VANPASSEL: 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.
VANPASSEL
For holding and financial companies the adjusted equity usually says more than the earnings: consider a lower weight for capitalised earnings.
Indicative value of the equity
Indication, not a valuation or adviceMidpoint €69,226 · 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)
- €59,553
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €59,553
Capitalised earnings
- 2025
- €24,658
- 2024
- €2,175
- 2023
- €1,570
- 2022
- -€12,707
- 2021
- -€29,444
- Average result
- €9,468
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €67,629 / €78,900 / €94,680
With your EBITDA multiple
- EBITDA 2025
- €41,661
- Net financial debt
- -€58,005
- Value with your multiple
- -
Net financial debt: financial debts after one year, the part due within the year and short-term financial debts, less cash and current investments.
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 31 December 2025. Prepared on 28 September 2026 via checked.be. Indication, not a valuation or advice.