ACTIVE

TOP-CLASS

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Financial year 2025 · closed on 30/09/2025

Net result

479,5 k €

+16.3% YoY

Gross margin

631,9 k €

+15.4% YoY

Equity

7,5 M €

+6.9% YoY

What does TOP-CLASS do?

TOP-CLASS is a Public limited company incorporated in 1986. Its main activity is: Rental and operating of own or leased real estate. Its registered office is in Wervik.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0428.891.636

Incorporation

16/04/1986

Legal form

Public limited company

Registered office

Menensesteenweg 295
8940 Wervik · FlandreSee on map

Contributed capital

3 345 656,12 €

Latest accounts

30/09/2025

Activities (NACE)

68201Rental and operating of own or leased real estate· main 68201Rental and operating of own or leased real estate 64200Activities of holding companies 64210Activities of holding companies 68100Buying and selling of own real estate 68110Buying and selling of own real estate

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	631,9 k €	+15.4%	547,5 k €	+43.4%	381,9 k €	-29.0%	537,8 k €	-8.2%	585,9 k €	+423%	111,9 k €	-23.1%	145,6 k €	-82.9%	852,1 k €	+536%	133,9 k €		–		–		–		–		–		–		–		–		–		–
EBITDA	630 k €	+15.5%	545,4 k €	+43.5%	380 k €	-29.1%	536,1 k €	-7.1%	576,9 k €	+423%	110,4 k €	+169%	41 k €	-94.8%	785,5 k €	+1007%	71 k €	-71.8%	251,4 k €	-49.2%	495,3 k €	+324%	116,8 k €	+392%	23,7 k €	+132%	10,2 k €	-87.0%	78,8 k €	-22.6%	101,7 k €	+1.0%	100,7 k €	+0.8%	99,9 k €	+53.0%	65,3 k €
Operating result	624,8 k €	+15.7%	540,2 k €	+44.1%	374,8 k €	-29.4%	530,9 k €	-7.1%	571,7 k €	+444%	105,2 k €	+230%	31,9 k €	-95.9%	778,9 k €	+1084%	65,8 k €	-73.3%	246,1 k €	-49.3%	485,7 k €	+429%	91,8 k €	+395%	18,5 k €	+269%	5 k €	-93.2%	73,6 k €	-23.8%	96,5 k €	+6.7%	90,4 k €	-9.5%	99,9 k €	+53.0%	65,3 k €
Net result	479,5 k €	+16.3%	412,3 k €	+44.2%	285,9 k €	-38.4%	463,9 k €	-70.3%	1,6 M €	+1705%	86,6 k €	+290%	22,2 k €	-95.6%	506,9 k €	+2088%	23,2 k €	-61.2%	59,7 k €	-83.3%	357,1 k €	+467%	63 k €	+11672%	-544 €	-100%	142,7 k €	+703%	-23,7 k €	-110%	232,5 k €	+159%	-391,6 k €	-330%	169,9 k €	-11.7%	192,3 k €
Balance sheet
Equity	7,5 M €	+6.9%	7 M €	-8.9%	7,7 M €	+3.9%	7,4 M €	+6.7%	6,9 M €	+29.1%	5,4 M €	+1.6%	5,3 M €	+0.4%	5,3 M €	-31.9%	7,7 M €	+0.3%	7,7 M €	+0.8%	7,6 M €	+4.9%	7,3 M €	-8.9%	8 M €	-0.0%	8 M €	+1.8%	7,9 M €	-0.3%	7,9 M €	+3.0%	7,7 M €	-4.9%	8 M €	+2.2%	7,9 M €
Total assets	8 M €	+5.4%	7,6 M €	-1.8%	7,8 M €	+4.0%	7,5 M €	+3.4%	7,2 M €	+30.7%	5,5 M €	-1.2%	5,6 M €	+1.9%	5,5 M €	-35.2%	8,5 M €	-0.9%	8,6 M €	-0.0%	8,6 M €	-3.4%	8,9 M €	+1.1%	8,8 M €	+0.6%	8,7 M €	-7.6%	9,4 M €	-4.0%	9,8 M €	+23.7%	7,9 M €	-2.7%	8,2 M €	+2.2%	8 M €
Cash	11,6 k €	-20.9%	14,7 k €	+115%	6,9 k €	-70.6%	23,3 k €	-51.7%	48,3 k €	+16.5%	41,4 k €	-77.9%	187,9 k €	+518%	30,4 k €	+5.9%	28,7 k €	+59.1%	18 k €	+60.5%	11,2 k €	-83.5%	68 k €	+1059%	5,9 k €	+1.7%	5,8 k €	-11.9%	6,5 k €	-94.4%	116,3 k €	-77.9%	526,2 k €	+1042%	46,1 k €	-76.7%	198 k €
Debts	548 k €	-10.3%	610,9 k €	+850%	64,3 k €	+30.5%	49,3 k €	-81.7%	269,8 k €	+102%	133,7 k €	-53.1%	285,3 k €	+46.1%	195,4 k €	-71.8%	693,2 k €	-12.5%	792,1 k €	-7.2%	853,3 k €	-43.6%	1,5 M €	+110%	719,4 k €	+5.8%	680,3 k €	-55.8%	1,5 M €	-17.6%	1,9 M €	+654%	247,5 k €	+244%	72 k €	+11.1%	64,8 k €
Other
Workforce	–		–		–		–		–		–		1,0 ETP	0.0%	1,0 ETP	-28.6%	1,4 ETP	-22.2%	1,8 ETP	-10.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	-20.0%	2,5 ETP	-16.7%	3,0 ETP	-21.1%	3,8 ETP	-2.6%	3,9 ETP	+18.2%	3,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 2 active · 18 ended

Active mandates

Jacques Deny

Managing director · since 29 mars 2024 · until 29 mars 2030

Active

Tom Deny

Managing director · since 29 mars 2024 · until 29 mars 2030

Active

Ended mandates

Jacques Deny

Managing director · since 30 avril 2024 · until 30 avril 2030

Ended

Tom Deny

Managing director · since 30 avril 2024 · until 30 avril 2030

Ended

Jacques Deny

Managing director · since 06 août 2018 · until 06 août 2024

Ended

Tom Deny

Managing director · since 06 août 2018 · until 06 août 2024

Ended

At this address

Other companies at this address

Company	CBE no.
CONCORDE● Active	0451.977.339
CONCORDE INVEST● Active	0700.486.884
EFK GLASS● Active	0861.136.702
EFK INTERNATIONAL● Active	0666.777.109
JUNIS ENERGIES● Active	0811.333.833
SLW● Active	0871.955.962
SUN INVEST III● Active	0830.665.042
SUN INVEST IV● Active	0829.295.956
TOP-CLASS INVEST● Active	0700.492.527
VELDEMAN ENERGIES● Active	0836.061.113

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	30/04/2026	30/04/2025	30/04/2024	02/05/2023	31/05/2022	20/05/2021
General meeting	21/04/2026	21/03/2025	29/03/2024	31/03/2023	25/03/2022	12/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	30/09/2025	21/04/2026	30/04/2026	Dutch	PDF
Abridged model	30/09/2024	21/03/2025	30/04/2025	Dutch	PDF
Abridged model	30/09/2023	29/03/2024	30/04/2024	Dutch	PDF
Abridged model	30/09/2022	31/03/2023	02/05/2023	Dutch	PDF
Abridged model	30/09/2021	25/03/2022	31/05/2022	Dutch	PDF
Abridged model	30/09/2020	12/05/2021	20/05/2021	Dutch	PDF
Abridged model	30/09/2019	27/03/2020	30/04/2020	Dutch	PDF
Abridged model	30/09/2018	29/03/2019	29/04/2019	Dutch	PDF
Abridged model	30/06/2017	29/12/2017	15/01/2018	Dutch	PDF
Full model	30/06/2016	22/12/2016	31/01/2017	Dutch	PDF
Full model	30/06/2015	27/11/2015	22/12/2015	Dutch	PDF
Full model	30/06/2014	28/11/2014	24/12/2014	Dutch	PDF
Full model	30/06/2013	29/11/2013	30/12/2013	Dutch	PDF
Full model	30/06/2012	30/11/2012	28/12/2012	Dutch	PDF
Full model	30/06/2011	25/11/2011	30/12/2011	Dutch	PDF
Full model	30/06/2010	27/12/2010	08/02/2011	Dutch	PDF
Full model	30/06/2009	27/11/2009	29/12/2009	French	PDF
Full model	30/06/2008	28/11/2008	19/12/2008	French	PDF
Full model	30/06/2007	30/11/2007	14/01/2008	French	PDF
Full model	30/06/2006	29/12/2006	30/01/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 30/09/2025 · 2 active · 18 ended

Active mandates

Jacques Deny

Managing director · since 29 mars 2024 · until 29 mars 2030

Active

Tom Deny

Managing director · since 29 mars 2024 · until 29 mars 2030

Active

Ended mandates

Jacques Deny

Managing director · since 30 avril 2024 · until 30 avril 2030

Ended

Tom Deny

Managing director · since 30 avril 2024 · until 30 avril 2030

Ended

Jacques Deny

Managing director · since 06 août 2018 · until 06 août 2024

Ended

Tom Deny

Managing director · since 06 août 2018 · until 06 août 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Capital / shares26/07/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Mandates30/10/2018
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring08/08/2018
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Other24/07/2018
BOEKJAAR
PDF
Restructuring20/06/2018
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Capital / shares22/07/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates08/02/2013
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares23/07/2010
WIJZIGING VORM AANDELEN-WIJZIGING EXTERNE
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025479,5 k €↑
2024
Annual accounts 2024412,3 k €↑
2023
Annual accounts 2023285,9 k €↓
2022
Annual accounts 2022463,9 k €↓
2021
Annual accounts 20211,6 M €↑
2020
Annual accounts 202086,6 k €↑
2019
Annual accounts 201922,2 k €↓
2018
Annual accounts 2018506,9 k €↑
2017
Annual accounts 201723,2 k €↓
2016
Annual accounts 201659,7 k €↓
2015
Annual accounts 2015357,1 k €↑
2014
Annual accounts 201463 k €↑
2013
Annual accounts 2013-544 €↓
2012
Annual accounts 2012142,7 k €↑
2011
Annual accounts 2011-23,7 k €↓
2010
Annual accounts 2010232,5 k €↑
2009
Annual accounts 2009-391,6 k €↓
2008
Annual accounts 2008169,9 k €↓
2007
Annual accounts 2007192,3 k €
16/04/1986
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

TOP-CLASS

Overview

What does TOP-CLASS do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline