SPLIN
ActiveSummary
SPLIN has been active since 1938 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €4.6m and a net result of -€871,896. Equity is shrinking by ~8.8% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2026
Axes · tick = 2025
Profitability0▼-92
Solvency100=
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €300,000 at 30 days acceptable
Liquidity ample (current ratio 11.16 against 4.01 in 2025; short-term debt: 7.6% and cash: 4.9% of total assets), and 10.3% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 32
Relative position
BE, all sectors
reference
Other manufacturing (NACE 32)
about 28% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2026Solvency, return and age of the figures
Solvency
89.7%
Return on assets
-17.1%
Age of the figures
6 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 17-09-2026, 44 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
44 d early
2025
49 d early
2024
9 d early
2023
35 d early
2022
19 d early
2021
12 d early
2020
54 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 32 days before the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 40% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-03-2027 close31-10-2027 deadline
History
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Financials · fiscal year 2026, full schema
In the rankings
#1 oldest company in the province of Liège, Other manufacturing sector#2 company by equity in the province of Liège, Other manufacturing sector#6 company by total assets in the province of Liège, Other manufacturing sector
Turnover
€4.7m
EBIT margin
19.4%
Net result
-€871,896
2025 · €1.4m
Working capital
€3.9m▼ 19.6%
2025 · €4.9m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 32, Other manufacturing, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222023202420252026
Turnover
Operating result-€305,728-€458,224▼ 49.9%-€889,657▼ 94.2%€1.1m-€1.0m
Net result-€78,337below the sector's middle half-€325,138below the sector's middle half▼ 315%-€743,629below the sector's middle half▼ 129%€1.4mabove the sector's middle half-€871,896
EBIT margin
Equity€6.4mabove the sector's middle half▼ 1.3%€6.0mabove the sector's middle half▼ 5.2%€5.3mabove the sector's middle half▼ 12.4%€5.5mabove the sector's middle half▲ 3.2%€4.6m▼ 16.0%
Total assets€7.7mabove the sector's middle half▼ 2.8%€6.7mwithin the sector's middle half▼ 13.0%€5.9mwithin the sector's middle half▼ 12.9%€7.2mwithin the sector's middle half▲ 23.4%€5.1m▼ 29.2%
Debt€1.4m▼ 9.4%€675,363▼ 50.0%€558,125▼ 17.4%€1.8m▲ 215%€523,785▼ 70.2%
Working capital€5.9mabove the sector's middle half▼ 2.8%€5.5mabove the sector's middle half▼ 7.1%€4.8mabove the sector's middle half▼ 12.4%€4.9mabove the sector's middle half▲ 2.1%€3.9m▼ 19.6%
Solvency82.5%above the sector's middle half▲ 1.3pp89.9%above the sector's middle half▲ 7.5pp90.5%above the sector's middle half▲ 0.5pp75.6%above the sector's middle half▼ 14.8pp89.7%▲ 14.1pp
Current ratio7.18above the sector's middle half▲ 0.2011.67above the sector's middle half▲ 4.4912.08above the sector's middle half▲ 0.414.01above the sector's middle half▼ 8.0711.16▲ 7.16
Return on assets (ROA)-1.0%below the sector's middle half▼ 9.7pp-4.8%below the sector's middle half▼ 3.8pp-12.7%below the sector's middle half▼ 7.9pp19.0%above the sector's middle half▲ 31.7pp-17.1%▼ 36.1pp
Staff (FTE)11.9within the sector's middle half▼ 7.0%10.2within the sector's middle half▼ 14.3%9.9within the sector's middle half▼ 2.9%11.5within the sector's middle half▲ 16.2%12▲ 4.3%
above
within
below
the middle half (P25 to P75) of NACE 32, Other manufacturing, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2026: a loss of €1.0m after €1.1m in 2025, the lowest result in the available series.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €5.1m
Fixed assets
€773,861 ▲ 14.6%
Current assets
€4.3m ▼ 33.8%
Equity and liabilities €5.1m
Equity
€4.6m ▼ 16.0%
Debt
€523,785 ▼ 70.2%
Debt's share of the balance-sheet total falls from 24.4% to 10.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€908,241▼
2025 · €1.3m
Cash flow
-€733,118▼
2025 · €1.5m
Quick ratio
5.62▲
2025 · 2.49
Debt to equity
0.11▼
2025 · 0.32
ROE
-19.0%▼
2025 · 25.1%
Interest coverage
-209.25▼
2025 · 198.26
Debt ≤ 1 year
€388,246▼
2025 · €1.6m
Income taxes
€1,203▼
2025 · €1,232
Staff costs
€952,158▼
2025 · €952,746
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 928 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 90% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.1%
went bankrupt
8.7%
stopped otherwise
90%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 928 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €1,990 | €6,811 | €15,683 | €0 | €16,240 | - |
| Remuneration, social security and pensions62 | €758,859 | €742,119 | €802,545 | €952,746 | €952,158 | ▼ 0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €162,663 | €155,074 | €140,945 | €120,192 | €138,778 | ▲ 15.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€757,199 | -€11,544 | -€11,544 | -€7,375 | -€1,922 | ▲ 73.9% |
| Other operating charges640/8 | €51,662 | €19,552 | €17,352 | €14,997 | €16,485 | ▲ 9.9% |
| Non-recurring operating charges66A | €925 | €0 | - | - | - | - |
| Gross operating margin9900 | -€88,819 | €446,976 | €59,642 | €2.2m | €58,480 | ▼ 97.4% |
| Operating profit (loss)9901 | -€305,728 | -€458,224 | -€889,657 | €1.1m | -€1.0m | ▼ 192% |
| Financial income75/76B | €242,477 | €144,887 | €153,960 | €237,835 | €180,666 | ▼ 24.0% |
| Recurring financial income75 | €229,646 | €144,887 | €153,960 | €237,835 | €180,666 | ▼ 24.0% |
| Non-recurring financial income76B | €12,832 | €0 | - | - | - | - |
| Financial charges65/66B | €12,847 | €10,558 | €6,834 | €6,361 | €4,340 | ▼ 31.8% |
| Recurring financial charges65 | €12,847 | €10,558 | €6,834 | €6,361 | €4,340 | ▼ 31.8% |
| Profit (loss) for the period before taxes9903 | -€76,098 | -€323,895 | -€742,530 | €1.4m | -€870,693 | ▼ 163% |
| Income taxes67/77 | €2,239 | €1,243 | €1,098 | €1,232 | €1,203 | ▼ 2.3% |
| Profit (loss) for the period9904 | -€78,337 | -€325,138 | -€743,629 | €1.4m | -€871,896 | ▼ 164% |
| Profit (loss) for the period to be appropriated9905 | -€78,337 | -€325,138 | -€743,629 | €1.4m | -€871,896 | ▼ 164% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €7.7m | €6.7m | €5.9m | €7.2m | €5.1m | ▼ 29.2% |
| Fixed assets21/28 | €858,234 | €711,361 | €608,980 | €675,271 | €773,861 | ▲ 14.6% |
| Intangible fixed assets21 | €7,476 | €22,394 | €17,351 | €22,083 | €13,102 | ▼ 40.7% |
| Tangible fixed assets22/27 | €788,133 | €626,341 | €529,004 | €545,564 | €698,134 | ▲ 28.0% |
| Land and buildings22 | €614,072 | €517,059 | €420,045 | €351,561 | €317,269 | ▼ 9.8% |
| Plant, machinery and equipment23 | €72,247 | €56,119 | €48,358 | €78,046 | €304,742 | ▲ 290% |
| Furniture and vehicles24 | €101,814 | €53,164 | €60,601 | €39,249 | €51,473 | ▲ 31.1% |
| Other tangible fixed assets26 | - | - | - | €31,379 | €24,650 | ▼ 21.4% |
| Assets under construction and advance payments27 | - | - | - | €45,328 | €0 | ▼ 100% |
| Financial fixed assets28 | €62,625 | €62,625 | €62,625 | €107,625 | €62,625 | ▼ 41.8% |
| Current assets29/58 | €6.9m | €6.0m | €5.2m | €6.5m | €4.3m | ▼ 33.8% |
| Amounts receivable after more than one year29 | €74,273 | €0 | €1.8m | €1.8m | €24,124 | ▼ 98.6% |
| Trade receivables290 | €74,273 | - | €52,539 | €110,055 | €24,124 | ▼ 78.1% |
| Other amounts receivable291 | - | €0 | €1.7m | €1.7m | €0 | ▼ 100% |
| Stocks and contracts in progress3 | €1.8m | €1.9m | €2.0m | €2.5m | €2.2m | ▼ 13.0% |
| Stocks30/36 | €1.8m | €1.9m | €2.0m | €2.5m | €2.2m | ▼ 13.0% |
| Amounts receivable within one year40/41 | €2.8m | €3.4m | €763,871 | €1.2m | €1.6m | ▲ 37.1% |
| Trade receivables40 | €1.2m | €1.2m | €675,305 | €1.1m | €824,142 | ▼ 26.7% |
| Other amounts receivable41 | €1.6m | €2.2m | €88,566 | €40,902 | €774,190 | ▲ 1,793% |
| Cash at bank and in hand54/58 | €1.9m | €352,313 | €310,640 | €814,315 | €250,123 | ▼ 69.3% |
| Deferred charges and accrued income490/1 | €323,285 | €341,950 | €420,124 | €307,875 | €311,130 | ▲ 1.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €7.7m | €6.7m | €5.9m | €7.2m | €5.1m | ▼ 29.2% |
| Equity10/15 | €6.4m | €6.0m | €5.3m | €5.5m | €4.6m | ▼ 16.0% |
| Contributions10/11 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Capital10 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Issued capital100 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Reserves13 | €5.8m | €5.6m | €4.8m | €5.0m | €4.1m | ▼ 17.6% |
| Non-distributable reserves130/1 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Legal reserve130 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Distributable reserves133 | €5.8m | €5.5m | €4.7m | €4.9m | €4.0m | ▼ 17.8% |
| Profit (loss) carried forward14 | €13,307 | -€26,831 | €0 | €0 | €0 | - |
| Investment grants15 | €22,164 | €17,911 | €13,658 | €9,405 | €5,152 | ▼ 45.2% |
| Amounts payable17/49 | €1.4m | €675,363 | €558,125 | €1.8m | €523,785 | ▼ 70.2% |
| Amounts payable after more than one year17 | €191,843 | €126,138 | €59,335 | €0 | - | - |
| Financial debts170/4 | €191,843 | €126,138 | €59,335 | €0 | - | - |
| Amounts payable within one year42/48 | €956,001 | €514,729 | €434,065 | €1.6m | €388,246 | ▼ 76.2% |
| Current portion of amounts payable after more than one year42 | €64,624 | €65,705 | €61,279 | €59,335 | €0 | ▼ 100% |
| Trade debts44 | €716,981 | €288,628 | €222,685 | €174,303 | €204,030 | ▲ 17.1% |
| Suppliers440/4 | €716,981 | €288,628 | €222,685 | €174,303 | €204,030 | ▲ 17.1% |
| Advances received on contracts in progress46 | €5,561 | €19,508 | €9,500 | €17,337 | €5,598 | ▼ 67.7% |
| Taxes, remuneration and social security45 | €168,835 | €140,888 | €140,601 | €182,659 | €178,618 | ▼ 2.2% |
| Taxes450/3 | €14,807 | €9,807 | €1,067 | €1,182 | €14,126 | ▲ 1,095% |
| Remuneration and social security454/9 | €154,028 | €131,081 | €139,534 | €181,477 | €164,492 | ▼ 9.4% |
| Other amounts payable47/48 | - | - | - | €1.2m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €204,126 | €34,497 | €64,725 | €124,365 | €135,539 | ▲ 9.0% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€78,337 | -€325,138 | -€743,629 | €1.4m | -€871,896 | ▼ 164% |
| + Depreciation and write-downs630 | €162,663 | €155,074 | €140,945 | €120,192 | €138,778 | ▲ 15.5% |
| Operating cash flow (approximation) | €84,326 | -€170,064 | -€602,684 | €1.5m | -€733,118 | ▼ 149% |
| Investment in fixed assets (approximation) | - | -€8,200 | -€38,565 | -€186,483 | -€237,368 | ▼ 27.3% |
| Change in cash | - | -€1.5m | -€41,673 | €503,675 | -€564,192 | ▼ 212% |
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 2027, expected by
2026
17-09
NBB filing
Annual accounts filed
fiscal year 2026 · full schema
31-03
Financial
Weakest financial yearnet -€871,896
Net result drops to -€871,896, the lowest in the series.
31-03
Financial
Liquidity triplescurrent ratio 11.16
Current ratio from 4.01 to 11.16; short-term debt falls from €1.6m to €388,246.
2025
12-09
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
31-03
Financial
Back to profitnet €1.4m
Net result €1.4m after 3 loss-making years.
2024
22-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2023
26-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2022
12-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
19-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2020
07-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2019
16-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
18-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
20-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 21 acts read
About the unread acts
We know of 21 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
21 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, Thimister-Clermont · 2 establishment units since 1938
Ground area
1.5 ha
Building footprint
3,240 m²
Volume, LiDAR
7,169 m³
2 parcels, Flanders, Wallonia · tallest building 7.7 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
2 establishment units
Rue des Trois Entités 12, 4890 Thimister-Clermont
since 19382.009.978.570
SPLIN
since 20232.348.775.618
2 parcels
Flanders
1
(50%)
Wallonia
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71562B0914/00V011 | Flanders | 1.3 ha | 1 · 2,084 m² | - |
| 63077C0565/00P000 | Wallonia | 2,584 m² | 1 · 1,155 m² | 7.7 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
2 ownersChain of control
- RUS TONY INDUSTRIES
- SPLIN
Highest known parent: RUS TONY INDUSTRIES. The sources do not say who stands above it.
Owners 2
- RUS TONY INDUSTRIESparent100%
- SPATECparentSourceaccounts SPATEC 2024100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 3 entries · 42,015 EUR awarded · 25,209 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 0 EUR | 0 EUR |
| 2023 | 1 | 42,015 EUR | 25,209 EUR |
Schemes
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Of 338 companies in sector 32400 we hold annual accounts for 103. 18 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded10-12-1938
Fiscal year end31-03
Activities, NACEBEL 2025
32400Other manufacturing
46431Wholesale of electrical household appliances and audio-video equipment
46496Wholesale trade
47639Retail sale of other sporting goods
E-invoicing
Reachable via Peppol
Peppol ID
0208:0403881472
Also
9925:BE0403881472
Registered
16-09-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.