SPLENDY
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 13 days after the deadline Filed on 13 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00111639.
Annual accounts 2025 filed on 13-05-2026 PDF all 28 filings
Turnover
€7,064▲ 3.1%
2024 · €6,849
EBIT margin
Not meaningful: operating income is mostly operating subsidies
Net result
€21,518
2024 · -€14,978
Working capital
€157,738▲ 74.5%
2024 · €90,399
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€7,064
▲ 3.1%
2025
20192025
Operating result
-€23,487
▲ 33.1%
2025
20192025
Net result
€21,518
2025
middle half of the sector
20192025
Equity
€2.6m
▲ 0.8%
2025
middle half of the sector
20192025
Total assets
€3.7m
▲ 0.5%
2025
middle half of the sector
20192025
Debt
€1.1m
▼ 0.1%
2025
20192025
Working capital
€157,738
▲ 74.5%
2025
middle half of the sector
20192025
Solvency
69.8%
▲ 0.2pp
2025
middle half of the sector
20192025
Current ratio
1.14
▲ 0.06
2025
middle half of the sector
20192025
Return on assets (ROA)
0.6%
▲ 1.0pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0.1m-€0.08m▼ 38.0%€0.1m▲ 43.7%€0.05m▼ 58.9%€0.007m▼ 85.7%€0.007m▲ 4.0%€0.007m▲ 3.1%
Operating result€0.04m-€0.05m▲ 44.2%€0.1m▲ 88.2%€0.02m▼ 82.2%-€0.003m-€0.04m▼ 1,199%-€0.02m▲ 33.1%
Net result-€0.03m-€0.01mwithin the sector's middle half€0.05mwithin the sector's middle half▲ 295%€0.05mwithin the sector's middle half▼ 4.8%€0.9mabove the sector's middle half▲ 20×-€0.01mbelow the sector's middle half€0.02mwithin the sector's middle half
Equity€1.6m-€1.6mwithin the sector's middle half▼ 0.1%€1.7mwithin the sector's middle half▲ 2.1%€1.7mwithin the sector's middle half▲ 1.9%€2.6mwithin the sector's middle half▲ 53.7%€2.6mwithin the sector's middle half▼ 1.1%€2.6mwithin the sector's middle half▲ 0.8%
Total assets€2.8m-€2.7mwithin the sector's middle half▼ 1.1%€2.8mwithin the sector's middle half▲ 2.0%€2.9mwithin the sector's middle half▲ 2.0%€3.8mwithin the sector's middle half▲ 33.3%€3.7mwithin the sector's middle half▼ 2.1%€3.7mwithin the sector's middle half▲ 0.5%
Debt€1.1m-€1.1m▼ 2.4%€1.1m▲ 1.5%€1.1m▲ 2.5%€1.2m▲ 3.3%€1.1m▼ 4.1%€1.1m▼ 0.1%
Working capital-€1.0m--€0.9mbelow the sector's middle half▲ 5.3%-€0.3mbelow the sector's middle half▲ 65.1%-€0.7mbelow the sector's middle half▼ 113%€0.06mwithin the sector's middle half€0.09mwithin the sector's middle half▲ 41.3%€0.2mwithin the sector's middle half▲ 74.5%
Solvency59.1%-59.7%within the sector's middle half▲ 0.6pp59.8%within the sector's middle half=59.7%within the sector's middle half▼ 0.1pp68.8%within the sector's middle half▲ 9.2pp69.5%within the sector's middle half▲ 0.7pp69.8%within the sector's middle half▲ 0.2pp
Current ratio0.13-0.16below the sector's middle half▲ 0.030.71within the sector's middle half▲ 0.550.40below the sector's middle half▼ 0.311.06within the sector's middle half▲ 0.661.08within the sector's middle half▲ 0.031.14within the sector's middle half▲ 0.06
Return on assets (ROA)-0.9%-0.5%within the sector's middle half▲ 1.4pp1.7%within the sector's middle half▲ 1.3pp1.6%within the sector's middle half▼ 0.1pp24.4%above the sector's middle half▲ 22.8pp-0.4%below the sector's middle half▼ 24.8pp0.6%within the sector's middle half▲ 1.0pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €23,487, smaller than the loss of €35,131 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.7m
Fixed assets
€2.5m ▼ 1.7%
Current assets
€1.3m ▲ 5.1%
Equity and liabilities €3.7m
Equity
€2.6m ▲ 0.8%
Provisions
€14,626 ▼ 15.0%
Debt
€1.1m ▼ 0.1%
Debt's share of the balance-sheet total falls from 30.0% to 29.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€47,794▲
2024 · €33,712
Cash flow
€92,800▲
2024 · €53,865
Debt to equity
0.43▼
2024 · 0.43
ROE
0.8%▲
2024 · -0.6%
Interest coverage
0.91▲
2024 · 0.64
Debt ≤ 1 year
€1.1m▼
2024 · €1.1m
Income taxes
€247▼
2024 · €258
Customer credit
750 days▲
2024 · 629 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | - | €0 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €59,956 | €357,192 | €239,920 | €78,023 | €29,077 |
| Financial fixed assets | - | €100,000 | - | - | - |
| Depreciation and write-downs of the year | €46,093 | €64,233 | €60,389 | €68,843 | €71,282 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €201,918 | €134,124 | €113,244 | €98,101 | €112,308 | ▲ 14.5% |
| Turnover70 | €125,483 | €77,820 | €111,863 | €46,006 | €6,583 | €6,849 | €7,064 | ▲ 3.1% |
| Other operating income74 | - | - | €59,251 | €88,118 | €90,553 | €89,571 | €105,244 | ▲ 17.5% |
| Non-recurring operating income76A | - | - | €30,804 | €0 | €16,109 | €1,681 | €0 | ▼ 100% |
| Operating charges60/66A | - | - | €106,648 | €117,211 | €115,949 | €133,232 | €135,796 | ▲ 1.9% |
| Services and other goods61 | - | - | €44,779 | €38,834 | €39,363 | €49,545 | €46,612 | ▼ 5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,445 | €62,148 | €46,093 | €64,233 | €60,389 | €68,843 | €71,282 | ▲ 3.5% |
| Other operating charges640/8 | - | - | €15,776 | €14,144 | €16,196 | €14,844 | €17,902 | ▲ 20.6% |
| Operating profit (loss)9901 | €35,111 | €50,630 | €95,269 | €16,913 | -€2,704 | -€35,131 | -€23,487 | ▲ 33.1% |
| Financial income75/76B | - | - | €13,532 | €72,207 | €987,124 | €70,777 | €95,848 | ▲ 35.4% |
| Recurring financial income75 | €15,099 | €14,462 | €13,532 | €72,207 | €987,124 | €70,777 | €95,848 | ▲ 35.4% |
| Income from financial fixed assets750 | - | - | - | €71,974 | €971,314 | €48,000 | €72,000 | ▲ 50.0% |
| Income from current assets751 | - | - | €13,531 | €232 | €15,808 | €22,777 | €23,468 | ▲ 3.0% |
| Other financial income752/9 | - | - | €1 | €0 | €2 | €0 | €381 | - |
| Financial charges65/66B | - | - | €42,835 | €44,579 | €56,246 | €52,954 | €53,183 | ▲ 0.4% |
| Recurring financial charges65 | €77,612 | €51,566 | €42,835 | €44,579 | €56,246 | €52,954 | €53,183 | ▲ 0.4% |
| Debt charges650 | €77,283 | €51,268 | €42,453 | €42,571 | €55,802 | €52,463 | €52,794 | ▲ 0.6% |
| Other financial charges652/9 | - | - | €382 | €2,008 | €444 | €490 | €389 | ▼ 20.6% |
| Profit (loss) for the period before taxes9903 | -€27,402 | €13,525 | €65,966 | €44,541 | €928,174 | -€17,307 | €19,178 | - |
| Transfer from deferred taxes780 | - | - | €2,373 | €2,511 | €2,588 | €2,588 | €2,588 | = |
| Transfer to deferred taxes680 | - | - | €7,701 | €0 | - | - | - | - |
| Income taxes67/77 | €823 | €3,509 | €11,759 | €526 | €440 | €258 | €247 | ▼ 4.3% |
| Taxes670/3 | - | - | €11,759 | €526 | €440 | €258 | €247 | ▼ 4.3% |
| Profit (loss) for the period9904 | -€25,871 | €12,370 | €48,879 | €46,527 | €930,321 | -€14,978 | €21,518 | - |
| Transfer from tax-exempt reserves789 | - | - | €4,627 | €5,043 | €5,272 | €5,272 | €5,272 | = |
| Transfer to tax-exempt reserves689 | - | - | €23,103 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€21,299 | €16,942 | €30,403 | €51,570 | €935,593 | -€9,706 | €26,790 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.8m | €2.7m | €2.8m | €2.9m | €3.8m | €3.7m | €3.7m | ▲ 0.5% |
| Fixed assets21/28 | €2.6m | €2.6m | €2.0m | €2.4m | €2.6m | €2.5m | €2.5m | ▼ 1.7% |
| Tangible fixed assets22/27 | €1.0m | €0.9m | €0.8m | €1.1m | €1.2m | €1.2m | €1.2m | ▼ 3.5% |
| Land and buildings22 | - | - | €0.8m | €1.1m | €1.2m | €1.1m | €1.1m | ▼ 2.4% |
| Furniture and vehicles24 | - | - | €0.001m | €0.001m | €0.06m | €0.05m | €0.04m | ▼ 28.5% |
| Financial fixed assets28 | €1.6m | €1.6m | €1.2m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Affiliated companies280/1 | - | - | €1.2m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Participating interests280 | - | - | €1.2m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Amounts receivable281 | - | - | €0 | - | - | - | - | - |
| Current assets29/58 | €0.1m | €0.2m | €0.8m | €0.4m | €1.2m | €1.2m | €1.3m | ▲ 5.1% |
| Stocks and contracts in progress3 | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €0.06m | €0.04m | €0.02m | €0.07m | €1.0m | €1.0m | €1.0m | ▼ 4.3% |
| Trade receivables40 | - | - | €0.02m | €0.06m | €0.09m | €0.01m | €0.01m | ▲ 23.1% |
| Other amounts receivable41 | - | - | €0.001m | €0.007m | €0.9m | €1.0m | €1.0m | ▼ 4.6% |
| Cash at bank and in hand54/58 | €0.07m | €0.1m | €0.8m | €0.4m | €0.2m | €0.2m | €0.3m | ▲ 61.1% |
| Deferred charges and accrued income490/1 | - | - | €0.01m | €0.005m | €0.02m | €0.02m | €0.03m | ▲ 26.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.8m | €2.7m | €2.8m | €2.9m | €3.8m | €3.7m | €3.7m | ▲ 0.5% |
| Equity10/15 | €1.6m | €1.6m | €1.7m | €1.7m | €2.6m | €2.6m | €2.6m | ▲ 0.8% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.08m | €0.08m | €0.1m | €0.09m | €0.09m | €0.08m | €0.08m | ▼ 6.5% |
| Non-distributable reserves130/1 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Legal reserve130 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Tax-exempt reserves132 | - | - | €0.06m | €0.05m | €0.05m | €0.04m | €0.04m | ▼ 12.0% |
| Profit (loss) carried forward14 | €1.5m | €1.5m | €1.5m | €1.6m | €2.5m | €2.4m | €2.5m | ▲ 1.1% |
| Provisions and deferred taxes16 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 15.0% |
| Deferred taxes168 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 15.0% |
| Amounts payable17/49 | €1.1m | €1.1m | €1.1m | €1.1m | €1.2m | €1.1m | €1.1m | ▼ 0.1% |
| Amounts payable within one year42/48 | €1.1m | €1.1m | €1.1m | €1.1m | €1.2m | €1.1m | €1.1m | ▼ 0.6% |
| Trade debts44 | €0.005m | €0.01m | €0.02m | €0.04m | €0.08m | €0.02m | €0.02m | ▼ 3.0% |
| Suppliers440/4 | - | - | €0.02m | €0.04m | €0.08m | €0.02m | €0.02m | ▼ 3.0% |
| Taxes, remuneration and social security45 | - | - | €0.03m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 9.2% |
| Taxes450/3 | - | - | €0.03m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 9.2% |
| Other amounts payable47/48 | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 0.7% |
| Accrued charges and deferred income492/3 | - | - | €0.002m | €0.007m | €0.01m | €0.02m | €0.02m | ▲ 39.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€25,871 | €12,370 | €48,879 | €46,527 | €930,321 | -€14,978 | €21,518 | - |
| + Depreciation and write-downs630 | €66,445 | €62,148 | €46,093 | €64,233 | €60,389 | €68,843 | €71,282 | ▲ 3.5% |
| Operating cash flow (approximation) | €40,574 | €74,519 | €94,972 | €110,759 | €990,710 | €53,865 | €92,800 | ▲ 72.3% |
| Investment in fixed assets (approximation) | - | €3,020 | €504,915 | -€457,192 | -€239,920 | -€14,203 | -€29,077 | ▼ 105% |
| Change in cash | - | €52,491 | €631,607 | -€382,500 | -€164,696 | -€46,177 | €97,918 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as SPLENDY has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SPLENDY itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 14,766 companies, not a prediction for SPLENDY. 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.
Latest 10 of 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 13-05-2026 | 2026-00111639 | |
| 30-09-2024 | full format | 20-05-2025 | 2025-00106351 | |
| 30-09-2023 | full format | 07-05-2024 | 2024-00087665 | |
| 30-09-2022 | full format | 12-05-2023 | 2023-00090713 | |
| 30-09-2021 | full format | 26-04-2022 | 2022-20014551 | |
| 30-09-2020 | full format | 21-05-2021 | 2021-15300320 | |
| 30-09-2019 | full format | 29-05-2020 | 2020-13800110 | |
| 30-09-2018 | full format | 29-04-2019 | 2019-12200204 | |
| 30-09-2017 | full format | 26-04-2018 | 2018-11100600 | |
| 30-09-2016 | full format | 12-04-2017 | 2017-09400389 |