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TOP-CLASS

Active
Public limited companyfounded 1986active for 40 yearsMenensesteenweg 295, 8940 Wervik, BelgiumKBO/BCE: BE 0428.891.636

Financials · financial year 2025, abbreviated format

Annual accounts 2025 filed on 30-04-2026 PDF all 40 filings

Turnover
≈ €710,000
Estimated: probably between €630,000 and €790,000
Total assets
€8.0m▲ 5.4%
2024 · €7.6m
Net result
€479,532▲ 16.3%
2024 · €412,299
Working capital
€4.9m▲ 10.8%
2024 · €4.5m
Multi-year overview
2019 to 2025, 7 financial years
Operating result
€624,750
▲ 15.7% 2025
20192025
Net result
€479,532
▲ 16.3% 2025
highest quarter of the sector
20192025
Equity
€7.5m
▲ 6.9% 2025
highest quarter of the sector
20192025
Total assets
€8.0m
▲ 5.4% 2025
highest quarter of the sector
20192025
Debt
€548,872
▼ 10.5% 2025
20192025
Working capital
€4.9m
▲ 10.8% 2025
highest quarter of the sector
20192025
Solvency
92.9%
▲ 1.2pp 2025
highest quarter of the sector
20192025
Current ratio
10.01
▲ 1.72 2025
highest quarter of the sector
20192025
Return on assets (ROA)
6.0%
▲ 0.6pp 2025
highest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line2019202020212022202320242025
Operating result€0.03m-€0.1m▲ 230%€0.6m▲ 444%€0.5m▼ 7.1%€0.4m▼ 29.4%€0.5m▲ 44.1%€0.6m▲ 15.7%
Net result€0.02m-€0.09mwithin the sector's middle half▲ 290%€1.6mabove the sector's middle half▲ 18×€0.5mabove the sector's middle half▼ 70.3%€0.3mabove the sector's middle half▼ 38.4%€0.4mabove the sector's middle half▲ 44.2%€0.5mabove the sector's middle half▲ 16.3%
Equity€5.3m-€5.4mabove the sector's middle half▲ 1.6%€6.9mabove the sector's middle half▲ 29.1%€7.4mabove the sector's middle half▲ 6.7%€7.7mabove the sector's middle half▲ 3.9%€7.0mabove the sector's middle half▼ 8.9%€7.5mabove the sector's middle half▲ 6.9%
Total assets€5.6m-€5.5mabove the sector's middle half▼ 1.2%€7.2mabove the sector's middle half▲ 30.7%€7.5mabove the sector's middle half▲ 3.4%€7.8mabove the sector's middle half▲ 4.0%€7.6mabove the sector's middle half▼ 1.8%€8.0mabove the sector's middle half▲ 5.4%
Debt€0.3m-€0.1m▼ 52.5%€0.3m▲ 99.9%€0.06m▼ 79.9%€0.07m▲ 20.9%€0.6m▲ 822%€0.5m▼ 10.5%
Working capital€0.6m-€0.8mabove the sector's middle half▲ 36.4%€4.4mabove the sector's middle half▲ 438%€4.9mabove the sector's middle half▲ 10.7%€5.1mabove the sector's middle half▲ 5.9%€4.5mabove the sector's middle half▼ 13.3%€4.9mabove the sector's middle half▲ 10.8%
Solvency94.4%-97.1%above the sector's middle half▲ 2.7pp95.9%above the sector's middle half▼ 1.2pp99.0%above the sector's middle half▲ 3.1pp98.9%above the sector's middle half▼ 0.1pp91.7%above the sector's middle half▼ 7.2pp92.9%above the sector's middle half▲ 1.2pp
Current ratio3.09-7.09above the sector's middle half▲ 4.0017.24above the sector's middle half▲ 10.1599.39above the sector's middle half▲ 82.1580.86above the sector's middle half▼ 18.538.29above the sector's middle half▼ 72.5710.01above the sector's middle half▲ 1.72
Return on assets (ROA)0.4%-1.6%within the sector's middle half▲ 1.2pp21.6%above the sector's middle half▲ 20.0pp6.2%above the sector's middle half▼ 15.4pp3.7%within the sector's middle half▼ 2.5pp5.4%above the sector's middle half▲ 1.7pp6.0%above the sector's middle half▲ 0.6pp
Staff (FTE)1-
above within below The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 16% higher than in 2024 and the highest since 2019. It is the second rise in a row, after the fall in 2023.

Large changes and their cause
  • 2022 Net result -70% on 2021. The 2021 profit included a one-off income of €1,132,092.
  • 2021 Net result +1,705% on 2020. The 2021 profit included a one-off income of €1,132,092.

Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.

Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.0m
Fixed assets €2.6m ▼ 0.2%
Current assets €5.5m ▲ 8.3%
Equity and liabilities €8.0m
Equity €7.5m ▲ 6.9%
Provisions €19,337 ▼ 5.9%
Debt €548,872 ▼ 10.5%
Debt's share of the balance-sheet total falls from 8.0% to 6.8%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€629,967▲
2024 · €545,406
Cash flow
€484,749▲
2024 · €417,516
Debt to equity
0.07▼
2024 · 0.09
ROE
6.4%▲
2024 · 5.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€548,046▼
2024 · €610,925
Income taxes
€155,571▲
2024 · €131,220
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 50 lines
Balance sheet Code20242025
Assets
Total assets20/58€7.6m€8.0m▲
Fixed assets21/28€2.6m€2.6m▼
Tangible fixed assets22/27€0.1m€0.1m▼
Land and buildings22€0.1m€0.1m▼
Financial fixed assets28€2.5m€2.5m=
Current assets29/58€5.1m€5.5m▲
Amounts receivable within one year40/41€5.0m€5.5m▲
Trade receivables40€0.1m-
Other amounts receivable41€4.9m€5.5m▲
Cash at bank and in hand54/58€0.01m€0.01m▼
Deferred charges and accrued income490/1€214€222▲
Equity and liabilities
Total equity and liabilities10/49€7.6m€8.0m▲
Equity10/15€7.0m€7.5m▲
Contributions10/11€3.3m€3.3m=
Capital10€3.3m€3.3m=
Issued capital100€3.3m€3.3m=
Reserves13€3.7m€4.1m▲
Non-distributable reserves130/1€0.3m€0.3m▲
Legal reserve130€0.3m€0.3m▲
Tax-exempt reserves132€0.03m€0.03m▼
Distributable reserves133€3.4m€3.8m▲
Provisions and deferred taxes16€0.02m€0.02m▼
Deferred taxes168€0.02m€0.02m▼
Amounts payable17/49€0.6m€0.5m▼
Amounts payable within one year42/48€0.6m€0.5m▼
Trade debts44€0.002m€273▼
Suppliers440/4€0.002m€273▼
Taxes, remuneration and social security45€0.009m€0.03m▲
Taxes450/3-€0.03m
Remuneration and social security454/9€0.009m-
Other amounts payable47/48€0.6m€0.5m▼
Accrued charges and deferred income492/3€0.002m€0.001m▼
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.005m€0.005m=
Other operating charges640/8€0.002m€0.002m▼
Gross operating margin9900€0.5m€0.6m▲
Operating profit (loss)9901€0.5m€0.6m▲
Financial income75/76B€0.004m€0.01m▲
Recurring financial income75€0.004m€0.01m▲
Financial charges65/66B€0.002m€0.001m▼
Recurring financial charges65€0.002m€0.001m▼
Profit (loss) for the period before taxes9903€0.5m€0.6m▲
Transfer from deferred taxes780€0.001m€0.001m=
Income taxes67/77€0.1m€0.2m▲
Profit (loss) for the period9904€0.4m€0.5m▲
Transfer from tax-exempt reserves789€0.001m€0.001m=
Profit (loss) for the period to be appropriated9905€0.4m€0.5m▲
Appropriation of the result
Profit (loss) to be appropriated9906€0.4m€0.5m▲
Transfer to equity691/2€0.4m€0.5m▲
To the legal reserve6920€0.02m€0.02m▲
To other reserves6921€0.4m€0.5m▲

The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 30-04-2026.

Line2019202020212022202320242025Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.009m€0.005m€0.005m€0.005m€0.005m€0.005m€0.005m=
Other operating charges640/8--€0.009m€0.002m€0.002m€0.002m€0.002m▼ 7.1%
Gross operating margin9900€0.1m€0.1m€0.6m€0.5m€0.4m€0.5m€0.6m▲ 15.4%
Operating profit (loss)9901€0.03m€0.1m€0.6m€0.5m€0.4m€0.5m€0.6m▲ 15.7%
Financial income75/76B--€1.1m€0.09m-€0.004m€0.01m▲ 148%
Recurring financial income75€0.006m€0.01m€0.01m€0.09m-€0.004m€0.01m▲ 148%
Non-recurring financial income76B--€1.1m-----
Financial charges65/66B--€0.005m€0.004m€0.002m€0.002m€0.001m▼ 54.9%
Recurring financial charges65€0.004m€0.004m€0.005m€0.004m€0.002m€0.002m€0.001m▼ 54.9%
Profit (loss) for the period before taxes9903€0.03m€0.1m€1.7m€0.6m€0.4m€0.5m€0.6m▲ 16.9%
Transfer from deferred taxes780--€0.001m€0.001m€0.001m€0.001m€0.001m=
Income taxes67/77€0.01m€0.03m€0.2m€0.2m€0.09m€0.1m€0.2m▲ 18.6%
Profit (loss) for the period9904€0.02m€0.09m€1.6m€0.5m€0.3m€0.4m€0.5m▲ 16.3%
Transfer from tax-exempt reserves789--€0.001m€0.001m€0.001m€0.001m€0.001m=
Profit (loss) for the period to be appropriated9905€0.02m€0.09m€1.6m€0.5m€0.3m€0.4m€0.5m▲ 16.3%
Line2019202020212022202320242025Change
Assets
Total assets20/58€5.6m€5.5m€7.2m€7.5m€7.8m€7.6m€8.0m▲ 5.4%
Fixed assets21/28€4.7m€4.6m€2.6m€2.6m€2.6m€2.6m€2.6m▼ 0.2%
Tangible fixed assets22/27€0.3m€0.1m€0.1m€0.1m€0.1m€0.1m€0.1m▼ 4.6%
Land and buildings22--€0.1m€0.1m€0.1m€0.1m€0.1m▼ 4.6%
Financial fixed assets28€4.5m€4.5m€2.5m€2.5m€2.5m€2.5m€2.5m=
Current assets29/58€0.9m€0.9m€4.7m€4.9m€5.2m€5.1m€5.5m▲ 8.3%
Amounts receivable within one year40/41€0.7m€0.9m€4.6m€4.9m€5.2m€5.0m€5.5m▲ 8.4%
Trade receivables40--€0.1m€0.6m€0.4m€0.1m--
Other amounts receivable41--€4.5m€4.3m€4.8m€4.9m€5.5m▲ 11.2%
Cash at bank and in hand54/58€0.2m€0.04m€0.05m€0.02m€0.007m€0.01m€0.01m▼ 20.9%
Deferred charges and accrued income490/1--€183€188€206€214€222▲ 3.9%
Equity and liabilities
Total equity and liabilities10/49€5.6m€5.5m€7.2m€7.5m€7.8m€7.6m€8.0m▲ 5.4%
Equity10/15€5.3m€5.4m€6.9m€7.4m€7.7m€7.0m€7.5m▲ 6.9%
Contributions10/11€4.4m€4.4m€4.4m€4.4m€4.4m€3.3m€3.3m=
Capital10--€4.4m€4.4m€4.4m€3.3m€3.3m=
Issued capital100--€4.4m€4.4m€4.4m€3.3m€3.3m=
Reserves13€0.8m€0.9m€2.5m€3.0m€3.2m€3.7m€4.1m▲ 13.1%
Non-distributable reserves130/1--€0.2m€0.2m€0.2m€0.3m€0.3m▲ 9.5%
Legal reserve130--€0.2m€0.2m€0.2m€0.3m€0.3m▲ 9.5%
Tax-exempt reserves132--€0.03m€0.03m€0.03m€0.03m€0.03m▼ 3.5%
Distributable reserves133--€2.3m€2.7m€3.0m€3.4m€3.8m▲ 13.6%
Provisions and deferred taxes16€0.03m€0.03m€0.02m€0.02m€0.02m€0.02m€0.02m▼ 5.9%
Deferred taxes168--€0.02m€0.02m€0.02m€0.02m€0.02m▼ 5.9%
Amounts payable17/49€0.3m€0.1m€0.3m€0.06m€0.07m€0.6m€0.5m▼ 10.5%
Amounts payable within one year42/48€0.3m€0.1m€0.3m€0.05m€0.06m€0.6m€0.5m▼ 10.3%
Trade debts44€0.2m€0.009m€0.02m€0.002m€0.009m€0.002m€273▼ 85.4%
Suppliers440/4--€0.02m€0.002m€0.009m€0.002m€273▼ 85.4%
Taxes, remuneration and social security45--€0.2m€0.01m€0.02m€0.009m€0.03m▲ 238%
Taxes450/3--€0.2m€0.01m€0.02m-€0.03m-
Remuneration and social security454/9-----€0.009m--
Other amounts payable47/48--€0.1m€0.03m€0.04m€0.6m€0.5m▼ 13.6%
Accrued charges and deferred income492/3--€0.004m€0.006m€0.002m€0.002m€0.001m▼ 60.9%
Line2019202020212022202320242025Change
Profit (loss) for the period9904€0.02m€0.09m€1.6m€0.5m€0.3m€0.4m€0.5m▲ 16.3%
+ Depreciation and write-downs630€0.009m€0.005m€0.005m€0.005m€0.005m€0.005m€0.005m=
Operating cash flow (approximation)€0.03m€0.09m€1.6m€0.5m€0.3m€0.4m€0.5m▲ 16.1%
Investment in fixed assets (approximation)-€0.1m€2.0m€0€0€0€0-
Change in cash--€0.1m€0.007m-€0.02m-€0.02m€0.008m-€0.003m-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 1,579 companies had the same profile as TOP-CLASS has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.

  • Medium-sized
  • 20 years or older
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
96.7% was still going
3.2% stopped otherwise
0.1% went bankrupt

That fits the bankruptcy probability of TOP-CLASS itself: 0.1% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 1,579 companies, not a prediction for TOP-CLASS. 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 40 filings with the National Bank
Financial year Type Filed Reference Document
30-09-2025 abbreviated format 30-04-2026 2026-00096520 PDF
30-09-2024 abbreviated format 30-04-2025 2025-00082605 PDF
30-09-2023 abbreviated format 30-04-2024 2024-00075651 PDF
30-09-2022 abbreviated format 02-05-2023 2023-00076544 PDF
30-09-2021 abbreviated format 31-05-2022 2022-20040753 PDF
30-09-2020 abbreviated format 20-05-2021 2021-14500556 PDF
30-09-2019 abbreviated format 30-04-2020 2020-10400174 PDF
30-09-2018 abbreviated format 29-04-2019 2019-10600569 PDF
30-06-2017 abbreviated format 15-01-2018 2018-01100390 PDF
30-06-2016 full format 31-01-2017 2017-02600495 PDF

Show all 40 filings

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