SPLENDOR H: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SPLENDOR H
Largest movements
- Tangible fixed assets -€109,050
down €109,050 (-3.8%), from €2.9m to €2.8m
of which Land and buildings: -€94,050
- Short-term financial debts -€500,000
no longer reported in 2025 (was €500,000)
- Debts after one year +€379,347
up €379,347 (+18.4%), from €2.1m to €2.4m
of which Financial debts: +€420,472
- Gross operating margin +€33,245
up €33,245 (+25.0%), from €133,066 to €166,310
- Financial charges -€6,772
down €6,772 (-9.8%), from €68,770 to €61,998
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,897,524 | €2,779,792 | -€117,732 | -4.1% |
| Fixed assets | 21/28 | €2,876,063 | €2,767,013 | -€109,050 | -3.8% |
| Tangible fixed assets | 22/27 | €2,876,063 | €2,767,013 | -€109,050 | -3.8% |
| Land and buildings | 22 | €2,782,313 | €2,688,263 | -€94,050 | -3.4% |
| Furniture and vehicles | 24 | €93,750 | €78,750 | -€15,000 | -16.0% |
| Current assets | 29/58 | €21,461 | €12,780 | -€8,682 | -40.5% |
| Cash at bank and in hand | 54/58 | €21,461 | €12,780 | -€8,682 | -40.5% |
| Total equity and liabilities | 10/49 | €2,897,524 | €2,779,792 | -€117,732 | -4.1% |
| Equity | 10/15 | €273,378 | €255,979 | -€17,399 | -6.4% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€226,622 | -€244,021 | -€17,399 | -7.7% |
| Amounts payable | 17/49 | €2,624,146 | €2,523,813 | -€100,333 | -3.8% |
| Amounts payable after more than one year | 17 | €2,058,541 | €2,437,888 | +€379,347 | +18.4% |
| Financial debts | 170/4 | €1,106,341 | €1,526,813 | +€420,472 | +38.0% |
| Other amounts payable | 178/9 | €952,200 | €911,075 | -€41,125 | -4.3% |
| Amounts payable within one year | 42/48 | €565,605 | €85,925 | -€479,680 | -84.8% |
| Current portion of amounts payable after more than one year | 42 | €42,628 | €64,682 | +€22,053 | +51.7% |
| Financial debts | 43 | €500,000 | - | -€500,000 | |
| Credit institutions | 430/8 | €500,000 | - | -€500,000 | |
| Trade debts | 44 | €5,129 | €3,185 | -€1,944 | -37.9% |
| Suppliers | 440/4 | €5,129 | €3,185 | -€1,944 | -37.9% |
| Advances received on contracts in progress | 46 | €940 | €465 | -€475 | -50.5% |
| Other amounts payable | 47/48 | €16,908 | €17,594 | +€686 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,050 | €109,050 | = | 0.0% |
| Other operating charges | 640/8 | €12,200 | €12,661 | +€461 | +3.8% |
| Gross operating margin | 9900 | €133,066 | €166,310 | +€33,245 | +25.0% |
| Operating profit (loss) | 9901 | €11,816 | €44,600 | +€32,784 | +277% |
| Financial charges | 65/66B | €68,770 | €61,998 | -€6,772 | -9.8% |
| Recurring financial charges | 65 | €68,770 | €61,998 | -€6,772 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | -€56,954 | -€17,399 | +€39,555 | +69.5% |
| Profit (loss) for the period | 9904 | -€56,954 | -€17,399 | +€39,555 | +69.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€56,954 | -€17,399 | +€39,555 | +69.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.