BORA: 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 2021 and 2022
Largest movements
- Total assets -€259,265
down €259,265 (-3.8%), from €6.9m to €6.6m
- Total equity and liabilities -€259,265
down €259,265 (-3.8%), from €6.9m to €6.6m
- Turnover +€659,298
new in 2022: €659,298
- Gross operating margin +€650,337
new in 2022: €650,337
- Depreciation +€329,304
new in 2022: €329,304
- Taxes +€127,124
new in 2022: €127,124
- Financial charges +€44,058
new in 2022: €44,058
Change in the result, 2021 to 2022
The net result is not in both sets of accounts. Without it the difference cannot be explained line by line.
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 | 2021 | 2022 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,892,495 | €6,633,230 | -€259,265 | -3.8% |
| Fixed assets | 21/28 | - | €6,377,658 | +€6.4m | |
| Tangible fixed assets | 22/27 | - | €6,377,658 | +€6.4m | |
| Land and buildings | 22 | - | €6,377,658 | +€6.4m | |
| Current assets | 29/58 | - | €255,572 | +€255,572 | |
| Amounts receivable within one year | 40/41 | - | €175 | +€175 | |
| Trade receivables | 40 | - | €175 | +€175 | |
| Cash at bank and in hand | 54/58 | - | €255,397 | +€255,397 | |
| Total equity and liabilities | 10/49 | €6,892,495 | €6,633,230 | -€259,265 | -3.8% |
| Equity | 10/15 | - | €5,584,098 | +€5.6m | |
| Contributions | 10/11 | - | €120,000 | +€120,000 | |
| Capital | 10 | - | €120,000 | +€120,000 | |
| Issued capital | 100 | - | €120,000 | +€120,000 | |
| Revaluation surpluses | 12 | - | €4,117,339 | +€4.1m | |
| Reserves | 13 | - | €1,346,759 | +€1.3m | |
| Non-distributable reserves | 130/1 | - | €12,000 | +€12,000 | |
| Legal reserve | 130 | - | €12,000 | +€12,000 | |
| Tax-exempt reserves | 132 | - | €286,072 | +€286,072 | |
| Distributable reserves | 133 | - | €1,048,687 | +€1.0m | |
| Provisions and deferred taxes | 16 | - | €17,384 | +€17,384 | |
| Deferred taxes | 168 | - | €17,384 | +€17,384 | |
| Amounts payable | 17/49 | - | €1,031,748 | +€1.0m | |
| Amounts payable after more than one year | 17 | - | €724,887 | +€724,887 | |
| Financial debts | 170/4 | - | €724,887 | +€724,887 | |
| Amounts payable within one year | 42/48 | - | €306,861 | +€306,861 | |
| Taxes, remuneration and social security | 45 | - | €56,633 | +€56,633 | |
| Taxes | 450/3 | - | €56,633 | +€56,633 | |
| Other amounts payable | 47/48 | - | €250,228 | +€250,228 | |
| Turnover | 70 | - | €659,298 | +€659,298 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €32,038 | +€32,038 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €329,304 | +€329,304 | |
| Other operating charges | 640/8 | - | €23,987 | +€23,987 | |
| Gross operating margin | 9900 | - | €650,337 | +€650,337 | |
| Operating profit (loss) | 9901 | - | €297,046 | +€297,046 | |
| Financial income | 75/76B | - | €18,988 | +€18,988 | |
| Recurring financial income | 75 | - | €3,179 | +€3,179 | |
| Non-recurring financial income | 76B | - | €15,809 | +€15,809 | |
| Financial charges | 65/66B | - | €44,058 | +€44,058 | |
| Recurring financial charges | 65 | - | €44,058 | +€44,058 | |
| Profit (loss) for the period before taxes | 9903 | - | €271,976 | +€271,976 | |
| Transfer from deferred taxes | 780 | - | €943 | +€943 | |
| Income taxes | 67/77 | - | €127,124 | +€127,124 | |
| Profit (loss) for the period | 9904 | - | €145,795 | +€145,795 | |
| Transfer from tax-exempt reserves | 789 | - | €1,831 | +€1,831 | |
| Profit (loss) for the period to be appropriated | 9905 | - | €147,626 | +€147,626 |
Value
latest balance sheet 31-12-2022 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €3.3m · 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)
- €5,584,098
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €5.6m
Capitalised earnings
- 2022
- €145,795
- excluding non-recurring income and charges
- €129,986
- 2021
- -
- 2020
- -
- 2018
- -
- Average result, excluding non-recurring income and charges
- €129,986
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €928,471 / €1.1m / €1.3m
Your EBITDA multiple
- EBITDA 2022
- €626,350
- Net financial debt
- €469,490
- 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 2021 and 31 December 2022. 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.