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Dr. E. Voets: value indication

Line	Code	2024	2025	Change	%
Total assets	20/58	€1,278,024	€1,276,678	-€1,346	-0.1%
Fixed assets	21/28	€551,865	€328,131	-€223,734	-40.5%
Intangible fixed assets	21	€373,065	€189,493	-€183,571	-49.2%
Tangible fixed assets	22/27	€178,800	€138,638	-€40,162	-22.5%
Furniture and vehicles	24	€168,828	€131,552	-€37,276	-22.1%
Other tangible fixed assets	26	€9,972	€7,086	-€2,886	-28.9%
Current assets	29/58	€726,160	€948,547	+€222,388	+30.6%
Amounts receivable within one year	40/41	€34,370	-	-€34,370
Trade receivables	40	€495	-	-€495
Other amounts receivable	41	€33,875	-	-€33,875
Current investments	50/53	€202,421	-	-€202,421
Cash at bank and in hand	54/58	€304,895	€740,623	+€435,729	+143%
Deferred charges and accrued income	490/1	€184,474	€207,924	+€23,450	+12.7%
Total equity and liabilities	10/49	€1,278,024	€1,276,678	-€1,346	-0.1%
Equity	10/15	€504,671	€504,671	=	0.0%
Contributions	10/11	€5,000	€5,000	=	0.0%
Reserves	13	€499,671	€499,671	=	0.0%
Distributable reserves	133	€499,671	€499,671	=	0.0%
Amounts payable	17/49	€773,353	€772,007	-€1,346	-0.2%
Amounts payable after more than one year	17	€585,000	€500,000	-€85,000	-14.5%
Other amounts payable	178/9	€585,000	€500,000	-€85,000	-14.5%
Amounts payable within one year	42/48	€153,451	€270,757	+€117,306	+76.4%
Trade debts	44	€1,539	€2,187	+€648	+42.1%
Suppliers	440/4	€1,539	€2,187	+€648	+42.1%
Taxes, remuneration and social security	45	€18,712	€31,564	+€12,852	+68.7%
Taxes	450/3	€18,162	€31,564	+€13,402	+73.8%
Remuneration and social security	454/9	€550	-	-€550
Other amounts payable	47/48	€133,201	€237,006	+€103,805	+77.9%
Accrued charges and deferred income	492/3	€34,901	€1,250	-€33,651	-96.4%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€228,745	€236,747	+€8,002	+3.5%
Other operating charges	640/8	€11,079	€3,609	-€7,470	-67.4%
Non-recurring operating charges	66A	€3,100	-	-€3,100
Gross operating margin	9900	€433,453	€562,457	+€129,004	+29.8%
Operating profit (loss)	9901	€190,529	€322,101	+€131,572	+69.1%
Financial income	75/76B	€6,157	€540	-€5,617	-91.2%
Recurring financial income	75	€6,157	€540	-€5,617	-91.2%
Financial charges	65/66B	€48,389	€40,273	-€8,116	-16.8%
Recurring financial charges	65	€48,389	€40,273	-€8,116	-16.8%
Profit (loss) for the period before taxes	9903	€148,297	€282,368	+€134,071	+90.4%
Income taxes	67/77	€42,972	€75,791	+€32,819	+76.4%
Profit (loss) for the period	9904	€105,325	€206,577	+€101,252	+96.1%
Profit (loss) for the period to be appropriated	9905	€105,325	€206,577	+€101,252	+96.1%

Dr. E. Voets: value indication

Dr. E. Voets: value indication

Position among the sector peers

What moved between 2024 and 2025

Largest movements

Change in the result, 2024 to 2025

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

Capitalised earnings

Your EBITDA multiple

Limits of the indication

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