TOPSPIN

Active

Public limited companyfounded 199332 yrs activeLange Akker 14, 9240 Zele, BelgiumKBO/BCE: BE 0451.287.550

TOPSPIN has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €316k and a net result of €-14k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 37% of 3644 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).

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Checked score

Score 2025

59 / 100

Fair

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability67=

Solvency43▼-2

Growth52=

Track record100

Bankruptcy probability, 12 months

0.9% Low

0%0.5%1.5%4%10%≥ 25%

Credit up to €18k at 30 days acceptable

Liquidity short (current ratio 0.38 against 0.25 in 2024; short-term debt: 53.3% and cash: 18.7% of total assets), and 82.3% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Seven signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 56

Relative position

BE, all sectors

reference

Sector 56

higher

← fewer bankruptcies more bankruptcies →

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Persistent losses

Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.

NBB · annual accounts 2025

Net result per financial year

1819202122232425

2018 to 2025 · latest year €-14k

Filed after the deadline

The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 28-05-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

NBB · 10 filings

Deviation from the deadline

2025

28 d late

2024

23 d late

2023

1 d early

2022

on the day

2021

11 d late

2020

31 d late

2019

28 d late

← before the deadline after the deadline →

The next deadline is still running

The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.

Companies Code · seven months

Position in the running window

18-09-2026 today30-09-2026 close30-04-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, abbreviated schema

Equity

€316k▼ 4.2%

2024 · €329k

2018: €113k 2019: €110k 2020: €107k 2021: €99k 2022: €26k 2023: €347k 2024: €329k

2018 → 2025

Total assets

€1.79M▲ 5.7%

2024 · €1.69M

2018: €1.28M 2019: €1.27M 2020: €1.54M 2021: €1.37M 2022: €1.28M 2023: €1.54M 2024: €1.69M

2018 → 2025

Net result

€-14k▲ 22.1%

2024 · €-18k

2018: €538 2019: €-3k 2020: €-2k 2021: €-8k 2022: €-74k 2023: €-28k 2024: €-18k

2018 → 2025

Working capital

€-593k▲ 20.0%

2024 · €-741k

2018: €-737k 2019: €-724k 2020: €-688k 2021: €-655k 2022: €-690k 2023: €-359k 2024: €-741k

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Equity€99k-€26k▼ 74.2%€347k▲ 1,255%€329k▼ 5.1%€316k▼ 4.2%

Operating result€5k-€-62k€-18k▲ 71.2%€-12k▲ 33.4%€-10k▲ 14.6%

Net result€-8k-€-74k▼ 844%€-28k▲ 61.5%€-18k▲ 36.9%€-14k▲ 22.1%

Turnover and EBIT margin not published: the abbreviated schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result stays negative: a loss of €10k in 2025 against €12k in 2024; the loss shrinks.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €1.79M

79.9%

20.1%

Fixed assets €1.43M▼ 1.3%

Current assets €359k▲ 47.0%

Equity and liabilities €1.79M

17.7%

82.3%

Equity €316k▼ 4.2%

Debt €1.47M▲ 8.1%

The debt ratio rises from 80.5% to 82.3%. Equity is lower and debt is higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

€70k▲

2024 · €62k

Cash flow

€67k▲

2024 · €56k

Solvency

17.7%▼

2024 · 19.5%

Current ratio

0.38▲

2024 · 0.25

Quick ratio

0.37▲

2024 · 0.24

Debt / equity

4.66▲

2024 · 4.13

ROE

-4.4%▲

2024 · -5.4%

ROA

-0.8%▲

2024 · -1.1%

Interest coverage

5.87▼

2024 · 6.54

Debt

€1.47M▲

2024 · €1.36M

Debt ≤ 1 year

€951k▼

2024 · €985k

Debt > 1 year

€481k▲

2024 · €341k

Income taxes

€240▲

2024 · €102

Staff costs

€86k▲

2024 · €82k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2025 against 2024

Balance sheet Code20242025

Assets

Total assets20/58€1.69M€1.79M▲

Fixed assets21/28€1.45M€1.43M▼

Tangible fixed assets22/27€713k€694k▼

Land and buildings22€322k€332k▲

Plant, machinery and equipment23€389k€359k▼

Furniture and vehicles24€2k€2k▲

Other tangible fixed assets26€145-

Financial fixed assets28€733k€733k=

Current assets29/58€244k€359k▲

Stocks and contracts in progress3€6k€5k▼

Stocks30/36€6k€5k▼

Amounts receivable within one year40/41€61k€12k▼

Trade receivables40€56k€8k▼

Other amounts receivable41€5k€4k▼

Cash at bank and in hand54/58€169k€333k▲

Deferred charges and accrued income490/1€8k€8k▲

Equity and liabilities

Total equity and liabilities10/49€1.69M€1.79M▲

Equity10/15€329k€316k▼

Contributions10/11€555k€555k=

Capital10€555k€555k=

Issued capital100€555k€555k=

Reserves13€11k€11k=

Non-distributable reserves130/1€11k€11k=

Legal reserve130€11k€11k=

Profit (loss) carried forward14€-236k€-250k▼

Amounts payable17/49€1.36M€1.47M▲

Amounts payable after more than one year17€341k€481k▲

Financial debts170/4€341k€481k▲

Amounts payable within one year42/48€985k€951k▼

Current portion of amounts payable after more than one year42€61k€36k▼

Trade debts44€67k€47k▼

Suppliers440/4€67k€47k▼

Taxes, remuneration and social security45€8k€11k▲

Taxes450/3€4k€7k▲

Remuneration and social security454/9€4k€4k▲

Other amounts payable47/48€849k€857k▲

Accrued charges and deferred income492/3€35k€37k▲

Income statement Code20242025

Remuneration, social security and pensions62€82k€86k▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€74k€80k▲

Other operating charges640/8€21k€34k▲

Gross operating margin9900€165k€190k▲

Operating profit (loss)9901€-12k€-10k▲

Financial income75/76B€4k€9k▲

Recurring financial income75€4k€9k▲

Financial charges65/66B€9k€12k▲

Recurring financial charges65€9k€12k▲

Profit (loss) for the period before taxes9903€-18k€-14k▲

Income taxes67/77€102€240▲

Profit (loss) for the period9904€-18k€-14k▲

Profit (loss) for the period to be appropriated9905€-18k€-14k▲

Appropriation of the result

Profit (loss) to be appropriated9906€-236k€-250k▼

Profit (loss) brought forward from the previous period14P€-218k€-236k▼

Social balance

Average headcount (FTE)90873.12.7▼

The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 12Financial 2Filings 10

Next filing, fiscal year 2026, expected by 30-04-2027

2026

28-05

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema · 28 days late

2025

23-05

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema · 23 days late

2024

29-04

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

2023

30-09

Financial Equity above €200kEq €347k ▲1255%

Equity rises from €26k to €347k.

30-04

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema

2022

30-09

Financial Weakest financial yearnet €-74k

Net result drops to €-74k, the lowest in the series; recovery starts the following year.

11-05

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema · 11 days late

2021

31-05

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema · 31 days late

2020

28-05

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema · 28 days late

2019

28-05

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema · 28 days late

2018

30-04

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema

2017

12-05

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema · 12 days late

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

no sitting director, no change since 2023

We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.

20-03-2023 Resigned as Director

Location & real-estate footprint

Registered office, Zele · 1 establishment unit since 1994

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Lange Akker 149240 Zele

Ground area

7,911 m²

Building footprint

4,535 m²

Volume, LiDAR