TOPFIN
ActiveSummary
TOPFIN has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €94,649 and a net result of €7,867. Equity remains stable across the filed fiscal years (±0% per year). Its solvency ranks better than 38% of 28254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability73▲+73
Solvency62▲+1
Growth32=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity tight (current ratio 1.46 against 1.38 in 2024; short-term debt: 62.6% of total assets), and 63.3% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 25-12-2025, 55 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
55 d late
2024
on the day
2023
on the day
2022
on the day
2021
127 d late
2020
16 d late
2019
1 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 28 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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.
Companies Code · seven monthsPosition in the running window
31-03-2026 close28-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€94,649▲ 9.1%
2024 · €86,782
Total assets
€257,911▲ 6.6%
2024 · €241,930
Net result
€7,867
2024 · -€49,608
Working capital
€74,708▲ 27.5%
2024 · €58,589
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction 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
Line20212022202320242025
Operating result€1,324▼ 93.9%€6,117▲ 362%€4,935▼ 19.3%-€45,557€11,033
Net result€30below the sector's middle half▼ 99.8%€1,684below the sector's middle half▲ 5,466%€4,475below the sector's middle half▲ 166%-€49,608below the sector's middle half€7,867within the sector's middle half
Equity€130,230above the sector's middle half=€131,914within the sector's middle half▲ 1.3%€136,389within the sector's middle half▲ 3.4%€86,782within the sector's middle half▼ 36.4%€94,649within the sector's middle half▲ 9.1%
Total assets€239,268within the sector's middle half▲ 6.2%€280,399below the sector's middle half▲ 17.2%€282,791below the sector's middle half▲ 0.9%€241,930within the sector's middle half▼ 14.4%€257,911within the sector's middle half▲ 6.6%
Debt€109,038▲ 14.6%€148,485▲ 36.2%€146,402▼ 1.4%€155,148▲ 6.0%€163,263▲ 5.2%
Working capital€66,477within the sector's middle half▲ 73.7%€64,966within the sector's middle half▼ 2.3%€89,689within the sector's middle half▲ 38.1%€58,589within the sector's middle half▼ 34.7%€74,708within the sector's middle half▲ 27.5%
Solvency54.4%within the sector's middle half▼ 3.4pp47.0%within the sector's middle half▼ 7.4pp48.2%within the sector's middle half▲ 1.2pp35.9%within the sector's middle half▼ 12.4pp36.7%within the sector's middle half▲ 0.8pp
Current ratio1.70within the sector's middle half▲ 0.301.44within the sector's middle half▼ 0.261.61within the sector's middle half▲ 0.181.38within the sector's middle half▼ 0.231.46within the sector's middle half▲ 0.08
Return on assets (ROA)0.0%below the sector's middle half▼ 5.9pp0.6%below the sector's middle half▲ 0.6pp1.6%within the sector's middle half▲ 1.0pp-20.5%below the sector's middle half▼ 22.1pp3.1%within the sector's middle half▲ 23.6pp
Staff (FTE)3=3within the sector's middle half=3within the sector's middle half=2.6▼ 13.3%2.1▼ 19.2%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €11,033 after a loss of €45,557 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €257,911
Fixed assets
€21,784 ▼ 29.9%
Current assets
€236,127 ▲ 12.0%
Equity and liabilities €257,911
Equity
€94,649 ▲ 9.1%
Debt
€163,263 ▲ 5.2%
Debt's share of the balance-sheet total falls from 64.1% to 63.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€20,346▲
2024 · -€29,953
Cash flow
€17,180▲
2024 · -€34,004
Quick ratio
0.60▲
2024 · 0.51
Debt to equity
1.72▼
2024 · 1.79
ROE
8.3%▲
2024 · -57.2%
Interest coverage
6.43▲
2024 · -7.35
Debt ≤ 1 year
€161,419▲
2024 · €152,244
Debt > 1 year
€1,844▼
2024 · €2,904
Staff costs
€112,787▼
2024 · €128,092
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,905 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.6%
went bankrupt
4.0%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.0% 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 497,662 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% | 1.7% |
| 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 75% 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 10,905 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 | - | €122,032 | €125,408 | €128,092 | €112,787 | ▼ 11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,691 | €18,669 | €20,069 | €15,603 | €9,313 | ▼ 40.3% |
| Other operating charges640/8 | - | €570 | €572 | €582 | €7,253 | ▲ 1,147% |
| Gross operating margin9900 | €149,430 | €147,388 | €150,984 | €98,721 | €140,386 | ▲ 42.2% |
| Operating profit (loss)9901 | €1,324 | €6,117 | €4,935 | -€45,557 | €11,033 | ▲ 124% |
| Financial income75/76B | - | €457 | €1,004 | €22 | €0 | ▼ 99.9% |
| Recurring financial income75 | €1,109 | €457 | €1,004 | €22 | €0 | ▼ 99.9% |
| Financial charges65/66B | - | €1,432 | €2,533 | €4,073 | €3,166 | ▼ 22.3% |
| Recurring financial charges65 | €1,490 | €1,432 | €2,533 | €4,073 | €3,166 | ▼ 22.3% |
| Profit (loss) for the period before taxes9903 | €942 | €5,142 | €3,406 | -€49,608 | €7,867 | ▲ 116% |
| Income taxes67/77 | €912 | €3,458 | -€1,069 | - | - | - |
| Profit (loss) for the period9904 | €30 | €1,684 | €4,475 | -€49,608 | €7,867 | ▲ 116% |
| Profit (loss) for the period to be appropriated9905 | €30 | €1,684 | €4,475 | -€49,608 | €7,867 | ▲ 116% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €239,268 | €280,399 | €282,791 | €241,930 | €257,911 | ▲ 6.6% |
| Formation expenses20 | €7 | - | - | - | - | - |
| Fixed assets21/28 | €77,996 | €66,948 | €46,700 | €31,097 | €21,784 | ▼ 29.9% |
| Tangible fixed assets22/27 | €77,996 | €66,948 | €46,700 | €31,097 | €21,784 | ▼ 29.9% |
| Plant, machinery and equipment23 | - | €63,339 | €44,044 | €29,394 | €21,034 | ▼ 28.4% |
| Other tangible fixed assets26 | - | €3,609 | €2,656 | €1,703 | €750 | ▼ 56.0% |
| Current assets29/58 | €161,265 | €213,451 | €236,091 | €210,833 | €236,127 | ▲ 12.0% |
| Stocks and contracts in progress3 | €26,121 | €106,671 | €106,200 | €133,000 | €139,523 | ▲ 4.9% |
| Stocks30/36 | - | €28,501 | €29,300 | €44,800 | €41,300 | ▼ 7.8% |
| Contracts in progress37 | - | €78,171 | €76,900 | €88,200 | €98,223 | ▲ 11.4% |
| Amounts receivable within one year40/41 | €84,480 | €83,579 | €86,222 | €77,833 | €96,604 | ▲ 24.1% |
| Trade receivables40 | - | €77,037 | €76,712 | €65,623 | €74,091 | ▲ 12.9% |
| Other amounts receivable41 | - | €6,542 | €9,510 | €12,210 | €22,513 | ▲ 84.4% |
| Cash at bank and in hand54/58 | €32,114 | €23,200 | €43,669 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €239,268 | €280,399 | €282,791 | €241,930 | €257,911 | ▲ 6.6% |
| Equity10/15 | €130,230 | €131,914 | €136,389 | €86,782 | €94,649 | ▲ 9.1% |
| Contributions10/11 | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €27,450 | €27,450 | €27,450 | €27,450 | €27,450 | = |
| Non-distributable reserves130/1 | - | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Reserves not available under the articles1311 | - | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Distributable reserves133 | - | €21,450 | €21,450 | €21,450 | €21,450 | = |
| Profit (loss) carried forward14 | €2,780 | €4,464 | €8,939 | -€40,669 | -€32,802 | ▲ 19.3% |
| Amounts payable17/49 | €109,038 | €148,485 | €146,402 | €155,148 | €163,263 | ▲ 5.2% |
| Amounts payable after more than one year17 | - | - | - | €2,904 | €1,844 | ▼ 36.5% |
| Financial debts170/4 | - | - | - | €2,904 | €1,844 | ▼ 36.5% |
| Amounts payable within one year42/48 | €94,788 | €148,485 | €146,402 | €152,244 | €161,419 | ▲ 6.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €812 | €835 | ▲ 2.9% |
| Financial debts43 | - | - | €34,001 | €28,686 | €11,988 | ▼ 58.2% |
| Credit institutions430/8 | - | - | €34,001 | €28,686 | €11,988 | ▼ 58.2% |
| Trade debts44 | €16,931 | €60,654 | €32,081 | €1,056 | €27,014 | ▲ 2,459% |
| Suppliers440/4 | - | €60,654 | €32,081 | €1,056 | €27,014 | ▲ 2,459% |
| Taxes, remuneration and social security45 | - | €87,695 | €7,540 | €15,785 | €20,474 | ▲ 29.7% |
| Taxes450/3 | - | €72,244 | €2,615 | €4,798 | €14,791 | ▲ 208% |
| Remuneration and social security454/9 | - | €15,451 | €4,925 | €10,987 | €5,683 | ▼ 48.3% |
| Other amounts payable47/48 | - | €136 | €72,780 | €105,905 | €101,108 | ▼ 4.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €30 | €1,684 | €4,475 | -€49,608 | €7,867 | ▲ 116% |
| + Depreciation and write-downs630 | €18,691 | €18,669 | €20,069 | €15,603 | €9,313 | ▼ 40.3% |
| Operating cash flow (approximation) | €18,721 | €20,353 | €24,544 | -€34,004 | €17,180 | ▲ 151% |
| Investment in fixed assets (approximation) | - | -€7,622 | €179 | €0 | €0 | - |
| Change in cash | - | -€8,914 | €20,468 | - | - | - |
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
2025
25-12
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 55 days late
31-03
Financial
Back to profitnet €7,867
Net result €7,867 after one loss-making year.
2024
31-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Weakest financial yearnet -€49,608
Net result drops to -€49,608, the lowest in the series; recovery starts the following year.
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
31-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
07-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 127 days late
2020
16-11
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 16 days late
2019
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
22-11
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 22 days late
2017
31-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
20-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Ronse · 1 establishment unit since 2012
Ground area
3,142 m²
Building footprint
1,254 m²
Volume, LiDAR
5,716 m³
Parcel 45422D1029/00N000, Flanders · tallest building 7.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
TOPFIN
since 20122.208.600.621
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45422D1029/00N000 | Flanders | 3,142 m² | 1 · 1,254 m² | 7.3 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.
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Of 20,025 companies in sector 43320 we hold annual accounts for 9,138. 7,699 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
Founded16-04-2012
Fiscal year end31-03
Activities, NACEBEL 2025
43320Joinery installation
43310Plastering work
43350Other building finishing work
46130Agents in the wholesale of timber and building materials
E-invoicing
Reachable via Peppol
Peppol ID
0208:0845278784
Also
9925:BE0845278784
Registered
04-01-2026
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.