Bon Goesta: 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 2024
not consecutiveLargest movements
- Tangible fixed assets +€412,859
up €412,859 (+45.5%), from €907,984 to €1.3m
of which Land and buildings: +€472,155
- Receivables within one year -€55,263
down €55,263 (-87.8%), from €62,975 to €7,712
of which Other amounts receivable: -€39,518
- Cash -€42,557
down €42,557 (-88.2%), from €48,253 to €5,695
- Current investments -€17,925
no longer reported in 2024 (was €17,925)
- Revaluation surpluses +€553,426
new in 2024: €553,426
- Debts after one year -€118,993
down €118,993 (-17.6%), from €675,336 to €556,343
- Reserves -€105,749
down €105,749 (-95.2%), from €111,098 to €5,349
of which Distributable reserves: -€103,749
- Profit (loss) carried forward +€43,181
no longer reported in 2024 (was -€43,181)
- Current portion of long-term debt -€41,612
down €41,612 (-42.2%), from €98,602 to €56,991
- Gross operating margin -€134,605
down €134,605 (-67.4%), from €199,852 to €65,247
- Staff costs -€70,686
down €70,686 (-99.7%), from €70,886 to €199
- Depreciation +€9,727
up €9,727 (+11.5%), from €84,358 to €94,085
- Other operating charges -€2,207
down €2,207 (-25.8%), from €8,565 to €6,358
Change in the result, 2022 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
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,037,247 | €1,336,468 | +€299,221 | +28.8% |
| Fixed assets | 21/28 | €908,094 | €1,320,843 | +€412,749 | +45.5% |
| Tangible fixed assets | 22/27 | €907,984 | €1,320,843 | +€412,859 | +45.5% |
| Land and buildings | 22 | €790,951 | €1,263,106 | +€472,155 | +59.7% |
| Plant, machinery and equipment | 23 | €61,027 | €34,670 | -€26,357 | -43.2% |
| Furniture and vehicles | 24 | €56,006 | €23,068 | -€32,938 | -58.8% |
| Financial fixed assets | 28 | €110 | - | -€110 | |
| Current assets | 29/58 | €129,153 | €15,625 | -€113,528 | -87.9% |
| Amounts receivable within one year | 40/41 | €62,975 | €7,712 | -€55,263 | -87.8% |
| Trade receivables | 40 | €23,449 | €7,704 | -€15,745 | -67.1% |
| Other amounts receivable | 41 | €39,526 | €8 | -€39,518 | -100.0% |
| Current investments | 50/53 | €17,925 | - | -€17,925 | |
| Cash at bank and in hand | 54/58 | €48,253 | €5,695 | -€42,557 | -88.2% |
| Deferred charges and accrued income | 490/1 | - | €2,217 | +€2,217 | |
| Total equity and liabilities | 10/49 | €1,037,247 | €1,336,468 | +€299,221 | +28.8% |
| Equity | 10/15 | €87,917 | €578,775 | +€490,858 | +558% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €553,426 | +€553,426 | |
| Reserves | 13 | €111,098 | €5,349 | -€105,749 | -95.2% |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Distributable reserves | 133 | €109,098 | €5,349 | -€103,749 | -95.1% |
| Profit (loss) carried forward | 14 | -€43,181 | - | +€43,181 | |
| Amounts payable | 17/49 | €949,330 | €757,693 | -€191,637 | -20.2% |
| Amounts payable after more than one year | 17 | €675,336 | €556,343 | -€118,993 | -17.6% |
| Financial debts | 170/4 | €675,336 | €556,343 | -€118,993 | -17.6% |
| Amounts payable within one year | 42/48 | €273,994 | €201,325 | -€72,669 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €98,602 | €56,991 | -€41,612 | -42.2% |
| Financial debts | 43 | €110 | - | -€110 | |
| Credit institutions | 430/8 | €50 | - | -€50 | |
| Other loans | 439 | €60 | - | -€60 | |
| Trade debts | 44 | €41,306 | €6,394 | -€34,912 | -84.5% |
| Suppliers | 440/4 | €41,306 | €6,394 | -€34,912 | -84.5% |
| Advances received on contracts in progress | 46 | €32,248 | - | -€32,248 | |
| Taxes, remuneration and social security | 45 | €7 | €3,533 | +€3,526 | +51,936% |
| Taxes | 450/3 | €7 | €3,533 | +€3,526 | +51,936% |
| Other amounts payable | 47/48 | €101,720 | €134,407 | +€32,686 | +32.1% |
| Accrued charges and deferred income | 492/3 | €0 | €26 | +€26 | +7,311% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €70,886 | €199 | -€70,686 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,358 | €94,085 | +€9,727 | +11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Other operating charges | 640/8 | €8,565 | €6,358 | -€2,207 | -25.8% |
| Non-recurring operating charges | 66A | - | €1,344 | +€1,344 | |
| Gross operating margin | 9900 | €199,852 | €65,247 | -€134,605 | -67.4% |
| Operating profit (loss) | 9901 | €36,043 | -€36,740 | -€72,782 | |
| Financial income | 75/76B | €164 | €140 | -€24 | -14.8% |
| Recurring financial income | 75 | €164 | €140 | -€24 | -14.8% |
| Financial charges | 65/66B | €13,180 | €13,635 | +€455 | +3.5% |
| Recurring financial charges | 65 | €13,180 | €13,635 | +€455 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €23,027 | -€50,235 | -€73,262 | |
| Profit (loss) for the period | 9904 | €23,027 | -€50,235 | -€73,262 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,027 | -€50,235 | -€73,262 |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €578,775 · 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
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)
- €578,775
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €578,775
Capitalised earnings
- 2024
- -€50,235
- excluding non-recurring income and charges
- -€48,891
- 2022
- €23,027
- 2021
- -€15,288
- 2020
- -€50,920
- 2019
- €1,410
- Average result, excluding non-recurring income and charges
- -€13,717
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2024
- €57,345
- Net financial debt
- €607,638
- 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 December 2022 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 9 November 2026 via checked.be.