Summary
Topwater is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €469,890 and a net result of €339,146. Equity remains stable across the filed fiscal years (±2.4% per year). Its solvency ranks better than 50% of 5593 sector peers (fiscal year 2025). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 02-06-2026, 59 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
59 d early
2024
59 d early
2023
57 d early
2022
59 d early
2021
68 d early
2020
67 d early
2019
58 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 61 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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. Usually files around 2 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What changed in the latest annual accounts?What changed What held for this company on a given day: board, seat, name?Company as of a date
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Equity
€469,890▼ 2.3%
2024 · €480,744
Net result
€339,146▲ 21.7%
2024 · €278,658
Total assets
€902,900▲ 23.2%
2024 · €733,103
Solvency
52.0%▼ 13.5pp
2024 · 65.6%
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€147,618▲ 26.4%€168,091▲ 13.9%€195,407▲ 16.3%€242,581▲ 24.1%€321,654▲ 32.6%
Net result€196,693above the sector's middle half▲ 245%€281,892above the sector's middle half▲ 43.3%€250,314above the sector's middle half▼ 11.2%€278,658above the sector's middle half▲ 11.3%€339,146above the sector's middle half▲ 21.7%
Equity€569,764within the sector's middle half▼ 6.3%€601,458within the sector's middle half▲ 5.6%€378,586within the sector's middle half▼ 37.1%€480,744within the sector's middle half▲ 27.0%€469,890within the sector's middle half▼ 2.3%
Total assets€633,812within the sector's middle half▼ 1.0%€785,197within the sector's middle half▲ 23.9%€728,977within the sector's middle half▼ 7.2%€733,103within the sector's middle half▲ 0.6%€902,900within the sector's middle half▲ 23.2%
Debt€64,047▲ 101%€183,739▲ 187%€350,391▲ 90.7%€252,359▼ 28.0%€433,010▲ 71.6%
Working capital€214,623within the sector's middle half▼ 14.9%€247,845within the sector's middle half▲ 15.5%€25,302within the sector's middle half▼ 89.8%€114,127within the sector's middle half▲ 351%€103,657within the sector's middle half▼ 9.2%
Solvency89.9%above the sector's middle half▼ 5.1pp76.6%within the sector's middle half▼ 13.3pp51.9%within the sector's middle half▼ 24.7pp65.6%within the sector's middle half▲ 13.6pp52.0%within the sector's middle half▼ 13.5pp
Current ratio4.35above the sector's middle half▼ 4.582.38within the sector's middle half▼ 1.971.07within the sector's middle half▼ 1.311.45within the sector's middle half▲ 0.381.24within the sector's middle half▼ 0.21
Return on assets (ROA)31.0%above the sector's middle half▲ 22.1pp35.9%above the sector's middle half▲ 4.9pp34.3%above the sector's middle half▼ 1.6pp38.0%above the sector's middle half▲ 3.7pp37.6%above the sector's middle half▼ 0.4pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 33% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €902,900
Fixed assets
€366,380 ▼ 0.1%
Current assets
€536,520 ▲ 46.5%
Equity and liabilities €902,900
Equity
€469,890 ▼ 2.3%
Debt
€433,010 ▲ 71.6%
Debt's share of the balance-sheet total rises from 34.4% to 48.0%. Equity is lower and debt is higher.
Key figures and ratios
ROE
72.2%▲
2024 · 58.0%
Debt ≤ 1 year
€432,863▲
2024 · €252,179
Income taxes
€77,573▲
2024 · €55,793
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,849 | €2,795 | €3,577 | €5,797 | €6,091 | ▲ 5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,648 | - | - |
| Other operating charges640/8 | €1,087 | €521 | €705 | €1,620 | €1,575 | ▼ 2.8% |
| Gross operating margin9900 | €150,554 | €171,407 | €199,689 | €251,646 | €329,321 | ▲ 30.9% |
| Operating profit (loss)9901 | €147,618 | €168,091 | €195,407 | €242,581 | €321,654 | ▲ 32.6% |
| Financial income75/76B | €104,219 | €105,085 | €101,589 | €101,837 | €101,641 | ▼ 0.2% |
| Recurring financial income75 | €104,219 | €105,085 | €101,589 | €101,837 | €101,641 | ▼ 0.2% |
| Financial charges65/66B | €2,073 | €3,161 | €1,655 | €9,967 | €6,577 | ▼ 34.0% |
| Recurring financial charges65 | €2,073 | €3,161 | €1,655 | €9,967 | €6,577 | ▼ 34.0% |
| Profit (loss) for the period before taxes9903 | €249,763 | €270,016 | €295,341 | €334,452 | €416,719 | ▲ 24.6% |
| Income taxes67/77 | €53,070 | -€11,876 | €45,027 | €55,793 | €77,573 | ▲ 39.0% |
| Profit (loss) for the period9904 | €196,693 | €281,892 | €250,314 | €278,658 | €339,146 | ▲ 21.7% |
| Profit (loss) for the period to be appropriated9905 | €196,693 | €281,892 | €250,314 | €278,658 | €339,146 | ▲ 21.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €633,812 | €785,197 | €728,977 | €733,103 | €902,900 | ▲ 23.2% |
| Fixed assets21/28 | €355,142 | €358,344 | €355,824 | €366,798 | €366,380 | ▼ 0.1% |
| Tangible fixed assets22/27 | €5,481 | €8,683 | €6,164 | €17,137 | €16,720 | ▼ 2.4% |
| Plant, machinery and equipment23 | €1,185 | €883 | €580 | €7,449 | €10,373 | ▲ 39.2% |
| Furniture and vehicles24 | €4,296 | €7,801 | €5,583 | €9,688 | €6,346 | ▼ 34.5% |
| Financial fixed assets28 | €349,661 | €349,661 | €349,661 | €349,661 | €349,661 | = |
| Current assets29/58 | €278,670 | €426,853 | €373,153 | €366,305 | €536,520 | ▲ 46.5% |
| Stocks and contracts in progress3 | €29,579 | €14,737 | €21,190 | €17,978 | €13,158 | ▼ 26.8% |
| Stocks30/36 | €29,579 | €14,737 | €21,190 | €17,978 | €13,158 | ▼ 26.8% |
| Amounts receivable within one year40/41 | €90,561 | €118,688 | €115,497 | €89,973 | €187,846 | ▲ 109% |
| Trade receivables40 | €81,405 | €80,825 | €77,561 | €56,204 | €115,394 | ▲ 105% |
| Other amounts receivable41 | €9,156 | €37,863 | €37,936 | €33,769 | €72,452 | ▲ 115% |
| Current investments50/53 | - | €18,871 | €44,000 | €68,000 | €92,000 | ▲ 35.3% |
| Cash at bank and in hand54/58 | €149,475 | €256,689 | €189,792 | €189,482 | €242,257 | ▲ 27.9% |
| Deferred charges and accrued income490/1 | €9,055 | €17,869 | €2,673 | €871 | €1,260 | ▲ 44.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €633,812 | €785,197 | €728,977 | €733,103 | €902,900 | ▲ 23.2% |
| Equity10/15 | €569,764 | €601,458 | €378,586 | €480,744 | €469,890 | ▼ 2.3% |
| Contributions10/11 | €100,000 | €100,000 | €1 | €1 | €1 | = |
| Reserves13 | €469,764 | €501,458 | €378,585 | €480,743 | €469,889 | ▼ 2.3% |
| Non-distributable reserves130/1 | €10,000 | - | - | - | - | - |
| Reserves not available under the articles1311 | €10,000 | - | - | - | - | - |
| Distributable reserves133 | €459,764 | €501,458 | €378,585 | €480,743 | €469,889 | ▼ 2.3% |
| Amounts payable17/49 | €64,047 | €183,739 | €350,391 | €252,359 | €433,010 | ▲ 71.6% |
| Amounts payable within one year42/48 | €64,047 | €179,009 | €347,850 | €252,179 | €432,863 | ▲ 71.6% |
| Current portion of amounts payable after more than one year42 | €5,026 | €10,054 | €10,202 | €15,315 | €15,390 | ▲ 0.5% |
| Trade debts44 | €31,148 | €27,404 | €55,427 | €44,751 | €23,420 | ▼ 47.7% |
| Suppliers440/4 | €31,148 | €27,404 | €55,427 | €44,751 | €23,420 | ▼ 47.7% |
| Taxes, remuneration and social security45 | €26,317 | €41,550 | €31,908 | €15,027 | €59,052 | ▲ 293% |
| Taxes450/3 | €26,317 | €41,550 | €31,908 | €15,027 | €59,052 | ▲ 293% |
| Other amounts payable47/48 | €1,556 | €100,000 | €250,314 | €177,085 | €335,000 | ▲ 89.2% |
| Accrued charges and deferred income492/3 | - | €4,730 | €2,540 | €180 | €147 | ▼ 18.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €196,693 | €281,892 | €250,314 | €278,658 | €339,146 | ▲ 21.7% |
| + Depreciation and write-downs630 | €1,849 | €2,795 | €3,577 | €5,797 | €6,091 | ▲ 5.1% |
| Operating cash flow (approximation) | €198,543 | €284,687 | €253,891 | €284,455 | €345,237 | ▲ 21.4% |
| Investment in fixed assets (approximation) | - | -€5,998 | -€1,057 | -€16,771 | -€5,674 | ▲ 66.2% |
| Change in cash | - | €107,214 | -€66,896 | -€310 | €52,775 | ▲ 17,120% |
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
02-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €339,146 ▲21.7%
Operating result €321,654, net result €339,146, both a record.
02-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
04-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
02-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
24-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
25-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet €57,003 ▼67.9%
Net result drops to €57,003, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity times 5current ratio 8.93
Current ratio from 1.94 to 8.93; short-term debt falls from €203,961 to €31,823.
03-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €500,000Eq €551,068 ▲14.3%
2 profitable years in a row build equity to €551,068.
20-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
25-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
23-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
4 acts for this company are 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, Sint-Katelijne-Waver · 1 establishment unit since 2015
Ground area
498 m²
Building footprint
116 m²
Volume, LiDAR
729 m³
Parcel 12422D0454/00R002, Flanders · tallest building 10.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Sauna-Co
since 20152.248.372.601
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12422D0454/00R002 | Flanders | 498 m² | 1 · 116 m² | 10.5 m · 2 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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
100%
According to the 2025 annual accounts of Topwater and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Similar companies · same sector, comparable size
TOKOMAS
BE 0423.866.739
Middelkerke · Eq €469,994
G.N.R.
BE 0439.103.360
Tessenderlo-Ham · Eq €470,012
CAVERLOC
BE 0407.424.744
Kuurne · Eq €469,746
Flexi Group Concept
BE 0793.291.338
Ath · Eq €470,063
MVR
BE 0672.577.214
Zulte · Eq €469,678
Of 24,728 companies in sector 64210 we hold annual accounts for 19,805. 13,656 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
Founded21-12-2015
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
70200Business and other management consultancy
73300Public relations and communication consultancy
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0644716042
Also
9925:BE0644716042
Registered
24-11-2023
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.