BHOLE: 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 2023 and 2024
Largest movements
- Stocks and contracts +€4,401
up €4,401 (+77.2%), from €5,700 to €10,100
- Cash -€4,393
down €4,393 (-70.8%), from €6,206 to €1,813
mainly Stocks and contracts (-€4,401) and Tax, wage and social debts (-€1,976)
- Receivables within one year -€3,086
down €3,086 (-37.4%), from €8,258 to €5,172
of which Trade receivables: -€2,268
- Tax, wage and social debts -€1,976
down €1,976 (-81.8%), from €2,415 to €439
- Profit (loss) carried forward +€1,292
up €1,292 (+46.5%), from €2,781 to €4,073
- Other debts -€1,225
down €1,225 (-89.4%), from €1,371 to €146
- Contributions -€1,170
down €1,170 (-8.6%), from €13,570 to €12,400
- Staff costs +€10,847
new in 2024: €10,847
- Purchases and services -€10,789
down €10,789 (-4.2%), from €258,391 to €247,602
- Turnover -€8,558
down €8,558 (-3.2%), from €269,667 to €261,109
- Taxes -€5,017
down €5,017 (-92.1%), from €5,448 to €431
Change in the result, 2023 to 2024
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 2023 and 2024 balance sheets and the 2024 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 | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,164 | €17,085 | -€3,079 | -15.3% |
| Current assets | 29/58 | €20,164 | €17,085 | -€3,079 | -15.3% |
| Stocks and contracts in progress | 3 | €5,700 | €10,100 | +€4,401 | +77.2% |
| Stocks | 30/36 | €5,700 | €10,100 | +€4,401 | +77.2% |
| Amounts receivable within one year | 40/41 | €8,258 | €5,172 | -€3,086 | -37.4% |
| Trade receivables | 40 | €2,268 | - | -€2,268 | |
| Other amounts receivable | 41 | €5,990 | €5,172 | -€818 | -13.7% |
| Cash at bank and in hand | 54/58 | €6,206 | €1,813 | -€4,393 | -70.8% |
| Total equity and liabilities | 10/49 | €20,164 | €17,085 | -€3,079 | -15.3% |
| Equity | 10/15 | €16,377 | €16,500 | +€123 | +0.7% |
| Contributions | 10/11 | €13,570 | €12,400 | -€1,170 | -8.6% |
| Reserves | 13 | €27 | €27 | +€0 | +0.6% |
| Non-distributable reserves | 130/1 | €27 | €27 | +€0 | +0.6% |
| Reserves not available under the articles | 1311 | €27 | €27 | +€0 | +0.6% |
| Profit (loss) carried forward | 14 | €2,781 | €4,073 | +€1,292 | +46.5% |
| Amounts payable | 17/49 | €3,786 | €585 | -€3,201 | -84.6% |
| Amounts payable within one year | 42/48 | €3,786 | €585 | -€3,201 | -84.6% |
| Taxes, remuneration and social security | 45 | €2,415 | €439 | -€1,976 | -81.8% |
| Taxes | 450/3 | €2,415 | €439 | -€1,976 | -81.8% |
| Other amounts payable | 47/48 | €1,371 | €146 | -€1,225 | -89.4% |
| Turnover | 70 | €269,667 | €261,109 | -€8,558 | -3.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €258,391 | €247,602 | -€10,789 | -4.2% |
| Remuneration, social security and pensions | 62 | - | €10,847 | +€10,847 | |
| Other operating charges | 640/8 | €1,457 | €1,404 | -€53 | -3.6% |
| Gross operating margin | 9900 | €11,275 | €13,507 | +€2,232 | +19.8% |
| Operating profit (loss) | 9901 | €9,819 | €1,256 | -€8,563 | -87.2% |
| Financial income | 75/76B | €308 | €565 | +€257 | +83.2% |
| Recurring financial income | 75 | €308 | €565 | +€257 | +83.2% |
| Financial charges | 65/66B | €87 | €99 | +€12 | +13.9% |
| Recurring financial charges | 65 | €87 | €99 | +€12 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €10,040 | €1,722 | -€8,318 | -82.8% |
| Income taxes | 67/77 | €5,448 | €431 | -€5,017 | -92.1% |
| Profit (loss) for the period | 9904 | €4,592 | €1,291 | -€3,301 | -71.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,592 | €1,291 | -€3,301 | -71.9% |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €11,704 · 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)
- €16,500
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €16,500
Capitalised earnings
- 2024
- €1,291
- 2023
- €4,592
- 2022
- -€3,396
- 2021
- €15,327
- 2020
- -€5,537
- Average result, excluding non-recurring income and charges
- €829
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €5,921 / €6,908 / €8,290
Your EBITDA multiple
- EBITDA 2024
- -
- Net financial debt
- -€1,813
- 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 31 December 2023 and 31 December 2024. 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.