Equity
€20,647 from €190,549 in 2020
Equity fell by 89% in 5 years.
TopWin
Lifetime
7 annual accounts with figures on one time axispeak €145,326 (2024)
€114,069▼ 21.5%
peak €102,618 (2024)
€80,477▼ 21.6%
peak €190,549 (2020)
€20,647▼ 77.1%
€214,586▲ 36.9%
Board1 name since 2008
1 directorFrédéric TILMANS
Documentsfilings and deeds
17-12-202545 days before the deadline
2025micro format
Gross margin from €145,326 to €114,069Dividend €150,000Equity from €90,170 to €20,647Debts from €156,768 to €214,586
Key points
from the 2025 annual accountsChecked score
92
Excellent
Financially stronger than 33% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%highest value
01-2025: 0.1%▼ -0.1 percentage points vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: < 0.1%▼ -0.1 percentage points vs 05-2025
07-2025: < 0.1%● unchanged vs 06-2025lowest value
08-2025: < 0.1%● unchanged vs 07-2025lowest value
09-2025: < 0.1%● unchanged vs 08-2025
10-2025: < 0.1%● unchanged vs 09-2025
11-2025: < 0.1%● unchanged vs 10-2025
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: 0.1%▲ +0.1 percentage points vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Equity €20,647 (8.8% of total assets)
lowers risk
Sector: Activities of head offices; management consultancy activities (NACE 70)
Size: total assets €235,233
Liquidity: current ratio 0.85, cash €83,840
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 70, micro). It does better than 16% of them on solvency, 24% on liquidity, 84% on profitability and 8% on growth.
The bankruptcy probability was computed on 09-11-2026 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 30-06-2025.
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, 2,153 companies had the same profile as TopWin has now. Each dot stands for 6 companies, two years later.
96.1%
were still trading
2.2%
stopped another way
1.7%
went bankrupt
The bankruptcy probability of TopWin itself is lower: 0.1% within 12 months. It rests on far more data about TopWin than the profile alone.
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 2,153 companies, not a prediction for TopWin. 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 €1,500 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.85 (1.23 in 2024), below 1. Short-term debt is 91.2% and cash 35.6% of total assets. 91.2% 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
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 39364 sector peers (2025).
NBB · sector comparisonPosition among 39364 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 17-12-2025, 45 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
45 days early
2024
59 days early
2023
64 days early
2022
64 days early
2021
59 days early
2020
62 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 54 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-06-2026 is due by 31-01-2027. Nothing is late today. The company usually files around 3 December (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
30-06-2026 year end10-11-2026 today31-01-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0698952702
Registered office moved within Nivelles
New registered office: Rue Sainte-Barbe 35A à 1400 Nivelles · Previous registered office: Rue Sainte-Barbe 35 boîte A à 1400 Nivelles · General meeting of 03-04-2022 · Gazette deed
Capital contribution of €6,200
Contribution: TILMANS, Frédéric Georges Serge Marie Félix · TILMANS, Frédéric Georges Serge Marie Félix holds all the shares · General meeting of 08-03-2022 · Gazette deed
Change of role: TILMANS Frédéric Georges Serge Marie Félix, from statutory manager to statutory director
TILMANS Frédéric Georges Serge Marie Félix holds all the shares · Legal-form conversion: from private limited company (pre-2019) to private limited company · General meeting of 01-07-2021 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| TopWin Nivelles | €235,233 | €114,069 | 8.8% | - |
| KEYMAX Genappe | €225,630 | €111,860 | 87.6% | - |
| Ascendance Management Rixensart | €217,632 | €124,454 | 14.6% | - |
| MEAG Leadershîp Lasne | €239,474 | €118,357 | 44.5% | - |
| REALTIME CONSULTING La Hulpe | €209,897 | €105,057 | 42.2% | - |
| BeObjective Braine-l'Alleud | €217,386 | €103,947 | 9.4% | - |
| CM4S Rebecq | €264,241 | €104,942 | 7.7% | - |
These companies have the same main activity as TopWin: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €210,000 and €264,000, founded between 2017 and 2019.
Official details
Source: KBO- Status
- Active since 29-06-2018Normal situation
- Activity
- Business and other management consultancyNACE 70200and 1 other
- Establishment unit
- 2.277.851.4931400 Nivelles, since 01-07-2018
- Financial year end
- 30 June
- Peppol
- Reachable since 27-08-2025
Annual accounts to 30-06-2025
- ≈ €190,000estimated
- €235,233▼ 4.7%
- ≈ 0 FTEestimated
- Filing
- Filed on 17-12-2025, 45 days before the end of the filing period
Insights on TopWin
TopWin files the micro format. That format states no turnover. The gross margin fell from €124,135 in 2019 to €114,069 in 2025.
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 TopWin
- What is the company number of TopWin?
- The company number of TopWin is 0698.952.702. The VAT number is the same number with BE in front: BE 0698.952.702.
- Where is TopWin based?
- The registered office is at Rue Sainte-Barbe 35A, 1400 Nivelles.Company details
- What does TopWin do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of TopWin?
- TopWin is a private limited company (BV).
- When was TopWin founded?
- TopWin was founded on 29-06-2018.
- Is TopWin still active?
- Yes, TopWin is an active enterprise in the KBO register.
- What is the turnover of TopWin?
- The turnover in financial year 2025 is ≈ €190,000. This figure is estimated from the gross margin of €114,069 and 109 comparable companies (NACE 70200). It probably lies between €160,000 and €230,000.Financials
- Is TopWin profitable?
- In financial year 2025, TopWin made a profit of €80,477.
- Where can I find the annual accounts of TopWin?
- TopWin filed 7 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of TopWin due?
- TopWin must file the annual accounts for financial year 2026 by 31-01-2027.Timeline
Next steps
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