SPLIN
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 17-09-2026 at the NBB all 49 filings
Turnover
€4.7m
EBIT margin
19.4%
Net result
-€871,896
2025 · €1.4m
Working capital
€3.9m▼ 19.6%
2025 · €4.9m
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
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
no figure
2026
20192026
Operating result
-€1.0m
2026
20192026
Net result
-€871,896
2026
20192026
EBIT margin
no figure
2026
20192026
Equity
€4.6m
▼ 16.0%
2026
20192026
Total assets
€5.1m
▼ 29.2%
2026
20192026
Debt
€523,785
▼ 70.2%
2026
20192026
Working capital
€3.9m
▼ 19.6%
2026
20192026
Solvency
89.7%
▲ 14.1pp
2026
20192026
Current ratio
11.16
▲ 7.16
2026
20192026
Return on assets (ROA)
-17.1%
▼ 36.1pp
2026
20192026
Staff (FTE)
12
▲ 4.3%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€4.7m-
Operating result€0.9m-€0.8m▼ 10.1%€0.6m▼ 31.7%-€0.3m-€0.5m▼ 49.9%-€0.9m▼ 94.2%€1.1m-€1.0m
Net result€0.8m-€0.7m▼ 11.3%€0.7mabove the sector's middle half▼ 3.8%-€0.08mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 315%-€0.7mbelow the sector's middle half▼ 129%€1.4mabove the sector's middle half-€0.9m
EBIT margin19.4%-
Equity€9.3m-€8.2m▼ 11.4%€6.5mabove the sector's middle half▼ 21.7%€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€11.5m-€11.1m▼ 4.3%€7.9mabove the sector's middle half▼ 28.1%€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€2.2m-€2.8m▲ 25.3%€1.5m▼ 46.8%€1.4m▼ 9.4%€0.7m▼ 50.0%€0.6m▼ 17.4%€1.8m▲ 215%€0.5m▼ 70.2%
Working capital€8.7m-€7.7m▼ 12.0%€6.1mabove the sector's middle half▼ 20.5%€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%
Solvency80.6%-74.6%▼ 6.0pp81.2%above the sector's middle half▲ 6.6pp82.5%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 ratio6.10-4.23▼ 1.876.98above the sector's middle half▲ 2.757.18above 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)7.0%-6.5%▼ 0.5pp8.7%within the sector's middle half▲ 2.2pp-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)13-12.9▼ 0.8%12.8within the sector's middle half▼ 0.8%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 sector band is the middle half of the companies in Other manufacturing (NACE 32). 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 2026 is a loss of €1.0m, after a profit of €1.1m in 2025. It is the lowest result since 2022.
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 · over 100
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.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 11 | 9 | 11 | 12 | 12 |
| full-time | 11 | 8 | 11 | 12 | 12 |
| part-time | - | 1 | 0 | 0 | 0 |
| in full-time equivalents | 11 | 8.8 | 11 | 12 | 12 |
| Average over the year, in full-time equivalents | 11.9 | 10.2 | 9.9 | 11.5 | 12 |
| On a permanent contract | 10 | 9 | 11 | 12 | 12 |
| Joined | 3 | 1 | 2 | 1 | - |
| Left | 4 | 3 | 0 | 0 | - |
| Training hours | - | - | - | 0 | - |
Source: social balance sheet in the 2022 to 2026 annual accounts
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €256,467 | €191,843 | €120,614 | €59,335 | - |
| Mortgages, amount registered | €687,500 | €687,500 | €687,500 | €687,500 | - |
| Mortgage mandates | - | - | - | - | €625,000 |
| Carrying value of the mortgaged assets | €421,471 | €355,121 | €326,371 | €297,621 | €268,871 |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €163,075 | €6,849 | €38,804 | €128,210 | €282,368 |
| Intangible fixed assets | €8,175 | €17,040 | - | €13,274 | - |
| Financial fixed assets | €125 | - | - | €45,000 | €0 |
| Depreciation and write-downs of the year | €162,663 | €155,074 | €140,945 | €120,192 | €138,778 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €42,015 awarded · €25,209 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €0 | €0 |
| 2023 | 1 | €42,015 | €25,209 |
Schemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €4.7m | - | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.002m | €0.007m | €0.02m | €0 | €0.02m | - |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.7m | €0.8m | €1.0m | €1.0m | ▼ 0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 15.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.8m | -€0.01m | -€0.01m | -€0.007m | -€0.002m | ▲ 73.9% |
| Other operating charges640/8 | - | - | - | €0.05m | €0.02m | €0.02m | €0.01m | €0.02m | ▲ 9.9% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €0 | - | - | - | - |
| Gross operating margin9900 | - | €2.0m | €1.9m | -€0.09m | €0.4m | €0.06m | €2.2m | €0.06m | ▼ 97.4% |
| Operating profit (loss)9901 | €0.9m | €0.8m | €0.6m | -€0.3m | -€0.5m | -€0.9m | €1.1m | -€1.0m | - |
| Financial income75/76B | - | - | - | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 24.0% |
| Recurring financial income75 | €0.3m | €0.2m | €0.3m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 24.0% |
| Non-recurring financial income76B | - | - | - | €0.01m | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.01m | €0.01m | €0.007m | €0.006m | €0.004m | ▼ 31.8% |
| Recurring financial charges65 | €0.02m | €0.05m | -€0.02m | €0.01m | €0.01m | €0.007m | €0.006m | €0.004m | ▼ 31.8% |
| Debt charges650 | €0.007m | - | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €1.1m | €1.0m | €0.9m | -€0.08m | -€0.3m | -€0.7m | €1.4m | -€0.9m | - |
| Income taxes67/77 | €0.3m | €0.3m | €0.2m | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 2.3% |
| Profit (loss) for the period9904 | €0.8m | €0.7m | €0.7m | -€0.08m | -€0.3m | -€0.7m | €1.4m | -€0.9m | - |
| Profit (loss) for the period to be appropriated9905 | €0.8m | €1.0m | €0.7m | -€0.08m | -€0.3m | -€0.7m | €1.4m | -€0.9m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €11.5m | €11.1m | €7.9m | €7.7m | €6.7m | €5.9m | €7.2m | €5.1m | ▼ 29.2% |
| Fixed assets21/28 | €1.1m | €1.0m | €0.9m | €0.9m | €0.7m | €0.6m | €0.7m | €0.8m | ▲ 14.6% |
| Intangible fixed assets21 | €0.01m | €0.006m | €0.002m | €0.007m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 40.7% |
| Tangible fixed assets22/27 | €1.1m | €1.0m | €0.8m | €0.8m | €0.6m | €0.5m | €0.5m | €0.7m | ▲ 28.0% |
| Land and buildings22 | - | - | - | €0.6m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 9.8% |
| Plant, machinery and equipment23 | - | - | - | €0.07m | €0.06m | €0.05m | €0.08m | €0.3m | ▲ 290% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.05m | €0.06m | €0.04m | €0.05m | ▲ 31.1% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €0.03m | €0.02m | ▼ 21.4% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.05m | €0 | ▼ 100% |
| Financial fixed assets28 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.1m | €0.06m | ▼ 41.8% |
| Current assets29/58 | €10.4m | €10.0m | €7.1m | €6.9m | €6.0m | €5.2m | €6.5m | €4.3m | ▼ 33.8% |
| Amounts receivable after more than one year29 | - | - | - | €0.07m | €0 | €1.8m | €1.8m | €0.02m | ▼ 98.6% |
| Trade receivables290 | - | - | - | €0.07m | - | €0.05m | €0.1m | €0.02m | ▼ 78.1% |
| Other amounts receivable291 | - | - | - | - | €0 | €1.7m | €1.7m | €0 | ▼ 100% |
| Stocks and contracts in progress3 | €2.4m | €2.2m | €1.7m | €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 | €1.0m | €2.0m | €1.5m | €2.8m | €3.4m | €0.8m | €1.2m | €1.6m | ▲ 37.1% |
| Trade receivables40 | - | - | - | €1.2m | €1.2m | €0.7m | €1.1m | €0.8m | ▼ 26.7% |
| Other amounts receivable41 | - | - | - | €1.6m | €2.2m | €0.09m | €0.04m | €0.8m | ▲ 19× |
| Current investments50/53 | €2.9m | €2.9m | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €4.0m | €2.7m | €3.4m | €1.9m | €0.4m | €0.3m | €0.8m | €0.3m | ▼ 69.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | ▲ 1.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €11.5m | €11.1m | €7.9m | €7.7m | €6.7m | €5.9m | €7.2m | €5.1m | ▼ 29.2% |
| Equity10/15 | €9.3m | €8.2m | €6.5m | €6.4m | €6.0m | €5.3m | €5.5m | €4.6m | ▼ 16.0% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Reserves13 | €8.8m | €7.7m | €5.8m | €5.8m | €5.6m | €4.8m | €5.0m | €4.1m | ▼ 17.6% |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Distributable reserves133 | - | - | - | €5.8m | €5.5m | €4.7m | €4.9m | €4.0m | ▼ 17.8% |
| Profit (loss) carried forward14 | €0.002m | €0.001m | €0.09m | €0.01m | -€0.03m | €0 | €0 | €0 | - |
| Investment grants15 | - | - | - | €0.02m | €0.02m | €0.01m | €0.009m | €0.005m | ▼ 45.2% |
| Amounts payable17/49 | €2.2m | €2.8m | €1.5m | €1.4m | €0.7m | €0.6m | €1.8m | €0.5m | ▼ 70.2% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.3m | €0.2m | €0.1m | €0.06m | €0 | - | - |
| Financial debts170/4 | - | - | - | €0.2m | €0.1m | €0.06m | €0 | - | - |
| Amounts payable within one year42/48 | €1.7m | €2.4m | €1.0m | €1.0m | €0.5m | €0.4m | €1.6m | €0.4m | ▼ 76.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.07m | €0.06m | €0.06m | €0 | ▼ 100% |
| Trade debts44 | €0.2m | €0.2m | €0.3m | €0.7m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 17.1% |
| Suppliers440/4 | - | - | - | €0.7m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 17.1% |
| Advances received on contracts in progress46 | - | - | - | €0.006m | €0.02m | €0.01m | €0.02m | €0.006m | ▼ 67.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 2.2% |
| Taxes450/3 | - | - | - | €0.01m | €0.01m | €0.001m | €0.001m | €0.01m | ▲ 12× |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 9.4% |
| Other amounts payable47/48 | - | - | - | - | - | - | €1.2m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.03m | €0.06m | €0.1m | €0.1m | ▲ 9.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.8m | €0.7m | €0.7m | -€0.08m | -€0.3m | -€0.7m | €1.4m | -€0.9m | - |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 15.5% |
| Operating cash flow (approximation) | €1.0m | €0.9m | €0.9m | €0.08m | -€0.2m | -€0.6m | €1.5m | -€0.7m | - |
| Investment in fixed assets (approximation) | - | -€0.08m | €0.004m | -€0.2m | -€0.008m | -€0.04m | -€0.2m | -€0.2m | ▼ 27.3% |
| Change in cash | - | -€1.3m | €0.7m | -€1.5m | -€1.5m | -€0.04m | €0.5m | -€0.6m | - |
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, 929 companies had the same profile as SPLIN has now. Two years later, 90.1% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
90.1%
was still going
8.8%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of SPLIN itself: 0.4% 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 929 companies, not a prediction for SPLIN. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 17-09-2026 | 2026-00515333 | |
| 31-03-2025 | full format | 12-09-2025 | 2025-00490997 | |
| 31-03-2024 | full format | 22-10-2024 | 2024-00514750 | |
| 31-03-2023 | full format | 26-09-2023 | 2023-00454166 | |
| 31-03-2022 | full format | 12-10-2022 | 2022-20458820 | |
| 31-03-2021 | full format | 19-10-2021 | 2021-72300470 | |
| 31-03-2020 | full format | 07-09-2020 | 2020-51600054 | |
| 31-03-2019 | full format | 16-09-2019 | 2019-64800282 | |
| 31-03-2018 | full format | 18-09-2018 | 2018-63300280 | |
| 31-03-2017 | full format | 20-09-2017 | 2017-61800358 |