TOPCO
ActiveSummary
The computed 12-month bankruptcy probability of TOPCO is 1.7% (moderate). The 2025 annual accounts show negative equity (-€75,177) and a net result of -€20,089. Equity is shrinking by ~50.8% per year across the filed fiscal years. Its solvency ranks better than 10% of 10485 sector peers (fiscal year 2025). The company has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability64▼-1
Solvency13▼-4
Growth32=
Track record100
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.26 against 0.25 in 2024; short-term debt: 88.4% of total assets), and equity is negative.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-11.9%
Return on assets
-3.2%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€75,177
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-08-2026, 30 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
30 d late
2024
1 d early
2023
7 d early
2022
31 d late
2021
3 d early
2020
19 d late
2019
59 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 18 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€20,089▼ 10.5%
2024 · -€18,177
Working capital
-€412,831▲ 4.9%
2024 · -€434,321
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-€15,464▲ 38.8%-€78,461▼ 407%-€53,062▲ 32.4%-€8,135▲ 84.7%-€12,262▼ 50.7%
Net result-€32,271▲ 46.7%-€89,637▼ 178%-€65,255▲ 27.2%-€18,177▲ 72.1%-€20,089▼ 10.5%
Equity€117,981▼ 21.5%€28,344▼ 76.0%-€36,911-€55,088▼ 49.2%-€75,177▼ 36.5%
Total assets€852,195▼ 13.8%€729,831▼ 14.4%€725,229▼ 0.6%€684,302▼ 5.6%€630,621▼ 7.8%
Debt€734,213▼ 12.5%€701,487▼ 4.5%€762,140▲ 8.6%€739,390▼ 3.0%€705,798▼ 4.5%
Working capital-€330,226▼ 12.6%-€410,847▼ 24.4%-€471,012▼ 14.6%-€434,321▲ 7.8%-€412,831▲ 4.9%
Staff (FTE)0.70
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €12,262 in 2025 against €8,135 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €630,621
Fixed assets
€485,776 ▼ 10.3%
Current assets
€144,845 ▲ 1.4%
Key figures and ratios
EBITDA
€44,639▼
2024 · €61,563
Cash flow
€36,812▼
2024 · €51,521
Solvency
-11.9%▼
2024 · -8.1%
Current ratio
0.26▲
2024 · 0.25
Quick ratio
0.22▲
2024 · 0.20
Debt to equity
-9.39▲
2024 · -13.42
ROA
-3.2%▼
2024 · -2.7%
Interest coverage
5.90▼
2024 · 6.13
Debt ≤ 1 year
€557,676▼
2024 · €577,232
Debt > 1 year
€147,046▼
2024 · €162,159
Income taxes
€254
Staff costs
€8,402▼
2024 · €16,031
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,242 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 93% are still going.
- Small
- 20 years or older
- negative equity
- a small loss
1.7%
went bankrupt
3.9%
stopped otherwise
93%
still going
A further 1.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.7% over twelve months; the group does not contradict it.
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 1,242 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €23,508 | €22,216 | €20,973 | €16,031 | €8,402 | ▼ 47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €53,606 | €50,520 | €55,937 | €69,698 | €56,901 | ▼ 18.4% |
| Other operating charges640/8 | €22,495 | €15,335 | €22,752 | €21,388 | €21,238 | ▼ 0.7% |
| Non-recurring operating charges66A | - | €5,780 | - | - | - | - |
| Gross operating margin9900 | €84,145 | €15,390 | €46,600 | €98,982 | €74,279 | ▼ 25.0% |
| Operating profit (loss)9901 | -€15,464 | -€78,461 | -€53,062 | -€8,135 | -€12,262 | ▼ 50.7% |
| Financial income75/76B | €0 | - | - | - | €0 | - |
| Recurring financial income75 | €0 | - | - | - | €0 | - |
| Financial charges65/66B | €16,807 | €10,776 | €9,609 | €10,042 | €7,572 | ▼ 24.6% |
| Recurring financial charges65 | €16,807 | €10,776 | €9,609 | €10,042 | €7,572 | ▼ 24.6% |
| Profit (loss) for the period before taxes9903 | -€32,271 | -€89,237 | -€62,671 | -€18,177 | -€19,835 | ▼ 9.1% |
| Income taxes67/77 | - | €400 | €2,584 | - | €254 | - |
| Profit (loss) for the period9904 | -€32,271 | -€89,637 | -€65,255 | -€18,177 | -€20,089 | ▼ 10.5% |
| Profit (loss) for the period to be appropriated9905 | -€32,271 | -€89,637 | -€65,255 | -€18,177 | -€20,089 | ▼ 10.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €852,195 | €729,831 | €725,229 | €684,302 | €630,621 | ▼ 7.8% |
| Fixed assets21/28 | €615,979 | €561,717 | €611,090 | €541,392 | €485,776 | ▼ 10.3% |
| Tangible fixed assets22/27 | €611,088 | €556,827 | €606,199 | €536,501 | €480,885 | ▼ 10.4% |
| Land and buildings22 | €404,745 | €390,115 | €382,512 | €365,853 | €349,552 | ▼ 4.5% |
| Plant, machinery and equipment23 | €24,103 | €16,865 | €15,593 | €11,271 | €9,065 | ▼ 19.6% |
| Furniture and vehicles24 | €1,867 | €1,477 | €89,389 | €70,336 | €51,282 | ▼ 27.1% |
| Other tangible fixed assets26 | €180,373 | €148,369 | €118,705 | €89,042 | €70,986 | ▼ 20.3% |
| Financial fixed assets28 | €4,891 | €4,891 | €4,891 | €4,891 | €4,891 | = |
| Current assets29/58 | €236,216 | €168,113 | €114,139 | €142,910 | €144,845 | ▲ 1.4% |
| Stocks and contracts in progress3 | €35,982 | €21,639 | €19,143 | €26,148 | €22,858 | ▼ 12.6% |
| Stocks30/36 | €35,982 | €21,639 | €19,143 | €26,148 | €22,858 | ▼ 12.6% |
| Amounts receivable within one year40/41 | €194,947 | €144,474 | €92,997 | €113,787 | €118,998 | ▲ 4.6% |
| Trade receivables40 | €187,447 | €144,474 | €92,997 | €113,787 | €118,998 | ▲ 4.6% |
| Other amounts receivable41 | €7,500 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €3,179 | - | - | - | - | - |
| Deferred charges and accrued income490/1 | €2,108 | €2,000 | €2,000 | €2,975 | €2,989 | ▲ 0.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €852,195 | €729,831 | €725,229 | €684,302 | €630,621 | ▼ 7.8% |
| Equity10/15 | €117,981 | €28,344 | -€36,911 | -€55,088 | -€75,177 | ▼ 36.5% |
| Contributions10/11 | €90,000 | €90,000 | €90,000 | €90,000 | €90,000 | = |
| Revaluation surpluses12 | €175,500 | €175,500 | €105,300 | €105,300 | €105,300 | = |
| Reserves13 | €175,500 | €175,500 | €245,700 | €245,700 | €245,700 | = |
| Distributable reserves133 | €175,500 | €175,500 | €245,700 | €245,700 | €245,700 | = |
| Profit (loss) carried forward14 | -€323,019 | -€412,656 | -€477,911 | -€496,088 | -€516,177 | ▼ 4.0% |
| Amounts payable17/49 | €734,213 | €701,487 | €762,140 | €739,390 | €705,798 | ▼ 4.5% |
| Amounts payable after more than one year17 | €167,771 | €122,527 | €176,989 | €162,159 | €147,046 | ▼ 9.3% |
| Financial debts170/4 | €45,244 | - | €54,463 | €39,632 | €24,519 | ▼ 38.1% |
| Other amounts payable178/9 | €122,527 | €122,527 | €122,527 | €122,527 | €122,527 | = |
| Amounts payable within one year42/48 | €566,442 | €578,960 | €585,151 | €577,232 | €557,676 | ▼ 3.4% |
| Current portion of amounts payable after more than one year42 | €47,709 | €55,194 | €19,954 | €14,831 | €20,371 | ▲ 37.4% |
| Financial debts43 | €22,727 | €28,712 | €15,385 | €13,445 | €3,412 | ▼ 74.6% |
| Credit institutions430/8 | €22,727 | €28,712 | €15,385 | €13,445 | €3,412 | ▼ 74.6% |
| Trade debts44 | €254,988 | €220,790 | €249,669 | €233,380 | €215,514 | ▼ 7.7% |
| Suppliers440/4 | €254,988 | €220,790 | €249,669 | €233,380 | €215,514 | ▼ 7.7% |
| Taxes, remuneration and social security45 | €16,855 | €26,546 | €36,425 | €26,280 | €10,083 | ▼ 61.6% |
| Taxes450/3 | €5,276 | €3,585 | €2,144 | €1,104 | €1,906 | ▲ 72.6% |
| Remuneration and social security454/9 | €11,578 | €22,961 | €34,281 | €25,176 | €8,178 | ▼ 67.5% |
| Other amounts payable47/48 | €224,163 | €247,718 | €263,718 | €289,295 | €308,295 | ▲ 6.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,076 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€32,271 | -€89,637 | -€65,255 | -€18,177 | -€20,089 | ▼ 10.5% |
| + Depreciation and write-downs630 | €53,606 | €50,520 | €55,937 | €69,698 | €56,901 | ▼ 18.4% |
| Operating cash flow (approximation) | €21,335 | -€39,118 | -€9,318 | €51,521 | €36,812 | ▼ 28.5% |
| Investment in fixed assets (approximation) | - | €3,741 | -€105,310 | €0 | -€1,285 | - |
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
30-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 30 days late
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
31-12
Financial
Weakest financial yearnet -€89,637
Net result drops to -€89,637, the lowest in the series; recovery starts the following year.
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
19-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 19 days late
2020
28-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 59 days late
2019
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 13 acts read
About the unread acts
We know of 13 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
13 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, Schaarbeek · 2 establishment units since 1990
Ground area
868 m²
Building footprint
828 m²
Volume, LiDAR
11,298 m³
2 parcels, Brussels · tallest building 20.9 m, ±6 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
2 establishment units
TOPCO
since 19902.048.211.121
TOPCO
since 20142.276.789.146
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21906D0267/00C009 | Brussels | 787 m² | 1 · 786 m² | 20.9 m · 6 fl. |
| 21616G0048/00R000 | Brussels | 80 m² | 1 · 43 m² | 6.2 m · 2 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteSchaarbeek2.048.211.121
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Of 1,265 companies in sector 47300 we hold annual accounts for 950. 610 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 (pre-2019)
Founded19-04-1990
Fiscal year end31-12
Activities, NACEBEL 2025
47300Retail sale of automotive fuel
E-invoicing
Reachable via Peppol
Peppol ID
0208:0440538762
Registered
29-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.