Bart Bellen: 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 2009 and 2010
Largest movements
- Receivables within one year +€195,018
up €195,018 (+71.5%), from €272,904 to €467,923
- Cash -€163,034
down €163,034 (-26.1%), from €625,804 to €462,770
mainly Debts within one year (-€352,326) and Receivables within one year (-€195,018)
- Tangible fixed assets +€51,602
up €51,602 (+884%), from €5,834 to €57,436
- Profit (loss) carried forward +€429,055
up €429,055 (+96.8%), from €443,385 to €872,440
- Debts within one year -€352,326
down €352,326 (-91.3%), from €385,927 to €33,601
- Gross operating margin +€327,642
up €327,642 (+95.9%), from €341,733 to €669,376
- Taxes +€111,343
up €111,343 (+102%), from €108,947 to €220,290
- Depreciation +€14,002
up €14,002 (+960%), from €1,459 to €15,460
Change in the result, 2009 to 2010
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
The bridge is derived from the 2009 and 2010 balance sheets and the 2010 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2009 | 2010 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €904,643 | €988,228 | +€83,585 | +9.2% |
| Fixed assets | 21/28 | €5,934 | €57,536 | +€51,602 | +870% |
| Tangible fixed assets | 22/27 | €5,834 | €57,436 | +€51,602 | +884% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €898,709 | €930,692 | +€31,984 | +3.6% |
| Amounts receivable within one year | 40/41 | €272,904 | €467,923 | +€195,018 | +71.5% |
| Cash at bank and in hand | 54/58 | €625,804 | €462,770 | -€163,034 | -26.1% |
| Total equity and liabilities | 10/49 | €904,643 | €988,228 | +€83,585 | +9.2% |
| Equity | 10/15 | €457,645 | €886,700 | +€429,055 | +93.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €443,385 | €872,440 | +€429,055 | +96.8% |
| Provisions and deferred taxes | 16 | €61,071 | €67,927 | +€6,856 | +11.2% |
| Amounts payable | 17/49 | €385,927 | €33,601 | -€352,326 | -91.3% |
| Amounts payable within one year | 42/48 | €385,927 | €33,601 | -€352,326 | -91.3% |
| Trade debts | 44 | - | €751 | +€751 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,459 | €15,460 | +€14,002 | +960% |
| Gross operating margin | 9900 | €341,733 | €669,376 | +€327,642 | +95.9% |
| Operating profit (loss) | 9901 | €332,731 | €642,562 | +€309,831 | +93.1% |
| Recurring financial income | 75 | €9,764 | €6,725 | -€3,039 | -31.1% |
| Recurring financial charges | 65 | €1,420 | €142 | -€1,278 | -90.0% |
| Profit (loss) for the period before taxes | 9903 | €341,075 | €649,345 | +€308,270 | +90.4% |
| Income taxes | 67/77 | €108,947 | €220,290 | +€111,343 | +102% |
| Profit (loss) for the period | 9904 | €232,128 | €429,055 | +€196,927 | +84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €232,128 | €429,055 | +€196,927 | +84.8% |
Value
latest balance sheet 31-12-2010 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €1.7m · 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)
- €886,700
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €886,700
Capitalised earnings
- 2010
- €429,055
- 2009
- €232,128
- 2008
- €253,154
- 2007
- €183,356
- 2006
- €133,379
- Average result, excluding non-recurring income and charges
- €304,779
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €2.2m / €2.5m / €3.0m
Your EBITDA multiple
- EBITDA 2010
- €658,022
- Net financial debt
- -€462,770
- 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 31 December 2009 and 31 December 2010. 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.