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TOP FLAG

Active
Private limited companyfounded 201610 yrs activeRue Provinciale 291, 1301 Wavre, BelgiumKBO/BCE: BE 0660.601.375
Summary

The computed 12-month bankruptcy probability of TOP FLAG is 3.6% (moderate). The 2024 annual accounts show negative equity (-€38,965) and a net result of -€19,519. Equity is shrinking by ~47.9% per year across the filed fiscal years. Its solvency ranks better than 5% of 8968 sector peers (fiscal year 2024). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals.

Risk analysisWatch ReportCompare
TOP FLAGActiveChecked score 47/100
Risk analysis ReportCompare

Overview

Activity
Advertising agencies
NACE 73110
1 site
Size
€95,404turnover 2024
Equity
-€38,965
Loss
-€19,519
Financial health
47 Fair Checked score 2024
Bankruptcy chance 12 m
3.6%
Structure
Parent
RENTA IMMO · 60%
Accounts 65 d overdue0 of 13 deeds read
Why 47- Figures for FY 2024 (filed 17-07-2025)- Liquidity: current ratio 0.36, cash €80, halved- 1 financial year not filed after the legal deadline; 1 of the last 3 late+ Size: turnover €95,404, total assets €22,945Show the evidence

Checked score

Score 2024
47 / 100
Fair
Probability in this band: 1.5% to 4.2%
Better than 4% of its sector peers (NACE 73, micro)
Performance against the sector, not lower risk
Every signal that weighs is under Signals.
Financial strength · tick = 2023
Weak
Solvency 0=
equity -169.8% of total assets
Liquidity 0-11
short-term debt 267.7% · cash 0.3%
Profitability 0=
return on assets -85.1%
Bankruptcy probability, 12 months
3.6% Moderate
0%0.5%1.5%4%10%≥ 25%

About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.2% (11,139 companies)
Last 24 months 11-2024: 2.6% 12-2024: 2.9%▲ +13.0% vs 11-2024 01-2025: 4.1%▲ +39.6% vs 12-2024 02-2025: 4.1%● 0.0% vs 01-2025 03-2025: 5.0%▲ +22.1% vs 02-2025highest value 04-2025: 5.0%● 0.0% vs 03-2025highest value 05-2025: 4.9%▼ -1.9% vs 04-2025 06-2025: 4.6%▼ -4.8% vs 05-2025 07-2025: 4.6%▲ +0.1% vs 06-2025 08-2025: 2.2%▼ -53.1% vs 07-2025 09-2025: 2.2%● 0.0% vs 08-2025 10-2025: 2.2%● 0.0% vs 09-2025 11-2025: 2.2%● 0.0% vs 10-2025 12-2025: 2.2%● 0.0% vs 11-2025 01-2026: 2.3%▲ +3.7% vs 12-2025 02-2026: 2.3%● 0.0% vs 01-2026 03-2026: 2.2%▼ -1.4% vs 02-2026 04-2026: 2.3%▲ +2.9% vs 03-2026 05-2026: 2.2%▼ -2.1% vs 04-2026 06-2026: 2.1%▼ -8.3% vs 05-2026lowest value 07-2026: 2.1%▲ +2.3% vs 06-2026 08-2026: 2.5%▲ +18.6% vs 07-2026 09-2026: 2.7%▲ +8.1% vs 08-2026 10-2026: 3.6%▲ +32.0% vs 09-2026
  • Size: turnover €95,404, total assets €22,945 lowers the probability for this profile
  • Figures for FY 2024 (filed 17-07-2025) raises the probability
  • Liquidity: current ratio 0.36, cash €80, halved raises the probability
  • 1 financial year not filed after the legal deadline; 1 of the last 3 late raises the probability
No credit on open account
Liquidity short (current ratio 0.36 against 0.57 in 2023; short-term debt: 267.7% and cash: 0.3% of total assets), and equity is negative.
How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

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%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 73, micro). Better than this share of them on solvency 5%, liquidity 2%, profitability 6%, growth against the median 4%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 03-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

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Signals

Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Size: turnover €95,404, total assets €22,945
In the bankruptcy model this factor lowers the probability for this profile.
NBB · annual accounts
raises risk · Figures for FY 2024 (filed 17-07-2025)
In the bankruptcy model this factor raises the probability.
NBB · annual accounts
raises risk · Liquidity: current ratio 0.36, cash €80, halved
In the bankruptcy model this factor raises the probability.
NBB · annual accounts
raises risk · 1 financial year not filed after the legal deadline; 1 of the last 3 late
In the bankruptcy model this factor raises the probability.
NBB · filings
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024
Equity per financial year
18192021222324
2018 to 2024 · latest year -€38,965
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 10-07-2025, 21 days ahead of the deadline.
NBB · 9 filings
Deviation from the deadline
2025
not confirmed
2024
21 d early
2023
205 d late
2022
on the day
2021
75 d late
2020
2 d early
2019
8 d early
← 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 42 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.

Checked, nothing found (1)
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
  1. Annual accounts filedfiscal year 2024 · micro…
  2. Annual accounts filedfiscal year 2023 · micro…
  3. Weakest financial yearnet -€38,924

Key points

  • Risk: Negative equityfiscal year 2024: debts exceed assets -€38,965 View
  • Risk: 3 loss-making years in a rowloss fiscal year 2024 -€19,519 View
  • Caution: Among the weakest 5% on solvencysector median 55.1% · 8,968 companies -169.8% View
  • Caution: Accounts not fileddeadline was 31-07-2026 65 d late View
  • Controlled by RENTA IMMO 60% View

By topic

Financials

Fiscal year
2024
Turnover
€95,404
Loss
-€19,519
Solvency
-169.8%
Turnover▼ 26.7%
Net result
20222024
Go to Financials

Timeline

Events
11
Since
2017
  1. 10-07-2025Annual accounts filed
  2. 21-02-2025Annual accounts filed
  3. 31-12-2023Weakest financial year
Go to Timeline

Company details

Sites
1
Legal form
Private limited company
Activity
Advertising agenciesNACE 73110
Founded
01-08-2016
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

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