ADWORLD: 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 2023 and 2024
Largest movements
- Stocks and contracts -€14,869
no longer reported in 2024 (was €14,869)
- Receivables within one year -€1,312
down €1,312 (-23.3%), from €5,629 to €4,317
of which Trade receivables: -€1,127
- Formation expenses -€922
no longer reported in 2024 (was €922)
- Deferred charges and accrued income -€874
down €874 (-34.1%), from €2,566 to €1,692
- Profit (loss) carried forward -€16,087
down €16,087 (-19.9%), from -€80,986 to -€97,073
- Trade debts -€4,635
down €4,635 (-26.1%), from €17,784 to €13,149
- Short-term financial debts +€3,800
up €3,800 (+317%), from €1,197 to €4,997
- Other debts -€839
down €839 (-2.7%), from €30,714 to €29,875
- Gross operating margin -€18,447
down €18,447, from €6,265 to -€12,182
- Financial charges -€6,352
down €6,352 (-82.6%), from €7,689 to €1,337
- Depreciation +€624
up €624 (+209%), from €298 to €922
- Other operating charges -€194
down €194 (-10.5%), from €1,840 to €1,646
Change in the result, 2023 to 2024
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
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,467 | €6,490 | -€17,977 | -73.5% |
| Formation expenses | 20 | €922 | - | -€922 | |
| Fixed assets | 21/28 | €481 | €481 | = | 0.0% |
| Financial fixed assets | 28 | €481 | €481 | = | 0.0% |
| Current assets | 29/58 | €23,064 | €6,009 | -€17,055 | -73.9% |
| Stocks and contracts in progress | 3 | €14,869 | - | -€14,869 | |
| Stocks | 30/36 | €14,869 | - | -€14,869 | |
| Amounts receivable within one year | 40/41 | €5,629 | €4,317 | -€1,312 | -23.3% |
| Trade receivables | 40 | €5,079 | €3,952 | -€1,127 | -22.2% |
| Other amounts receivable | 41 | €550 | €365 | -€185 | -33.6% |
| Deferred charges and accrued income | 490/1 | €2,566 | €1,692 | -€874 | -34.1% |
| Total equity and liabilities | 10/49 | €24,467 | €6,490 | -€17,977 | -73.5% |
| Equity | 10/15 | -€52,586 | -€68,673 | -€16,087 | -30.6% |
| Contributions | 10/11 | €28,400 | €28,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,986 | -€97,073 | -€16,087 | -19.9% |
| Amounts payable | 17/49 | €77,053 | €75,163 | -€1,890 | -2.5% |
| Amounts payable within one year | 42/48 | €50,038 | €48,148 | -€1,890 | -3.8% |
| Financial debts | 43 | €1,197 | €4,997 | +€3,800 | +317% |
| Credit institutions | 430/8 | €1,197 | €4,997 | +€3,800 | +317% |
| Trade debts | 44 | €17,784 | €13,149 | -€4,635 | -26.1% |
| Suppliers | 440/4 | €17,784 | €13,149 | -€4,635 | -26.1% |
| Taxes, remuneration and social security | 45 | €343 | €127 | -€216 | -63.0% |
| Taxes | 450/3 | €343 | €127 | -€216 | -63.0% |
| Other amounts payable | 47/48 | €30,714 | €29,875 | -€839 | -2.7% |
| Accrued charges and deferred income | 492/3 | €27,015 | €27,015 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €298 | €922 | +€624 | +209% |
| Other operating charges | 640/8 | €1,840 | €1,646 | -€194 | -10.5% |
| Gross operating margin | 9900 | €6,265 | -€12,182 | -€18,447 | |
| Operating profit (loss) | 9901 | €4,127 | -€14,750 | -€18,877 | |
| Financial income | 75/76B | €24 | - | -€24 | |
| Recurring financial income | 75 | €24 | - | -€24 | |
| Financial charges | 65/66B | €7,689 | €1,337 | -€6,352 | -82.6% |
| Recurring financial charges | 65 | €7,689 | €1,337 | -€6,352 | -82.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,538 | -€16,087 | -€12,549 | -355% |
| Profit (loss) for the period | 9904 | -€3,538 | -€16,087 | -€12,549 | -355% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,538 | -€16,087 | -€12,549 | -355% |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €0 · 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)
- -€68,673
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€68,673
Capitalised earnings
- 2024
- -€16,087
- 2023
- -€3,538
- 2022
- -€1,588
- 2021
- -€5,729
- 2020
- -€6,530
- Average result, excluding non-recurring income and charges
- -€7,071
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2024
- -€13,828
- Net financial debt
- €4,997
- Your multiple
- -
- Value with your multiple
- -
These accounts do not break down the debts after one year. They count in full as financial debt.
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 31 December 2023 and 31 December 2024. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 9 November 2026 via checked.be.