BEER-WALL: 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 2022 and 2023
Largest movements
- Cash -€22,217
down €22,217 (-77.7%), from €28,602 to €6,385
mainly Net result for the year (-€31,552) and Stocks and contracts (-€5,018)
- Deferred charges and accrued income -€5,962
down €5,962 (-77.2%), from €7,725 to €1,763
- Stocks and contracts +€5,018
up €5,018 (+40.9%), from €12,259 to €17,276
- Tangible fixed assets -€4,552
down €4,552 (-49.6%), from €9,184 to €4,632
of which Plant, machinery and equipment: -€3,088
- Receivables within one year +€1,538
up €1,538 (+36.6%), from €4,200 to €5,738
of which Other amounts receivable: +€1,538
- Profit (loss) carried forward -€31,552
down €31,552, from €9,261 to -€22,291
- Trade debts +€9,564
up €9,564 (+107%), from €8,902 to €18,466
- Other debts -€4,900
down €4,900 (-30.8%), from €15,918 to €11,018
- Tax, wage and social debts +€714
up €714 (+9.2%), from €7,744 to €8,457
of which Taxes: +€1,357
- Turnover +€65,109
up €65,109 (+21.3%), from €306,071 to €371,180
- Purchases and services +€46,421
up €46,421 (+17.8%), from €261,135 to €307,556
- Gross operating margin -€25,285
down €25,285 (-28.4%), from €88,909 to €63,624
- Staff costs +€17,173
up €17,173 (+26.3%), from €65,316 to €82,488
Change in the result, 2022 to 2023
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 2022 and 2023 balance sheets and the 2023 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 | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,285 | €36,110 | -€26,175 | -42.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €9,499 | €4,948 | -€4,552 | -47.9% |
| Tangible fixed assets | 22/27 | €9,184 | €4,632 | -€4,552 | -49.6% |
| Plant, machinery and equipment | 23 | €7,720 | €4,632 | -€3,088 | -40.0% |
| Furniture and vehicles | 24 | €548 | - | -€548 | |
| Other tangible fixed assets | 26 | €915 | - | -€915 | |
| Financial fixed assets | 28 | €315 | €315 | = | 0.0% |
| Current assets | 29/58 | €52,786 | €31,163 | -€21,623 | -41.0% |
| Stocks and contracts in progress | 3 | €12,259 | €17,276 | +€5,018 | +40.9% |
| Stocks | 30/36 | €12,259 | €17,276 | +€5,018 | +40.9% |
| Amounts receivable within one year | 40/41 | €4,200 | €5,738 | +€1,538 | +36.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €4,200 | €5,738 | +€1,538 | +36.6% |
| Cash at bank and in hand | 54/58 | €28,602 | €6,385 | -€22,217 | -77.7% |
| Deferred charges and accrued income | 490/1 | €7,725 | €1,763 | -€5,962 | -77.2% |
| Total equity and liabilities | 10/49 | €62,285 | €36,110 | -€26,175 | -42.0% |
| Equity | 10/15 | €29,721 | -€1,831 | -€31,552 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €9,261 | -€22,291 | -€31,552 | |
| Amounts payable | 17/49 | €32,564 | €37,941 | +€5,377 | +16.5% |
| Amounts payable within one year | 42/48 | €32,564 | €37,941 | +€5,377 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €8,902 | €18,466 | +€9,564 | +107% |
| Suppliers | 440/4 | €8,902 | €18,466 | +€9,564 | +107% |
| Taxes, remuneration and social security | 45 | €7,744 | €8,457 | +€714 | +9.2% |
| Taxes | 450/3 | €4,208 | €5,564 | +€1,357 | +32.2% |
| Remuneration and social security | 454/9 | €3,536 | €2,893 | -€643 | -18.2% |
| Other amounts payable | 47/48 | €15,918 | €11,018 | -€4,900 | -30.8% |
| Turnover | 70 | €306,071 | €371,180 | +€65,109 | +21.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €261,135 | €307,556 | +€46,421 | +17.8% |
| Remuneration, social security and pensions | 62 | €65,316 | €82,488 | +€17,173 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,121 | €4,552 | +€431 | +10.5% |
| Other operating charges | 640/8 | €3,686 | €5,307 | +€1,621 | +44.0% |
| Gross operating margin | 9900 | €88,909 | €63,624 | -€25,285 | -28.4% |
| Operating profit (loss) | 9901 | €15,786 | -€28,723 | -€44,509 | |
| Financial income | 75/76B | €0 | €20 | +€20 | |
| Recurring financial income | 75 | €0 | €20 | +€20 | |
| Financial charges | 65/66B | €1,650 | €2,850 | +€1,200 | +72.8% |
| Recurring financial charges | 65 | €1,650 | €2,850 | +€1,200 | +72.8% |
| Profit (loss) for the period before taxes | 9903 | €14,137 | -€31,552 | -€45,689 | |
| Profit (loss) for the period | 9904 | €14,137 | -€31,552 | -€45,689 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,137 | -€31,552 | -€45,689 |
Value
latest balance sheet 30-06-2023 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €9,297 · 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)
- -€1,831
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€1,831
Capitalised earnings
- 2023
- -€31,552
- 2022
- €14,137
- 2021
- €24,768
- 2020
- -€15,946
- 2019
- €3,202
- Average result, excluding non-recurring income and charges
- €2,451
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €17,507 / €20,425 / €24,510
Your EBITDA multiple
- EBITDA 2023
- -€24,171
- Net financial debt
- -€6,385
- 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 2022 and 30 June 2023. 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.