BART COEL-ADVOCAAT: 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 2025 and 2026
Largest movements
- Cash +€66,437
up €66,437 (+15,308%), from €434 to €66,871
mainly Short-term financial debts (+€52,000) and Investment in fixed assets (net) (+€24,894)
- Tangible fixed assets -€37,517
down €37,517 (-30.6%), from €122,772 to €85,255
of which Furniture and vehicles: -€25,213
- Receivables within one year -€2,395
down €2,395 (-23.0%), from €10,397 to €8,002
of which Other amounts receivable: -€2,395
- Short-term financial debts +€52,000
up €52,000 (+39.1%), from €132,884 to €184,884
- Profit (loss) carried forward -€24,097
down €24,097 (-30.6%), from -€78,794 to -€102,891
- Trade debts -€7,743
no longer reported in 2026 (was €7,743)
- Other debts +€4,065
up €4,065 (+13.8%), from €29,365 to €33,430
- Depreciation -€6,229
down €6,229 (-33.0%), from €18,852 to €12,623
- Gross operating margin +€3,452
up €3,452 (+48.0%), from -€7,188 to -€3,736
- Financial income +€640
up €640 (+62.1%), from €1,030 to €1,670
- Financial charges -€302
down €302 (-13.5%), from €2,233 to €1,931
- Taxes +€171
up €171, from -€105 to €66
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €165,932 | €192,022 | +€26,090 | +15.7% |
| Fixed assets | 21/28 | €122,772 | €85,255 | -€37,517 | -30.6% |
| Tangible fixed assets | 22/27 | €122,772 | €85,255 | -€37,517 | -30.6% |
| Land and buildings | 22 | €97,559 | €85,255 | -€12,304 | -12.6% |
| Furniture and vehicles | 24 | €25,213 | €0 | -€25,213 | -100% |
| Current assets | 29/58 | €43,160 | €106,767 | +€63,607 | +147% |
| Amounts receivable within one year | 40/41 | €10,397 | €8,002 | -€2,395 | -23.0% |
| Trade receivables | 40 | €7,501 | €7,501 | = | 0.0% |
| Other amounts receivable | 41 | €2,896 | €501 | -€2,395 | -82.7% |
| Current investments | 50/53 | €32,329 | €31,894 | -€435 | -1.3% |
| Cash at bank and in hand | 54/58 | €434 | €66,871 | +€66,437 | +15,308% |
| Total equity and liabilities | 10/49 | €165,932 | €192,022 | +€26,090 | +15.7% |
| Equity | 10/15 | -€64,374 | -€88,471 | -€24,097 | -37.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,020 | €2,020 | = | 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% |
| Tax-exempt reserves | 132 | €160 | €160 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€78,794 | -€102,891 | -€24,097 | -30.6% |
| Provisions and deferred taxes | 16 | €60,314 | €60,314 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €60,314 | €60,314 | = | 0.0% |
| Pensions and similar obligations | 160 | €60,314 | €60,314 | = | 0.0% |
| Amounts payable | 17/49 | €169,992 | €220,179 | +€50,187 | +29.5% |
| Amounts payable after more than one year | 17 | - | €1,865 | +€1,865 | |
| Financial debts | 170/4 | - | €1,865 | +€1,865 | |
| Amounts payable within one year | 42/48 | €169,992 | €218,314 | +€48,322 | +28.4% |
| Financial debts | 43 | €132,884 | €184,884 | +€52,000 | +39.1% |
| Other loans | 439 | €132,884 | €184,884 | +€52,000 | +39.1% |
| Trade debts | 44 | €7,743 | - | -€7,743 | |
| Suppliers | 440/4 | €7,743 | - | -€7,743 | |
| Other amounts payable | 47/48 | €29,365 | €33,430 | +€4,065 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,852 | €12,623 | -€6,229 | -33.0% |
| Other operating charges | 640/8 | €2,440 | €2,517 | +€77 | +3.2% |
| Non-recurring operating charges | 66A | - | €4,894 | +€4,894 | |
| Gross operating margin | 9900 | -€7,188 | -€3,736 | +€3,452 | +48.0% |
| Operating profit (loss) | 9901 | -€28,480 | -€23,770 | +€4,710 | +16.5% |
| Financial income | 75/76B | €1,030 | €1,670 | +€640 | +62.1% |
| Recurring financial income | 75 | €1,030 | €1,670 | +€640 | +62.1% |
| Financial charges | 65/66B | €2,233 | €1,931 | -€302 | -13.5% |
| Recurring financial charges | 65 | €2,233 | €1,931 | -€302 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | -€29,683 | -€24,031 | +€5,652 | +19.0% |
| Income taxes | 67/77 | -€105 | €66 | +€171 | |
| Profit (loss) for the period | 9904 | -€29,578 | -€24,097 | +€5,481 | +18.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,578 | -€24,097 | +€5,481 | +18.5% |
Value
latest balance sheet 28-02-2026 · indication, not a valuation or adviceIndicative 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)
- -€88,471
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€88,471
Capitalised earnings
- 2026
- -€24,097
- excluding non-recurring income and charges
- -€19,203
- 2025
- -€29,578
- 2024
- -€30,781
- excluding non-recurring income and charges
- -€30,615
- 2023
- -€12,964
- excluding non-recurring income and charges
- -€12,902
- 2022
- -€1,984
- Average result, excluding non-recurring income and charges
- -€26,465
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2026
- -€11,147
- Net financial debt
- €87,984
- 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 28 February 2025 and 28 February 2026. 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.