TOPAD
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 5 November 2026.
Annual accounts 2024 filed on 22-09-2025 PDF all 18 filings
Turnover
≈ €66,000
Estimated: probably between €35,000 and €120,000
Total assets
€102,738▲ 11.0%
2023 · €92,570
Net result
€7,623▲ 10.3%
2023 · €6,914
Working capital
€84,046▲ 10.0%
2023 · €76,422
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€11,180
▲ 9.2%
2024
20182024
Net result
€7,623
▲ 10.3%
2024
middle half of the sector
20182024
Equity
€84,046
▲ 10.0%
2024
middle half of the sector
20182024
Total assets
€102,738
▲ 11.0%
2024
middle half of the sector
20182024
Debt
€18,692
▲ 15.8%
2024
20182024
Working capital
€84,046
▲ 10.0%
2024
middle half of the sector
20182024
Solvency
81.8%
▼ 0.8pp
2024
highest quarter of the sector
20182024
Current ratio
5.50
▼ 0.24
2024
highest quarter of the sector
20182024
Return on assets (ROA)
7.4%
=
2024
middle half of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result€20,107-€17,137▼ 14.8%€13,123▼ 23.4%€5,895▼ 55.1%€12,693▲ 115%€10,235▼ 19.4%€11,180▲ 9.2%
Net result€13,942-€11,893▼ 14.7%€10,965within the sector's middle half▼ 7.8%€3,903within the sector's middle half▼ 64.4%€8,528within the sector's middle half▲ 119%€6,914within the sector's middle half▼ 18.9%€7,623within the sector's middle half▲ 10.3%
Equity€34,220-€46,113▲ 34.8%€57,078within the sector's middle half▲ 23.8%€60,981within the sector's middle half▲ 6.8%€69,509within the sector's middle half▲ 14.0%€76,422within the sector's middle half▲ 9.9%€84,046within the sector's middle half▲ 10.0%
Total assets€49,305-€60,389▲ 22.5%€69,430within the sector's middle half▲ 15.0%€71,884within the sector's middle half▲ 3.5%€85,433within the sector's middle half▲ 18.8%€92,570within the sector's middle half▲ 8.4%€102,738within the sector's middle half▲ 11.0%
Debt€15,086-€14,276▼ 5.4%€12,352▼ 13.5%€10,903▼ 11.7%€15,924▲ 46.1%€16,147▲ 1.4%€18,692▲ 15.8%
Working capital€34,220-€46,113▲ 34.8%€57,078within the sector's middle half▲ 23.8%€60,981within the sector's middle half▲ 6.8%€69,509within the sector's middle half▲ 14.0%€76,422within the sector's middle half▲ 9.9%€84,046within the sector's middle half▲ 10.0%
Solvency69.4%-76.4%▲ 7.0pp82.2%above the sector's middle half▲ 5.8pp84.8%above the sector's middle half▲ 2.6pp81.4%above the sector's middle half▼ 3.5pp82.6%above the sector's middle half▲ 1.2pp81.8%above the sector's middle half▼ 0.8pp
Current ratio3.27-4.23▲ 0.965.62above the sector's middle half▲ 1.396.59above the sector's middle half▲ 0.975.37above the sector's middle half▼ 1.235.73above the sector's middle half▲ 0.375.50above the sector's middle half▼ 0.24
Return on assets (ROA)28.3%-19.7%▼ 8.6pp15.8%within the sector's middle half▼ 3.9pp5.4%within the sector's middle half▼ 10.4pp10.0%within the sector's middle half▲ 4.6pp7.5%within the sector's middle half▼ 2.5pp7.4%within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2024 is 9% higher than in 2023. It is a recovery after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Equity and liabilities €102,738
Equity
€84,046 ▲ 10.0%
Debt
€18,692 ▲ 15.8%
Debt's share of the balance-sheet total rises from 17.4% to 18.2%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.22▲
2023 · 0.21
ROE
9.1%▲
2023 · 9.0%
Debt ≤ 1 year
€18,692▲
2023 · €16,147
Income taxes
€3,558▲
2023 · €3,226
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €646 | €647 | €690 | €633 | ▼ 8.2% |
| Gross operating margin9900 | €20,569 | €17,601 | €13,587 | €6,542 | €13,340 | €10,925 | €11,813 | ▲ 8.1% |
| Operating profit (loss)9901 | €20,107 | €17,137 | €13,123 | €5,895 | €12,693 | €10,235 | €11,180 | ▲ 9.2% |
| Financial income75/76B | - | - | - | - | - | €102 | €213 | ▲ 109% |
| Recurring financial income75 | - | €2 | - | - | - | €102 | €213 | ▲ 109% |
| Financial charges65/66B | - | - | - | €171 | €186 | €197 | €212 | ▲ 7.8% |
| Recurring financial charges65 | €148 | €152 | €169 | €171 | €186 | €197 | €212 | ▲ 7.8% |
| Profit (loss) for the period before taxes9903 | €19,959 | €16,987 | €12,954 | €5,724 | €12,508 | €10,140 | €11,181 | ▲ 10.3% |
| Income taxes67/77 | €6,016 | €5,094 | €1,988 | €1,821 | €3,980 | €3,226 | €3,558 | ▲ 10.3% |
| Profit (loss) for the period9904 | €13,942 | €11,893 | €10,965 | €3,903 | €8,528 | €6,914 | €7,623 | ▲ 10.3% |
| Profit (loss) for the period to be appropriated9905 | €13,942 | €11,893 | €10,965 | €3,903 | €8,528 | €6,914 | €7,623 | ▲ 10.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €49,305 | €60,389 | €69,430 | €71,884 | €85,433 | €92,570 | €102,738 | ▲ 11.0% |
| Current assets29/58 | €49,305 | €60,389 | €69,430 | €71,884 | €85,433 | €92,570 | €102,738 | ▲ 11.0% |
| Amounts receivable within one year40/41 | €3,806 | €3,283 | €4,929 | €5,082 | €15,936 | €14,448 | €16,556 | ▲ 14.6% |
| Trade receivables40 | - | - | - | €3,609 | €14,757 | €14,171 | €16,556 | ▲ 16.8% |
| Other amounts receivable41 | - | - | - | €1,474 | €1,179 | €277 | - | - |
| Cash at bank and in hand54/58 | €45,500 | €57,106 | €64,501 | €66,801 | €69,497 | €78,122 | €86,182 | ▲ 10.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €49,305 | €60,389 | €69,430 | €71,884 | €85,433 | €92,570 | €102,738 | ▲ 11.0% |
| Equity10/15 | €34,220 | €46,113 | €57,078 | €60,981 | €69,509 | €76,422 | €84,046 | ▲ 10.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €15,620 | €27,513 | €38,478 | €42,381 | €50,909 | €57,822 | €65,446 | ▲ 13.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €40,521 | €49,049 | €57,822 | €65,446 | ▲ 13.2% |
| Amounts payable17/49 | €15,086 | €14,276 | €12,352 | €10,903 | €15,924 | €16,147 | €18,692 | ▲ 15.8% |
| Amounts payable within one year42/48 | €15,086 | €14,276 | €12,352 | €10,903 | €15,924 | €16,147 | €18,692 | ▲ 15.8% |
| Trade debts44 | €290 | €1,235 | €1,250 | €1,488 | €4,210 | €4,560 | €5,296 | ▲ 16.1% |
| Suppliers440/4 | - | - | - | €1,488 | €4,210 | €4,560 | €5,296 | ▲ 16.1% |
| Taxes, remuneration and social security45 | - | - | - | €644 | €2,178 | €1,278 | €1,593 | ▲ 24.6% |
| Taxes450/3 | - | - | - | €644 | €2,178 | €1,278 | €1,593 | ▲ 24.6% |
| Other amounts payable47/48 | - | - | - | €8,771 | €9,537 | €10,309 | €11,803 | ▲ 14.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,942 | €11,893 | €10,965 | €3,903 | €8,528 | €6,914 | €7,623 | ▲ 10.3% |
| Operating cash flow (approximation) | €13,942 | €11,893 | €10,965 | €3,903 | €8,528 | €6,914 | €7,623 | ▲ 10.3% |
| Change in cash | - | €11,606 | €7,396 | €2,300 | €2,696 | €8,625 | €8,060 | ▼ 6.5% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as TOPAD has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TOPAD itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for TOPAD. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 22-09-2025 | 2025-00505475 | |
| 31-12-2023 | micro format | 23-09-2024 | 2024-00471465 | |
| 31-12-2022 | micro format | 02-10-2023 | 2023-00475132 | |
| 31-12-2021 | micro format | 07-11-2022 | 2022-20518814 | |
| 31-12-2020 | micro format | 02-09-2021 | 2021-65500093 | |
| 31-12-2019 | micro format | 19-09-2020 | 2020-54200533 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-40900002 | |
| 31-12-2017 | micro format | 24-04-2018 | 2018-11100374 | |
| 31-12-2016 | micro format | 03-05-2017 | 2017-11500482 | |
| 31-12-2015 | abbreviated format | 01-07-2016 | 2016-28800424 |