AG REAL ESTATE SHARED SERVICES: 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 2019 and 2021
not consecutiveLargest movements
- Current assets -€741,554
down €741,554 (-54.9%), from €1.4m to €608,447
of which Receivables within one year: -€774,188
- Tangible fixed assets -€460,671
down €460,671 (-40.2%), from €1.1m to €684,276
- Intangible fixed assets +€68,063
up €68,063 (+16.2%), from €419,037 to €487,100
- Debts -€1.1m
down €1.1m (-38.9%), from €2.9m to €1.8m
of which Debts within one year: -€715,190
- Other operating charges +€299,677
new in 2021: €299,677
- Gross operating margin -€200,422
down €200,422 (-23.3%), from €859,960 to €659,539
- Depreciation -€115,287
down €115,287 (-25.3%), from €455,909 to €340,622
- Financial charges +€19,239
new in 2021: €19,239
Change in the result, 2019 to 2021
The net result is not in both sets of accounts. Without it the difference cannot be explained line by line.
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2019 | 2021 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,914,155 | €1,779,993 | -€1.1m | -38.9% |
| Fixed assets | 21/28 | €1,564,154 | €1,171,545 | -€392,608 | -25.1% |
| Intangible fixed assets | 21 | €419,037 | €487,100 | +€68,063 | +16.2% |
| Tangible fixed assets | 22/27 | €1,144,947 | €684,276 | -€460,671 | -40.2% |
| Furniture and vehicles | 24 | - | €42,163 | +€42,163 | |
| Other tangible fixed assets | 26 | - | €642,112 | +€642,112 | |
| Financial fixed assets | 28 | €170 | €170 | = | 0.0% |
| Current assets | 29/58 | €1,350,001 | €608,447 | -€741,554 | -54.9% |
| Amounts receivable within one year | 40/41 | €1,308,729 | €534,542 | -€774,188 | -59.2% |
| Trade receivables | 40 | - | €28,265 | +€28,265 | |
| Other amounts receivable | 41 | - | €506,276 | +€506,276 | |
| Deferred charges and accrued income | 490/1 | - | €73,906 | +€73,906 | |
| Total equity and liabilities | 10/49 | €2,914,155 | €1,779,993 | -€1.1m | -38.9% |
| Equity | 10/15 | €57 | €78 | +€21 | +36.8% |
| Contributions | 10/11 | €57 | €78 | +€21 | +36.8% |
| Capital | 10 | - | €78 | +€78 | |
| Issued capital | 100 | - | €78 | +€78 | |
| Amounts payable | 17/49 | €2,914,098 | €1,779,915 | -€1.1m | -38.9% |
| Amounts payable within one year | 42/48 | €2,086,136 | €1,370,946 | -€715,190 | -34.3% |
| Trade debts | 44 | €1,090,334 | €388,926 | -€701,408 | -64.3% |
| Suppliers | 440/4 | - | €388,926 | +€388,926 | |
| Other amounts payable | 47/48 | - | €982,019 | +€982,019 | |
| Accrued charges and deferred income | 492/3 | - | €408,969 | +€408,969 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €455,909 | €340,622 | -€115,287 | -25.3% |
| Other operating charges | 640/8 | - | €299,677 | +€299,677 | |
| Gross operating margin | 9900 | €859,960 | €659,539 | -€200,422 | -23.3% |
| Operating profit (loss) | 9901 | €34,661 | €19,239 | -€15,422 | -44.5% |
| Financial charges | 65/66B | - | €19,239 | +€19,239 | |
| Recurring financial charges | 65 | €34,661 | €19,239 | -€15,422 | -44.5% |
Value
latest balance sheet 31-12-2021 · indication, not a valuation or adviceFor holding and financial companies, the adjusted equity is usually a better measure than the earnings. Give the capitalised earnings a lower weight then.
Indicative 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)
- €78
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€487,100
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€487,022
Capitalised earnings
- 2021
- -
- 2019
- -
- 2018
- -
- Average result, excluding non-recurring income and charges
- -
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2021
- €359,861
- Net financial debt
- -
- 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 2019 and 31 December 2021. 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.