APM& ED: 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 2008 and 2009
Largest movements
- Current assets -€259,560
down €259,560 (-99.5%), from €260,787 to €1,227
of which Receivables within one year: -€215,704
- Tangible fixed assets -€41,789
down €41,789 (-11.9%), from €352,188 to €310,399
- Debts within one year -€349,249
down €349,249 (-51.2%), from €682,093 to €332,844
- Profit (loss) carried forward +€47,900
up €47,900 (+53.5%), from -€89,578 to -€41,678
- Gross operating margin +€26,945
up €26,945 (+43.1%), from €62,560 to €89,505
- Depreciation +€7,500
up €7,500 (+21.9%), from €34,289 to €41,789
Change in the result, 2008 to 2009
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 | 2008 | 2009 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €612,975 | €311,626 | -€301,349 | -49.2% |
| Fixed assets | 21/28 | €352,188 | €310,399 | -€41,789 | -11.9% |
| Tangible fixed assets | 22/27 | €352,188 | €310,399 | -€41,789 | -11.9% |
| Current assets | 29/58 | €260,787 | €1,227 | -€259,560 | -99.5% |
| Amounts receivable within one year | 40/41 | €215,704 | - | -€215,704 | |
| Current investments | 50/53 | - | €89 | +€89 | |
| Cash at bank and in hand | 54/58 | €45,084 | - | -€45,084 | |
| Total equity and liabilities | 10/49 | €612,975 | €311,626 | -€301,349 | -49.2% |
| Equity | 10/15 | -€69,118 | -€21,218 | +€47,900 | +69.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,578 | -€41,678 | +€47,900 | +53.5% |
| Amounts payable | 17/49 | €682,093 | €332,844 | -€349,249 | -51.2% |
| Amounts payable within one year | 42/48 | €682,093 | €332,844 | -€349,249 | -51.2% |
| Trade debts | 44 | €71,701 | - | -€71,701 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,289 | €41,789 | +€7,500 | +21.9% |
| Gross operating margin | 9900 | €62,560 | €89,505 | +€26,945 | +43.1% |
| Operating profit (loss) | 9901 | €28,020 | €47,716 | +€19,696 | +70.3% |
| Recurring financial income | 75 | - | €212 | +€212 | |
| Recurring financial charges | 65 | €146 | €27 | -€119 | -81.3% |
| Profit (loss) for the period before taxes | 9903 | €27,723 | €47,900 | +€20,177 | +72.8% |
| Income taxes | 67/77 | - | €1 | +€1 | |
| Profit (loss) for the period | 9904 | €27,723 | €47,900 | +€20,176 | +72.8% |
| Profit (loss) for the period to be appropriated | 9905 | €27,723 | €47,900 | +€20,176 | +72.8% |
Value
latest balance sheet 31-12-2009 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €102,866 · 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)
- -€21,218
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€21,218
Capitalised earnings
- 2009
- €47,900
- 2008
- €27,723
- 2007
- €6,079
- 2006
- -€8,548
- Average result, excluding non-recurring income and charges
- €27,234
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €194,529 / €226,950 / €272,340
Your EBITDA multiple
- EBITDA 2009
- €89,505
- Net financial debt
- -€89
- 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 2008 and 31 December 2009. 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.