CP 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 2008 and 2009
Largest movements
- Receivables within one year -€35,563
down €35,563 (-87.4%), from €40,668 to €5,105
- Current investments +€16,798
up €16,798 (+126%), from €13,306 to €30,103
- Tangible fixed assets +€12,000
new in 2009: €12,000
- Cash +€8,012
up €8,012 (+21.8%), from €36,814 to €44,826
mainly Receivables within one year (+€35,563) and Debts within one year (+€983)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€13,854
down €13,854 (-89.2%), from €15,526 to €1,672
- Taxes +€1,656
up €1,656 (+191%), from €868 to €2,524
Change in the result, 2008 to 2009
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 2008 and 2009 balance sheets and the 2009 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 | 2008 | 2009 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €338,434 | €339,680 | +€1,246 | +0.4% |
| Fixed assets | 21/28 | €247,646 | €259,646 | +€12,000 | +4.8% |
| Tangible fixed assets | 22/27 | - | €12,000 | +€12,000 | |
| Financial fixed assets | 28 | €247,646 | €247,646 | = | 0.0% |
| Current assets | 29/58 | €90,788 | €80,035 | -€10,754 | -11.8% |
| Amounts receivable within one year | 40/41 | €40,668 | €5,105 | -€35,563 | -87.4% |
| Current investments | 50/53 | €13,306 | €30,103 | +€16,798 | +126% |
| Cash at bank and in hand | 54/58 | €36,814 | €44,826 | +€8,012 | +21.8% |
| Total equity and liabilities | 10/49 | €338,434 | €339,680 | +€1,246 | +0.4% |
| Equity | 10/15 | €335,173 | €335,437 | +€263 | +0.1% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €4,958 | €4,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | €280,637 | €280,900 | +€263 | +0.1% |
| Amounts payable | 17/49 | €3,260 | €4,243 | +€983 | +30.2% |
| Amounts payable within one year | 42/48 | €3,260 | €4,243 | +€983 | +30.2% |
| Gross operating margin | 9900 | €15,526 | €1,672 | -€13,854 | -89.2% |
| Operating profit (loss) | 9901 | €15,526 | €1,672 | -€13,854 | -89.2% |
| Recurring financial income | 75 | €30,241 | €1,153 | -€29,088 | -96.2% |
| Recurring financial charges | 65 | €0 | €38 | +€37 | +8,249% |
| Profit (loss) for the period before taxes | 9903 | €45,767 | €2,788 | -€42,979 | -93.9% |
| Income taxes | 67/77 | €868 | €2,524 | +€1,656 | +191% |
| Profit (loss) for the period | 9904 | €44,899 | €263 | -€44,635 | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €44,899 | €263 | -€44,635 | -99.4% |
Value
latest balance sheet 30-09-2009 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €290,218 · 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)
- €335,437
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €335,437
Capitalised earnings
- 2009
- €263
- 2008
- €44,899
- 2007
- €43,038
- 2006
- €3,926
- Average result, excluding non-recurring income and charges
- €29,400
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €210,000 / €245,000 / €294,000
Your EBITDA multiple
- EBITDA 2009
- -
- Net financial debt
- -€74,930
- 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 30 September 2008 and 30 September 2009. 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.