BORDER ARTS STUDIO: 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 2019 and 2021
not consecutiveLargest movements
- Current assets +€21,188
up €21,188 (+37.7%), from €56,165 to €77,353
of which Receivables within one year: +€27,447
- Profit (loss) carried forward +€29,585
up €29,585 (+58.5%), from -€50,546 to -€20,962
- Debts within one year -€11,031
down €11,031 (-13.9%), from €79,319 to €68,288
- Accrued charges and deferred income +€2,635
new in 2021: €2,635
- Gross operating margin +€11,161
up €11,161, from -€1,481 to €9,680
- Purchases and services +€689
new in 2021: €689
- Financial charges +€354
new in 2021: €354
- Other operating charges +€220
new in 2021: €220
- Depreciation -€118
no longer reported in 2021 (was €118)
Change in the result, 2019 to 2021
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 | 2019 | 2021 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €56,165 | €77,353 | +€21,188 | +37.7% |
| Current assets | 29/58 | €56,165 | €77,353 | +€21,188 | +37.7% |
| Amounts receivable within one year | 40/41 | €47,951 | €75,399 | +€27,447 | +57.2% |
| Trade receivables | 40 | - | €75,399 | +€75,399 | |
| Cash at bank and in hand | 54/58 | €1,955 | €1,954 | -€1 | 0.0% |
| Total equity and liabilities | 10/49 | €56,165 | €77,353 | +€21,188 | +37.7% |
| Equity | 10/15 | -€23,154 | €6,430 | +€29,585 | |
| Contributions | 10/11 | €27,200 | €27,200 | = | 0.0% |
| Capital | 10 | - | €27,200 | +€27,200 | |
| Issued capital | 100 | - | €27,200 | +€27,200 | |
| Reserves | 13 | €192 | €192 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €192 | +€192 | |
| Legal reserve | 130 | - | €192 | +€192 | |
| Profit (loss) carried forward | 14 | -€50,546 | -€20,962 | +€29,585 | +58.5% |
| Amounts payable | 17/49 | €79,319 | €70,923 | -€8,396 | -10.6% |
| Amounts payable within one year | 42/48 | €79,319 | €68,288 | -€11,031 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | - | €0 | = | |
| Financial debts | 43 | - | €1,143 | +€1,143 | |
| Credit institutions | 430/8 | - | €1,143 | +€1,143 | |
| Trade debts | 44 | €15,027 | €19,046 | +€4,019 | +26.7% |
| Suppliers | 440/4 | - | €19,046 | +€19,046 | |
| Taxes, remuneration and social security | 45 | - | €1,796 | +€1,796 | |
| Taxes | 450/3 | - | €1,796 | +€1,796 | |
| Other amounts payable | 47/48 | - | €46,303 | +€46,303 | |
| Accrued charges and deferred income | 492/3 | - | €2,635 | +€2,635 | |
| Turnover | 70 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €10,369 | +€10,369 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €689 | +€689 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118 | - | -€118 | |
| Other operating charges | 640/8 | - | €220 | +€220 | |
| Gross operating margin | 9900 | -€1,481 | €9,680 | +€11,161 | |
| Operating profit (loss) | 9901 | -€1,898 | €9,460 | +€11,358 | |
| Financial charges | 65/66B | - | €354 | +€354 | |
| Recurring financial charges | 65 | - | €354 | +€354 | |
| Profit (loss) for the period before taxes | 9903 | -€1,898 | €9,106 | +€11,005 | |
| Profit (loss) for the period | 9904 | -€1,898 | €9,106 | +€11,005 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,898 | €9,106 | +€11,005 |
Value
latest balance sheet 31-12-2021 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €6,430 · 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)
- €6,430
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €6,430
Capitalised earnings
- 2021
- €9,106
- excluding non-recurring income and charges
- -€1,263
- 2019
- -€1,898
- Average result, excluding non-recurring income and charges
- -€1,581
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2021
- -
- Net financial debt
- -€811
- 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 2019 and 31 December 2021. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 12 November 2026 via checked.be.