Top-Mix

Active

Public limited companyfounded 197550 yrs activeOudenburgsesteenweg 106, 8400 Oostende, BelgiumKBO/BCE: BE 0415.555.324

Summary

Top-Mix has been active since 1975 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €21.1m and a net result of €3.6m. Equity is growing by ~8.6% per year across the filed fiscal years. Its solvency ranks better than 57% of 278 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Risk analysisWatch Report Compare

Top-MixActiveChecked score 87/100

Risk analysis Report Compare

Activity

Waste collection, recovery and disposal activities

NACE 38320NACE 38222Retail sale of hardware, building materials, paint and glass (general range) NACE 47521

#4 company by total assets in West Flanders, Waste collection and treatment sector5 sites

Size

€38.7mturnover 2025

Staff: 45.4 FTE
Equity: €21.1m
Profit: €3.6m

Financial health

87 Excellent Checked score 2025

Bankruptcy chance 12 m: 0.3%

Structure

Parent: VERHELST GROUP · 100%
Holdings: 5

Accounts filed 33 d late1 of 24 deeds read

Why 87- Liquidity: current ratio 2.62, cash €7,916- Latest accounts 33 days late; 1 of the last 3 late+ Size: turnover €38.7m, 45.4 FTE, total assets €46.0m+ Founded in 1975Show the evidence

Checked score

Score 2025

87 / 100

Excellent

Probability in this band: under 0.55%

Better than 58% of its sector peers (NACE 38, small)

Performance against the sector, not lower risk

Every signal that weighs is under Signals.

Financial strength · tick = 2024

Strong

Solvency 71+2

equity 45.9% of total assets

Liquidity 39-1

short-term debt 27.4% · cash 0.0%

Profitability 72-6

return on assets 7.9%

Bankruptcy probability, 12 months

0.3% Very low

0%0.5%1.5%4%10%≥ 25%

About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.3% (199 companies)

Last 24 months 11-2024: 0.2% 12-2024: 0.2%● 0.0% vs 11-2024 01-2025: 0.2%● 0.0% vs 12-2024 02-2025: 0.2%▼ -4.2% vs 01-2025 03-2025: 0.2%▲ +1.6% vs 02-2025 04-2025: 0.2%▲ +2.2% vs 03-2025 05-2025: 0.2%▲ +3.7% vs 04-2025 06-2025: 0.2%▲ +3.0% vs 05-2025 07-2025: 0.3%▲ +30.0% vs 06-2025 08-2025: 0.2%▼ -28.4% vs 07-2025 09-2025: 0.2%● 0.0% vs 08-2025 10-2025: 0.2%● 0.0% vs 09-2025 11-2025: 0.2%● 0.0% vs 10-2025 12-2025: 0.2%● 0.0% vs 11-2025 01-2026: 0.2%● 0.0% vs 12-2025 02-2026: 0.2%▼ -4.2% vs 01-2026lowest value 03-2026: 0.2%▲ +1.7% vs 02-2026 04-2026: 0.2%▲ +2.2% vs 03-2026 05-2026: 0.2%▲ +3.2% vs 04-2026 06-2026: 0.2%▲ +2.6% vs 05-2026 07-2026: 0.2%▲ +1.0% vs 06-2026 08-2026: 0.5%▲ +144% vs 07-2026 09-2026: 0.6%▲ +25.3% vs 08-2026highest value 10-2026: 0.3%▼ -55.4% vs 09-2026

Size: turnover €38.7m, 45.4 FTE, total assets €46.0m lowers the probability for this profile
Liquidity: current ratio 2.62, cash €7,916 raises the probability
Founded in 1975 lowers the probability for this profile
Latest accounts 33 days late; 1 of the last 3 late raises the probability

Credit up to €1,800,000 at 30 days acceptable

Liquidity ample (current ratio 2.62 against 2.54 in 2024; short-term debt: 27.4% and cash: 0% of total assets), but 54.1% of the assets are financed with debt.

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 38, small). Better than this share of them on solvency 65%, liquidity 34%, profitability 58%, growth against the median 75%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 06-10-2026. 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.

Credit check for your own amount and term

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Signals

Five signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Size: turnover €38.7m, 45.4 FTE, total assets €46.0m

In the bankruptcy model this factor lowers the probability for this profile.

NBB · annual accounts

Liquidity: current ratio 2.62, cash €7,916

In the bankruptcy model this factor raises the probability.

NBB · annual accounts

Founded in 1975

In the bankruptcy model this factor lowers the probability for this profile.

KBO

Latest accounts 33 days late; 1 of the last 3 late

In the bankruptcy model this factor raises the probability.

NBB · filings

A punctual record breaks

This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-09-2026, 33 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.

NBB · 10 filings

Deviation from the deadline

2025

33 d late

2024

16 d early

2023

16 d early

2022

34 d early

2021

32 d early

2020

17 d early

2019

38 d early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 17 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% of the sector filed late.

Checked, nothing found (2)

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. Usually files around 15 July (4 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Position in the running window

07-10-2026 today31-12-2026 close31-07-2027 deadline

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

02-09-26 Annual accounts filedfiscal year 2025 · full…
17-02-26 Appointment: Verhelst GROUP BV (managing director)Permanent representative: Johan Verhelst ·…
31-12-25 Highest result since 2018net €3.6m ▲24.3%

Key points

Positive: Among the best 7% on net resultsector median €148,592 · 276 companies €3.6m View
Positive: 8 profitable years in a rowprofit 2025: €3.6m 8 years View
Controlled by VERHELST GROUPitself parent of 3 companies 100% View
New directorlatest change 17-02-2026 · 0 in office 1 joined View
Active since 1975founded 11-12-1975 50 years View