Equity
€7.5m ▲ 6.9%
TOP-CLASS has made a profit without a break since 2014.
TOP-CLASS
Lifetime
19 annual accounts with figures on one time axis, 40 filings since 1986peak €647,910 (2015)
-not published
lowest -€391,561 (2009)
€479,532▲ 16.3%
peak €8.0m (2008)
€7.5m▲ 6.9%
€548,872▼ 10.5%
peak 3.9 FTE (2008)
-not published
Board4 names since 2018
2 directorsDeny Jacques and 1 other
Documentsfilings and deeds
30-04-2026on the last day
2025abbreviated format
Gross margin from €547,524 to €631,934
Key points
from the 2025 annual accountsFilings
40 annual accounts since 1986
Three of the last ten came late. The 2021 accounts came latest: 31 days after the end of the period.
Position in the sector
€7.5m
More equity than 95% of companies in real estate. Sector median €300,201 · 11,304 companies.
Checked score
97
Excellent
Financially stronger than 75% of small companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,995 companies (NACE 68, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.2%▲ +0.1 percentage points vs 03-2025highest value
05-2025: 0.1%▼ -0.1 percentage points vs 04-2025lowest value
06-2025: 0.1%● unchanged vs 05-2025lowest value
07-2025: 0.1%● unchanged vs 06-2025lowest value
08-2025: 0.1%● unchanged vs 07-2025lowest value
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 10.01, cash €11,643
lowers risk
Founded in 1986
Size: total assets €8.0m
Figures for financial year 2025 (filed on 30-04-2026)
Calculation
The band follows from the bankruptcy probability. 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 68, small). It does better than 92% of them on solvency, 57% on liquidity, 85% on profitability and 67% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 30-09-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 1,579 companies had the same profile as TOP-CLASS has now. Each dot stands for 4 companies, two years later.
96.6%
were still trading
3.2%
stopped another way
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 497,447 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 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.
Credit verdict
Credit of up to €700,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 10.01 (8.29 in 2024), above the usual 1.5. Short-term debt is 6.8% and cash 0.1% of total assets. 7.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 30-04-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
on the day
2023
on the day
2022
2 days late
2021
31 days late
2020
20 days late
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 8 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-09-2026 is due by 30-04-2027. Nothing is late today. The company usually files around 1 May (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-09-2026 year end10-11-2026 today30-04-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0428891636
Capital decrease of €1,100,000 to €3,345,656.13
Capital from €4,445,656.13 to €3,345,656.13 · Reappointments: Deny Tom (director) and Deny Jacques (director) · A shareholder holds all the shares · General meeting of 29-03-2024 · Gazette deed
1 director appointed, 3 resignations, 2 reappointments
Change of role: Tom Deny, from director to managing director · Resignations: Clara Minne, Johan Deny and Jacques Deny (managing director) · Reappointments: Tom Deny and Jacques Deny · General meeting of 06-08-2018 · Gazette deed
Demerger: TOP-CLASS splits off to TOP-CLASS INVEST
Capital decrease of €2,575,543.87 to €4,445,656.13 · Capital from €7,021,200 to €4,445,656.13 · DENY Johan holds 125 shares · Gazette deed
Comparable companies
same main activity, similar in size and ageThese companies have the same main activity as TOP-CLASS: renting and operating of own or leased residential real estate, excluding social housing (NACE 68201). They are comparable in size and age: total assets between €6.6m and €8.9m, founded between 1985 and 1990.
Official details
Source: KBO- Status
- Active since 16-04-1986Normal situation
- Registered office
- 11 active companies are registered at this addressSource: KBO register, as of 9 November 2026.
- Activity
- Renting and operating of own or leased residential real estate, excluding social housingNACE 68201and 2 others
- Establishment unit
- 2.036.562.1148940 Wervik, since 11-09-1996
- Financial year end
- 30 September
- Peppol
- Reachable since 17-09-2025
Annual accounts to 30-09-2025
- ≈ €710,000estimated
- €8.0m▲ 5.4%
- Filing
- Filed on 30-04-2026, on the last day of the filing period
Insights on TOP-CLASS
TOP-CLASS has existed since 1986. In 2015 turnover rose from €282,118 to €647,910.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about TOP-CLASS
- What is the company number of TOP-CLASS?
- The company number of TOP-CLASS is 0428.891.636. The VAT number is the same number with BE in front: BE 0428.891.636.
- Where is TOP-CLASS based?
- The registered office is at Menensesteenweg 295, 8940 Wervik.Company details
- What does TOP-CLASS do?
- According to the KBO register, the main activity is renting and operating of own or leased residential real estate, excluding social housing (NACE 68201).
- What is the legal form of TOP-CLASS?
- TOP-CLASS is a public limited company (NV).
- When was TOP-CLASS founded?
- TOP-CLASS was founded on 16-04-1986.
- Is TOP-CLASS still active?
- Yes, TOP-CLASS is an active enterprise in the KBO register.
- How many employees does TOP-CLASS have?
- TOP-CLASS had an average of 1 full-time equivalents in financial year 2019, according to the filed annual accounts.Financials
- What is the turnover of TOP-CLASS?
- The turnover in financial year 2025 is ≈ €710,000. This figure is estimated from the gross margin of €631,934 and 38 comparable companies (NACE 68201). It probably lies between €630,000 and €790,000.
- Is TOP-CLASS profitable?
- In financial year 2025, TOP-CLASS made a profit of €479,532.
- Where can I find the annual accounts of TOP-CLASS?
- TOP-CLASS filed 40 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of TOP-CLASS due?
- TOP-CLASS must file the annual accounts for financial year 2026 by 30-04-2027.Timeline
Next steps
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