TOPFIN
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 55 days after the deadline Filed on 25 December 2025, deadline 31 October 2025 (7 months after the close on 31 March 2025, Companies Code art. 3:10). Source: NBB, 2026-00000611.
Annual accounts 2025 filed on 25-12-2025 PDF all 12 filings
Turnover
≈ €560,000
Estimated: probably between €370,000 and €700,000
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
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€11,033
2025
20192025
Net result
€7,867
2025
middle half of the sector
20192025
Equity
€94,649
▲ 9.1%
2025
middle half of the sector
20192025
Total assets
€257,911
▲ 6.6%
2025
middle half of the sector
20192025
Debt
€163,263
▲ 5.2%
2025
20192025
Working capital
€74,708
▲ 27.5%
2025
middle half of the sector
20192025
Solvency
36.7%
▲ 0.8pp
2025
middle half of the sector
20192025
Current ratio
1.46
▲ 0.08
2025
middle half of the sector
20192025
Return on assets (ROA)
3.1%
▲ 23.6pp
2025
middle half of the sector
20192025
Staff (FTE)
2.1
▼ 19.2%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€24,990-€21,705▼ 13.1%€1,324▼ 93.9%€6,117▲ 362%€4,935▼ 19.3%-€45,557€11,033
Net result€17,420-€13,368within the sector's middle half▼ 23.3%€30below the sector's middle half▼ 99.8%€1,684below the sector's middle half▲ 56×€4,475below the sector's middle half▲ 166%-€49,608below the sector's middle half€7,867within the sector's middle half
Equity€130,132-€130,200within the sector's middle half▲ 0.1%€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€255,976-€225,317below the sector's middle half▼ 12.0%€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€125,843-€95,116▼ 24.4%€109,038▲ 14.6%€148,485▲ 36.2%€146,402▼ 1.4%€155,148▲ 6.0%€163,263▲ 5.2%
Working capital€22,487-€38,273within the sector's middle half▲ 70.2%€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%
Solvency50.8%-57.8%within the sector's middle half▲ 6.9pp54.4%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 ratio1.20-1.40within the sector's middle half▲ 0.201.70within 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)6.8%-5.9%within the sector's middle half▼ 0.9pp0.0%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=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 sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 2025 is a profit of €11,033, after a loss of €45,557 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
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.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 2 | 2 |
| full-time | 3 | 3 | 2 | 2 |
| in full-time equivalents | 3 | 3 | 2 | 2 |
| Average over the year, in full-time equivalents | 3 | 3 | 2.6 | 2.1 |
| On a permanent contract | 3 | 3 | 2 | 2 |
| Joined | - | - | - | 1 |
| Left | - | - | - | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €7,622 | - | - | - |
| Depreciation and write-downs of the year | €18,669 | €20,069 | €15,603 | €9,313 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 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 | €22,145 | €21,604 | €18,691 | €18,669 | €20,069 | €15,603 | €9,313 | ▼ 40.3% |
| Other operating charges640/8 | - | - | - | €570 | €572 | €582 | €7,253 | ▲ 12× |
| Gross operating margin9900 | €185,165 | €174,936 | €149,430 | €147,388 | €150,984 | €98,721 | €140,386 | ▲ 42.2% |
| Operating profit (loss)9901 | €24,990 | €21,705 | €1,324 | €6,117 | €4,935 | -€45,557 | €11,033 | - |
| Financial income75/76B | - | - | - | €457 | €1,004 | €22 | €0 | ▼ 99.9% |
| Recurring financial income75 | €1,431 | €1,316 | €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 | €1,938 | €1,874 | €1,490 | €1,432 | €2,533 | €4,073 | €3,166 | ▼ 22.3% |
| Profit (loss) for the period before taxes9903 | €24,484 | €21,147 | €942 | €5,142 | €3,406 | -€49,608 | €7,867 | - |
| Income taxes67/77 | €7,063 | €7,779 | €912 | €3,458 | -€1,069 | - | - | - |
| Profit (loss) for the period9904 | €17,420 | €13,368 | €30 | €1,684 | €4,475 | -€49,608 | €7,867 | - |
| Profit (loss) for the period to be appropriated9905 | €17,420 | €13,368 | €30 | €1,684 | €4,475 | -€49,608 | €7,867 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €255,976 | €225,317 | €239,268 | €280,399 | €282,791 | €241,930 | €257,911 | ▲ 6.6% |
| Formation expenses20 | €7 | €7 | €7 | - | - | - | - | - |
| Fixed assets21/28 | €120,089 | €91,920 | €77,996 | €66,948 | €46,700 | €31,097 | €21,784 | ▼ 29.9% |
| Tangible fixed assets22/27 | €113,345 | €91,920 | €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% |
| Financial fixed assets28 | €6,744 | - | - | - | - | - | - | - |
| Current assets29/58 | €135,879 | €133,389 | €161,265 | €213,451 | €236,091 | €210,833 | €236,127 | ▲ 12.0% |
| Stocks and contracts in progress3 | €23,052 | €21,923 | €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 | €81,764 | €80,221 | €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 | €12,064 | €12,644 | €32,114 | €23,200 | €43,669 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €255,976 | €225,317 | €239,268 | €280,399 | €282,791 | €241,930 | €257,911 | ▲ 6.6% |
| Equity10/15 | €130,132 | €130,200 | €130,230 | €131,914 | €136,389 | €86,782 | €94,649 | ▲ 9.1% |
| Contributions10/11 | €100,000 | €100,000 | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €27,450 | €27,450 | €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 | €2,682 | €2,750 | €2,780 | €4,464 | €8,939 | -€40,669 | -€32,802 | ▲ 19.3% |
| Amounts payable17/49 | €125,843 | €95,116 | €109,038 | €148,485 | €146,402 | €155,148 | €163,263 | ▲ 5.2% |
| Amounts payable after more than one year17 | €12,452 | - | - | - | - | €2,904 | €1,844 | ▼ 36.5% |
| Financial debts170/4 | - | - | - | - | - | €2,904 | €1,844 | ▼ 36.5% |
| Amounts payable within one year42/48 | €113,392 | €95,116 | €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 | €19,171 | €14,813 | €16,931 | €60,654 | €32,081 | €1,056 | €27,014 | ▲ 26× |
| Suppliers440/4 | - | - | - | €60,654 | €32,081 | €1,056 | €27,014 | ▲ 26× |
| 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 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,420 | €13,368 | €30 | €1,684 | €4,475 | -€49,608 | €7,867 | - |
| + Depreciation and write-downs630 | €22,145 | €21,604 | €18,691 | €18,669 | €20,069 | €15,603 | €9,313 | ▼ 40.3% |
| Operating cash flow (approximation) | €39,566 | €34,972 | €18,721 | €20,353 | €24,544 | -€34,004 | €17,180 | - |
| Investment in fixed assets (approximation) | - | €6,565 | -€4,766 | -€7,622 | €179 | €0 | €0 | - |
| Change in cash | - | €580 | €19,470 | -€8,914 | €20,468 | - | - | - |
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, 10,904 companies had the same profile as TOPFIN has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
The bankruptcy probability of TOPFIN itself is higher: 2.7% within 12 months. It rests on far more data about TOPFIN than the profile alone.
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 10,904 companies, not a prediction for TOPFIN. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 25-12-2025 | 2026-00000611 | |
| 31-03-2024 | micro format | 31-10-2024 | 2024-00532681 | |
| 31-03-2023 | abbreviated format | 31-10-2023 | 2023-00505209 | |
| 31-03-2022 | abbreviated format | 31-10-2022 | 2022-20515597 | |
| 31-03-2021 | micro format | 07-03-2022 | 2022-07200547 | |
| 31-03-2020 | abbreviated format | 16-11-2020 | 2020-71200172 | |
| 31-03-2019 | abbreviated format | 30-10-2019 | 2019-72300111 | |
| 31-03-2018 | abbreviated format | 22-11-2018 | 2018-72800501 | |
| 31-03-2017 | abbreviated format | 31-10-2017 | 2017-68900453 | |
| 31-03-2016 | abbreviated format | 20-09-2016 | 2016-60300145 |