale verwarmingen het plaatsen van elektrotechnische installaties;
- Het kopen en verkopen,huren en verhuren van allerhande machines en infrastructuur noodzakelijk voor het uitoefenen van alle activiteiten van de vennootschap.
- Het kopen en verkopen van bouwmaterialen;
- Het uitvoeren van draineringswerken;
- De uitvoering van horizontale doorpersingen van buizen voor kabels en leidingen;
- Het leggen van ondergrondse kabels;
- Het mechanisch ondergronds trekken van leidingen voor telefonie-,elektra- en gasdistributie door middel van telegestuurde apparatuur;
- Rioleringswerken en het uitvoeren van bestratingen;
- Algemene bouwonderneming;
- Import en export,groot- en kleinhandel in handelsgoederen
- Tussenpersoon in de handel
- Het beheer van onroerend vermogen,onroerend leasing en huurfinanciering van onroerende goederen aan derden,het verwerven door aankoop of anderszins,het verkopen,het ruilen,het bouwen,het verbouwen,het verbeteren,het uitrusten,het aanpassen,het verfraaien,het onderhouden,het verhuren,het huren,het verkavelen,het prospecteren en het uitbaten van onroerende goederen,het uitbaten van een bedrijfscentrum,alsmede alle handelingen die rechtstreeks of onrechtstreeks met dit voorwerp in verband staan en die van aard zijn de uitbreiding en de opbrengst van de onroerende goederen te bevorderen,alsmede zich borg stellen voor het goede verkoop van verbintenissen door derde personen aangegaan die het genot zouden hebben van deze onroerende goederen;
- Het waarnemen van alle bestuursopdrachten,het uitoefenen van opdrachten en functies die rechtstreeks of onrechtstreeks met het voorwerp verband houden,de vennootschap mag bestuursmandaten waarnemen in andere vennootschappen;
- De vennootschap kan eveneens belangen hebben bij wijze van inbreng,afstand,samensmelting,of op gelijk welke manier in andere vennootschappen of gelijkaardige ondernemingen of van aard om rechtstreeks of onrechtstreeks de ontwikkeling der zaken te bevorderen.
- Het uitvoeren van studies,het verlenen van adviezen zowel op technisch als op organisatorisch gebied in het binnen- en buitenland;
- De activiteiten van landmeters-schatters van onroerende goederen;
- Het uitvoeren van topografische opmetingen en het afbakenen van percelen en eigendommen;
- Technische studiën en ingenieursactiviteiten;
- De uitwerking en de realisatie van projecten op het gebied van de elektriciteit en elektronica,mijnbouw,chemie,machine- en werktuigenbouw,industriële systeemontwikkeling,veiligheid,enzovoort
- De uitwerking van projecten op het gebied van de burgerlijke en utiliteitsbouw,de weg- en waterbouw en het verkeer;
- Algemene coördinatiewerkzaamheden bouwwerf,diensten als veiligheidscoördinaten;
- Zowel in België als in het buitenland mag de vennootschap alle handels-,financiële,roerende en onroerende handelingen verrichten die rechtstreeks of onrechtstreeks op haar voorwerp betrekking hebben of die van die aard zouden zijn de verwezenlijking ervan te bevorderen of te vergemakkelijken.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- TOP
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “Behalve deze die wet of statuten aan algemene vergadering voorbehouden, geheel van bevoegdheden toegekend met mogelijkheid deel te delegeren” (deed in Dutch)“Bestuursorgaan, natuurlijke personen of rechtspersonen,al dan niet aandeelhouder” (deed in Dutch)1 more provision on this in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- “TITEL V. ALGEMENE VERGADERING ARTIKEL 16. ORGANISATIE EN BIJEENROEPING Ieder jaar wordt een gewone algemene vergadering van aandeelhouders…” (deed in Dutch)