TOP MERCHANDISING
ActiveSummary
TOP MERCHANDISING has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €52k and a net result of €782. Equity is shrinking by ~36.1% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 45% of 7780 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▼-1
Solvency69▼-8
Growth32=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3k at 30 days acceptable
Liquidity ample (current ratio 1.73 against 1.88 in 2024; short-term debt: 55.7% and cash: 9.6% of total assets), but 55.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 82
Relative position
BE, all sectors
reference
Office administrative, office support and other business support activities (NACE 82)
about 37% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
44.3%
Return on assets
0.7%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-08-2026, 30 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
30 d late
2024
29 d late
2023
25 d late
2022
31 d late
2021
31 d late
2020
31 d late
2019
89 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€52k▲ 1.5%
2024 · €51k
2018: €264khighest in 8 years
2019: €242k▼ -8.4% vs 2018
2020: €196k▼ -18.9% vs 2019
2021: €147k▼ -25.1% vs 2020
2022: €49k▼ -66.4% vs 2021lowest in 8 years
2023: €50k▲ +0.3% vs 2022
2024: €51k▲ +3.3% vs 2023
2025: €52k▲ +1.5% vs 2024
2018 → 2025
Total assets
€117k▲ 19.9%
2024 · €98k
2018: €391khighest in 8 years
2019: €342k▼ -12.5% vs 2018
2020: €263k▼ -23.0% vs 2019
2021: €251k▼ -4.6% vs 2020
2022: €82k▼ -67.5% vs 2021lowest in 8 years
2023: €89k▲ +9.3% vs 2022
2024: €98k▲ +9.5% vs 2023
2025: €117k▲ +19.9% vs 2024
2018 → 2025
Net result
€782▼ 52.5%
2024 · €2k
2018: €38khighest in 8 years
2019: €-6k▼ -115% vs 2018lowest in 8 years
2020: €4k▲ +179% vs 2019
2021: €677▼ -84.6% vs 2020
2022: €2k▲ +261% vs 2021
2023: €139▼ -94.3% vs 2022
2024: €2k▲ +1088% vs 2023
2025: €782▼ -52.5% vs 2024
2018 → 2025
Working capital
€48k▲ 17.0%
2024 · €41k
2018: €259khighest in 8 years
2019: €245k▼ -5.3% vs 2018
2020: €194k▼ -20.9% vs 2019
2021: €127k▼ -34.4% vs 2020
2022: €27k▼ -79.1% vs 2021lowest in 8 years
2023: €32k▲ +21.2% vs 2022
2024: €41k▲ +26.1% vs 2023
2025: €48k▲ +17.0% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€147k-€49k▼ 66.4%€50k▲ 0.3%€51k▲ 3.3%€52k▲ 1.5%
2021: €147khighest in 5 years
2022: €49k▼ -66.4% vs 2021lowest in 5 years
2023: €50k▲ +0.3% vs 2022
2024: €51k▲ +3.3% vs 2023
2025: €52k▲ +1.5% vs 2024
Operating result€1k-€3k▲ 121%€764▼ 70.2%€2k▲ 209%€2k▼ 29.0%
2021: €1k
2022: €3k▲ +121% vs 2021highest in 5 years
2023: €764▼ -70.2% vs 2022lowest in 5 years
2024: €2k▲ +209% vs 2023
2025: €2k▼ -29.0% vs 2024
Net result€677-€2k▲ 261%€139▼ 94.3%€2k▲ 1,088%€782▼ 52.5%
2021: €677
2022: €2k▲ +261% vs 2021highest in 5 years
2023: €139▼ -94.3% vs 2022lowest in 5 years
2024: €2k▲ +1088% vs 2023
2025: €782▼ -52.5% vs 2024
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 29% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €117k
Fixed assets
€4k ▼ 59.4%
Current assets
€113k ▲ 29.3%
Equity and liabilities €117k
Equity
€52k ▲ 1.5%
Debt
€65k ▲ 40.0%
Debt's share of the balance-sheet total rises from 47.6% to 55.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€8k▼
2024 · €9k
Cash flow
€7k▼
2024 · €8k
Current ratio
1.73▼
2024 · 1.88
Debt to equity
1.25▲
2024 · 0.91
ROE
1.5%▼
2024 · 3.2%
ROA
0.7%▼
2024 · 1.7%
Interest coverage
38.32▲
2024 · 34.55
Debt ≤ 1 year
€65k▲
2024 · €47k
Income taxes
€692▲
2024 · €450
Staff costs
€39k▲
2024 · €39k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 42 lines
Balance sheet
Code20242025
Assets
Total assets20/58€98k€117k▲
Fixed assets21/28€10k€4k▼
Intangible fixed assets21€10k€4k▼
Tangible fixed assets22/27€123-
Furniture and vehicles24€123-
Current assets29/58€87k€113k▲
Amounts receivable within one year40/41€73k€101k▲
Trade receivables40€26k€32k▲
Other amounts receivable41€48k€69k▲
Cash at bank and in hand54/58€14k€11k▼
Deferred charges and accrued income490/1-€397
Equity and liabilities
Total equity and liabilities10/49€98k€117k▲
Equity10/15€51k€52k▲
Contributions10/11€19k€19k=
Reserves13€31k€31k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€29k€29k=
Profit (loss) carried forward14€2k€2k▲
Amounts payable17/49€47k€65k▲
Amounts payable within one year42/48€47k€65k▲
Trade debts44€43k€57k▲
Suppliers440/4€43k€57k▲
Taxes, remuneration and social security45€3k€7k▲
Taxes450/3€450€665▲
Remuneration and social security454/9€2k€7k▲
Other amounts payable47/48€346€402▲
Income statement
Code20242025
Remuneration, social security and pensions62€39k€39k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€6k▼
Other operating charges640/8-€396
Gross operating margin9900€48k€47k▼
Operating profit (loss)9901€2k€2k▼
Financial income75/76B€1€2▲
Recurring financial income75€1€2▲
Financial charges65/66B€265€205▼
Recurring financial charges65€265€205▼
Profit (loss) for the period before taxes9903€2k€1k▼
Income taxes67/77€450€692▲
Profit (loss) for the period9904€2k€782▼
Profit (loss) for the period to be appropriated9905€2k€782▼
Appropriation of the result
Profit (loss) to be appropriated9906€2k€2k▲
Profit (loss) brought forward from the previous period14P-€2k
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €349k | €343k | €67k | €39k | €39k | ▲ 1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5k | €6k | €7k | €7k | €6k | ▼ 9.3% |
| Other operating charges640/8 | €348 | €1k | €384 | - | €396 | - |
| Gross operating margin9900 | €355k | €352k | €76k | €48k | €47k | ▼ 0.9% |
| Operating profit (loss)9901 | €1k | €3k | €764 | €2k | €2k | ▼ 29.0% |
| Financial income75/76B | €0 | - | €0 | €1 | €2 | ▲ 140% |
| Recurring financial income75 | €0 | - | €0 | €1 | €2 | ▲ 140% |
| Financial charges65/66B | €482 | €123 | €626 | €265 | €205 | ▼ 22.8% |
| Recurring financial charges65 | €482 | €123 | €626 | €265 | €205 | ▼ 22.8% |
| Profit (loss) for the period before taxes9903 | €677 | €2k | €139 | €2k | €1k | ▼ 29.7% |
| Income taxes67/77 | - | - | - | €450 | €692 | ▲ 53.7% |
| Profit (loss) for the period9904 | €677 | €2k | €139 | €2k | €782 | ▼ 52.5% |
| Profit (loss) for the period to be appropriated9905 | €677 | €2k | €139 | €2k | €782 | ▼ 52.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €251k | €82k | €89k | €98k | €117k | ▲ 19.9% |
| Fixed assets21/28 | €20k | €24k | €17k | €10k | €4k | ▼ 59.4% |
| Intangible fixed assets21 | €19k | €22k | €16k | €10k | €4k | ▼ 58.9% |
| Tangible fixed assets22/27 | €1k | €2k | €880 | €123 | - | - |
| Furniture and vehicles24 | €1k | €2k | €880 | €123 | - | - |
| Current assets29/58 | €232k | €57k | €72k | €87k | €113k | ▲ 29.3% |
| Amounts receivable within one year40/41 | €172k | €40k | €60k | €73k | €101k | ▲ 37.8% |
| Trade receivables40 | €105k | €28k | €29k | €26k | €32k | ▲ 25.1% |
| Other amounts receivable41 | €67k | €12k | €31k | €48k | €69k | ▲ 44.7% |
| Cash at bank and in hand54/58 | €60k | €17k | €12k | €14k | €11k | ▼ 19.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €397 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €251k | €82k | €89k | €98k | €117k | ▲ 19.9% |
| Equity10/15 | €147k | €49k | €50k | €51k | €52k | ▲ 1.5% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €123k | €23k | €31k | €31k | €31k | = |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | €121k | €21k | €29k | €29k | €29k | = |
| Profit (loss) carried forward14 | €5k | €8k | - | €2k | €2k | ▲ 47.5% |
| Amounts payable17/49 | €104k | €32k | €40k | €47k | €65k | ▲ 40.0% |
| Amounts payable within one year42/48 | €104k | €31k | €40k | €47k | €65k | ▲ 40.0% |
| Trade debts44 | €44k | - | €30k | €43k | €57k | ▲ 32.1% |
| Suppliers440/4 | €44k | - | €30k | €43k | €57k | ▲ 32.1% |
| Taxes, remuneration and social security45 | €60k | €19k | €10k | €3k | €7k | ▲ 167% |
| Taxes450/3 | €442 | €3k | - | €450 | €665 | ▲ 47.8% |
| Remuneration and social security454/9 | €60k | €16k | €10k | €2k | €7k | ▲ 189% |
| Other amounts payable47/48 | - | €11k | - | €346 | €402 | ▲ 16.3% |
| Accrued charges and deferred income492/3 | - | €2k | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €677 | €2k | €139 | €2k | €782 | ▼ 52.5% |
| + Depreciation and write-downs630 | €5k | €6k | €7k | €7k | €6k | ▼ 9.3% |
| Operating cash flow (approximation) | €5k | €8k | €7k | €8k | €7k | ▼ 17.8% |
| Investment in fixed assets (approximation) | - | €-10k | €0 | €0 | €0 | - |
| Change in cash | - | €-42k | €-5k | €2k | €-3k | ▼ 248% |
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
Next filing, fiscal year 2026, expected by
2026
30-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 30 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
25-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 25 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Back to profitnet €4k
Net result €4k after one loss-making year.
28-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 89 days late
2019
31-12
Financial
Weakest financial yearnet €-6k
Net result drops to €-6k, the lowest in the series; recovery starts the following year.
23-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
15-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Schaarbeek · 1 establishment unit since 1993
Ground area
775 m²
Building footprint
318 m²
Volume, LiDAR
3,635 m³
Parcel 21904B0381/00V005, Brussels · tallest building 17.2 m, ±5 floors. Linked by address, not a title deed.
12
companies at this address
See who is registered here
1 establishment unit
TOP MERCHANDISING
since 19932.062.424.391
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21904B0381/00V005 | Brussels | 775 m² | 1 · 318 m² | 17.2 m · 5 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 4,571 companies in sector 82300 we hold annual accounts for 1,672. 1,281 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)
Founded05-05-1993
Fiscal year end31-12
Activities, NACEBEL 2025
73120Media representation
82300Organisation of conventions and trade shows
Scores and ratios are computed by Checked and are not a credit decision.