Alexandra Construct: what changed
Position among the sector peers
Sector benchmark: create a free account or sign in to use this tool.
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 2024 and 2025
Largest movements
- Tangible fixed assets -€29,453
down €29,453 (-29.0%), from €101,678 to €72,225
of which Furniture and vehicles: -€34,302
- Receivables within one year +€17,843
up €17,843 (+53.7%), from €33,240 to €51,083
of which Trade receivables: +€45,825
- Stocks and contracts +€6,000
new in 2025: €6,000
- Trade debts -€43,787
down €43,787 (-65.2%), from €67,198 to €23,411
- Short-term financial debts +€13,220
up €13,220 (+243%), from €5,431 to €18,651
- Debts after one year +€10,776
new in 2025: €10,776
- Tax, wage and social debts +€8,953
up €8,953 (+165%), from €5,429 to €14,382
- Profit (loss) carried forward +€5,228
up €5,228 (+10.2%), from €51,329 to €56,556
- Gross operating margin -€11,123
down €11,123 (-20.6%), from €54,097 to €42,974
- Other operating charges -€4,452
down €4,452 (-65.1%), from €6,843 to €2,391
- Taxes -€2,004
down €2,004 (-36.9%), from €5,429 to €3,425
- Depreciation -€1,754
down €1,754 (-5.7%), from €30,529 to €28,775
- Financial charges +€572
up €572 (+22.1%), from €2,583 to €3,154
Change in the result, 2024 to 2025
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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €137,447 | €131,837 | -€5,610 | -4.1% |
| Fixed assets | 21/28 | €104,207 | €74,754 | -€29,453 | -28.3% |
| Tangible fixed assets | 22/27 | €101,678 | €72,225 | -€29,453 | -29.0% |
| Plant, machinery and equipment | 23 | €1,067 | €5,916 | +€4,849 | +454% |
| Furniture and vehicles | 24 | €100,610 | €66,309 | -€34,302 | -34.1% |
| Financial fixed assets | 28 | €2,529 | €2,529 | = | 0.0% |
| Current assets | 29/58 | €33,240 | €57,083 | +€23,843 | +71.7% |
| Stocks and contracts in progress | 3 | - | €6,000 | +€6,000 | |
| Stocks | 30/36 | - | €6,000 | +€6,000 | |
| Amounts receivable within one year | 40/41 | €33,240 | €51,083 | +€17,843 | +53.7% |
| Trade receivables | 40 | €5,259 | €51,083 | +€45,825 | +871% |
| Other amounts receivable | 41 | €27,982 | - | -€27,982 | |
| Total equity and liabilities | 10/49 | €137,447 | €131,837 | -€5,610 | -4.1% |
| Equity | 10/15 | €59,389 | €64,616 | +€5,228 | +8.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,329 | €56,556 | +€5,228 | +10.2% |
| Amounts payable | 17/49 | €78,058 | €67,220 | -€10,838 | -13.9% |
| Amounts payable after more than one year | 17 | - | €10,776 | +€10,776 | |
| Financial debts | 170/4 | - | €10,776 | +€10,776 | |
| Amounts payable within one year | 42/48 | €78,058 | €56,445 | -€21,614 | -27.7% |
| Financial debts | 43 | €5,431 | €18,651 | +€13,220 | +243% |
| Credit institutions | 430/8 | €5,431 | €18,651 | +€13,220 | +243% |
| Trade debts | 44 | €67,198 | €23,411 | -€43,787 | -65.2% |
| Suppliers | 440/4 | €67,198 | €23,411 | -€43,787 | -65.2% |
| Taxes, remuneration and social security | 45 | €5,429 | €14,382 | +€8,953 | +165% |
| Taxes | 450/3 | €5,429 | €14,382 | +€8,953 | +165% |
| Non-recurring operating income | 76A | €2,100 | €9,275 | +€7,175 | +342% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,529 | €28,775 | -€1,754 | -5.7% |
| Other operating charges | 640/8 | €6,843 | €2,391 | -€4,452 | -65.1% |
| Gross operating margin | 9900 | €54,097 | €42,974 | -€11,123 | -20.6% |
| Operating profit (loss) | 9901 | €16,724 | €11,807 | -€4,917 | -29.4% |
| Financial charges | 65/66B | €2,583 | €3,154 | +€572 | +22.1% |
| Recurring financial charges | 65 | €2,583 | €3,154 | +€572 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €14,142 | €8,653 | -€5,489 | -38.8% |
| Income taxes | 67/77 | €5,429 | €3,425 | -€2,004 | -36.9% |
| Profit (loss) for the period | 9904 | €8,712 | €5,228 | -€3,485 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,712 | €5,228 | -€3,485 | -40.0% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €50,037 · 50% capitalised earnings, 50% adjusted equity
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)
- €64,616
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €64,616
Capitalised earnings
- 2025
- €5,228
- excluding non-recurring income and charges
- -€4,048
- 2024
- €8,712
- excluding non-recurring income and charges
- €6,612
- 2023
- €10,200
- 2022
- €764
- 2021
- €1,304
- excluding non-recurring income and charges
- €1,221
- Average result, excluding non-recurring income and charges
- €4,255
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €30,393 / €35,458 / €42,550
Your EBITDA multiple
- EBITDA 2025
- €40,582
- Net financial debt
- €29,427
- 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 31 December 2024 and 31 December 2025. 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.