CANALL: 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 2025 and 2026
Largest movements
- Cash +€32,424
up €32,424 (+4,833%), from €671 to €33,095
mainly Net result for the year (+€121,285) and Receivables within one year (+€16,145)
- Receivables within one year -€16,145
down €16,145 (-5.8%), from €276,578 to €260,433
- Other debts -€116,040
down €116,040 (-37.9%), from €306,040 to €190,000
- Reserves +€80,759
up €80,759 (+1,303%), from €6,200 to €86,959
of which Distributable reserves: +€80,759
- Profit (loss) carried forward +€40,526
no longer reported in 2026 (was -€40,526)
- Tax, wage and social debts +€8,076
new in 2026: €8,076
- Trade debts +€3,836
up €3,836 (+1,580%), from €243 to €4,078
- Other operating charges -€199,653
down €199,653 (-97.8%), from €204,225 to €4,573
- Gross operating margin +€77,922
up €77,922 (+195%), from €40,035 to €117,957
- Financial income +€16,930
up €16,930 (+756%), from €2,240 to €19,170
of which Non-recurring financial income: +€16,661
- Taxes +€8,076
new in 2026: €8,076
Change in the result, 2025 to 2026
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
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €339,256 | €355,613 | +€16,357 | +4.8% |
| Fixed assets | 21/28 | €49,977 | €46,814 | -€3,163 | -6.3% |
| Tangible fixed assets | 22/27 | €37,777 | €34,614 | -€3,163 | -8.4% |
| Land and buildings | 22 | €31,390 | €28,899 | -€2,491 | -7.9% |
| Plant, machinery and equipment | 23 | €6,387 | €5,715 | -€672 | -10.5% |
| Financial fixed assets | 28 | €12,200 | €12,200 | = | 0.0% |
| Current assets | 29/58 | €289,279 | €308,799 | +€19,520 | +6.7% |
| Amounts receivable within one year | 40/41 | €276,578 | €260,433 | -€16,145 | -5.8% |
| Other amounts receivable | 41 | €276,578 | €260,433 | -€16,145 | -5.8% |
| Cash at bank and in hand | 54/58 | €671 | €33,095 | +€32,424 | +4,833% |
| Deferred charges and accrued income | 490/1 | €12,030 | €15,271 | +€3,242 | +26.9% |
| Total equity and liabilities | 10/49 | €339,256 | €355,613 | +€16,357 | +4.8% |
| Equity | 10/15 | €27,674 | €148,959 | +€121,285 | +438% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €86,959 | +€80,759 | +1,303% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | - | €80,759 | +€80,759 | |
| Profit (loss) carried forward | 14 | -€40,526 | - | +€40,526 | |
| Amounts payable | 17/49 | €311,582 | €206,654 | -€104,928 | -33.7% |
| Amounts payable after more than one year | 17 | €4,500 | €4,500 | = | 0.0% |
| Other amounts payable | 178/9 | €4,500 | €4,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €306,282 | €202,154 | -€104,128 | -34.0% |
| Trade debts | 44 | €243 | €4,078 | +€3,836 | +1,580% |
| Suppliers | 440/4 | €243 | €4,078 | +€3,836 | +1,580% |
| Taxes, remuneration and social security | 45 | - | €8,076 | +€8,076 | |
| Taxes | 450/3 | - | €8,076 | +€8,076 | |
| Other amounts payable | 47/48 | €306,040 | €190,000 | -€116,040 | -37.9% |
| Accrued charges and deferred income | 492/3 | €800 | - | -€800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,827 | €3,163 | +€336 | +11.9% |
| Other operating charges | 640/8 | €204,225 | €4,573 | -€199,653 | -97.8% |
| Gross operating margin | 9900 | €40,035 | €117,957 | +€77,922 | +195% |
| Operating profit (loss) | 9901 | -€167,018 | €110,221 | +€277,239 | |
| Financial income | 75/76B | €2,240 | €19,170 | +€16,930 | +756% |
| Recurring financial income | 75 | €2,240 | €2,509 | +€270 | +12.0% |
| Non-recurring financial income | 76B | - | €16,661 | +€16,661 | |
| Financial charges | 65/66B | €29 | €30 | +€2 | +5.3% |
| Recurring financial charges | 65 | €29 | €30 | +€2 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | -€164,806 | €129,361 | +€294,168 | |
| Income taxes | 67/77 | - | €8,076 | +€8,076 | |
| Profit (loss) for the period | 9904 | -€164,806 | €121,285 | +€286,092 | |
| Profit (loss) for the period to be appropriated | 9905 | -€164,806 | €121,285 | +€286,092 |
Value
latest balance sheet 30-06-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €148,959 · 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)
- €148,959
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €148,959
Capitalised earnings
- 2026
- €121,285
- excluding non-recurring income and charges
- €104,625
- 2025
- -€164,806
- 2024
- €29,596
- 2023
- €24,148
- 2022
- €38,088
- Average result, excluding non-recurring income and charges
- -€10,195
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2026
- €113,385
- Net financial debt
- -€28,595
- 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 30 June 2025 and 30 June 2026. 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.