Cé INVEST: 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 2023 and 2025
not consecutiveLargest movements
- Receivables within one year +€8,355
up €8,355 (+153%), from €5,471 to €13,825
of which Other amounts receivable: +€10,480
- Cash -€6,032
down €6,032 (-99.7%), from €6,049 to €17
- Tangible fixed assets -€1,399
down €1,399 (-71.3%), from €1,964 to €565
- Trade debts -€4,336
down €4,336 (-45.0%), from €9,626 to €5,290
- Short-term financial debts +€3,787
new in 2025: €3,787
- Other debts +€3,595
up €3,595 (+204%), from €1,766 to €5,361
- Tax, wage and social debts -€3,360
down €3,360 (-25.1%), from €13,413 to €10,052
of which Remuneration and social security: -€1,750
- Profit (loss) carried forward +€1,986
up €1,986 (+12.0%), from -€16,538 to -€14,552
- Gross operating margin +€4,899
up €4,899 (+56.7%), from €8,647 to €13,546
- Financial charges -€2,227
down €2,227 (-45.7%), from €4,875 to €2,648
- Taxes +€1,564
up €1,564 (+644%), from €243 to €1,807
- Other operating charges -€620
down €620 (-33.5%), from €1,849 to €1,229
- Financial income -€266
down €266 (-58.3%), from €457 to €190
Change in the result, 2023 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
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 | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,013 | €29,936 | +€923 | +3.2% |
| Fixed assets | 21/28 | €5,993 | €4,594 | -€1,399 | -23.3% |
| Tangible fixed assets | 22/27 | €1,964 | €565 | -€1,399 | -71.3% |
| Furniture and vehicles | 24 | €1,964 | €565 | -€1,399 | -71.3% |
| Financial fixed assets | 28 | €4,029 | €4,029 | = | 0.0% |
| Current assets | 29/58 | €23,020 | €25,343 | +€2,322 | +10.1% |
| Amounts receivable after more than one year | 29 | €11,500 | €11,500 | = | 0.0% |
| Other amounts receivable | 291 | €11,500 | €11,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,471 | €13,825 | +€8,355 | +153% |
| Trade receivables | 40 | €5,471 | €3,346 | -€2,125 | -38.8% |
| Other amounts receivable | 41 | - | €10,480 | +€10,480 | |
| Cash at bank and in hand | 54/58 | €6,049 | €17 | -€6,032 | -99.7% |
| Total equity and liabilities | 10/49 | €29,013 | €29,936 | +€923 | +3.2% |
| Equity | 10/15 | €3,460 | €5,446 | +€1,986 | +57.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,397 | €1,397 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,397 | €1,397 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,397 | €1,397 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,538 | -€14,552 | +€1,986 | +12.0% |
| Amounts payable | 17/49 | €25,553 | €24,490 | -€1,063 | -4.2% |
| Amounts payable within one year | 42/48 | €25,553 | €24,490 | -€1,063 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €748 | - | -€748 | |
| Financial debts | 43 | - | €3,787 | +€3,787 | |
| Credit institutions | 430/8 | - | €3,787 | +€3,787 | |
| Trade debts | 44 | €9,626 | €5,290 | -€4,336 | -45.0% |
| Suppliers | 440/4 | €9,626 | €5,290 | -€4,336 | -45.0% |
| Taxes, remuneration and social security | 45 | €13,413 | €10,052 | -€3,360 | -25.1% |
| Taxes | 450/3 | €11,663 | €10,052 | -€1,610 | -13.8% |
| Remuneration and social security | 454/9 | €1,750 | - | -€1,750 | |
| Other amounts payable | 47/48 | €1,766 | €5,361 | +€3,595 | +204% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €982 | €1,045 | +€63 | +6.4% |
| Other operating charges | 640/8 | €1,849 | €1,229 | -€620 | -33.5% |
| Gross operating margin | 9900 | €8,647 | €13,546 | +€4,899 | +56.7% |
| Operating profit (loss) | 9901 | €5,816 | €11,272 | +€5,456 | +93.8% |
| Financial income | 75/76B | €457 | €190 | -€266 | -58.3% |
| Recurring financial income | 75 | €457 | €190 | -€266 | -58.3% |
| Financial charges | 65/66B | €4,875 | €2,648 | -€2,227 | -45.7% |
| Recurring financial charges | 65 | €4,875 | €2,648 | -€2,227 | -45.7% |
| Profit (loss) for the period before taxes | 9903 | €1,398 | €8,815 | +€7,417 | +531% |
| Income taxes | 67/77 | €243 | €1,807 | +€1,564 | +644% |
| Profit (loss) for the period | 9904 | €1,155 | €7,008 | +€5,853 | +507% |
| Profit (loss) for the period to be appropriated | 9905 | €1,155 | €7,008 | +€5,853 | +507% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €5,446 · 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)
- €5,446
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €5,446
Capitalised earnings
- 2025
- €7,008
- 2023
- €1,155
- 2022
- -€10,819
- 2021
- €9,858
- 2020
- €1,276
- Average result, excluding non-recurring income and charges
- -€885
- 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
- €12,317
- Net financial debt
- €3,770
- 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 2023 and 31 December 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 11 November 2026 via checked.be.