ACTIVE

TOPPER A.M.

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Financial year 2025 · closed on 31/12/2025

Net result

166,1 k €

+1.0% YoY

Gross margin

1,2 M €

+6.9% YoY

Equity

341,2 k €

+1.8% YoY

Workforce

14,5 ETP

+2.8% YoY

What does TOPPER A.M. do?

TOPPER A.M. is a Private limited company incorporated in 2002. Its registered office is in Brugge. It employs on average 14,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0479.169.409

Incorporation

24/12/2002

Legal form

Private limited company

Registered office

Komvest 23
8000 Brugge · FlandreSee on map

Contributed capital

80 200,00 €

Latest accounts

31/12/2025

Average workforce

14,5 ETP

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1,2 M €	+6.9%	1,2 M €	-1.7%	1,2 M €	+12.3%	1 M €	+5.1%	998,6 k €	+22.1%	817,5 k €	-4.8%	858,9 k €	+16.0%	740,4 k €	-13.4%	854,5 k €	+21.8%	701,8 k €	-0.2%	702,9 k €	+17.6%	597,5 k €	+3.5%	577,4 k €	-0.7%	581,3 k €	+2.4%	567,9 k €	+15.0%	493,9 k €	+39.6%	353,8 k €	+8.7%	325,5 k €	-15.1%	383,5 k €
EBITDA	252,4 k €	-4.7%	264,9 k €	-26.1%	358,5 k €	+5.2%	340,8 k €	+25.7%	271,1 k €	+26.7%	213,9 k €	-27.6%	295,4 k €	+29.9%	227,5 k €	-28.8%	319,3 k €	+57.2%	203,1 k €	+8.9%	186,5 k €	+20.9%	154,3 k €	-6.8%	165,6 k €	-4.5%	173,4 k €	-5.9%	184,2 k €	+31.6%	139,9 k €	+153%	55,4 k €	+10.4%	50,2 k €	-31.3%	73,1 k €
Operating result	194 k €	-1.9%	197,8 k €	-29.6%	280,9 k €	+27.3%	220,6 k €	+57.1%	140,4 k €	+70.5%	82,4 k €	-37.2%	131,1 k €	+7.4%	122,1 k €	-35.0%	187,8 k €	+128%	82,3 k €	-0.3%	82,5 k €	+392%	16,8 k €	-61.8%	43,9 k €	-22.2%	56,5 k €	-35.5%	87,6 k €	+103%	43,1 k €	+1753%	2,3 k €	-66.2%	6,9 k €	-53.1%	14,7 k €
Net result	166,1 k €	+1.0%	164,4 k €	-32.2%	242,5 k €	+17.5%	206,4 k €	+60.0%	129 k €	+159%	49,7 k €	-53.1%	106 k €	+117%	48,8 k €	-70.6%	165,8 k €	+114%	77,6 k €	+47.6%	52,6 k €	+384%	10,9 k €	-52.4%	22,8 k €	-44.1%	40,8 k €	-29.7%	58 k €	+146%	23,5 k €	+1420%	1,5 k €	+35.0%	1,1 k €	-87.2%	8,9 k €
Balance sheet
Equity	341,2 k €	+1.8%	335,1 k €	+1.3%	330,6 k €	+3.9%	318,1 k €	+2.1%	311,7 k €	-3.7%	323,5 k €	-18.9%	398,8 k €	+16.2%	343,2 k €	+16.6%	294,4 k €	+9.6%	268,6 k €	+4.9%	256 k €	+25.8%	203,4 k €	-11.9%	231 k €	+10.9%	208,2 k €	+24.3%	167,4 k €	+53.0%	109,4 k €	+27.4%	85,9 k €	+1.8%	84,4 k €	+1.4%	83,2 k €
Total assets	917,4 k €	+7.6%	852,6 k €	-22.4%	1,1 M €	-1.9%	1,1 M €	-1.3%	1,1 M €	+11.2%	1 M €	-6.4%	1,1 M €	+35.7%	803,9 k €	-7.7%	870,5 k €	+33.3%	652,9 k €	+2.6%	636,4 k €	-1.5%	646,4 k €	+10.4%	585,4 k €	-7.2%	630,6 k €	+29.2%	488,1 k €	+1.8%	479,7 k €	+43.0%	335,5 k €	+39.5%	240,4 k €	-8.4%	262,5 k €
Cash	429,9 k €	-2.3%	439,8 k €	-29.3%	621,7 k €	-0.1%	622,3 k €	-8.2%	677,8 k €	+29.8%	522,1 k €	-0.5%	524,6 k €	+13.2%	463,5 k €	-2.2%	474 k €	+34.6%	352,1 k €	+0.5%	350,5 k €	+19.0%	294,5 k €	+3.4%	284,6 k €	+3.5%	275,1 k €	+41.2%	194,9 k €	+14.1%	170,9 k €	+30.4%	131 k €	+40.3%	93,4 k €	+36.0%	68,7 k €
Debts	573,9 k €	+11.3%	515,8 k €	-32.6%	765,3 k €	-4.5%	801 k €	-2.8%	823,7 k €	+19.7%	688,3 k €	-0.5%	692,1 k €	+56.7%	441,6 k €	-21.3%	561,3 k €	+54.7%	362,9 k €	+0.9%	359,5 k €	-17.2%	434,1 k €	+22.5%	354,4 k €	-15.8%	420,9 k €	+31.3%	320,6 k €	-13.4%	370,2 k €	+48.4%	249,5 k €	+59.9%	156 k €	-12.8%	178,9 k €
Other
Workforce	14,5 ETP	+2.8%	14,1 ETP	-2.1%	14,4 ETP	+3.6%	13,9 ETP	-5.4%	14,7 ETP	+13.1%	13,0 ETP	+8.3%	12,0 ETP	+15.4%	10,4 ETP	0.0%	10,4 ETP	0.0%	10,4 ETP	0.0%	10,4 ETP	0.0%	10,4 ETP	0.0%	10,4 ETP	+9.5%	9,5 ETP	+5.6%	9,0 ETP	+8.4%	8,3 ETP	+16.9%	7,1 ETP	+2.9%	6,9 ETP	-18.8%	8,5 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 6 ended

Active mandates

Anne-Marie Bultinck

Director

Active

ARMATOP

Director · 0536.527.883

Represented by Töpper FRÉDÉRIQUE

Active

Ended mandates

ARMATOP

Manager · since 01 août 2013 · 0536.527.883

Ended

Anne-Marie Bultinck

Manager

Ended

ARMATOP

Manager · 0536.527.883

Represented by Frédérique TOPPER

Ended

ARMATOP

Director · 0536.527.883

Represented by Töpper FRÉDÉRIQUE

Ended

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	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	15/07/2026	24/07/2025	31/08/2024	30/08/2023	30/08/2022	16/08/2021
General meeting	16/06/2026	17/05/2025	18/05/2024	20/05/2023	21/05/2022	15/05/2021
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	31/12/2025	16/06/2026	15/07/2026	Dutch	PDF
Abridged model	31/12/2024	17/05/2025	24/07/2025	Dutch	PDF
Abridged model	31/12/2023	18/05/2024	31/08/2024	Dutch	PDF
Abridged model	31/12/2022	20/05/2023	30/08/2023	Dutch	PDF
Abridged model	31/12/2021	21/05/2022	30/08/2022	Dutch	PDF
Abridged model	31/12/2020	15/05/2021	16/08/2021	Dutch	PDF
Abridged model	31/12/2019	25/07/2020	30/11/2020	Dutch	PDF
Abridged model	31/12/2018	18/05/2019	26/08/2019	Dutch	PDF
Abridged model	31/12/2017	19/05/2018	06/08/2018	Dutch	PDF
Abridged model	31/12/2016	20/05/2017	21/06/2017	Dutch	PDF
Abridged model	31/12/2015	21/05/2016	05/07/2016	Dutch	PDF
Abridged model	31/12/2014	16/05/2015	24/08/2015	Dutch	PDF
Abridged model	31/12/2013	17/05/2014	19/05/2014	Dutch	PDF
Abridged model	31/12/2012	18/05/2013	21/05/2013	Dutch	PDF
Abridged model	31/12/2011	19/05/2012	25/06/2012	Dutch	PDF
Abridged model	31/12/2010	21/05/2011	24/05/2011	Dutch	PDF
Abridged model	31/12/2009	15/05/2010	18/05/2010	Dutch	PDF
Abridged model	31/12/2008	16/05/2009	27/05/2009	Dutch	PDF
Abridged model	31/12/2007	17/05/2008	21/05/2008	Dutch	PDF
Abridged model	31/12/2006	19/05/2007	22/05/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 31/12/2025 · 2 active · 6 ended

Active mandates

Anne-Marie Bultinck

Director

Active

ARMATOP

Director · 0536.527.883

Represented by Töpper FRÉDÉRIQUE

Active

Ended mandates

ARMATOP

Manager · since 01 août 2013 · 0536.527.883

Ended

Anne-Marie Bultinck

Manager

Ended

ARMATOP

Manager · 0536.527.883

Represented by Frédérique TOPPER

Ended

ARMATOP

Director · 0536.527.883

Represented by Töpper FRÉDÉRIQUE

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates08/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/11/2013
ONTSLAGEN - BENOEMINGEN - DIVERSEN
PDF
Mandates15/10/2013
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares16/07/2013
DOEL - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Other02/04/2003
DIVERSEN
PDF
Other03/01/2003
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 2025166,1 k €↑
2024
Annual accounts 2024164,4 k €↓
2023
Annual accounts 2023242,5 k €↑
2022
Annual accounts 2022206,4 k €↑
2021
Annual accounts 2021129 k €↑
2019
Annual accounts 201949,7 k €↓
2018
Annual accounts 2018106 k €↑
2017
Annual accounts 201748,8 k €↓
2016
Annual accounts 2016165,8 k €↑
2015
Annual accounts 201577,6 k €↑
2014
Annual accounts 201452,6 k €↑
2013
Annual accounts 201310,9 k €↓
2012
Annual accounts 201222,8 k €↓
2011
Annual accounts 201140,8 k €↓
2010
Annual accounts 201058 k €↑
2009
Annual accounts 200923,5 k €↑
2008
Annual accounts 20081,5 k €↑
2007
Annual accounts 20071,1 k €↓
2006
Annual accounts 20068,9 k €
24/12/2002
IncorporationPrivate 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

TOPPER A.M.

Overview

What does TOPPER A.M. do?

Trend over 19 financial years

Indicative valuation

Board of directors

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