COVRR: 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
not consecutiveLargest movements
- Stocks and contracts +€321,752
up €321,752 (+188%), from €171,169 to €492,921
of which Contracts in progress: +€246,752
- Receivables within one year -€136,711
down €136,711 (-36.8%), from €371,069 to €234,358
of which Trade receivables: -€81,663
- Tangible fixed assets -€34,785
down €34,785 (-27.7%), from €125,415 to €90,630
of which Furniture and vehicles: -€18,746
- Intangible fixed assets -€16,650
down €16,650 (-38.4%), from €43,317 to €26,667
- Formation expenses +€9,957
new in 2025: €9,957
- Other debts +€404,960
up €404,960 (+3,858%), from €10,495 to €415,456
- Trade debts -€223,561
down €223,561 (-32.9%), from €679,610 to €456,050
- Profit (loss) carried forward -€44,787
down €44,787 (-30.5%), from -€146,867 to -€191,654
- Tax, wage and social debts +€40,642
up €40,642 (+85.6%), from €47,458 to €88,100
of which Remuneration and social security: +€28,070
- Debts after one year -€32,712
down €32,712 (-81.5%), from €40,120 to €7,408
- Staff costs -€103,093
down €103,093 (-34.6%), from €298,069 to €194,976
- Gross operating margin -€35,872
down €35,872 (-14.1%), from €255,059 to €219,187
- Depreciation +€18,901
up €18,901 (+58.1%), from €32,534 to €51,435
- Other operating charges +€2,738
up €2,738 (+71.7%), from €3,820 to €6,558
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
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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €724,158 | €863,799 | +€139,641 | +19.3% |
| Formation expenses | 20 | - | €9,957 | +€9,957 | |
| Fixed assets | 21/28 | €168,732 | €117,297 | -€51,435 | -30.5% |
| Intangible fixed assets | 21 | €43,317 | €26,667 | -€16,650 | -38.4% |
| Tangible fixed assets | 22/27 | €125,415 | €90,630 | -€34,785 | -27.7% |
| Plant, machinery and equipment | 23 | €38,215 | €29,887 | -€8,328 | -21.8% |
| Furniture and vehicles | 24 | €64,856 | €46,110 | -€18,746 | -28.9% |
| Leasing and similar rights | 25 | €22,344 | €14,632 | -€7,712 | -34.5% |
| Current assets | 29/58 | €555,426 | €736,546 | +€181,120 | +32.6% |
| Stocks and contracts in progress | 3 | €171,169 | €492,921 | +€321,752 | +188% |
| Stocks | 30/36 | €171,169 | €246,169 | +€75,000 | +43.8% |
| Contracts in progress | 37 | - | €246,752 | +€246,752 | |
| Amounts receivable within one year | 40/41 | €371,069 | €234,358 | -€136,711 | -36.8% |
| Trade receivables | 40 | €242,877 | €161,214 | -€81,663 | -33.6% |
| Other amounts receivable | 41 | €128,192 | €73,145 | -€55,047 | -42.9% |
| Cash at bank and in hand | 54/58 | €8,801 | €8,619 | -€183 | -2.1% |
| Deferred charges and accrued income | 490/1 | €4,387 | €647 | -€3,739 | -85.2% |
| Total equity and liabilities | 10/49 | €724,158 | €863,799 | +€139,641 | +19.3% |
| Equity | 10/15 | -€84,467 | -€129,254 | -€44,787 | -53.0% |
| Contributions | 10/11 | €62,400 | €62,400 | = | 0.0% |
| Capital | 10 | €62,400 | €62,400 | = | 0.0% |
| Issued capital | 100 | €62,400 | €62,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€146,867 | -€191,654 | -€44,787 | -30.5% |
| Amounts payable | 17/49 | €808,625 | €993,053 | +€184,428 | +22.8% |
| Amounts payable after more than one year | 17 | €40,120 | €7,408 | -€32,712 | -81.5% |
| Financial debts | 170/4 | €40,120 | €7,408 | -€32,712 | -81.5% |
| Amounts payable within one year | 42/48 | €763,505 | €985,645 | +€222,140 | +29.1% |
| Current portion of amounts payable after more than one year | 42 | €25,941 | €26,039 | +€98 | +0.4% |
| Trade debts | 44 | €679,610 | €456,050 | -€223,561 | -32.9% |
| Suppliers | 440/4 | €679,610 | €456,050 | -€223,561 | -32.9% |
| Taxes, remuneration and social security | 45 | €47,458 | €88,100 | +€40,642 | +85.6% |
| Taxes | 450/3 | €43,456 | €56,028 | +€12,572 | +28.9% |
| Remuneration and social security | 454/9 | €4,002 | €32,072 | +€28,070 | +701% |
| Other amounts payable | 47/48 | €10,495 | €415,456 | +€404,960 | +3,858% |
| Accrued charges and deferred income | 492/3 | €5,000 | €0 | -€5,000 | -100% |
| Remuneration, social security and pensions | 62 | €298,069 | €194,976 | -€103,093 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,534 | €51,435 | +€18,901 | +58.1% |
| Other operating charges | 640/8 | €3,820 | €6,558 | +€2,738 | +71.7% |
| Operating charges capitalised as restructuring costs | 649 | - | -€9,957 | -€9,957 | |
| Gross operating margin | 9900 | €255,059 | €219,187 | -€35,872 | -14.1% |
| Operating profit (loss) | 9901 | -€79,365 | -€23,826 | +€55,539 | +70.0% |
| Financial income | 75/76B | €357 | €2,048 | +€1,690 | +473% |
| Recurring financial income | 75 | €357 | €2,048 | +€1,690 | +473% |
| Financial charges | 65/66B | €23,619 | €22,807 | -€812 | -3.4% |
| Recurring financial charges | 65 | €23,619 | €22,807 | -€812 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | -€102,626 | -€44,585 | +€58,041 | +56.6% |
| Income taxes | 67/77 | €275 | €202 | -€73 | -26.5% |
| Profit (loss) for the period | 9904 | -€102,901 | -€44,787 | +€58,114 | +56.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€102,901 | -€44,787 | +€58,114 | +56.5% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €0 · 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)
- -€129,254
- Formation expenses (20)
- -€9,957
- Intangible fixed assets (21)
- -€26,667
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€165,878
Capitalised earnings
- 2025
- -€44,787
- 2024
- -€102,901
- 2023
- -€43,966
- Average result, excluding non-recurring income and charges
- -€63,885
- 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
- €27,610
- Net financial debt
- €24,829
- 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 30 September 2024 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 14 November 2026 via checked.be.