CGK GROUP: 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
Net result for the year
€122,438
2025 · €292,010-€169,572
Equity
€1.8m
2025 · €1.7m+€122,438
Cash
€446,122
2025 · €528,295-€82,173
Balance sheet total
€10.9m
2025 · €10.9m-€17,747
Largest movements
Assets
- Current investments +€300,000
up €300,000 (+150%), from €200,000 to €500,000
- Stocks and contracts -€261,142
down €261,142 (-6.7%), from €3.9m to €3.7m
of which Stocks: -€635,211
Equity and liabilities
- Advances received +€307,906
up €307,906 (+15.7%), from €2.0m to €2.3m
- Debts after one year -€290,863
down €290,863 (-17.2%), from €1.7m to €1.4m
of which Other amounts payable: -€315,197
- Tax, wage and social debts -€240,233
down €240,233 (-16.2%), from €1.5m to €1.2m
of which Remuneration and social security: -€212,811
- Trade debts +€187,808
up €187,808 (+7.0%), from €2.7m to €2.9m
- Reserves +€122,438
up €122,438 (+8.1%), from €1.5m to €1.6m
of which Distributable reserves: +€122,438
Income statement
- Turnover -€2.4m
down €2.4m (-9.1%), from €26.0m to €23.6m
- Goods and materials -€525,631
down €525,631 (-3.7%), from €14.2m to €13.7m
of which Purchases: -€1.3m
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.
Result 2025
€292,010
Turnover
-€2.4m
Other operating income
+€15,351
Goods and materials
+€525,631
Services and other goods
+€45,378
Staff costs
-€7,133
Depreciation
-€22,807
Write-downs
+€3,142
Other operating charges
+€14,951
Other operating items
+€1.5m
Financial income
-€30,225
Financial charges
+€20,789
Taxes
+€105,500
Result 2026
€122,438
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€909,929
Investment
-€746,374
Financing
-€245,728
Cash 2025
€528,295
From operations (derived)
+€909,929
Net result for the year
+€122,438
Depreciation
+€424,279
Stocks and contracts
+€261,142
Receivables within one year
+€54,106
Deferred charges and accrued income
-€57,579
Trade debts
+€187,808
Tax, wage and social debts
-€240,233
Advances received
+€307,906
Other debts
-€103,754
Accrued charges and deferred income
-€46,184
Investment (derived)
-€746,374
Investment in fixed assets (net)
-€446,374
Current investments
-€300,000
Financing
-€245,728
Debts after one year
-€290,863
Current portion of long-term debt
+€26,320
Short-term financial debts
+€18,815
Cash 2026
€446,122
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,937,749 | €10,920,002 | -€17,747 | -0.2% |
| Fixed assets | 21/28 | €1,295,412 | €1,317,507 | +€22,095 | +1.7% |
| Intangible fixed assets | 21 | €81,481 | €189,622 | +€108,141 | +133% |
| Tangible fixed assets | 22/27 | €1,213,681 | €1,127,635 | -€86,046 | -7.1% |
| Land and buildings | 22 | €46,903 | €43,083 | -€3,820 | -8.1% |
| Plant, machinery and equipment | 23 | €493,375 | €618,255 | +€124,880 | +25.3% |
| Furniture and vehicles | 24 | €361,864 | €222,142 | -€139,721 | -38.6% |
| Leasing and similar rights | 25 | €311,540 | €244,155 | -€67,384 | -21.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Other financial fixed assets | 284/8 | €250 | €250 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €9,642,337 | €9,602,495 | -€39,842 | -0.4% |
| Stocks and contracts in progress | 3 | €3,920,584 | €3,659,442 | -€261,142 | -6.7% |
| Stocks | 30/36 | €3,212,601 | €2,577,390 | -€635,211 | -19.8% |
| Goods purchased for resale | 34 | €3,075,129 | €2,314,072 | -€761,057 | -24.7% |
| Advance payments | 36 | €137,472 | €263,319 | +€125,846 | +91.5% |
| Contracts in progress | 37 | €707,983 | €1,082,052 | +€374,069 | +52.8% |
| Amounts receivable within one year | 40/41 | €4,879,461 | €4,825,356 | -€54,106 | -1.1% |
| Trade receivables | 40 | €4,563,171 | €4,619,001 | +€55,830 | +1.2% |
| Other amounts receivable | 41 | €316,291 | €206,355 | -€109,936 | -34.8% |
| Current investments | 50/53 | €200,000 | €500,000 | +€300,000 | +150% |
| Other investments | 51/53 | €200,000 | €500,000 | +€300,000 | +150% |
| Cash at bank and in hand | 54/58 | €528,295 | €446,122 | -€82,173 | -15.6% |
| Deferred charges and accrued income | 490/1 | €113,996 | €171,575 | +€57,579 | +50.5% |
| Total equity and liabilities | 10/49 | €10,937,749 | €10,920,002 | -€17,747 | -0.2% |
| Equity | 10/15 | €1,696,584 | €1,819,022 | +€122,438 | +7.2% |
| Contributions | 10/11 | €184,976 | €184,976 | = | 0.0% |
| Capital | 10 | €184,976 | €184,976 | = | 0.0% |
| Issued capital | 100 | €184,976 | €184,976 | = | 0.0% |
| Contributions outside capital | 11 | €0 | - | = | |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | €1,511,609 | €1,634,047 | +€122,438 | +8.1% |
| Non-distributable reserves | 130/1 | €18,498 | €18,498 | = | 0.0% |
| Legal reserve | 130 | €18,498 | €18,498 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,366 | €8,366 | = | 0.0% |
| Distributable reserves | 133 | €1,484,746 | €1,607,184 | +€122,438 | +8.2% |
| Amounts payable | 17/49 | €9,241,164 | €9,100,979 | -€140,185 | -1.5% |
| Amounts payable after more than one year | 17 | €1,692,072 | €1,401,209 | -€290,863 | -17.2% |
| Financial debts | 170/4 | €692,072 | €716,406 | +€24,334 | +3.5% |
| Leasing and similar obligations | 172 | €245,892 | €179,461 | -€66,431 | -27.0% |
| Credit institutions | 173 | €446,179 | €536,945 | +€90,765 | +20.3% |
| Other amounts payable | 178/9 | €1,000,000 | €684,803 | -€315,197 | -31.5% |
| Amounts payable within one year | 42/48 | €7,483,358 | €7,680,220 | +€196,862 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €278,920 | €305,240 | +€26,320 | +9.4% |
| Financial debts | 43 | €459,204 | €478,019 | +€18,815 | +4.1% |
| Credit institutions | 430/8 | €459,204 | €478,019 | +€18,815 | +4.1% |
| Trade debts | 44 | €2,681,710 | €2,869,518 | +€187,808 | +7.0% |
| Suppliers | 440/4 | €2,681,710 | €2,869,518 | +€187,808 | +7.0% |
| Advances received on contracts in progress | 46 | €1,957,855 | €2,265,761 | +€307,906 | +15.7% |
| Taxes, remuneration and social security | 45 | €1,478,870 | €1,238,636 | -€240,233 | -16.2% |
| Taxes | 450/3 | €259,177 | €231,754 | -€27,423 | -10.6% |
| Remuneration and social security | 454/9 | €1,219,693 | €1,006,883 | -€212,811 | -17.4% |
| Other amounts payable | 47/48 | €626,800 | €523,047 | -€103,754 | -16.6% |
| Accrued charges and deferred income | 492/3 | €65,734 | €19,551 | -€46,184 | -70.3% |
| Operating income | 70/76A | €26,378,789 | €25,555,240 | -€823,549 | -3.1% |
| Turnover | 70 | €25,967,726 | €23,595,715 | -€2.4m | -9.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€74,827 | €1,466,098 | +€1.5m | |
| Other operating income | 74 | €478,076 | €493,427 | +€15,351 | +3.2% |
| Non-recurring operating income | 76A | €7,814 | €0 | -€7,814 | -100% |
| Operating charges | 60/66A | €25,892,582 | €25,334,669 | -€557,913 | -2.2% |
| Goods for resale, raw materials and consumables | 60 | €14,196,238 | €13,670,606 | -€525,631 | -3.7% |
| Purchases | 600/8 | €14,259,610 | €12,936,373 | -€1.3m | -9.3% |
| Change in stocks: decrease (increase) | 609 | -€63,372 | €734,233 | +€797,606 | |
| Services and other goods | 61 | €4,239,137 | €4,193,759 | -€45,378 | -1.1% |
| Remuneration, social security and pensions | 62 | €6,989,682 | €6,996,815 | +€7,133 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €401,472 | €424,279 | +€22,807 | +5.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €31,681 | €28,540 | -€3,142 | -9.9% |
| Other operating charges | 640/8 | €33,123 | €18,171 | -€14,951 | -45.1% |
| Non-recurring operating charges | 66A | €1,250 | €2,500 | +€1,250 | +100% |
| Operating profit (loss) | 9901 | €486,207 | €220,571 | -€265,636 | -54.6% |
| Financial income | 75/76B | €51,163 | €20,939 | -€30,225 | -59.1% |
| Recurring financial income | 75 | €51,163 | €20,939 | -€30,225 | -59.1% |
| Income from current assets | 751 | €6,414 | €4,936 | -€1,478 | -23.0% |
| Other financial income | 752/9 | €44,750 | €16,003 | -€28,747 | -64.2% |
| Financial charges | 65/66B | €102,561 | €81,773 | -€20,789 | -20.3% |
| Recurring financial charges | 65 | €102,561 | €81,773 | -€20,789 | -20.3% |
| Debt charges | 650 | €60,063 | €53,866 | -€6,197 | -10.3% |
| Other financial charges | 652/9 | €42,498 | €27,907 | -€14,591 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | €434,809 | €159,737 | -€275,072 | -63.3% |
| Income taxes | 67/77 | €142,799 | €37,299 | -€105,500 | -73.9% |
| Taxes | 670/3 | €142,799 | €58,115 | -€84,684 | -59.3% |
| Tax adjustments and reversals of tax provisions | 77 | - | €20,816 | +€20,816 | |
| Profit (loss) for the period | 9904 | €292,010 | €122,438 | -€169,572 | -58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €292,010 | €122,438 | -€169,572 | -58.1% |
Value
latest balance sheet 31-03-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or advice€2.6m
to
€3.3m
Midpoint €2.9m · 50% capitalised earnings, 50% adjusted equity
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
€1.6m
Capitalised earnings
€3.5m to €4.9m
Your EBITDA multiple
-
Indication
€2.6m to €3.3m
Adjusted equity
- Equity (10/15)
- €1,819,022
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€189,622
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €1.6m
Capitalised earnings
- 2026
- €122,438
- excluding non-recurring income and charges
- €124,938
- 2025
- €292,010
- excluding non-recurring income and charges
- €285,446
- 2024
- €1,074,363
- excluding non-recurring income and charges
- €1,065,566
- 2023
- €1,344,488
- excluding non-recurring income and charges
- €1,338,227
- 2022
- €524,165
- excluding non-recurring income and charges
- €510,611
- Average result, excluding non-recurring income and charges
- €491,983
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €3.5m / €4.1m / €4.9m
Your EBITDA multiple
- EBITDA 2026
- €644,849
- Net financial debt
- €553,543
- Your multiple
- -
- Value with your multiple
- -
Net financial debt is the sum of financial debts after one year, the part due within the year and short-term financial debts, less cash and current investments.
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 March 2025 and 31 March 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.