BDTE: 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 +€15,768
up €15,768 (+301%), from €5,239 to €21,008
of which Trade receivables: +€10,524
- Tangible fixed assets -€11,514
down €11,514 (-35.2%), from €32,736 to €21,222
of which Plant, machinery and equipment: -€13,070
- Cash +€10,507
new in 2025: €10,507
- Stocks and contracts +€9,192
new in 2025: €9,192
- Deferred charges and accrued income +€7,228
up €7,228 (+2,035%), from €355 to €7,583
- Trade debts +€21,587
up €21,587 (+587%), from €3,680 to €25,267
- Profit (loss) carried forward +€9,267
up €9,267 (+63.9%), from €14,508 to €23,775
- Other debts -€7,162
no longer reported in 2025 (was €7,162)
- Tax, wage and social debts +€6,606
up €6,606 (+89.2%), from €7,407 to €14,014
of which Remuneration and social security: +€7,855
- Accrued charges and deferred income +€1,741
new in 2025: €1,741
- Gross operating margin +€12,170
up €12,170 (+19.4%), from €62,607 to €74,777
- Staff costs +€5,968
up €5,968 (+16.1%), from €37,089 to €43,058
- Depreciation +€4,908
up €4,908 (+55.3%), from €8,882 to €13,790
- Financial charges +€3,883
up €3,883 (+1,675%), from €232 to €4,115
- Other operating charges +€1,359
up €1,359 (+426%), from €319 to €1,678
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 | €38,853 | €69,796 | +€30,944 | +79.6% |
| Formation expenses | 20 | €523 | €285 | -€237 | -45.4% |
| Fixed assets | 21/28 | €32,736 | €21,222 | -€11,514 | -35.2% |
| Tangible fixed assets | 22/27 | €32,736 | €21,222 | -€11,514 | -35.2% |
| Land and buildings | 22 | €569 | - | -€569 | |
| Plant, machinery and equipment | 23 | €30,976 | €17,906 | -€13,070 | -42.2% |
| Furniture and vehicles | 24 | €1,191 | €3,316 | +€2,125 | +178% |
| Current assets | 29/58 | €5,594 | €48,289 | +€42,695 | +763% |
| Stocks and contracts in progress | 3 | - | €9,192 | +€9,192 | |
| Stocks | 30/36 | - | €9,192 | +€9,192 | |
| Amounts receivable within one year | 40/41 | €5,239 | €21,008 | +€15,768 | +301% |
| Trade receivables | 40 | €3,578 | €14,102 | +€10,524 | +294% |
| Other amounts receivable | 41 | €1,661 | €6,906 | +€5,245 | +316% |
| Cash at bank and in hand | 54/58 | - | €10,507 | +€10,507 | |
| Deferred charges and accrued income | 490/1 | €355 | €7,583 | +€7,228 | +2,035% |
| Total equity and liabilities | 10/49 | €38,853 | €69,796 | +€30,944 | +79.6% |
| Equity | 10/15 | €19,508 | €28,775 | +€9,267 | +47.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,508 | €23,775 | +€9,267 | +63.9% |
| Amounts payable | 17/49 | €19,344 | €41,022 | +€21,677 | +112% |
| Amounts payable within one year | 42/48 | €19,344 | €39,281 | +€19,936 | +103% |
| Financial debts | 43 | €1,095 | - | -€1,095 | |
| Credit institutions | 430/8 | €1,095 | - | -€1,095 | |
| Trade debts | 44 | €3,680 | €25,267 | +€21,587 | +587% |
| Suppliers | 440/4 | €3,680 | €25,267 | +€21,587 | +587% |
| Taxes, remuneration and social security | 45 | €7,407 | €14,014 | +€6,606 | +89.2% |
| Taxes | 450/3 | €4,068 | €2,819 | -€1,248 | -30.7% |
| Remuneration and social security | 454/9 | €3,340 | €11,195 | +€7,855 | +235% |
| Other amounts payable | 47/48 | €7,162 | - | -€7,162 | |
| Accrued charges and deferred income | 492/3 | - | €1,741 | +€1,741 | |
| Non-recurring operating income | 76A | - | €39 | +€39 | |
| Remuneration, social security and pensions | 62 | €37,089 | €43,058 | +€5,968 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,882 | €13,790 | +€4,908 | +55.3% |
| Other operating charges | 640/8 | €319 | €1,678 | +€1,359 | +426% |
| Non-recurring operating charges | 66A | €1,173 | €794 | -€379 | -32.3% |
| Gross operating margin | 9900 | €62,607 | €74,777 | +€12,170 | +19.4% |
| Operating profit (loss) | 9901 | €15,144 | €15,457 | +€313 | +2.1% |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €232 | €4,115 | +€3,883 | +1,675% |
| Recurring financial charges | 65 | €232 | €4,115 | +€3,883 | +1,675% |
| Profit (loss) for the period before taxes | 9903 | €14,913 | €11,349 | -€3,564 | -23.9% |
| Income taxes | 67/77 | €3,218 | €2,082 | -€1,136 | -35.3% |
| Profit (loss) for the period | 9904 | €11,695 | €9,267 | -€2,428 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,695 | €9,267 | -€2,428 | -20.8% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €49,945 · 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)
- €28,775
- Formation expenses (20)
- -€285
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €28,489
Capitalised earnings
- 2025
- €9,267
- excluding non-recurring income and charges
- €10,022
- 2024
- €11,695
- excluding non-recurring income and charges
- €12,867
- 2023
- €2,814
- Average result, excluding non-recurring income and charges
- €8,568
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €61,200 / €71,400 / €85,680
Your EBITDA multiple
- EBITDA 2025
- €29,247
- Net financial debt
- -€10,507
- 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 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 10 November 2026 via checked.be.