TOP PROJECTS
ActiveSummary
TOP PROJECTS has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €66,925 and a net result of -€48,047. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 23% of 9294 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability15▼-57
Solvency30▼-2
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days only on tighter terms
Liquidity short (current ratio 0.69 against 0.76 in 2024; short-term debt: 88.7% and cash: 0.9% of total assets), and 95.3% of the assets are financed with debt.
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Signals
Four 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 9294 sector peers (2025).
NBB · sector comparisonPosition among 9294 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-07-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
1 d early
2023
16 d late
2022
20 d early
2021
8 d late
2020
18 d late
2019
25 d late
← 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 6 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€66,925▼ 41.8%
2024 · €114,972
Total assets
€1.4m▼ 8.3%
2024 · €1.6m
Net result
-€48,047
2024 · €96,432
Working capital
-€388,935▼ 20.5%
2024 · -€322,757
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€7,947▼ 93.6%€23,272▲ 193%€44,960▲ 93.2%€148,255▲ 230%-€23,088
Net result-€30,979-€20,420▲ 34.1%€11,471€96,432▲ 741%-€48,047
Equity€27,489▼ 53.0%€7,069▼ 74.3%€18,540▲ 162%€114,972▲ 520%€66,925▼ 41.8%
Total assets€2.0m▲ 13.2%€1.9m▼ 7.0%€1.2m▼ 36.9%€1.6m▲ 31.7%€1.4m▼ 8.3%
Debt€2.0m▲ 15.4%€1.9m▼ 6.1%€1.2m▼ 37.7%€1.4m▲ 23.9%€1.4m▼ 5.7%
Working capital-€685,826▼ 2.5%-€484,104▲ 29.4%-€485,987▼ 0.4%-€322,757▲ 33.6%-€388,935▼ 20.5%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €23,088 after €148,255 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€549,430 ▲ 0.6%
Current assets
€876,884 ▼ 13.2%
Equity and liabilities €1.4m
Equity
€66,925 ▼ 41.8%
Debt
€1.4m ▼ 5.7%
Debt's share of the balance-sheet total rises from 92.6% to 95.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€15,594▼
2024 · €155,391
Cash flow
-€40,553▼
2024 · €103,568
Current ratio
0.69▼
2024 · 0.76
Quick ratio
0.69▼
2024 · 0.76
Debt to equity
20.31▲
2024 · 12.53
ROE
-71.8%▼
2024 · 83.9%
ROA
-3.4%▼
2024 · 6.2%
Interest coverage
-0.46▼
2024 · 5.46
Debt ≤ 1 year
€1.3m▼
2024 · €1.3m
Debt > 1 year
€61,777▼
2024 · €82,283
Income taxes
€0▼
2024 · €29,187
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 912 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 95% are still going.
- Small
- 10 to 20 years old
- solvency under 10%
- a small loss
2.0%
went bankrupt
2.1%
stopped otherwise
95%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.3% 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 912 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,901 | €9,806 | €9,806 | €7,136 | €7,494 | ▲ 5.0% |
| Other operating charges640/8 | €11,888 | €235,767 | €5,281 | €96,968 | €4,217 | ▼ 95.7% |
| Non-recurring operating charges66A | €0 | - | - | - | - | - |
| Gross operating margin9900 | €42,735 | €268,845 | €60,047 | €252,360 | -€11,376 | ▼ 105% |
| Operating profit (loss)9901 | €7,947 | €23,272 | €44,960 | €148,255 | -€23,088 | ▼ 116% |
| Financial income75/76B | €4,191 | €4,098 | €4,630 | €5,839 | €8,619 | ▲ 47.6% |
| Recurring financial income75 | €4,191 | €4,098 | €4,630 | €5,839 | €8,619 | ▲ 47.6% |
| Financial charges65/66B | €43,116 | €47,790 | €38,120 | €28,476 | €33,577 | ▲ 17.9% |
| Recurring financial charges65 | €43,116 | €47,790 | €38,120 | €28,476 | €33,577 | ▲ 17.9% |
| Profit (loss) for the period before taxes9903 | -€30,979 | -€20,420 | €11,471 | €125,619 | -€48,047 | ▼ 138% |
| Income taxes67/77 | €0 | - | - | €29,187 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€30,979 | -€20,420 | €11,471 | €96,432 | -€48,047 | ▼ 150% |
| Profit (loss) for the period to be appropriated9905 | -€30,979 | -€20,420 | €11,471 | €96,432 | -€48,047 | ▼ 150% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.0m | €1.9m | €1.2m | €1.6m | €1.4m | ▼ 8.3% |
| Fixed assets21/28 | €885,136 | €647,816 | €638,010 | €545,919 | €549,430 | ▲ 0.6% |
| Tangible fixed assets22/27 | €525,136 | €287,816 | €278,010 | €185,919 | €189,430 | ▲ 1.9% |
| Land and buildings22 | €525,136 | €287,816 | €278,010 | €185,919 | €189,430 | ▲ 1.9% |
| Financial fixed assets28 | €360,000 | €360,000 | €360,000 | €360,000 | €360,000 | = |
| Current assets29/58 | €1.1m | €1.2m | €543,499 | €1.0m | €876,884 | ▼ 13.2% |
| Amounts receivable after more than one year29 | - | - | €354,042 | €467,257 | €491,182 | ▲ 5.1% |
| Other amounts receivable291 | - | - | €354,042 | €467,257 | €491,182 | ▲ 5.1% |
| Stocks and contracts in progress3 | €659,996 | €746,039 | €0 | - | €3,582 | - |
| Stocks30/36 | €659,996 | €746,039 | €0 | - | €3,582 | - |
| Amounts receivable within one year40/41 | €363,076 | €459,140 | €173,037 | €386,618 | €280,804 | ▼ 27.4% |
| Trade receivables40 | €868 | €12,170 | €21,221 | €17,615 | €17,615 | = |
| Other amounts receivable41 | €362,208 | €446,969 | €151,816 | €369,002 | €263,188 | ▼ 28.7% |
| Current investments50/53 | - | - | - | - | €80,000 | - |
| Cash at bank and in hand54/58 | €101,252 | €14,670 | €10,949 | €149,651 | €13,506 | ▼ 91.0% |
| Deferred charges and accrued income490/1 | €5,812 | €6,086 | €5,471 | €6,598 | €7,809 | ▲ 18.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.0m | €1.9m | €1.2m | €1.6m | €1.4m | ▼ 8.3% |
| Equity10/15 | €27,489 | €7,069 | €18,540 | €114,972 | €66,925 | ▼ 41.8% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €38,468 | €38,468 | €38,468 | €94,972 | €92,972 | ▼ 2.1% |
| Non-distributable reserves130/1 | €2,000 | €2,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | €2,000 | €2,000 | €0 | - | - | - |
| Distributable reserves133 | €36,468 | €36,468 | €38,468 | €94,972 | €92,972 | ▼ 2.1% |
| Profit (loss) carried forward14 | -€30,979 | -€51,399 | -€39,928 | €0 | -€46,047 | - |
| Amounts payable17/49 | €2.0m | €1.9m | €1.2m | €1.4m | €1.4m | ▼ 5.7% |
| Amounts payable after more than one year17 | €141,811 | €122,294 | €102,454 | €82,283 | €61,777 | ▼ 24.9% |
| Financial debts170/4 | €141,811 | €122,294 | €102,454 | €82,283 | €61,777 | ▼ 24.9% |
| Amounts payable within one year42/48 | €1.8m | €1.7m | €1.0m | €1.3m | €1.3m | ▼ 5.0% |
| Current portion of amounts payable after more than one year42 | €19,197 | €19,516 | €19,841 | €20,171 | €20,506 | ▲ 1.7% |
| Financial debts43 | €480,000 | €300,000 | €0 | - | - | - |
| Credit institutions430/8 | €480,000 | €300,000 | €0 | - | - | - |
| Trade debts44 | €7,011 | €4,506 | €3,382 | €3,330 | €7,446 | ▲ 124% |
| Suppliers440/4 | €7,011 | €4,506 | €3,382 | €3,330 | €7,446 | ▲ 124% |
| Taxes, remuneration and social security45 | €3,327 | €730 | €673 | €558 | €258 | ▼ 53.7% |
| Taxes450/3 | €3,327 | €730 | €473 | €158 | €258 | ▲ 63.9% |
| Remuneration and social security454/9 | - | - | €200 | €400 | €0 | ▼ 100% |
| Other amounts payable47/48 | €1.3m | €1.4m | €1.0m | €1.3m | €1.2m | ▼ 5.4% |
| Accrued charges and deferred income492/3 | €30,010 | €34,348 | €31,030 | €25,908 | €31,794 | ▲ 22.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€30,979 | -€20,420 | €11,471 | €96,432 | -€48,047 | ▼ 150% |
| + Depreciation and write-downs630 | €22,901 | €9,806 | €9,806 | €7,136 | €7,494 | ▲ 5.0% |
| Operating cash flow (approximation) | -€8,078 | -€10,614 | €21,276 | €103,568 | -€40,553 | ▼ 139% |
| Investment in fixed assets (approximation) | - | €227,515 | €0 | €84,954 | -€11,005 | ▼ 113% |
| Change in cash | - | -€86,582 | -€3,722 | €138,702 | -€136,145 | ▼ 198% |
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
21-08
State Gazette act
General meeting · Director reappointment
Permanent representative
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€48,047
Net result drops to -€48,047, the lowest in the series.
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €96,432 ▲741%
Operating result €148,255, net result €96,432, both a record.
31-12
Financial
Equity above €100,000Eq €114,972 ▲520%
2 profitable years in a row build equity to €114,972.
16-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 16 days late
2023
31-12
Financial
Back to profitnet €11,471
Net result €11,471 after 2 loss-making years.
11-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
08-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 8 days late
2021
18-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 18 days late
2020
25-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 25 days late
Show earlier events
2019
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 31 days late
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
04-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 4 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Nijlen · 1 establishment unit since 2012
Ground area
1,080 m²
Building footprint
233 m²
Volume, LiDAR
1,186 m³
Parcel 12026B0362/00S000, Flanders · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
TOP PROJECTS
since 20122.207.818.285
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12026B0362/00S000 | Flanders | 1,080 m² | 1 · 233 m² | 8.4 m · 2 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.
Structure & network
Owners and holdings
2 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
-
100%
-
66.67%
According to the 2025 annual accounts of TOP PROJECTS and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
The group is listed under Ownership & control below; here you explore it as a network.
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Shareholding
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Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
1 location
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Of 11,756 companies in sector 68310 we hold annual accounts for 6,907. 5,058 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
Founded15-02-2012
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0843749847
Also
9925:BE0843749847
Registered
18-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.