TOP CREATIF
ActiveSummary
The computed 12-month bankruptcy probability of TOP CREATIF is 3.2% (moderate). The 2024 annual accounts show equity of €92,227 and a net result of -€4,311. Equity is growing by ~6.3% per year across the filed fiscal years. Its solvency ranks better than 27% of 9974 sector peers (fiscal year 2024). The company has been active since 2012 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 1 administrative register entry (see administrative flags).
Checked score
Score 2024
Axes · tick = 2023
Profitability51▼-7
Solvency45▲+4
Growth35▼-17
Track record92
Bankruptcy probability, 12 months
3.2%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,000 at 30 days only on tighter terms
Liquidity tight (current ratio 1.15 against 1.18 in 2023; short-term debt: 15.4% and cash: 2.2% of total assets), and 80.3% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
19.7%
Return on assets
-0.9%
Age of the figures
21 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-12-2025, 151 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
151 d late
2023
152 d late
2022
151 d late
2021
122 d late
2020
121 d late
2019
175 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 145 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
raises risk · Administrative warnings in the KBO publications
1 publication by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or its withdrawal.
KBO publicationsPublications
Address struck
History
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Financials · fiscal year 2024, micro schema
Turnover
€161,356▼ 8.4%
2023 · €176,147
EBIT margin
13.6%▼ 4.1pp
2023 · 17.7%
Net result
-€4,311
2023 · €5,619
Working capital
€10,543▼ 68.9%
2023 · €33,923
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€479,695▲ 40.1%€383,464▼ 20.1%€402,144▲ 4.9%€176,147▼ 56.2%€161,356▼ 8.4%
Operating result€22,930▲ 100%€22,301▼ 2.7%€26,058▲ 16.8%€31,242▲ 19.9%€22,018▼ 29.5%
Net result€22,280within the sector's middle half▲ 163%€6,027within the sector's middle half▼ 73.0%€183within the sector's middle half▼ 97.0%€5,619within the sector's middle half▲ 2,966%-€4,311below the sector's middle half
EBIT margin4.8%▲ 1.4pp5.8%▲ 1.0pp6.5%▲ 0.7pp17.7%▲ 11.3pp13.6%▼ 4.1pp
Equity€84,709within the sector's middle half▲ 35.7%€90,736within the sector's middle half▲ 7.1%€90,919within the sector's middle half▲ 0.2%€96,538within the sector's middle half▲ 6.2%€92,227within the sector's middle half▼ 4.5%
Total assets€200,673within the sector's middle half▲ 15.4%€494,411above the sector's middle half▲ 146%€616,052above the sector's middle half▲ 24.6%€615,626above the sector's middle half▼ 0.1%€468,479above the sector's middle half▼ 23.9%
Debt€115,965▲ 4.0%€403,676▲ 248%€525,133▲ 30.1%€519,088▼ 1.2%€376,252▼ 27.5%
Working capital€57,257€30,636▼ 46.5%€20,319▼ 33.7%€33,923▲ 67.0%€10,543▼ 68.9%
Solvency42.2%within the sector's middle half▲ 6.3pp18.4%within the sector's middle half▼ 23.9pp14.8%below the sector's middle half▼ 3.6pp15.7%below the sector's middle half▲ 0.9pp19.7%within the sector's middle half▲ 4.0pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 30% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €468,479
Fixed assets
€385,707 ▼ 1.5%
Current assets
€82,772 ▼ 63.1%
Equity and liabilities €468,479
Equity
€92,227 ▼ 4.5%
Debt
€376,252 ▼ 27.5%
Debt's share of the balance-sheet total falls from 84.3% to 80.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€30,643▼
2023 · €51,062
Cash flow
€4,314▼
2023 · €25,439
Current ratio
1.15▼
2023 · 1.18
Debt to equity
4.08▼
2023 · 5.38
ROE
-4.7%▼
2023 · 5.8%
ROA
-0.9%▼
2023 · 0.9%
Interest coverage
1.38▼
2023 · 1.99
Debt ≤ 1 year
€72,230▼
2023 · €190,302
Debt > 1 year
€295,621▼
2023 · €317,928
Income taxes
€4,124
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,419 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
0.8%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 3.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 1,419 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.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €479,695 | €383,464 | €402,144 | €176,147 | €161,356 | ▼ 8.4% |
| Goods, raw materials, services and sundry goods60/61 | - | €311,432 | €375,656 | €120,349 | €130,150 | ▲ 8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,009 | €7,625 | - | €19,820 | €8,625 | ▼ 56.5% |
| Other operating charges640/8 | - | €42,106 | €430 | €4,737 | €563 | ▼ 88.1% |
| Gross operating margin9900 | €30,925 | €72,032 | €26,488 | €55,798 | €31,206 | ▼ 44.1% |
| Operating profit (loss)9901 | €22,930 | €22,301 | €26,058 | €31,242 | €22,018 | ▼ 29.5% |
| Financial income75/76B | - | - | €0 | - | - | - |
| Recurring financial income75 | - | - | €0 | - | - | - |
| Financial charges65/66B | - | €13,774 | €21,643 | €25,623 | €22,205 | ▼ 13.3% |
| Recurring financial charges65 | €650 | €13,774 | €21,643 | €25,623 | €22,205 | ▼ 13.3% |
| Profit (loss) for the period before taxes9903 | €22,280 | €8,527 | €4,415 | €5,619 | -€187 | ▼ 103% |
| Income taxes67/77 | - | €2,500 | €4,232 | - | €4,124 | - |
| Profit (loss) for the period9904 | €22,280 | €6,027 | €183 | €5,619 | -€4,311 | ▼ 177% |
| Profit (loss) for the period to be appropriated9905 | €22,280 | €6,027 | €183 | €5,619 | -€4,311 | ▼ 177% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €200,673 | €494,411 | €616,052 | €615,626 | €468,479 | ▼ 23.9% |
| Fixed assets21/28 | €66,346 | €405,721 | €411,221 | €391,401 | €385,707 | ▼ 1.5% |
| Tangible fixed assets22/27 | €66,346 | €405,721 | €411,221 | €391,401 | €385,707 | ▼ 1.5% |
| Land and buildings22 | - | €389,944 | €389,944 | €370,857 | €362,262 | ▼ 2.3% |
| Furniture and vehicles24 | - | €15,777 | €21,277 | €20,544 | €23,445 | ▲ 14.1% |
| Current assets29/58 | €134,328 | €88,691 | €204,831 | €224,225 | €82,772 | ▼ 63.1% |
| Amounts receivable within one year40/41 | €112,215 | €56,084 | €190,865 | €213,346 | €72,691 | ▼ 65.9% |
| Trade receivables40 | - | €41,280 | €179,791 | €191,285 | €62,867 | ▼ 67.1% |
| Other amounts receivable41 | - | €14,804 | €11,074 | €22,061 | €9,824 | ▼ 55.5% |
| Cash at bank and in hand54/58 | €22,113 | €30,012 | €13,966 | €10,879 | €10,081 | ▼ 7.3% |
| Deferred charges and accrued income490/1 | - | €2,594 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €200,673 | €494,411 | €616,052 | €615,626 | €468,479 | ▼ 23.9% |
| Equity10/15 | €84,709 | €90,736 | €90,919 | €96,538 | €92,227 | ▼ 4.5% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €76,649 | €82,676 | €82,859 | €88,478 | €84,167 | ▼ 4.9% |
| Amounts payable17/49 | €115,965 | €403,676 | €525,133 | €519,088 | €376,252 | ▼ 27.5% |
| Amounts payable after more than one year17 | - | €345,621 | €340,621 | €317,928 | €295,621 | ▼ 7.0% |
| Financial debts170/4 | - | €345,621 | €340,621 | €317,928 | €295,621 | ▼ 7.0% |
| Amounts payable within one year42/48 | €77,070 | €58,055 | €184,512 | €190,302 | €72,230 | ▼ 62.0% |
| Current portion of amounts payable after more than one year42 | - | €13,771 | €6,935 | €14,500 | €21,926 | ▲ 51.2% |
| Trade debts44 | €43,700 | - | €160,330 | €123,998 | €17,848 | ▼ 85.6% |
| Suppliers440/4 | - | - | €157,330 | €120,998 | €14,848 | ▼ 87.7% |
| Bills of exchange payable441 | - | - | €3,000 | €3,000 | €3,000 | = |
| Taxes, remuneration and social security45 | - | €890 | - | €10,447 | - | - |
| Taxes450/3 | - | €890 | - | €10,447 | - | - |
| Other amounts payable47/48 | - | €43,394 | €17,246 | €41,357 | €32,456 | ▼ 21.5% |
| Accrued charges and deferred income492/3 | - | - | - | €10,858 | €8,401 | ▼ 22.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,280 | €6,027 | €183 | €5,619 | -€4,311 | ▼ 177% |
| + Depreciation and write-downs630 | €6,009 | €7,625 | - | €19,820 | €8,625 | ▼ 56.5% |
| Operating cash flow (approximation) | €28,289 | €13,652 | €183 | €25,439 | €4,314 | ▼ 83.0% |
| Investment in fixed assets (approximation) | - | -€347,000 | -€5,500 | €0 | -€2,931 | - |
| Change in cash | - | €7,900 | -€16,046 | -€3,087 | -€798 | ▲ 74.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
29-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 151 days late
2024
31-12
Financial
Weakest financial yearnet -€4,311
Net result drops to -€4,311, the lowest in the series.
30-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 152 days late
31-10
KBO administration
Address struck
Langevelde 25 1785 L’adresse du siège Langevelde 25 1785 Die Sitzadresse Langevelde 25 1785
Merchtem werd doorgehaald met ingang van Merchtem · event 31-08-2024
2023
29-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 151 days late
2022
30-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 122 days late
2021
29-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 121 days late
22-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 175 days late
2020
31-12
Financial
Highest result since 2018net €22,280 ▲163%
Net result €22,280, the highest in the series.
2019
31-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 153 days late
2018
29-11
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 121 days late
2017
27-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 58 days late
2016
30-11
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 122 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Merchtem · 1 establishment unit since 2012
Ground area
292 m²
Building footprint
119 m²
Volume, LiDAR
541 m³
Parcel 23052E0296/00C000, Flanders · tallest building 10.9 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Establishment
since 20122.212.369.862
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23052E0296/00C000 | Flanders | 292 m² | 1 · 119 m² | 10.9 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 29,787 companies in sector 41001 we hold annual accounts for 16,042. 13,166 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded14-08-2012
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0848024379
Also
9925:BE0848024379
Registered
21-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.