CAS STUDIEBUREAU: 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 2024 and 2025
Largest movements
- Tangible fixed assets -€9,895
down €9,895 (-15.7%), from €62,982 to €53,086
of which Furniture and vehicles: -€6,049
- Stocks and contracts -€7,750
down €7,750 (-64.6%), from €12,000 to €4,250
- Cash +€4,134
up €4,134 (+169%), from €2,441 to €6,575
mainly Depreciation (+€15,118) and Stocks and contracts (+€7,750)
- Receivables within one year -€3,691
down €3,691 (-96.8%), from €3,812 to €121
- Other debts -€10,143
down €10,143 (-23.2%), from €43,685 to €33,542
- Current portion of long-term debt -€5,614
down €5,614 (-69.1%), from €8,125 to €2,511
- Debts after one year -€2,511
no longer reported in 2025 (was €2,511)
- Turnover -€46,656
no longer reported in 2025 (was €46,656)
- Gross operating margin +€34,603
new in 2025: €34,603
- Purchases and services +€11,804
up €11,804 (+136%), from €8,648 to €20,452
- Staff costs -€11,061
down €11,061 (-39.2%), from €28,250 to €17,189
- Depreciation +€4,906
up €4,906 (+48.0%), from €10,212 to €15,118
Change in the result, 2024 to 2025
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 2024 and 2025 balance sheets and the 2025 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €81,234 | €64,032 | -€17,202 | -21.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €62,982 | €53,086 | -€9,895 | -15.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €62,982 | €53,086 | -€9,895 | -15.7% |
| Land and buildings | 22 | €24,128 | €19,302 | -€4,826 | -20.0% |
| Plant, machinery and equipment | 23 | €3,313 | €4,799 | +€1,486 | +44.8% |
| Furniture and vehicles | 24 | €31,392 | €25,343 | -€6,049 | -19.3% |
| Other tangible fixed assets | 26 | €3,899 | €3,393 | -€506 | -13.0% |
| Assets under construction and advance payments | 27 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €18,252 | €10,946 | -€7,307 | -40.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €12,000 | €4,250 | -€7,750 | -64.6% |
| Stocks | 30/36 | €12,000 | €4,250 | -€7,750 | -64.6% |
| Amounts receivable within one year | 40/41 | €3,812 | €121 | -€3,691 | -96.8% |
| Trade receivables | 40 | €3,812 | €121 | -€3,691 | -96.8% |
| Cash at bank and in hand | 54/58 | €2,441 | €6,575 | +€4,134 | +169% |
| Total equity and liabilities | 10/49 | €81,234 | €64,032 | -€17,202 | -21.2% |
| Equity | 10/15 | €25,007 | €24,787 | -€220 | -0.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | - | €12,400 | +€12,400 | |
| Issued capital | 100 | - | €12,400 | +€12,400 | |
| Reserves | 13 | €6,357 | €6,357 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €4,357 | €4,357 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,188 | €6,030 | -€158 | -2.6% |
| Investment grants | 15 | €62 | - | -€62 | |
| Amounts payable | 17/49 | €56,227 | €39,245 | -€16,982 | -30.2% |
| Amounts payable after more than one year | 17 | €2,511 | - | -€2,511 | |
| Financial debts | 170/4 | €2,511 | - | -€2,511 | |
| Amounts payable within one year | 42/48 | €53,716 | €39,245 | -€14,470 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €8,125 | €2,511 | -€5,614 | -69.1% |
| Trade debts | 44 | €426 | €1,226 | +€800 | +188% |
| Suppliers | 440/4 | €426 | €1,226 | +€800 | +188% |
| Taxes, remuneration and social security | 45 | €1,479 | €1,966 | +€486 | +32.9% |
| Taxes | 450/3 | €1,479 | €1,966 | +€486 | +32.9% |
| Other amounts payable | 47/48 | €43,685 | €33,542 | -€10,143 | -23.2% |
| Turnover | 70 | €46,656 | - | -€46,656 | |
| Goods, raw materials, services and sundry goods | 60/61 | €8,648 | €20,452 | +€11,804 | +136% |
| Remuneration, social security and pensions | 62 | €28,250 | €17,189 | -€11,061 | -39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,212 | €15,118 | +€4,906 | +48.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €895 | €1,666 | +€771 | +86.1% |
| Gross operating margin | 9900 | - | €34,603 | +€34,603 | |
| Operating profit (loss) | 9901 | -€39,357 | €630 | +€39,987 | |
| Profit (loss) for the period before taxes | 9903 | -€39,357 | €630 | +€39,987 | |
| Income taxes | 67/77 | €470 | €522 | +€52 | +11.1% |
| Profit (loss) for the period | 9904 | -€39,827 | €108 | +€39,935 | |
| Profit (loss) for the period to be appropriated | 9905 | -€39,827 | €108 | +€39,935 |
Value
latest balance sheet 30-09-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €24,787 · 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)
- €24,787
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €24,787
Capitalised earnings
- 2025
- €108
- 2024
- -€39,827
- 2023
- €6,188
- 2022
- €1,398
- 2021
- -€486
- Average result, excluding non-recurring income and charges
- -€11,177
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2025
- €15,748
- Net financial debt
- -€4,063
- 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 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 13 November 2026 via checked.be.