Financials
- Fiscal year
- 2025
- Total assets
- €452,173
- Profit
- €9,382
- Solvency
- -0.5%
Total assets▼ 11.7%
Net result
20192025
TOP WATCH
ActiveSummary
TOP WATCH has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€2,201) and a net result of €9,382. Equity is shrinking by ~57.6% per year across the filed fiscal years. Its solvency ranks better than 19% of 773 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Overview
Activity
Manufacture of jewellery
NACE 32123NACE 36223
1 site
Size
€452,173total assets 2025
- Equity
- -€2,201
- Profit
- €9,382
Turnover not published (abridged schema)
Structure
Accounts 2 d early0 of 3 deeds read
Why 55Capped at 59: negative equity- Liquidity: current ratio 0.31, cash €220, halved- Negative equity -€2,201- Figures for FY 2025 (filed 31-10-2025)+ Size: total assets €452,173Show the evidence
Checked score
Score 2025
55
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Better than 38% of its sector peers (NACE 32, micro)
Performance against the sector, not lower risk
Negative equity caps the score at 59. Every signal that weighs is under Signals.
Financial strength · tick = 2024
Weak
Solvency
25+2
equity -0.5% of total assets
Liquidity
14-2
short-term debt 67.8% · cash 0.0%
Profitability
46+3
return on assets 2.1%
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.3%lowest value
12-2024: 0.3%● 0.0% vs 11-2024lowest value
01-2025: 0.3%● 0.0% vs 12-2024lowest value
02-2025: 0.3%● 0.0% vs 01-2025lowest value
03-2025: 0.3%● 0.0% vs 02-2025lowest value
04-2025: 0.3%● 0.0% vs 03-2025lowest value
05-2025: 0.3%▲ +3.4% vs 04-2025
06-2025: 0.3%● 0.0% vs 05-2025
07-2025: 0.3%▲ +3.9% vs 06-2025
08-2025: 0.3%▲ +5.7% vs 07-2025
09-2025: 0.3%▼ -1.5% vs 08-2025
10-2025: 0.4%▲ +27.9% vs 09-2025
11-2025: 0.6%▲ +34.6% vs 10-2025
12-2025: 0.6%▲ +1.8% vs 11-2025
01-2026: 0.6%● 0.0% vs 12-2025
02-2026: 0.6%▲ +1.2% vs 01-2026
03-2026: 0.6%● 0.0% vs 02-2026
04-2026: 0.6%● 0.0% vs 03-2026
05-2026: 0.6%● 0.0% vs 04-2026
06-2026: 0.6%● 0.0% vs 05-2026
07-2026: 0.6%▲ +1.4% vs 06-2026
08-2026: 0.6%▼ -4.4% vs 07-2026
09-2026: 0.5%▼ -3.7% vs 08-2026
10-2026: 0.8%▲ +47.6% vs 09-2026highest value
- Size: total assets €452,173 lowers the probability for this profile
- Liquidity: current ratio 0.31, cash €220, halved raises the probability
- Negative equity -€2,201 raises the probability
- Figures for FY 2025 (filed 31-10-2025) raises the probability
No credit on open account
Liquidity short (current ratio 0.31 against 0.39 in 2024; short-term debt: 67.8% and cash: 0% 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 32, micro). Better than this share of them on solvency 18%, liquidity 13%, profitability 30%, growth against the median 91%. That is performance, not lower risk; the band itself always comes from the probability.
Bankruptcy probability: model pd-v3.202610021621, computed on 05-10-2026. 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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 773 sector peers (2025).
NBB · sector comparisonPosition among 773 sector peers
Solvency
better than 19%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 29-10-2025, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
64 d early
2023
60 d early
2022
3 d early
2021
3 d early
2020
12 d early
2019
31 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 25 days before the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 40% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 28 October (4 of the last 5 filed years within 57 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close06-10-2026 today31-10-2026 deadline
- Annual accounts filedfiscal year 2025 · micro…
- Highest result since 2019net €9,382 ▲99.2%
- Annual accounts filedfiscal year 2024 · micro…
Key points
By topic
Timeline
- Events
- 13
- Since
- 2016
- Next accounts
- by 31-10-2026
- 29-10-2025Annual accounts filed
- 31-03-2025Highest result since 2019
- 28-08-2024Annual accounts filed
Company details
- Sites
- 1
- Legal form
- Public limited company
- Activity
- Manufacture of jewelleryNACE 32123
- Founded
- 02-10-2006
- Year ends
- 31-03
- Peppol
- Reachable for e-invoices
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