CTBPS: 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 2022 and 2023
Largest movements
- Receivables within one year +€74,630
up €74,630 (+47.9%), from €155,784 to €230,415
of which Trade receivables: +€73,566
- Profit (loss) carried forward +€28,816
up €28,816 (+45.6%), from €63,211 to €92,027
- Other debts +€26,602
up €26,602 (+31.9%), from €83,400 to €110,001
- Tax, wage and social debts +€18,998
up €18,998 (+3,044%), from €624 to €19,622
- Gross operating margin +€46,434
up €46,434 (+1,575%), from €2,948 to €49,382
- Other operating charges +€10,423
new in 2023: €10,423
- Taxes +€5,383
up €5,383 (+218%), from €2,467 to €7,850
- Financial charges +€2,269
up €2,269 (+9,005%), from €25 to €2,295
Change in the result, 2022 to 2023
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
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €155,784 | €230,415 | +€74,630 | +47.9% |
| Current assets | 29/58 | €155,784 | €230,415 | +€74,630 | +47.9% |
| Amounts receivable within one year | 40/41 | €155,784 | €230,415 | +€74,630 | +47.9% |
| Trade receivables | 40 | €153,668 | €227,234 | +€73,566 | +47.9% |
| Other amounts receivable | 41 | €2,116 | €3,181 | +€1,064 | +50.3% |
| Total equity and liabilities | 10/49 | €155,784 | €230,415 | +€74,630 | +47.9% |
| Equity | 10/15 | €71,336 | €100,152 | +€28,816 | +40.4% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Contributions outside capital | 11 | €6,250 | €6,250 | = | 0.0% |
| Other | 1109/19 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €1,875 | €1,875 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,211 | €92,027 | +€28,816 | +45.6% |
| Amounts payable | 17/49 | €84,448 | €130,263 | +€45,815 | +54.3% |
| Amounts payable within one year | 42/48 | €84,448 | €130,263 | +€45,815 | +54.3% |
| Trade debts | 44 | €425 | €640 | +€215 | +50.7% |
| Suppliers | 440/4 | €425 | €640 | +€215 | +50.7% |
| Taxes, remuneration and social security | 45 | €624 | €19,622 | +€18,998 | +3,044% |
| Taxes | 450/3 | €624 | €19,622 | +€18,998 | +3,044% |
| Other amounts payable | 47/48 | €83,400 | €110,001 | +€26,602 | +31.9% |
| Other operating charges | 640/8 | - | €10,423 | +€10,423 | |
| Gross operating margin | 9900 | €2,948 | €49,382 | +€46,434 | +1,575% |
| Operating profit (loss) | 9901 | €2,948 | €38,959 | +€36,011 | +1,221% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €25 | €2,295 | +€2,269 | +9,005% |
| Recurring financial charges | 65 | €25 | €2,295 | +€2,269 | +9,005% |
| Profit (loss) for the period before taxes | 9903 | €2,923 | €36,665 | +€33,742 | +1,154% |
| Income taxes | 67/77 | €2,467 | €7,850 | +€5,383 | +218% |
| Profit (loss) for the period | 9904 | €456 | €28,816 | +€28,359 | +6,215% |
| Profit (loss) for the period to be appropriated | 9905 | €456 | €28,816 | +€28,359 | +6,215% |
Value
latest balance sheet 31-12-2023 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €106,947 · 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
Worked out with Checked's starting values, not your estimate and not market data. Change the assumptions: the value follows.
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)
- €100,152
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €100,152
Capitalised earnings
- 2023
- €28,816
- 2022
- €456
- 2021
- €11,676
- 2020
- €35,904
- 2019
- €3,829
- Average result, excluding non-recurring income and charges
- €13,649
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €97,493 / €113,742 / €136,490
Your EBITDA multiple
- EBITDA 2023
- -
- Net financial debt
- -
- 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 result is not corrected for the manager's pay. If the company pays less or more than a market salary, the capitalised earnings are too high or too low.
- 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 2022 and 31 December 2023. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 15 November 2026 via checked.be.