BISCHOFF: 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 31-07-2024 and 31-07-2025
Largest movements
- Current investments +€380,665
new in 2025: €380,665
- Cash -€332,841
down €332,841 (-88.6%), from €375,533 to €42,692
mainly Current investments (-€380,665) and Other debts (-€206,395)
- Stocks and contracts +€149,754
up €149,754 (+242%), from €61,952 to €211,706
of which Contracts in progress: +€118,734
- Receivables after one year -€70,000
down €70,000 (-24.6%), from €285,000 to €215,000
- Profit (loss) carried forward +€217,808
up €217,808 (+76.0%), from €286,542 to €504,350
- Other debts -€206,395
down €206,395 (-88.3%), from €233,824 to €27,429
- Reserves +€132,163
up €132,163 (+76.0%), from €173,972 to €306,135
of which Tax-exempt reserves: +€132,163
- Tax, wage and social debts -€80,633
down €80,633 (-60.3%), from €133,782 to €53,149
of which Taxes: -€91,587
- Advances received +€30,000
up €30,000 (+300%), from €10,000 to €40,000
- Gross operating margin +€357,254
up €357,254 (+42.2%), from €846,898 to €1.2m
- Staff costs +€206,140
up €206,140 (+40.3%), from €511,227 to €717,367
- Taxes +€18,466
up €18,466 (+23.6%), from €78,173 to €96,639
- Financial income -€16,226
down €16,226 (-50.1%), from €32,358 to €16,133
- Financial charges -€12,380
down €12,380 (-79.4%), from €15,596 to €3,216
Change in the result, 31-07-2024 to 31-07-2025
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
The bridge is derived from the 31-07-2024 and 31-07-2025 balance sheets and the 31-07-2025 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 | 31-07-2024 | 31-07-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €945,634 | €1,067,127 | +€121,492 | +12.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €71,916 | €68,471 | -€3,445 | -4.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €20,816 | €17,371 | -€3,445 | -16.5% |
| Plant, machinery and equipment | 23 | €5,841 | €6,222 | +€380 | +6.5% |
| Furniture and vehicles | 24 | €14,975 | €11,150 | -€3,825 | -25.5% |
| Financial fixed assets | 28 | €51,100 | €51,100 | = | 0.0% |
| Current assets | 29/58 | €873,719 | €998,656 | +€124,937 | +14.3% |
| Amounts receivable after more than one year | 29 | €285,000 | €215,000 | -€70,000 | -24.6% |
| Other amounts receivable | 291 | €285,000 | €215,000 | -€70,000 | -24.6% |
| Stocks and contracts in progress | 3 | €61,952 | €211,706 | +€149,754 | +242% |
| Stocks | 30/36 | €61,952 | €92,971 | +€31,020 | +50.1% |
| Contracts in progress | 37 | - | €118,734 | +€118,734 | |
| Amounts receivable within one year | 40/41 | €133,706 | €126,386 | -€7,321 | -5.5% |
| Trade receivables | 40 | €113,800 | €92,469 | -€21,331 | -18.7% |
| Other amounts receivable | 41 | €19,906 | €33,917 | +€14,011 | +70.4% |
| Current investments | 50/53 | - | €380,665 | +€380,665 | |
| Cash at bank and in hand | 54/58 | €375,533 | €42,692 | -€332,841 | -88.6% |
| Deferred charges and accrued income | 490/1 | €17,527 | €22,207 | +€4,679 | +26.7% |
| Total equity and liabilities | 10/49 | €945,634 | €1,067,127 | +€121,492 | +12.8% |
| Equity | 10/15 | €468,985 | €818,323 | +€349,338 | +74.5% |
| Contributions | 10/11 | €6,506 | €6,506 | = | 0.0% |
| Reserves | 13 | €173,972 | €306,135 | +€132,163 | +76.0% |
| Non-distributable reserves | 130/1 | €651 | €651 | = | 0.0% |
| Other | 1319 | €651 | €651 | = | 0.0% |
| Tax-exempt reserves | 132 | €173,321 | €305,484 | +€132,163 | +76.3% |
| Profit (loss) carried forward | 14 | €286,542 | €504,350 | +€217,808 | +76.0% |
| Investment grants | 15 | €1,965 | €1,332 | -€633 | -32.2% |
| Provisions and deferred taxes | 16 | €1,074 | €4,446 | +€3,372 | +314% |
| Provisions for liabilities and charges | 160/5 | - | €3,500 | +€3,500 | |
| Environmental obligations | 163 | - | €3,500 | +€3,500 | |
| Deferred taxes | 168 | €1,074 | €946 | -€128 | -11.9% |
| Amounts payable | 17/49 | €475,575 | €244,357 | -€231,218 | -48.6% |
| Amounts payable after more than one year | 17 | €27,000 | €46,000 | +€19,000 | +70.4% |
| Financial debts | 170/4 | €27,000 | €46,000 | +€19,000 | +70.4% |
| Amounts payable within one year | 42/48 | €445,490 | €198,357 | -€247,133 | -55.5% |
| Trade debts | 44 | €67,884 | €77,779 | +€9,895 | +14.6% |
| Suppliers | 440/4 | €67,884 | €77,779 | +€9,895 | +14.6% |
| Advances received on contracts in progress | 46 | €10,000 | €40,000 | +€30,000 | +300% |
| Taxes, remuneration and social security | 45 | €133,782 | €53,149 | -€80,633 | -60.3% |
| Taxes | 450/3 | €104,587 | €13,000 | -€91,587 | -87.6% |
| Remuneration and social security | 454/9 | €29,195 | €40,149 | +€10,954 | +37.5% |
| Other amounts payable | 47/48 | €233,824 | €27,429 | -€206,395 | -88.3% |
| Accrued charges and deferred income | 492/3 | €3,085 | - | -€3,085 | |
| Non-recurring operating income | 76A | €4,298 | - | -€4,298 | |
| Remuneration, social security and pensions | 62 | €511,227 | €717,367 | +€206,140 | +40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,432 | €5,954 | +€1,522 | +34.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,061 | - | -€4,061 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €3,500 | +€3,500 | |
| Other operating charges | 640/8 | €4,118 | €11,766 | +€7,647 | +186% |
| Gross operating margin | 9900 | €846,898 | €1,204,152 | +€357,254 | +42.2% |
| Operating profit (loss) | 9901 | €323,060 | €465,565 | +€142,506 | +44.1% |
| Financial income | 75/76B | €32,358 | €16,133 | -€16,226 | -50.1% |
| Recurring financial income | 75 | €32,358 | €16,133 | -€16,226 | -50.1% |
| Financial charges | 65/66B | €15,596 | €3,216 | -€12,380 | -79.4% |
| Recurring financial charges | 65 | €15,596 | €3,216 | -€12,380 | -79.4% |
| Profit (loss) for the period before taxes | 9903 | €339,822 | €478,482 | +€138,660 | +40.8% |
| Transfer from deferred taxes | 780 | - | €128 | +€128 | |
| Transfer to deferred taxes | 680 | €1,074 | - | -€1,074 | |
| Income taxes | 67/77 | €78,173 | €96,639 | +€18,466 | +23.6% |
| Profit (loss) for the period | 9904 | €260,574 | €381,971 | +€121,397 | +46.6% |
| Transfer from tax-exempt reserves | 789 | - | €36,237 | +€36,237 | |
| Transfer to tax-exempt reserves | 689 | €53,743 | €168,400 | +€114,657 | +213% |
| Profit (loss) for the period to be appropriated | 9905 | €206,831 | €249,808 | +€42,977 | +20.8% |
Value
latest balance sheet 31-07-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €1.6m · 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)
- €818,323
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €818,323
Capitalised earnings
- 2025
- €381,971
- 2024
- €260,574
- excluding non-recurring income and charges
- €256,277
- 2023
- €204,723
- 2023
- €396,118
- excluding non-recurring income and charges
- €395,291
- 2022
- €295,844
- excluding non-recurring income and charges
- €274,750
- Average result, excluding non-recurring income and charges
- €280,990
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €2.0m / €2.3m / €2.8m
Your EBITDA multiple
- EBITDA 2025
- €471,519
- Net financial debt
- -€377,358
- 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 31 July 2024 and 31 July 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 14 November 2026 via checked.be.