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D. INVEST: what changed

BE 0885.061.949NACE 64.210, Activities of holding companiesOther company

Position among the sector peers

What moved between 2021 and 2023

not consecutive
Net result for the year
€85,521
2021 · €7,460+€78,062
Equity
-€211,090
2021 · €144,086-€355,176
Cash
-
2021 · €201-€201
Balance sheet total
€617,614
2021 · €1.2m-€585,319

Largest movements

2021 to 2023
Assets
  • 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

Equity and liabilities
  • 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

Income statement
  • 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

effect on the result

For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.

Result 2021 €7,460
Gross operating margin +€210,666
Depreciation -€46
Other operating charges -€9,659
Other operating items -€355
Financial income +€83
Financial charges -€128,450
Taxes +€5,822
Result 2023 €85,521
raises the resultlowers the resultnot broken down further in the accounts

Derived cash bridge

cash 2021 to 2023

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 52 lines
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 advice

For 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 advice
€119,962 to €210,165

Midpoint €157,547 · 50% capitalised earnings, 50% adjusted equity

Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50%

Adjusted equity -€211,090
Capitalised earnings €451,014 to €631,420
Indication €119,962 to €210,165

Adjusted equity

balance sheet 31-12-2023
Equity (10/15)
-€211,090
Revaluation of assets
€0
Deferred tax on the revaluation
€0
Other adjustment
€0
Adjusted equity
-€211,090

Capitalised earnings

net result for the year (9904)
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

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.

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.