CMB.TECH Enterprises: what changed
BE 0766.552.396NACE 71.121, Engineering and related technical consultancy, excluding land surveyorsOther company
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 2024
Net result for the year
-€573,946
2023 · -€12.7m+€12.2m
Equity
€640.8m
2023 · €336.3m+€304.5m
Cash
€43,727
2023 · €7,916+€35,811
Balance sheet total
€682.6m
2023 · €412.2m+€270.4m
Largest movements
Assets
- Financial fixed assets +€254.6m
up €254.6m (+70.0%), from €363.8m to €618.3m
Equity and liabilities
- Contributions +€305.1m
up €305.1m (+83.6%), from €364.7m to €669.8m
- Short-term financial debts -€29.0m
down €29.0m (-67.4%), from €43.0m to €14.0m
Income statement
- Financial income +€16.6m
up €16.6m (+3,323%), from €499,588 to €17.1m
- Depreciation +€4.7m
up €4.7m (+76.4%), from €6.2m to €10.9m
- Financial charges +€3.1m
up €3.1m (+179%), from €1.7m to €4.8m
- Other operating income +€2.5m
up €2.5m (+358%), from €707,224 to €3.2m
- Services and other goods -€1.5m
down €1.5m (-21.8%), from €7.0m to €5.5m
Change in the result, 2023 to 2024
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 2023
-€12.7m
Turnover
+€367,951
Other operating income
+€2.5m
Goods and materials
+€14,600
Services and other goods
+€1.5m
Staff costs
-€637,633
Depreciation
-€4.7m
Other operating charges
-€635
Other operating items
+€74,151
Financial income
+€16.6m
Financial charges
-€3.1m
Taxes
-€538,175
Result 2024
-€573,946
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2023 and 2024 balance sheets and the 2024 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€2.3m
Investment
-€269.7m
Financing
+€272.0m
Cash 2023
€7,916
From operations (derived)
-€2.3m
Net result for the year
-€573,946
Depreciation
+€10.9m
Receivables after one year
-€4.2m
Receivables within one year
-€6.8m
Smaller working-capital items
-€1.7m
Investment (derived)
-€269.7m
Investment in fixed assets (net)
-€269.7m
Financing
+€272.0m
Debts after one year
-€4.3m
Current portion of long-term debt
+€220,000
Short-term financial debts
-€29.0m
Contributions, distributions and other
+€305.1m
Cash 2024
€43,727
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €412,226,500 | €682,623,167 | +€270.4m | +65.6% |
| Fixed assets | 21/28 | €381,295,998 | €640,102,950 | +€258.8m | +67.9% |
| Intangible fixed assets | 21 | €3,331,870 | €3,026,964 | -€304,906 | -9.2% |
| Tangible fixed assets | 22/27 | €14,195,514 | €18,744,805 | +€4.5m | +32.0% |
| Plant, machinery and equipment | 23 | €638,984 | €507,168 | -€131,816 | -20.6% |
| Furniture and vehicles | 24 | €93,191 | €18,059 | -€75,132 | -80.6% |
| Other tangible fixed assets | 26 | €13,463,340 | €11,671,458 | -€1.8m | -13.3% |
| Assets under construction and advance payments | 27 | - | €6,548,120 | +€6.5m | |
| Financial fixed assets | 28 | €363,768,614 | €618,331,181 | +€254.6m | +70.0% |
| Affiliated companies | 280/1 | €363,768,614 | €618,331,181 | +€254.6m | +70.0% |
| Participating interests | 280 | €347,980,789 | €591,002,706 | +€243.0m | +69.8% |
| Amounts receivable | 281 | €15,787,825 | €27,328,475 | +€11.5m | +73.1% |
| Current assets | 29/58 | €30,930,502 | €42,520,217 | +€11.6m | +37.5% |
| Amounts receivable after more than one year | 29 | €4,319,656 | €8,499,784 | +€4.2m | +96.8% |
| Other amounts receivable | 291 | €4,319,656 | €8,499,784 | +€4.2m | +96.8% |
| Amounts receivable within one year | 40/41 | €26,156,485 | €32,921,809 | +€6.8m | +25.9% |
| Trade receivables | 40 | €4,732,459 | €4,207,843 | -€524,616 | -11.1% |
| Other amounts receivable | 41 | €21,424,026 | €28,713,966 | +€7.3m | +34.0% |
| Cash at bank and in hand | 54/58 | €7,916 | €43,727 | +€35,811 | +452% |
| Deferred charges and accrued income | 490/1 | €446,445 | €1,054,897 | +€608,452 | +136% |
| Total equity and liabilities | 10/49 | €412,226,500 | €682,623,167 | +€270.4m | +65.6% |
| Equity | 10/15 | €336,256,619 | €640,778,673 | +€304.5m | +90.6% |
| Contributions | 10/11 | €364,732,000 | €669,828,000 | +€305.1m | +83.6% |
| Capital | 10 | €364,732,000 | €669,828,000 | +€305.1m | +83.6% |
| Issued capital | 100 | €364,732,000 | €669,828,000 | +€305.1m | +83.6% |
| Profit (loss) carried forward | 14 | -€28,475,381 | -€29,049,327 | -€573,946 | -2.0% |
| Amounts payable | 17/49 | €75,969,881 | €41,844,494 | -€34.1m | -44.9% |
| Amounts payable after more than one year | 17 | €22,592,306 | €18,280,683 | -€4.3m | -19.1% |
| Financial debts | 170/4 | €22,592,306 | €18,280,683 | -€4.3m | -19.1% |
| Credit institutions | 173 | €8,140,000 | €7,040,000 | -€1.1m | -13.5% |
| Other loans | 174 | €14,452,306 | €11,240,683 | -€3.2m | -22.2% |
| Amounts payable within one year | 42/48 | €52,376,451 | €22,919,876 | -€29.5m | -56.2% |
| Current portion of amounts payable after more than one year | 42 | €3,871,624 | €4,091,624 | +€220,000 | +5.7% |
| Financial debts | 43 | €43,014,965 | €14,034,284 | -€29.0m | -67.4% |
| Other loans | 439 | €43,014,965 | €14,034,284 | -€29.0m | -67.4% |
| Trade debts | 44 | €5,312,143 | €4,585,448 | -€726,695 | -13.7% |
| Suppliers | 440/4 | €5,312,143 | €4,585,448 | -€726,695 | -13.7% |
| Taxes, remuneration and social security | 45 | €171,999 | €202,436 | +€30,437 | +17.7% |
| Taxes | 450/3 | - | €2,088 | +€2,088 | |
| Remuneration and social security | 454/9 | €171,999 | €200,348 | +€28,349 | +16.5% |
| Other amounts payable | 47/48 | €5,720 | €6,084 | +€364 | +6.4% |
| Accrued charges and deferred income | 492/3 | €1,001,124 | €643,935 | -€357,189 | -35.7% |
| Operating income | 70/76A | €2,346,661 | €5,248,443 | +€2.9m | +124% |
| Turnover | 70 | €1,639,436 | €2,007,387 | +€367,951 | +22.4% |
| Other operating income | 74 | €707,224 | €3,241,056 | +€2.5m | +358% |
| Operating charges | 60/66A | €14,886,532 | €18,617,130 | +€3.7m | +25.1% |
| Goods for resale, raw materials and consumables | 60 | €14,600 | - | -€14,600 | |
| Purchases | 600/8 | €14,600 | - | -€14,600 | |
| Services and other goods | 61 | €6,989,471 | €5,464,692 | -€1.5m | -21.8% |
| Remuneration, social security and pensions | 62 | €1,640,081 | €2,277,714 | +€637,633 | +38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,159,524 | €10,865,384 | +€4.7m | +76.4% |
| Other operating charges | 640/8 | €8,705 | €9,340 | +€635 | +7.3% |
| Non-recurring operating charges | 66A | €74,151 | - | -€74,151 | |
| Operating profit (loss) | 9901 | -€12,539,871 | -€13,368,687 | -€828,816 | -6.6% |
| Financial income | 75/76B | €499,588 | €17,102,129 | +€16.6m | +3,323% |
| Recurring financial income | 75 | €499,588 | €17,102,129 | +€16.6m | +3,323% |
| Income from financial fixed assets | 750 | €369,033 | €16,049,751 | +€15.7m | +4,249% |
| Income from current assets | 751 | €39,329 | €75,146 | +€35,817 | +91.1% |
| Other financial income | 752/9 | €91,226 | €977,232 | +€886,006 | +971% |
| Financial charges | 65/66B | €1,713,459 | €4,789,081 | +€3.1m | +179% |
| Recurring financial charges | 65 | €1,713,459 | €4,789,081 | +€3.1m | +179% |
| Debt charges | 650 | €1,400,872 | €1,737,307 | +€336,435 | +24.0% |
| Other financial charges | 652/9 | €312,587 | €3,051,774 | +€2.7m | +876% |
| Profit (loss) for the period before taxes | 9903 | -€13,753,743 | -€1,055,639 | +€12.7m | +92.3% |
| Income taxes | 67/77 | -€1,019,868 | -€481,693 | +€538,175 | +52.8% |
| Taxes | 670/3 | €2,230 | €2,479 | +€249 | +11.2% |
| Tax adjustments and reversals of tax provisions | 77 | €1,022,099 | €484,172 | -€537,927 | -52.6% |
| Profit (loss) for the period | 9904 | -€12,733,875 | -€573,946 | +€12.2m | +95.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,733,875 | -€573,946 | +€12.2m | +95.5% |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or advice€637.8m
to
€637.8m
Midpoint €637.8m · 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
€637.8m
Capitalised earnings
-
Your EBITDA multiple
-
Indication
€637.8m
Adjusted equity
- Equity (10/15)
- €640,778,673
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€3,026,964
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €637.8m
Capitalised earnings
- 2024
- -€573,946
- 2023
- -€12,733,875
- excluding non-recurring income and charges
- -€12,659,724
- 2022
- -€7,422,602
- 2021
- -€8,318,904
- excluding non-recurring income and charges
- -€8,488,910
- Average result, excluding non-recurring income and charges
- -€6,885,424
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2024
- -€2,503,303
- Net financial debt
- €36,362,864
- 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 December 2023 and 31 December 2024. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 12 November 2026 via checked.be.