Black Flag: 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
Comparing needs two financial years with figures read. This company has one.
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €0 · 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)
- €5,802
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€60,431
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€54,629
Capitalised earnings
- 2025
- €1,802
- Average result, excluding non-recurring income and charges
- €1,802
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €12,871 / €15,017 / €18,020
Your EBITDA multiple
- EBITDA 2025
- €22,744
- Net financial debt
- €34,322
- 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 value is an indication, not a valuation or advice. Prepared on 11 November 2026 via checked.be.