Belchique Agency & Projects: 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
- Deferred charges and accrued income +€20,790
new in 2026: €20,790
- Receivables within one year -€7,466
down €7,466 (-99.7%), from €7,491 to €25
of which Trade receivables: -€7,466
- Intangible fixed assets -€3,000
down €3,000 (-53.3%), from €5,630 to €2,630
- Tangible fixed assets -€741
down €741 (-52.2%), from €1,419 to €678
- Tax, wage and social debts -€11,037
down €11,037 (-66.6%), from €16,577 to €5,540
of which Taxes: -€8,049
- Profit (loss) carried forward +€8,593
up €8,593 (+25.9%), from -€33,211 to -€24,618
- Other debts +€4,059
up €4,059 (+108%), from €3,768 to €7,827
- Short-term financial debts +€2,999
up €2,999 (+28.4%), from €10,571 to €13,571
- Advances received +€2,750
new in 2026: €2,750
- Gross operating margin +€27,542
up €27,542, from -€9,748 to €17,794
- Financial charges +€2,050
up €2,050 (+88.0%), from €2,329 to €4,379
- Other operating charges -€577
down €577 (-38.6%), from €1,495 to €918
- Depreciation -€319
down €319 (-7.9%), from €4,060 to €3,741
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
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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,541 | €24,123 | +€9,582 | +65.9% |
| Fixed assets | 21/28 | €7,050 | €3,309 | -€3,741 | -53.1% |
| Intangible fixed assets | 21 | €5,630 | €2,630 | -€3,000 | -53.3% |
| Tangible fixed assets | 22/27 | €1,419 | €678 | -€741 | -52.2% |
| Furniture and vehicles | 24 | €1,419 | €678 | -€741 | -52.2% |
| Current assets | 29/58 | €7,491 | €20,815 | +€13,323 | +178% |
| Amounts receivable within one year | 40/41 | €7,491 | €25 | -€7,466 | -99.7% |
| Trade receivables | 40 | €7,466 | - | -€7,466 | |
| Other amounts receivable | 41 | €25 | €25 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | - | €20,790 | +€20,790 | |
| Total equity and liabilities | 10/49 | €14,541 | €24,123 | +€9,582 | +65.9% |
| Equity | 10/15 | -€20,890 | -€12,297 | +€8,593 | +41.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €7,321 | €7,321 | = | 0.0% |
| Distributable reserves | 133 | €7,321 | €7,321 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,211 | -€24,618 | +€8,593 | +25.9% |
| Amounts payable | 17/49 | €35,431 | €36,420 | +€989 | +2.8% |
| Amounts payable within one year | 42/48 | €34,382 | €34,662 | +€280 | +0.8% |
| Financial debts | 43 | €10,571 | €13,571 | +€2,999 | +28.4% |
| Credit institutions | 430/8 | €10,571 | €13,571 | +€2,999 | +28.4% |
| Trade debts | 44 | €3,465 | €4,975 | +€1,509 | +43.6% |
| Suppliers | 440/4 | €3,465 | €4,975 | +€1,509 | +43.6% |
| Advances received on contracts in progress | 46 | - | €2,750 | +€2,750 | |
| Taxes, remuneration and social security | 45 | €16,577 | €5,540 | -€11,037 | -66.6% |
| Taxes | 450/3 | €11,089 | €3,040 | -€8,049 | -72.6% |
| Remuneration and social security | 454/9 | €5,488 | €2,500 | -€2,988 | -54.4% |
| Other amounts payable | 47/48 | €3,768 | €7,827 | +€4,059 | +108% |
| Accrued charges and deferred income | 492/3 | €1,049 | €1,758 | +€709 | +67.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,060 | €3,741 | -€319 | -7.9% |
| Other operating charges | 640/8 | €1,495 | €918 | -€577 | -38.6% |
| Gross operating margin | 9900 | -€9,748 | €17,794 | +€27,542 | |
| Operating profit (loss) | 9901 | -€15,303 | €13,135 | +€28,438 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +2,900% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +2,900% |
| Financial charges | 65/66B | €2,329 | €4,379 | +€2,050 | +88.0% |
| Recurring financial charges | 65 | €2,329 | €4,379 | +€2,050 | +88.0% |
| Profit (loss) for the period before taxes | 9903 | -€17,632 | €8,756 | +€26,388 | |
| Income taxes | 67/77 | €87 | €163 | +€76 | +87.5% |
| Profit (loss) for the period | 9904 | -€17,719 | €8,593 | +€26,312 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,719 | €8,593 | +€26,312 |
Value
latest balance sheet 31-03-2026 · 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
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)
- -€12,297
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€2,630
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€14,927
Capitalised earnings
- 2026
- €8,593
- 2025
- -€17,719
- 2024
- -€15,492
- 2023
- €7,321
- Average result, excluding non-recurring income and charges
- -€8,206
- 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
- €16,876
- Net financial debt
- €13,571
- 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 March 2025 and 31 March 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 15 November 2026 via checked.be.