Result
€3.0m ▲ 178%
The result rose in 2025 from €1.1m to €3.0m.
TOPS FOODS
Lifetime
20 annual accounts with figures on one time axis, 32 filings since 1994peak €31.3m (2025)
€31.3m▲ 27.3%
lowest -€2.9m (2022)
€3.0m▲ 178%
peak €11.0m (2025)
€11.0m▲ 88.5%
€8.3m▼ 5.4%
peak 60.4 FTE (2025)
60.4 FTE▲ 15.5%
Board17 names since 2020all names
8 directorsPisit Ohmpornnuwat and 7 others
Owners7 names in the annual accountsall names
89.7%CPF Netherlands BV and 3 others
Documentsfilings and deeds
23-06-202638 days before the deadline
2025financial year
Turnover from €24.6m to €31.3mResult from €1.1m to €3.0mStaff from 52.3 FTE to 60.4 FTEEquity from €5.8m to €11.0mInvestments €4.8mCash from €273,430 to €374,971
Key points
from the 2025 annual accountsInvestments
€3.2m 2.8 × depreciation
Green is investment, beige is depreciation. Land and buildings stand 241.8% higher than in 2024.
Staff
65 employees on 31-12-2025
In 2025, 23 people joined and 12 left. On top of that, 8 agency workers worked there on average.
Liquidity
1.69 was 0.95 in 2024
Short-term debts fell from €6.0m to €4.0m.
Filings
32 annual accounts since 1994
The last five annual accounts were filed 25 to 38 days before the end of the period.
Board
3 joined · 1 left
Board changed. Latest change 03-07-2026 · 8 in office.
Checked score
94
Excellent
Financially stronger than 82% of medium-sized companies in food products (NACE 10)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 226 companies (NACE 10, medium-sized).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.5%
01-2025: 0.5%● unchanged vs 12-2024
02-2025: 0.5%● unchanged vs 01-2025
03-2025: 0.5%● unchanged vs 02-2025
04-2025: 0.5%● unchanged vs 03-2025
05-2025: 0.6%▲ +0.1 percentage points vs 04-2025
06-2025: 0.6%● unchanged vs 05-2025
07-2025: 0.7%▲ +0.1 percentage points vs 06-2025highest value
08-2025: 0.3%▼ -0.4 percentage points vs 07-2025
09-2025: 0.3%● unchanged vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.3%● unchanged vs 10-2025
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.2%▼ -0.1 percentage points vs 01-2026
03-2026: 0.3%▲ +0.1 percentage points vs 02-2026
04-2026: 0.3%● unchanged vs 03-2026
05-2026: 0.3%● unchanged vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.2%▼ -0.1 percentage points vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026lowest value
11-2026: 0.2%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 1.69, cash €374,971
Sector: Manufacture of food products (NACE 10)
lowers risk
Founded in 1993
Profit of €3.0m (financial year 2025)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 10, medium-sized). It does better than 75% of them on solvency, 68% on liquidity, 90% on profitability and 94% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 1,579 companies had the same profile as TOPS FOODS has now. Each dot stands for 4 companies, two years later.
96.6%
were still trading
3.2%
stopped another way
0.1%
went bankrupt
That fits the bankruptcy probability of TOPS FOODS itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,447 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 1,579 companies, not a prediction for TOPS FOODS. 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.
Credit verdict
Credit of up to €1,000,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.69 (0.95 in 2024), above the usual 1.5. Short-term debt is 21% and cash 1.9% of total assets. 42.9% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 23-06-2026, 38 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
38 days early
2024
28 days early
2023
29 days early
2022
25 days early
2021
32 days early
2020
30 days early
2019
25 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 30 days before the deadline. In the sector (NACE 10), the median for financial year 2024 was 4 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 3 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
and 3 others
- CPF Netherlands BV 89.7%annual accounts 2025
- Charoen Pokphand Foods Public Limited Company consolidatesannual accounts 2025
- Michel Tops 10.02%annual accounts 2025
Recent changes
1 director appointed, 1 resignation, 6 reappointments
Reappointments: Rudy Tops, Shih Di-Ting, Pisit Ohmpornnuwat, Ekpiya Ua-Wutthikrerk, Shih De-Yi and Parinya Kaarunayadhorn · Appointment: Salinrat Kaokatakasiri · Resignation: Patrachatr Chiaravutthi · General meeting of 05-06-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0451053463
Reappointment: EY Bedrijfsrevisoren BV (statutory auditor)
Permanent representative: Michel Tops · General meeting of 07-06-2024 · Gazette deed
Resignation: Anat Julintron (director)
Permanent representative: Michel Tops · General meeting of 01-02-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| TOPS FOODS Olen | €31.3m | 11.1% | 57.1% | 60.4 |
| FOOD IMPACT Watermael-Boitsfort | €29.7m | 0.8% | 39.0% | 43.6 |
| JERMAYO Lier | €32.4m | 12.4% | 35.8% | 72.1 |
| DELIVA Genk | €36.2m | 3.6% | 55.5% | 103.5 |
| Nactarome Schoten | €20.9m | 12.8% | 62.6% | 54 |
| Culinor Food Group Destelbergen | €34.6m | 22.3% | 49.5% | 121.5 |
| EIERHOEVE LECOQUE Tongeren-Borgloon | €26.6m | 15.2% | 66.1% | 28.9 |
Grey: the largest companies of the sector (food products (NACE 10)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as TOPS FOODS: manufacture of food products (NACE 10890). They are comparable in size and age: total assets between €11m and €25m, founded between 1985 and 2000.
Official details
Source: KBO- Status
- Active since 11-10-1993Normal situation
- Activity
- Manufacture of food productsNACE 10890and 2 others
- Establishment unit
- 2.064.205.2332250 Olen, since 03-11-1993
- Financial year end
- 31 December
- Peppol
- Reachable since 15-09-2025
Annual accounts 2025
- €19.3m▲ 32.1%
- Employeeson 31-12-2025
- 65▲ 20.4%
- Filing
- Filed on 23-06-2026, 38 days before the end of the filing period
Insights on TOPS FOODS
TOPS FOODS has existed since 1993. Turnover grew from €16.4m in 2006 to €31.3m in 2025 and staff from 47.9 to 60.4 full-time equivalents.
Turnover has grown every year since 2020. Solvency rose in 2025 from 40.0% to 57.1% because of the retained profit.
CPF Netherlands BV holds 89.7% of the shares. In March 2023, the Official Gazette published the appointment of Tops Management as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about TOPS FOODS
- What is the company number of TOPS FOODS?
- The company number of TOPS FOODS is 0451.053.463. The VAT number is the same number with BE in front: BE 0451.053.463.
- Where is TOPS FOODS based?
- The registered office is at Lammerdries-Oost 26, 2250 Olen.Company details
- What does TOPS FOODS do?
- According to the KBO register, the main activity is manufacture of food products (NACE 10890).
- What is the legal form of TOPS FOODS?
- TOPS FOODS is a public limited company (NV).
- When was TOPS FOODS founded?
- TOPS FOODS was founded on 11-10-1993.
- Is TOPS FOODS still active?
- Yes, TOPS FOODS is an active enterprise in the KBO register.
- How many employees does TOPS FOODS have?
- TOPS FOODS had an average of 60.4 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of TOPS FOODS?
- The turnover of TOPS FOODS was €31.3m in financial year 2025, according to the filed annual accounts.
- Is TOPS FOODS profitable?
- In financial year 2025, TOPS FOODS made a profit of €3.0m.
- Where can I find the annual accounts of TOPS FOODS?
- TOPS FOODS filed 32 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of TOPS FOODS due?
- TOPS FOODS must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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