ALIZÉ: 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 2024 and 2025
not consecutiveLargest movements
- Receivables within one year -€332,460
down €332,460 (-38.0%), from €874,545 to €542,086
of which Trade receivables: -€209,930
- Cash -€316,949
down €316,949 (-34.7%), from €912,722 to €595,772
- Tangible fixed assets -€304,539
down €304,539 (-36.3%), from €839,546 to €535,007
- Receivables after one year -€138,300
no longer reported in 2025 (was €138,300)
- Intangible fixed assets +€121,638
up €121,638 (+1,228%), from €9,909 to €131,547
- Other debts -€1.5m
down €1.5m (-99.9%), from €1.5m to €868
- Trade debts +€379,917
up €379,917 (+707%), from €53,706 to €433,623
of which Suppliers: +€377,537
- Reserves +€312,034
up €312,034 (+26.1%), from €1.2m to €1.5m
of which Distributable reserves: +€702,894
- Tax, wage and social debts -€31,510
down €31,510 (-27.1%), from €116,135 to €84,626
of which Remuneration and social security: -€23,683
- Staff costs +€429,962
up €429,962 (+58.0%), from €741,231 to €1.2m
- Financial charges -€170,387
down €170,387 (-96.0%), from €177,531 to €7,144
of which Financial charges: -€134,743
- Taxes -€101,013
down €101,013 (-44.9%), from €224,792 to €123,779
- Financial income -€49,786
down €49,786 (-35.3%), from €141,029 to €91,243
of which Financial income: -€70,961
- Other operating charges +€39,538
up €39,538 (+166%), from €23,795 to €63,332
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
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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,932,985 | €2,093,877 | -€839,108 | -28.6% |
| Fixed assets | 21/28 | €849,455 | €666,554 | -€182,900 | -21.5% |
| Intangible fixed assets | 21 | €9,909 | €131,547 | +€121,638 | +1,228% |
| Tangible fixed assets | 22/27 | €839,546 | €535,007 | -€304,539 | -36.3% |
| Plant, machinery and equipment | 23 | €325,190 | €222,416 | -€102,774 | -31.6% |
| Furniture and vehicles | 24 | €181,086 | €57,853 | -€123,233 | -68.1% |
| Other tangible fixed assets | 26 | €333,269 | €254,738 | -€78,531 | -23.6% |
| Current assets | 29/58 | €2,083,530 | €1,427,323 | -€656,208 | -31.5% |
| Amounts receivable after more than one year | 29 | €138,300 | - | -€138,300 | |
| Other amounts receivable | 291 | €138,300 | - | -€138,300 | |
| Stocks and contracts in progress | 3 | €71,892 | €189,595 | +€117,703 | +164% |
| Stocks | 30/36 | €71,892 | €189,595 | +€117,703 | +164% |
| Amounts receivable within one year | 40/41 | €874,545 | €542,086 | -€332,460 | -38.0% |
| Trade receivables | 40 | €739,351 | €529,421 | -€209,930 | -28.4% |
| Other amounts receivable | 41 | €135,194 | €12,664 | -€122,529 | -90.6% |
| Cash at bank and in hand | 54/58 | €912,722 | €595,772 | -€316,949 | -34.7% |
| Deferred charges and accrued income | 490/1 | €86,071 | €99,869 | +€13,798 | +16.0% |
| Total equity and liabilities | 10/49 | €2,932,985 | €2,093,877 | -€839,108 | -28.6% |
| Equity | 10/15 | €1,243,165 | €1,544,937 | +€301,772 | +24.3% |
| Contributions | 10/11 | €20,459 | €20,459 | = | 0.0% |
| Reserves | 13 | €1,196,110 | €1,508,144 | +€312,034 | +26.1% |
| Tax-exempt reserves | 132 | €620,110 | €229,250 | -€390,860 | -63.0% |
| Distributable reserves | 133 | €576,000 | €1,278,894 | +€702,894 | +122% |
| Profit (loss) carried forward | 14 | €834 | - | -€834 | |
| Investment grants | 15 | €25,763 | €16,334 | -€9,429 | -36.6% |
| Provisions and deferred taxes | 16 | €15,720 | - | -€15,720 | |
| Deferred taxes | 168 | €15,720 | - | -€15,720 | |
| Amounts payable | 17/49 | €1,674,100 | €548,940 | -€1.1m | -67.2% |
| Amounts payable within one year | 42/48 | €1,674,100 | €520,590 | -€1.2m | -68.9% |
| Financial debts | 43 | €3,051 | €1,474 | -€1,577 | -51.7% |
| Credit institutions | 430/8 | €3,051 | €1,474 | -€1,577 | -51.7% |
| Trade debts | 44 | €53,706 | €433,623 | +€379,917 | +707% |
| Suppliers | 440/4 | €53,706 | €431,243 | +€377,537 | +703% |
| Bills of exchange payable | 441 | - | €2,380 | +€2,380 | |
| Taxes, remuneration and social security | 45 | €116,135 | €84,626 | -€31,510 | -27.1% |
| Taxes | 450/3 | €21,772 | €13,946 | -€7,827 | -35.9% |
| Remuneration and social security | 454/9 | €94,363 | €70,680 | -€23,683 | -25.1% |
| Other amounts payable | 47/48 | €1,501,208 | €868 | -€1.5m | -99.9% |
| Accrued charges and deferred income | 492/3 | - | €28,350 | +€28,350 | |
| Remuneration, social security and pensions | 62 | €741,231 | €1,171,193 | +€429,962 | +58.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €230,767 | €223,574 | -€7,193 | -3.1% |
| Other operating charges | 640/8 | €23,795 | €63,332 | +€39,538 | +166% |
| Gross operating margin | 9900 | €1,800,073 | €1,793,259 | -€6,814 | -0.4% |
| Operating profit (loss) | 9901 | €804,281 | €335,160 | -€469,121 | -58.3% |
| Financial income | 75/76B | €141,029 | €91,243 | -€49,786 | -35.3% |
| Recurring financial income | 75 | €141,029 | €70,068 | -€70,961 | -50.3% |
| Non-recurring financial income | 76B | - | €21,175 | +€21,175 | |
| Financial charges | 65/66B | €177,531 | €7,144 | -€170,387 | -96.0% |
| Recurring financial charges | 65 | €141,887 | €7,144 | -€134,743 | -95.0% |
| Non-recurring financial charges | 66B | €35,644 | - | -€35,644 | |
| Profit (loss) for the period before taxes | 9903 | €767,778 | €419,259 | -€348,519 | -45.4% |
| Transfer from deferred taxes | 780 | €5,240 | €15,720 | +€10,480 | +200% |
| Income taxes | 67/77 | €224,792 | €123,779 | -€101,013 | -44.9% |
| Profit (loss) for the period | 9904 | €548,227 | €311,200 | -€237,026 | -43.2% |
| Transfer from tax-exempt reserves | 789 | - | €390,860 | +€390,860 | |
| Profit (loss) for the period to be appropriated | 9905 | €548,227 | €702,060 | +€153,834 | +28.1% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €2.5m · 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
Worked out with Checked's starting values, not your estimate and not market data. Change the assumptions: the value follows.
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)
- €1,544,937
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€131,547
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €1.4m
Capitalised earnings
- 2025
- €311,200
- excluding non-recurring income and charges
- €290,025
- 2024
- €548,227
- excluding non-recurring income and charges
- €583,870
- 2023
- €447,673
- excluding non-recurring income and charges
- €442,562
- 2022
- €822,902
- excluding non-recurring income and charges
- €718,102
- 2021
- €418,095
- Average result, excluding non-recurring income and charges
- €438,819
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €3.1m / €3.7m / €4.4m
Your EBITDA multiple
- EBITDA 2025
- €558,734
- Net financial debt
- -€594,299
- 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 result is not corrected for the manager's pay. If the company pays less or more than a market salary, the capitalised earnings are too high or too low.
- 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 30 June 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 15 November 2026 via checked.be.