BOULANGERIE GAVILAN: 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 2020 and 2022
not consecutiveLargest movements
- Tangible fixed assets -€9,987
down €9,987 (-24.8%), from €40,312 to €30,326
- Equity -€11,361
down €11,361, from €3,600 to -€7,761
of which Profit (loss) carried forward: -€11,361
- Debts within one year +€1,355
up €1,355 (+3.9%), from €35,158 to €36,513
of which Other debts: +€36,513
- Taxes -€2,282
no longer reported in 2022 (was €2,282)
- Depreciation -€565
down €565 (-10.5%), from €5,386 to €4,821
- Gross operating margin -€336
down €336 (-41.7%), from -€807 to -€1,144
- Financial charges +€110
new in 2022: €110
Change in the result, 2020 to 2022
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 | 2020 | 2022 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,382 | €30,377 | -€10,005 | -24.8% |
| Fixed assets | 21/28 | €40,312 | €30,326 | -€9,987 | -24.8% |
| Tangible fixed assets | 22/27 | €40,312 | €30,326 | -€9,987 | -24.8% |
| Land and buildings | 22 | - | €29,038 | +€29,038 | |
| Plant, machinery and equipment | 23 | - | €496 | +€496 | |
| Other tangible fixed assets | 26 | - | €791 | +€791 | |
| Current assets | 29/58 | €69 | €51 | -€18 | -26.6% |
| Amounts receivable within one year | 40/41 | €68 | - | -€68 | |
| Cash at bank and in hand | 54/58 | €1 | €51 | +€50 | +4,837% |
| Total equity and liabilities | 10/49 | €40,382 | €30,377 | -€10,005 | -24.8% |
| Equity | 10/15 | €3,600 | -€7,761 | -€11,361 | |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Capital | 10 | - | €30,987 | +€30,987 | |
| Issued capital | 100 | - | €30,987 | +€30,987 | |
| Profit (loss) carried forward | 14 | -€30,539 | -€41,900 | -€11,361 | -37.2% |
| Investment grants | 15 | - | €3,152 | +€3,152 | |
| Provisions and deferred taxes | 16 | €1,624 | €1,624 | = | 0.0% |
| Deferred taxes | 168 | - | €1,624 | +€1,624 | |
| Amounts payable | 17/49 | €35,158 | €36,513 | +€1,355 | +3.9% |
| Amounts payable within one year | 42/48 | €35,158 | €36,513 | +€1,355 | +3.9% |
| Trade debts | 44 | €393 | - | -€393 | |
| Other amounts payable | 47/48 | - | €36,513 | +€36,513 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,386 | €4,821 | -€565 | -10.5% |
| Gross operating margin | 9900 | -€807 | -€1,144 | -€336 | -41.7% |
| Operating profit (loss) | 9901 | -€6,193 | -€5,964 | +€229 | +3.7% |
| Financial charges | 65/66B | - | €110 | +€110 | |
| Recurring financial charges | 65 | €120 | €110 | -€10 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,313 | -€6,074 | +€239 | +3.8% |
| Income taxes | 67/77 | €2,282 | - | -€2,282 | |
| Profit (loss) for the period | 9904 | -€8,595 | -€6,074 | +€2,521 | +29.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,595 | -€6,074 | +€2,521 | +29.3% |
Value
latest balance sheet 31-12-2022 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €0 · 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)
- -€7,761
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€7,761
Capitalised earnings
- 2022
- -€6,074
- 2020
- -€8,595
- 2019
- -€3,285
- 2018
- €9,787
- Average result, excluding non-recurring income and charges
- -€5,984
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2022
- -€1,144
- Net financial debt
- -€51
- 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 2020 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.