TOP SPOTS
ActiveSummary
TOP SPOTS has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €23.7m and a net result of -€742,598. Equity is growing by ~79.9% per year across the filed fiscal years. Its solvency ranks better than 95% of 8782 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability15▼-2
Solvency100=
Growth52▼-26
Track record94
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,550,000 at 30 days acceptable
Liquidity ample (current ratio 1.86 against 84.67 in 2024; short-term debt: 1.2% and cash: 1.1% of total assets), and 1.2% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
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 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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
98.8%
Return on assets
-3.1%
Age of the figures
9 mo
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 24-07-2026, 7 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
7 d early
2024
21 d late
2023
21 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 12 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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. Usually files around 21 August (3 of the last 3 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€742,598▼ 299%
2024 · -€186,079
Working capital
€247,190▼ 97.8%
2024 · €11.4m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, 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
Line202320242025
Operating result-€255,316--€191,318▲ 25.1%-€861,603▼ 350%
Net result-€255,473below the sector's middle half--€186,079below the sector's middle half▲ 27.2%-€742,598below the sector's middle half▼ 299%
Equity-€248,473below the sector's middle half-€15.0mabove the sector's middle half€23.7mabove the sector's middle half▲ 58.2%
Total assets€162,411below the sector's middle half-€15.1mabove the sector's middle half▲ 9,213%€24.0mabove the sector's middle half▲ 58.4%
Debt€410,885-€167,014▼ 59.4%€286,088▲ 71.3%
Working capital€15,916within the sector's middle half-€11.4mabove the sector's middle half▲ 71,801%€247,190within the sector's middle half▼ 97.8%
Solvency-153.0%below the sector's middle half-98.9%above the sector's middle half▲ 251.9pp98.8%above the sector's middle half▼ 0.1pp
Current ratio1.18within the sector's middle half-84.67above the sector's middle half▲ 83.481.86within the sector's middle half▼ 82.80
Return on assets (ROA)-157.3%below the sector's middle half--1.2%below the sector's middle half▲ 156.1pp-3.1%below the sector's middle half▼ 1.9pp
Staff (FTE)1within the sector's middle half1within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Net result -299% on 2024. The accounts now follow the abbreviated schema, last year the full schema.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €861,603 in 2025 against €191,318 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €24.0m
Fixed assets
€23.4m ▲ 561%
Current assets
€533,278 ▼ 95.4%
Equity and liabilities €24.0m
Equity
€23.7m ▲ 58.2%
Debt
€286,088 ▲ 71.3%
Debt's share of the balance-sheet total rises from 1.1% to 1.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€848,759▼
2024 · -€177,962
Cash flow
-€729,754▼
2024 · -€172,724
Debt to equity
0.01▲
2024 · 0.01
ROE
-3.1%▼
2024 · -1.2%
Interest coverage
-297.12▼
2024 · -205.22
Debt ≤ 1 year
€286,088▲
2024 · €136,779
Debt > 1 year
€0▼
2024 · €30,000
Income taxes
€392▲
2024 · €211
Staff costs
€395,637▼
2024 · €406,048
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,146 companies that looked in July 2024 the way this one looks now, 2.2% went bankrupt within 24 months and 92% are still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a small loss
2.2%
went bankrupt
5.9%
stopped otherwise
92%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 2,146 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 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | €114,207 | €406,048 | €395,637 | ▼ 2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,576 | €13,356 | €12,844 | ▼ 3.8% |
| Other operating charges640/8 | €190 | €608 | €6,116 | ▲ 905% |
| Gross operating margin9900 | -€136,343 | €228,694 | -€447,006 | ▼ 295% |
| Operating profit (loss)9901 | -€255,316 | -€191,318 | -€861,603 | ▼ 350% |
| Financial income75/76B | - | €6,317 | €122,253 | ▲ 1,835% |
| Recurring financial income75 | - | €6,317 | €122,253 | ▲ 1,835% |
| Financial charges65/66B | €122 | €867 | €2,857 | ▲ 229% |
| Recurring financial charges65 | €122 | €867 | €2,857 | ▲ 229% |
| Profit (loss) for the period before taxes9903 | -€255,438 | -€185,869 | -€742,206 | ▼ 299% |
| Income taxes67/77 | €36 | €211 | €392 | ▲ 85.9% |
| Profit (loss) for the period9904 | -€255,473 | -€186,079 | -€742,598 | ▼ 299% |
| Profit (loss) for the period to be appropriated9905 | -€255,473 | -€186,079 | -€742,598 | ▼ 299% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €162,411 | €15.1m | €24.0m | ▲ 58.4% |
| Fixed assets21/28 | €60,440 | €3.5m | €23.4m | ▲ 561% |
| Tangible fixed assets22/27 | €60,440 | €47,084 | €15.0m | ▲ 31,831% |
| Furniture and vehicles24 | €60,440 | €47,084 | €34,247 | ▼ 27.3% |
| Other tangible fixed assets26 | - | - | €15.0m | - |
| Financial fixed assets28 | - | €3.5m | €8.4m | ▲ 140% |
| Current assets29/58 | €101,971 | €11.6m | €533,278 | ▼ 95.4% |
| Amounts receivable within one year40/41 | - | €212,444 | €274,442 | ▲ 29.2% |
| Trade receivables40 | - | €210,055 | €242,000 | ▲ 15.2% |
| Other amounts receivable41 | - | €2,389 | €32,442 | ▲ 1,258% |
| Current investments50/53 | - | €11.0m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €97,066 | €363,544 | €258,836 | ▼ 28.8% |
| Deferred charges and accrued income490/1 | €4,905 | €4,422 | €0 | ▼ 100% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €162,411 | €15.1m | €24.0m | ▲ 58.4% |
| Equity10/15 | -€248,473 | €15.0m | €23.7m | ▲ 58.2% |
| Contributions10/11 | €7,000 | €15.4m | €24.9m | ▲ 61.4% |
| Profit (loss) carried forward14 | -€255,473 | -€441,553 | -€1.2m | ▼ 168% |
| Amounts payable17/49 | €410,885 | €167,014 | €286,088 | ▲ 71.3% |
| Amounts payable after more than one year17 | €324,388 | €30,000 | €0 | ▼ 100% |
| Other amounts payable178/9 | €324,388 | €30,000 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €86,056 | €136,779 | €286,088 | ▲ 109% |
| Trade debts44 | €41,797 | €13,923 | €135,032 | ▲ 870% |
| Suppliers440/4 | €41,797 | €13,923 | €135,032 | ▲ 870% |
| Taxes, remuneration and social security45 | €44,019 | €122,616 | €151,057 | ▲ 23.2% |
| Taxes450/3 | €7,934 | €41,339 | €103,696 | ▲ 151% |
| Remuneration and social security454/9 | €36,085 | €81,277 | €47,361 | ▼ 41.7% |
| Other amounts payable47/48 | €239 | €239 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €441 | €236 | €0 | ▼ 100% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€255,473 | -€186,079 | -€742,598 | ▼ 299% |
| + Depreciation and write-downs630 | €4,576 | €13,356 | €12,844 | ▼ 3.8% |
| Operating cash flow (approximation) | -€250,897 | -€172,724 | -€729,754 | ▼ 322% |
| Investment in fixed assets (approximation) | - | -€3.5m | -€19.9m | ▼ 469% |
| Change in cash | - | €266,478 | -€104,709 | ▼ 139% |
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
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
10-07
State Gazette act
Statutes amendmentCapital increase · Share issue · Power of attorney7 facts ▸
State Gazette act
Statutes amendment
Capital increase · Share issue · Power of attorney7 facts ▸
- General meeting, 07-07-2026
- Capital increase, €39.999.960
- Other statement, actionnaire unique, renonciation au rapport de l'organe d'administration en cas d'émission d'actions nouvelles
- Share issue, 571428, apports en espèces
- Statutes amendment, 5.1
- Power of attorney
- Power of attorney, Kurt Vuylsteke
2025
31-12
Financial
Weakest financial yearnet -€742,598
Net result drops to -€742,598, the lowest in the series.
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 21 days late
2024
31-12
Financial
Liquidity times 71current ratio 84.67
Current ratio from 1.18 to 84.67.
31-12
Financial
Equity above €10mEq €15.0m
Equity rises from -€248,473 to €15.0m.
21-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 21 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Tournai · 1 establishment unit since 2022
Ground area
1.4 ha
Building footprint
1,978 m²
Volume, LiDAR
20,918 m³
2 parcels, Wallonia · tallest building 13.4 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
TOP SPOTS
since 20222.336.088.018
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57060A0181/00G002 | Wallonia | 9,841 m² | 1 · 238 m² | 11.2 m · 2 fl. |
| 57031B0362/00E004 | Wallonia | 4,437 m² | 1 · 1,739 m² | 13.4 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Articles of association
Other statement
One provision in the deed
Structure & network
Connections & network
No current directors or connected companies found in the register.
Capital and shareholders
Capital over the years
- 10-07-2026 Capital increase of 39,999,960 EUR · to 105,400,000 EUR · 571,428 new shares
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Of 82,641 companies in sector 70200 we hold annual accounts for 52,636. 3,580 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
Founded14-07-2022
Fiscal year end31-12
Activities, NACEBEL 2025
68204Real estate activities
70200Business and other management consultancy
64210Activities of holding companies
Contact
E-mail
maxime.cauchy@sogefir.com
E-invoicing
Reachable via Peppol
Peppol ID
0208:0788595053
Also
9925:BE0788595053
Registered
17-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.