D. INVEST: what changed
Position among the sector peers
Sector benchmark: create a free account or sign in to use this tool.
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 2021 and 2023
not consecutiveLargest movements
- Financial fixed assets -€354,000
down €354,000 (-100%), from €354,000 to €0
- Receivables within one year -€170,035
down €170,035 (-93.2%), from €182,436 to €12,401
of which Other amounts receivable: -€113,521
- Tangible fixed assets -€54,119
down €54,119 (-8.2%), from €657,597 to €603,478
of which Land and buildings: -€53,064
- Profit (loss) carried forward -€278,740
new in 2023: -€278,740
- Other debts -€226,368
down €226,368 (-84.9%), from €266,643 to €40,275
- Short-term financial debts +€204,336
up €204,336 (+136%), from €149,703 to €354,039
- Debts after one year -€183,282
down €183,282 (-40.4%), from €453,229 to €269,947
- Reserves -€82,586
no longer reported in 2023 (was €82,586)
of which Distributable reserves: -€76,436
- Gross operating margin +€210,666
up €210,666 (+334%), from €63,141 to €273,806
- Financial charges +€128,450
up €128,450 (+766%), from €16,772 to €145,222
of which Non-recurring financial charges: +€100,000
- Other operating charges +€9,659
up €9,659 (+232%), from €4,162 to €13,821
- Taxes -€5,822
down €5,822 (-87.0%), from €6,691 to €869
Change in the result, 2021 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
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 | 2021 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,202,933 | €617,614 | -€585,319 | -48.7% |
| Fixed assets | 21/28 | €1,011,597 | €603,478 | -€408,119 | -40.3% |
| Tangible fixed assets | 22/27 | €657,597 | €603,478 | -€54,119 | -8.2% |
| Land and buildings | 22 | €656,541 | €603,478 | -€53,064 | -8.1% |
| Furniture and vehicles | 24 | €1,055 | - | -€1,055 | |
| Financial fixed assets | 28 | €354,000 | €0 | -€354,000 | -100% |
| Current assets | 29/58 | €191,337 | €14,136 | -€177,200 | -92.6% |
| Amounts receivable within one year | 40/41 | €182,436 | €12,401 | -€170,035 | -93.2% |
| Trade receivables | 40 | €68,915 | €12,401 | -€56,514 | -82.0% |
| Other amounts receivable | 41 | €113,521 | €0 | -€113,521 | -100% |
| Current investments | 50/53 | €3,000 | - | -€3,000 | |
| Cash at bank and in hand | 54/58 | €201 | - | -€201 | |
| Deferred charges and accrued income | 490/1 | €5,700 | €1,735 | -€3,965 | -69.6% |
| Total equity and liabilities | 10/49 | €1,202,933 | €617,614 | -€585,319 | -48.7% |
| Equity | 10/15 | €144,086 | -€211,090 | -€355,176 | |
| Contributions | 10/11 | €61,500 | €67,650 | +€6,150 | +10.0% |
| Contributions outside capital | 11 | - | €67,650 | +€67,650 | |
| Other | 1109/19 | - | €67,650 | +€67,650 | |
| Reserves | 13 | €82,586 | - | -€82,586 | |
| Non-distributable reserves | 130/1 | €6,150 | - | -€6,150 | |
| Reserves not available under the articles | 1311 | €6,150 | - | -€6,150 | |
| Distributable reserves | 133 | €76,436 | - | -€76,436 | |
| Profit (loss) carried forward | 14 | - | -€278,740 | -€278,740 | |
| Amounts payable | 17/49 | €1,058,847 | €828,704 | -€230,143 | -21.7% |
| Amounts payable after more than one year | 17 | €453,229 | €269,947 | -€183,282 | -40.4% |
| Financial debts | 170/4 | €453,229 | €269,947 | -€183,282 | -40.4% |
| Amounts payable within one year | 42/48 | €605,618 | €549,029 | -€56,588 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €52,267 | €74,481 | +€22,214 | +42.5% |
| Financial debts | 43 | €149,703 | €354,039 | +€204,336 | +136% |
| Credit institutions | 430/8 | €149,703 | €354,039 | +€204,336 | +136% |
| Trade debts | 44 | €69,509 | €42,729 | -€26,781 | -38.5% |
| Suppliers | 440/4 | €69,509 | €42,729 | -€26,781 | -38.5% |
| Advances received on contracts in progress | 46 | €36,300 | - | -€36,300 | |
| Taxes, remuneration and social security | 45 | €31,195 | €37,505 | +€6,310 | +20.2% |
| Taxes | 450/3 | €31,195 | €37,505 | +€6,310 | +20.2% |
| Other amounts payable | 47/48 | €266,643 | €40,275 | -€226,368 | -84.9% |
| Accrued charges and deferred income | 492/3 | - | €9,728 | +€9,728 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,056 | €28,101 | +€46 | +0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Other operating charges | 640/8 | €4,162 | €13,821 | +€9,659 | +232% |
| Non-recurring operating charges | 66A | - | €355 | +€355 | |
| Gross operating margin | 9900 | €63,141 | €273,806 | +€210,666 | +334% |
| Operating profit (loss) | 9901 | €30,923 | €231,529 | +€200,606 | +649% |
| Financial income | 75/76B | - | €83 | +€83 | |
| Recurring financial income | 75 | - | €83 | +€83 | |
| Financial charges | 65/66B | €16,772 | €145,222 | +€128,450 | +766% |
| Recurring financial charges | 65 | €16,772 | €45,222 | +€28,450 | +170% |
| Non-recurring financial charges | 66B | - | €100,000 | +€100,000 | |
| Profit (loss) for the period before taxes | 9903 | €14,151 | €86,391 | +€72,239 | +510% |
| Income taxes | 67/77 | €6,691 | €869 | -€5,822 | -87.0% |
| Profit (loss) for the period | 9904 | €7,460 | €85,521 | +€78,062 | +1,046% |
| Profit (loss) for the period to be appropriated | 9905 | €7,460 | €85,521 | +€78,062 | +1,046% |
Value
latest balance sheet 31-12-2023 · indication, not a valuation or adviceFor holding and financial companies, the adjusted equity is usually a better measure than the earnings. Give the capitalised earnings a lower weight then.
Indicative value of the equity
Indication, not a valuation or adviceMidpoint €157,547 · 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)
- -€211,090
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€211,090
Capitalised earnings
- 2023
- €85,521
- excluding non-recurring income and charges
- €185,876
- 2021
- €7,460
- 2020
- -€3,910
- 2019
- €297
- 2018
- €17,876
- Average result, excluding non-recurring income and charges
- €63,142
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €451,014 / €526,183 / €631,420
Your EBITDA multiple
- EBITDA 2023
- €259,630
- Net financial debt
- €698,467
- 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 2021 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 9 November 2026 via checked.be.