CONSTANT CONSTRUCT: 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
- Receivables within one year -€7,683
down €7,683 (-14.1%), from €54,494 to €46,812
of which Trade receivables: -€24,168
- Tangible fixed assets -€2,201
down €2,201 (-28.5%), from €7,719 to €5,518
of which Furniture and vehicles: -€1,123
- Cash +€1,635
up €1,635 (+130%), from €1,259 to €2,895
mainly Receivables within one year (+€7,683) and Depreciation (+€3,118)
- Tax, wage and social debts -€7,504
down €7,504 (-47.6%), from €15,767 to €8,262
of which Remuneration and social security: -€4,500
- Trade debts -€884
down €884 (-4.2%), from €21,221 to €20,337
of which Bills of exchange payable: -€5,986
- Gross operating margin -€27,814
down €27,814 (-75.2%), from €36,975 to €9,162
- Taxes -€4,093
down €4,093 (-62.2%), from €6,579 to €2,486
- Financial charges -€3,337
down €3,337 (-60.7%), from €5,495 to €2,158
- Depreciation -€2,087
down €2,087 (-40.1%), from €5,205 to €3,118
- Financial income +€1,299
new in 2026: €1,299
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 | €63,633 | €55,386 | -€8,248 | -13.0% |
| Fixed assets | 21/28 | €7,880 | €5,679 | -€2,201 | -27.9% |
| Tangible fixed assets | 22/27 | €7,719 | €5,518 | -€2,201 | -28.5% |
| Plant, machinery and equipment | 23 | €2,528 | €1,450 | -€1,078 | -42.6% |
| Furniture and vehicles | 24 | €5,191 | €4,068 | -€1,123 | -21.6% |
| Financial fixed assets | 28 | €161 | €161 | = | 0.0% |
| Current assets | 29/58 | €55,754 | €49,706 | -€6,047 | -10.8% |
| Amounts receivable within one year | 40/41 | €54,494 | €46,812 | -€7,683 | -14.1% |
| Trade receivables | 40 | €49,791 | €25,623 | -€24,168 | -48.5% |
| Other amounts receivable | 41 | €4,703 | €21,189 | +€16,485 | +350% |
| Cash at bank and in hand | 54/58 | €1,259 | €2,895 | +€1,635 | +130% |
| Total equity and liabilities | 10/49 | €63,633 | €55,386 | -€8,248 | -13.0% |
| Equity | 10/15 | €26,273 | €26,786 | +€514 | +2.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,273 | €25,786 | +€514 | +2.0% |
| Amounts payable | 17/49 | €37,361 | €28,599 | -€8,762 | -23.5% |
| Amounts payable within one year | 42/48 | €37,361 | €28,599 | -€8,762 | -23.5% |
| Trade debts | 44 | €21,221 | €20,337 | -€884 | -4.2% |
| Suppliers | 440/4 | €10,176 | €15,278 | +€5,102 | +50.1% |
| Bills of exchange payable | 441 | €11,045 | €5,059 | -€5,986 | -54.2% |
| Taxes, remuneration and social security | 45 | €15,767 | €8,262 | -€7,504 | -47.6% |
| Taxes | 450/3 | €11,267 | €8,262 | -€3,004 | -26.7% |
| Remuneration and social security | 454/9 | €4,500 | - | -€4,500 | |
| Other amounts payable | 47/48 | €373 | - | -€373 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,205 | €3,118 | -€2,087 | -40.1% |
| Other operating charges | 640/8 | €1,587 | €2,185 | +€598 | +37.7% |
| Gross operating margin | 9900 | €36,975 | €9,162 | -€27,814 | -75.2% |
| Operating profit (loss) | 9901 | €30,184 | €3,859 | -€26,325 | -87.2% |
| Financial income | 75/76B | - | €1,299 | +€1,299 | |
| Recurring financial income | 75 | - | €1,299 | +€1,299 | |
| Financial charges | 65/66B | €5,495 | €2,158 | -€3,337 | -60.7% |
| Recurring financial charges | 65 | €5,495 | €2,158 | -€3,337 | -60.7% |
| Profit (loss) for the period before taxes | 9903 | €24,689 | €3,000 | -€21,689 | -87.8% |
| Income taxes | 67/77 | €6,579 | €2,486 | -€4,093 | -62.2% |
| Profit (loss) for the period | 9904 | €18,110 | €514 | -€17,596 | -97.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,110 | €514 | -€17,596 | -97.2% |
Value
latest balance sheet 28-02-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €42,568 · 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
- Equity (10/15)
- €26,786
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €26,786
Capitalised earnings
- 2026
- €514
- 2025
- €18,110
- 2024
- €2,383
- 2023
- €2,478
- 2022
- €2,302
- Average result, excluding non-recurring income and charges
- €7,002
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €50,014 / €58,350 / €70,020
Your EBITDA multiple
- EBITDA 2026
- €6,977
- Net financial debt
- -€2,895
- 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 28 February 2025 and 28 February 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 10 November 2026 via checked.be.