Hellgren Derm.: value indication
Roughly what is an SME worth on what it filed? A range from its adjusted equity and its earnings, with your own assumptions, recalculated as you go.
Hellgren Derm.
Indicative value of the equity
Indication, not a valuation or adviceMidpoint €387,134 · 50% capitalised earnings, 50% adjusted equity
The filed figures and these assumptions give no positive value: the adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero; a shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
- Equity (10/15)
- €207,419
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €207,419
Capitalised earnings
- 2025
- €78,248
- 2024
- €70,771
- 2023
- €55,048
- 2022
- €45,692
- 2021
- €29,964
- Average result
- €68,022
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €485,871 / €566,850 / €680,220
With your EBITDA multiple
- EBITDA 2025
- €98,876
- Net financial debt
- -€202,167
- Value with your multiple
- -
These accounts do not split the debts after one year; they count in full as financial debt.
What this indication leaves out
- Market prices and comparable transactions: Checked does not hold them.
- Anything after the latest accounts, and items off the balance sheet (guarantees, leases, disputes).
- The real value of buildings, stock and receivables: enter your own revaluation or adjustment.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale.
For a valuation to decide on: a company auditor or a certified accountant.
Source: filed annual accounts (NBB), latest balance sheet at 30 June 2025. Prepared on 28 September 2026 via checked.be. Indication, not a valuation or advice.