Topline
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 49 filings
Equity
€422,217▲ 22.1%
2024 · €345,684
Total assets
€926,699▲ 8.2%
2024 · €856,215
Net result
€76,533
2024 · -€11,474
Working capital
-€204,404▲ 32.7%
2024 · -€303,781
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €46,505, after a profit of €555 in 2024.
Operating result-€46,505
2025
Net result€76,533
2025
Total assets€926,699
2025
Equity€422,217
2025
Debt€432,057
2025
Working capital-€204,404
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€39,231-€20,001▼ 49.0%€20,837▲ 4.2%-€59,641-€24,502▲ 58.9%-€2,512▲ 89.7%€555-€46,505
Net result€27,212-€14,154▼ 48.0%€274,243▲ 19×-€60,755-€30,799▲ 49.3%-€7,009▲ 77.2%-€11,474▼ 63.7%€76,533
Equity€435,524-€449,678▲ 3.2%€723,921▲ 61.0%€394,966▼ 45.4%€364,167▼ 7.8%€357,158▼ 1.9%€345,684▼ 3.2%€422,217▲ 22.1%
Total assets€474,015-€472,276▼ 0.4%€827,528▲ 75.2%€812,132▼ 1.9%€876,225▲ 7.9%€873,630▼ 0.3%€856,215▼ 2.0%€926,699▲ 8.2%
Debt€38,335-€22,442▼ 41.5%€17,231▼ 23.2%€330,946▲ 19×€429,287▲ 29.7%€437,150▲ 1.8%€434,658▼ 0.6%€432,057▼ 0.6%
Working capital€289,087-€302,403▲ 4.6%€716,204▲ 137%€488,088▼ 31.9%-€316,247-€301,257▲ 4.7%-€303,781▼ 0.8%-€204,404▲ 32.7%
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €926,699
Fixed assets
€764,978 ▼ 4.1%
Current assets
€161,721 ▲ 176%
Equity and liabilities €926,699
Equity
€422,217 ▲ 22.1%
Provisions
€72,425 ▼ 4.5%
Debt
€432,057 ▼ 0.6%
Debt's share of the balance-sheet total falls from 50.8% to 46.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€13,768▼
2024 · €32,670
Cash flow
€109,270▲
2024 · €20,641
Current ratio
0.44▲
2024 · 0.16
Debt to equity
1.02▼
2024 · 1.26
ROE
18.1%▲
2024 · -3.3%
ROA
8.3%▲
2024 · -1.3%
Interest coverage
-0.84▼
2024 · 1.98
Debt ≤ 1 year
€366,125▲
2024 · €362,281
Debt > 1 year
€65,932▼
2024 · €72,377
Income taxes
€5,109
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Companies with the same profile, two years later
Historical observationIn July 2024, 20,136 companies had the same profile as Topline has now. Two years later, 0.2% had gone bankrupt and 95.0% were still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95.0%
was still going
That fits the bankruptcy probability of Topline itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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 20,136 companies, not a prediction for Topline. 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.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,516 | €10,993 | €10,119 | €9,642 | €31,734 | €31,734 | €32,115 | €32,737 | ▲ 1.9% |
| Other operating charges640/8 | - | - | - | €1,247 | €998 | €109 | €1,101 | €2,322 | ▲ 111% |
| Gross operating margin9900 | €56,004 | €33,505 | €33,782 | -€48,752 | €8,230 | €29,331 | €33,771 | -€11,446 | - |
| Operating profit (loss)9901 | €39,231 | €20,001 | €20,837 | -€59,641 | -€24,502 | -€2,512 | €555 | -€46,505 | - |
| Financial income75/76B | - | - | - | €138 | €2,550 | €8,348 | €1,016 | €141,100 | ▲ 139× |
| Recurring financial income75 | €3,090 | €2,193 | €1,310 | €138 | €2,550 | €8,348 | €12 | €6 | ▼ 50.0% |
| Non-recurring financial income76B | - | - | - | - | €2,550 | €8,348 | €1,004 | €141,094 | ▲ 141× |
| Financial charges65/66B | - | - | - | €1,232 | €12,493 | €16,294 | €16,494 | €16,402 | ▼ 0.6% |
| Recurring financial charges65 | €2,455 | €1,612 | €1,936 | €1,232 | €12,493 | €16,294 | €16,494 | €16,402 | ▼ 0.6% |
| Profit (loss) for the period before taxes9903 | €39,866 | €20,582 | €365,090 | -€60,735 | -€34,445 | -€10,458 | -€14,923 | €78,193 | - |
| Transfer from deferred taxes780 | - | - | - | - | €3,449 | €3,449 | €3,449 | €3,449 | = |
| Income taxes67/77 | €12,654 | €6,428 | €4,627 | €20 | -€197 | - | - | €5,109 | - |
| Profit (loss) for the period9904 | €27,212 | €14,154 | €274,243 | -€60,755 | -€30,799 | -€7,009 | -€11,474 | €76,533 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | €10,346 | €10,346 | €10,346 | €10,347 | = |
| Profit (loss) for the period to be appropriated9905 | €27,212 | €14,154 | €15,584 | -€60,755 | -€20,453 | €3,337 | -€1,128 | €86,880 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €474,015 | €472,276 | €827,528 | €812,132 | €876,225 | €873,630 | €856,215 | €926,699 | ▲ 8.2% |
| Fixed assets21/28 | €163,995 | €153,002 | €94,093 | €84,451 | €848,214 | €816,480 | €797,715 | €764,978 | ▼ 4.1% |
| Tangible fixed assets22/27 | €163,995 | €153,002 | €94,093 | €84,451 | €848,214 | €816,480 | €797,715 | €764,978 | ▼ 4.1% |
| Land and buildings22 | - | - | - | - | €773,406 | €751,314 | €741,858 | €707,129 | ▼ 4.7% |
| Plant, machinery and equipment23 | - | - | - | €665 | €333 | - | - | €11,302 | - |
| Other tangible fixed assets26 | - | - | - | €83,786 | €74,475 | €65,166 | €55,857 | €46,547 | ▼ 16.7% |
| Current assets29/58 | €310,020 | €319,274 | €733,435 | €727,681 | €28,011 | €57,150 | €58,500 | €161,721 | ▲ 176% |
| Stocks and contracts in progress3 | €123,924 | €95,249 | €36,997 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €56,708 | €47,998 | €49,262 | €248 | €248 | €248 | €249 | €249 | = |
| Other amounts receivable41 | - | - | - | €248 | €248 | €248 | €249 | €249 | = |
| Cash at bank and in hand54/58 | €129,388 | €176,027 | €647,176 | €727,266 | €26,959 | €55,962 | €57,679 | €161,472 | ▲ 180% |
| Deferred charges and accrued income490/1 | - | - | - | €167 | €804 | €940 | €572 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €474,015 | €472,276 | €827,528 | €812,132 | €876,225 | €873,630 | €856,215 | €926,699 | ▲ 8.2% |
| Equity10/15 | €435,524 | €449,678 | €723,921 | €394,966 | €364,167 | €357,158 | €345,684 | €422,217 | ▲ 22.1% |
| Contributions10/11 | €286,800 | €286,800 | €286,800 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €148,724 | €162,878 | €437,121 | €437,121 | €426,775 | €416,429 | €406,083 | €403,617 | ▼ 0.6% |
| Non-distributable reserves130/1 | - | - | - | €28,680 | €28,680 | €28,680 | €28,680 | €28,680 | = |
| Reserves not available under the articles1311 | - | - | - | €28,680 | €28,680 | €28,680 | €28,680 | €28,680 | = |
| Tax-exempt reserves132 | - | - | - | €258,659 | €248,313 | €237,967 | €227,621 | €217,274 | ▼ 4.5% |
| Distributable reserves133 | - | - | - | €149,782 | €149,782 | €149,782 | €149,782 | €157,663 | ▲ 5.3% |
| Profit (loss) carried forward14 | - | - | - | -€60,755 | -€81,208 | -€77,871 | -€78,999 | - | - |
| Provisions and deferred taxes16 | €156 | €156 | €86,376 | €86,220 | €82,771 | €79,322 | €75,873 | €72,425 | ▼ 4.5% |
| Provisions for liabilities and charges160/5 | - | - | - | €86,220 | €82,771 | €79,322 | €75,873 | €72,425 | ▼ 4.5% |
| Taxes161 | - | - | - | €86,220 | €82,771 | €79,322 | €75,873 | €72,425 | ▼ 4.5% |
| Amounts payable17/49 | €38,335 | €22,442 | €17,231 | €330,946 | €429,287 | €437,150 | €434,658 | €432,057 | ▼ 0.6% |
| Amounts payable after more than one year17 | €17,402 | €5,571 | - | €91,353 | €85,029 | €78,743 | €72,377 | €65,932 | ▼ 8.9% |
| Financial debts170/4 | - | - | - | €91,353 | €85,029 | €78,743 | €72,377 | €65,932 | ▼ 8.9% |
| Amounts payable within one year42/48 | €20,933 | €16,871 | €17,231 | €239,593 | €344,258 | €358,407 | €362,281 | €366,125 | ▲ 1.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,132 | €6,362 | €6,472 | €6,579 | €6,680 | ▲ 1.5% |
| Financial debts43 | - | - | - | €13 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €13 | - | - | - | - | - |
| Trade debts44 | €1,911 | €955 | €1,145 | €376 | €91 | - | €1,622 | €1,055 | ▼ 35.0% |
| Suppliers440/4 | - | - | - | €376 | €91 | - | €1,622 | €1,055 | ▼ 35.0% |
| Taxes, remuneration and social security45 | - | - | - | €4,281 | €4,449 | €8,943 | €9,021 | €13,414 | ▲ 48.7% |
| Taxes450/3 | - | - | - | €4,281 | €4,449 | €8,943 | €9,021 | €13,414 | ▲ 48.7% |
| Other amounts payable47/48 | - | - | - | €228,791 | €333,356 | €342,992 | €345,059 | €344,976 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,212 | €14,154 | €274,243 | -€60,755 | -€30,799 | -€7,009 | -€11,474 | €76,533 | - |
| + Depreciation and write-downs630 | €12,516 | €10,993 | €10,119 | €9,642 | €31,734 | €31,734 | €32,115 | €32,737 | ▲ 1.9% |
| Operating cash flow (approximation) | €39,728 | €25,147 | €284,362 | -€51,113 | €935 | €24,725 | €20,641 | €109,270 | ▲ 429% |
| Investment in fixed assets (approximation) | - | €0 | €48,790 | €0 | -€795,497 | €0 | -€13,350 | €0 | - |
| Change in cash | - | €46,639 | €471,149 | €80,090 | -€700,307 | €29,003 | €1,717 | €103,793 | ▲ 60× |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00329826 | NBB |
| 31-12-2024 | micro format | 10-06-2025 | 2025-00131904 | |
| 31-12-2023 | micro format | 13-06-2024 | 2024-00131351 | |
| 31-12-2022 | micro format | 01-06-2023 | 2023-00106982 | |
| 31-12-2021 | micro format | 15-07-2022 | 2022-20196646 | |
| 31-12-2020 | micro format | 18-06-2021 | 2021-21400420 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22200084 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-24800375 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-25400381 | |
| 31-12-2016 | abbreviated format | 15-06-2017 | 2017-17500178 |