TOPPER
ActiveSummary
TOPPER has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €326,000 and a net result of €200,408. Equity is growing by ~125.4% per year across the filed fiscal years. Its solvency ranks better than 73% of 11502 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency95▲+10
Growth78=
Track record94
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity ample (current ratio 3.32 against 2.38 in 2024; short-term debt: 29.7% and cash: 83.4% of total assets), and 30% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
70%
Return on assets
43%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-04-2026, 95 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
95 d early
2024
12 d late
2023
41 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 41 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€326,000▲ 160%
2024 · €125,592
Total assets
€465,978▲ 121%
2024 · €210,904
Net result
€200,408▲ 74.8%
2024 · €114,651
Working capital
€320,522▲ 173%
2024 · €117,479
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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
Line202320242025
Operating result€13,574-€130,138▲ 859%€261,309▲ 101%
Net result€9,940within the sector's middle half-€114,651above the sector's middle half▲ 1,053%€200,408above the sector's middle half▲ 74.8%
Equity€10,940below the sector's middle half-€125,592within the sector's middle half▲ 1,048%€326,000above the sector's middle half▲ 160%
Total assets€20,800below the sector's middle half-€210,904within the sector's middle half▲ 914%€465,978above the sector's middle half▲ 121%
Debt€9,860-€85,312▲ 765%€139,978▲ 64.1%
Working capital€8,508below the sector's middle half-€117,479within the sector's middle half▲ 1,281%€320,522above the sector's middle half▲ 173%
Solvency52.6%within the sector's middle half-59.5%within the sector's middle half▲ 7.0pp70.0%within the sector's middle half▲ 10.4pp
Current ratio1.86within the sector's middle half-2.38within the sector's middle half▲ 0.513.32within the sector's middle half▲ 0.94
Return on assets (ROA)47.8%above the sector's middle half-54.4%above the sector's middle half▲ 6.6pp43.0%above the sector's middle half▼ 11.4pp
Staff (FTE)0below the sector's middle half-
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, 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.
Why a figure moved sharply
- 2024 Net result +1,053% on 2023. The accounts now follow the micro schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result has risen two years in a row; 2025 is 101% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €465,978
Fixed assets
€7,250 ▼ 10.6%
Current assets
€458,727 ▲ 126%
Equity and liabilities €465,978
Equity
€326,000 ▲ 160%
Debt
€139,978 ▲ 64.1%
Debt's share of the balance-sheet total falls from 40.5% to 30.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€264,030▲
2024 · €131,394
Cash flow
€203,130▲
2024 · €115,907
Quick ratio
3.24▲
2024 · 2.26
Debt to equity
0.43▼
2024 · 0.68
ROE
61.5%▼
2024 · 91.3%
Interest coverage
583.34▼
2024 · 743.68
Debt ≤ 1 year
€138,206▲
2024 · €85,312
Income taxes
€60,448▲
2024 · €31,651
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,128 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 97% are still going.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.8%
went bankrupt
1.9%
stopped otherwise
97%
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: 1.4% 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 3,128 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 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €509 | €1,256 | €2,721 | ▲ 117% |
| Other operating charges640/8 | €434 | €387 | €6,072 | ▲ 1,468% |
| Gross operating margin9900 | €14,517 | €131,781 | €270,102 | ▲ 105% |
| Operating profit (loss)9901 | €13,574 | €130,138 | €261,309 | ▲ 101% |
| Financial income75/76B | - | €16,341 | - | - |
| Recurring financial income75 | - | €16,341 | - | - |
| Financial charges65/66B | €36 | €177 | €453 | ▲ 156% |
| Recurring financial charges65 | €36 | €177 | €453 | ▲ 156% |
| Profit (loss) for the period before taxes9903 | €13,538 | €146,303 | €260,856 | ▲ 78.3% |
| Income taxes67/77 | €3,597 | €31,651 | €60,448 | ▲ 91.0% |
| Profit (loss) for the period9904 | €9,940 | €114,651 | €200,408 | ▲ 74.8% |
| Profit (loss) for the period to be appropriated9905 | €9,940 | €114,651 | €200,408 | ▲ 74.8% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €20,800 | €210,904 | €465,978 | ▲ 121% |
| Fixed assets21/28 | €2,432 | €8,113 | €7,250 | ▼ 10.6% |
| Intangible fixed assets21 | €2,043 | - | - | - |
| Tangible fixed assets22/27 | €389 | €8,113 | €7,250 | ▼ 10.6% |
| Furniture and vehicles24 | €389 | €8,113 | €7,250 | ▼ 10.6% |
| Current assets29/58 | €18,368 | €202,791 | €458,727 | ▲ 126% |
| Stocks and contracts in progress3 | €2,923 | €9,651 | €10,696 | ▲ 10.8% |
| Stocks30/36 | €2,923 | €9,651 | €10,696 | ▲ 10.8% |
| Amounts receivable within one year40/41 | €6,216 | €113,958 | €59,026 | ▼ 48.2% |
| Trade receivables40 | €4,847 | - | €22,364 | - |
| Other amounts receivable41 | €1,370 | €113,958 | €36,662 | ▼ 67.8% |
| Cash at bank and in hand54/58 | €9,091 | €78,721 | €388,592 | ▲ 394% |
| Deferred charges and accrued income490/1 | €138 | €461 | €413 | ▼ 10.5% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €20,800 | €210,904 | €465,978 | ▲ 121% |
| Equity10/15 | €10,940 | €125,592 | €326,000 | ▲ 160% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €9,940 | €124,592 | €325,000 | ▲ 161% |
| Distributable reserves133 | €9,940 | €124,592 | €325,000 | ▲ 161% |
| Amounts payable17/49 | €9,860 | €85,312 | €139,978 | ▲ 64.1% |
| Amounts payable within one year42/48 | €9,860 | €85,312 | €138,206 | ▲ 62.0% |
| Trade debts44 | €385 | €25,143 | €20,766 | ▼ 17.4% |
| Suppliers440/4 | €385 | €25,143 | €20,766 | ▼ 17.4% |
| Taxes, remuneration and social security45 | €9,475 | €56,715 | €109,270 | ▲ 92.7% |
| Taxes450/3 | €9,475 | €56,715 | €109,270 | ▲ 92.7% |
| Other amounts payable47/48 | - | €3,454 | €8,170 | ▲ 137% |
| Accrued charges and deferred income492/3 | - | - | €1,772 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,940 | €114,651 | €200,408 | ▲ 74.8% |
| + Depreciation and write-downs630 | €509 | €1,256 | €2,721 | ▲ 117% |
| Operating cash flow (approximation) | €10,449 | €115,907 | €203,130 | ▲ 75.3% |
| Investment in fixed assets (approximation) | - | -€6,937 | -€1,859 | ▲ 73.2% |
| Change in cash | - | €69,630 | €309,871 | ▲ 345% |
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
27-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2023net €200,408 ▲74.8%
Operating result €261,309, net result €200,408, both a record.
31-12
Financial
Equity above €200,000Eq €326,000 ▲160%
3 profitable years in a row build equity to €326,000.
12-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 12 days late
2024
31-12
Financial
Equity above €100,000Eq €125,592 ▲1,048%
2 profitable years in a row build equity to €125,592.
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Tielt-Winge · 1 establishment unit since 2023
Ground area
1,621 m²
Building footprint
127 m²
Volume, LiDAR
996 m³
Parcel 24067A0059/00X000, Flanders · tallest building 10.0 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
TOPPER
since 20232.343.111.214
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24067A0059/00X000 | Flanders | 1,621 m² | 1 · 127 m² | 10.0 m · 3 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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TZARA
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Of 235 companies in sector 46419 we hold annual accounts for 130. 87 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
Founded23-03-2023
Fiscal year end31-12
Activities, NACEBEL 2025
46419Wholesale trade
46411Wholesale trade
46424Wholesale trade
47713Retail trade
47750Retail sale of cosmetics and toilet articles
70100Activities of head offices
E-invoicing
Reachable via Peppol
Peppol ID
0208:0799878232
Registered
23-06-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.