18: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2025 and 2026
Largest movements
- Cash -€33,609
down €33,609 (-99.2%), from €33,885 to €277
mainly Net result for the year (-€50,212) and Stocks and contracts (-€20,067)
- Stocks and contracts +€20,067
up €20,067 (+39.5%), from €50,828 to €70,895
- Financial fixed assets +€13,500
new in 2026: €13,500
- Tangible fixed assets -€11,342
down €11,342 (-28.0%), from €40,503 to €29,161
of which Furniture and vehicles: -€10,789
- Receivables within one year +€2,066
up €2,066 (+13.4%), from €15,369 to €17,436
of which Other amounts receivable: +€1,899
- Profit (loss) carried forward -€50,212
down €50,212, from €4,931 to -€45,281
- Other debts +€46,940
up €46,940 (+285%), from €16,493 to €63,434
- Short-term financial debts -€10,000
down €10,000 (-100%), from €10,000 to €0
- Trade debts +€7,766
up €7,766 (+64.5%), from €12,041 to €19,807
- Debts after one year -€5,374
down €5,374 (-34.8%), from €15,442 to €10,068
- Gross operating margin -€54,462
down €54,462, from €14,602 to -€39,859
- Write-downs -€10,804
down €10,804, from €7,392 to -€3,412
- Other operating charges -€3,894
down €3,894 (-85.2%), from €4,568 to €674
- Financial charges -€734
down €734 (-32.8%), from €2,235 to €1,501
- Staff costs -€403
down €403 (-82.6%), from €487 to €85
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €140,586 | €131,508 | -€9,077 | -6.5% |
| Fixed assets | 21/28 | €40,503 | €42,661 | +€2,158 | +5.3% |
| Tangible fixed assets | 22/27 | €40,503 | €29,161 | -€11,342 | -28.0% |
| Furniture and vehicles | 24 | €39,312 | €28,524 | -€10,789 | -27.4% |
| Other tangible fixed assets | 26 | €1,190 | €637 | -€553 | -46.5% |
| Financial fixed assets | 28 | - | €13,500 | +€13,500 | |
| Current assets | 29/58 | €100,083 | €88,848 | -€11,236 | -11.2% |
| Stocks and contracts in progress | 3 | €50,828 | €70,895 | +€20,067 | +39.5% |
| Stocks | 30/36 | €50,828 | €70,895 | +€20,067 | +39.5% |
| Amounts receivable within one year | 40/41 | €15,369 | €17,436 | +€2,066 | +13.4% |
| Trade receivables | 40 | €2,876 | €3,043 | +€167 | +5.8% |
| Other amounts receivable | 41 | €12,493 | €14,393 | +€1,899 | +15.2% |
| Cash at bank and in hand | 54/58 | €33,885 | €277 | -€33,609 | -99.2% |
| Deferred charges and accrued income | 490/1 | - | €240 | +€240 | |
| Total equity and liabilities | 10/49 | €140,586 | €131,508 | -€9,077 | -6.5% |
| Equity | 10/15 | €77,509 | €27,297 | -€50,212 | -64.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €22,578 | €22,578 | = | 0.0% |
| Non-distributable reserves | 130/1 | €303 | €303 | = | 0.0% |
| Reserves not available under the articles | 1311 | €303 | €303 | = | 0.0% |
| Distributable reserves | 133 | €22,275 | €22,275 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,931 | -€45,281 | -€50,212 | |
| Amounts payable | 17/49 | €63,077 | €104,212 | +€41,134 | +65.2% |
| Amounts payable after more than one year | 17 | €15,442 | €10,068 | -€5,374 | -34.8% |
| Financial debts | 170/4 | €15,442 | €10,068 | -€5,374 | -34.8% |
| Amounts payable within one year | 42/48 | €47,635 | €94,144 | +€46,509 | +97.6% |
| Current portion of amounts payable after more than one year | 42 | €5,115 | €5,374 | +€259 | +5.1% |
| Financial debts | 43 | €10,000 | €0 | -€10,000 | -100% |
| Credit institutions | 430/8 | €10,000 | €0 | -€10,000 | -100% |
| Trade debts | 44 | €12,041 | €19,807 | +€7,766 | +64.5% |
| Suppliers | 440/4 | €12,041 | €19,807 | +€7,766 | +64.5% |
| Taxes, remuneration and social security | 45 | €3,985 | €5,529 | +€1,543 | +38.7% |
| Taxes | 450/3 | €3,985 | €5,529 | +€1,543 | +38.7% |
| Other amounts payable | 47/48 | €16,493 | €63,434 | +€46,940 | +285% |
| Remuneration, social security and pensions | 62 | €487 | €85 | -€403 | -82.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,342 | €11,342 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,392 | -€3,412 | -€10,804 | |
| Other operating charges | 640/8 | €4,568 | €674 | -€3,894 | -85.2% |
| Gross operating margin | 9900 | €14,602 | -€39,859 | -€54,462 | |
| Operating profit (loss) | 9901 | -€9,187 | -€48,547 | -€39,360 | -428% |
| Financial income | 75/76B | €119 | €0 | -€119 | -100% |
| Recurring financial income | 75 | €119 | €0 | -€119 | -100% |
| Financial charges | 65/66B | €2,235 | €1,501 | -€734 | -32.8% |
| Recurring financial charges | 65 | €2,235 | €1,501 | -€734 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | -€11,303 | -€50,049 | -€38,746 | -343% |
| Income taxes | 67/77 | €174 | €163 | -€11 | -6.2% |
| Profit (loss) for the period | 9904 | -€11,477 | -€50,212 | -€38,735 | -338% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,477 | -€50,212 | -€38,735 | -338% |
Value
latest balance sheet 01-02-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €27,297 · adjusted equity only
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
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)
- €27,297
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €27,297
Capitalised earnings
- 2026
- -€50,212
- 2025
- -€11,477
- 2024
- €5,758
- 2023
- €11,093
- 2022
- -€7,274
- Average result, excluding non-recurring income and charges
- -€18,643
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2026
- -€37,206
- Net financial debt
- €15,165
- Your multiple
- -
- Value with your multiple
- -
Net financial debt is the sum of financial debts after one year, the part due within the year and short-term financial debts, less cash and current investments.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 1 February 2025 and 1 February 2026. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 13 November 2026 via checked.be.