D & W PROJECTS: 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
Largest movements
- Receivables within one year -€26,062
down €26,062 (-63.3%), from €41,185 to €15,123
of which Other amounts receivable: -€35,635
- Cash +€21,008
up €21,008 (+113%), from €18,555 to €39,563
mainly Net result for the year (+€56,151) and Receivables within one year (+€26,062)
- Tangible fixed assets -€19,525
down €19,525 (-3.9%), from €506,586 to €487,061
of which Plant, machinery and equipment: -€15,741
- Debts after one year -€30,000
down €30,000 (-11.8%), from €255,000 to €225,000
- Other debts -€11,000
down €11,000 (-16.6%), from €66,100 to €55,100
- Tax, wage and social debts +€9,671
up €9,671 (+221%), from €4,371 to €14,042
- Taxes +€20,130
up €20,130, from -€3,270 to €16,860
- Depreciation -€15,183
down €15,183 (-43.7%), from €34,708 to €19,525
- Write-downs -€13,670
no longer reported in 2025 (was €13,670)
- Gross operating margin +€12,327
up €12,327 (+11.8%), from €104,109 to €116,436
- Other operating charges +€6,125
up €6,125 (+86.7%), from €7,066 to €13,191
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
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €576,326 | €551,747 | -€24,579 | -4.3% |
| Fixed assets | 21/28 | €506,586 | €487,061 | -€19,525 | -3.9% |
| Tangible fixed assets | 22/27 | €506,586 | €487,061 | -€19,525 | -3.9% |
| Land and buildings | 22 | €420,027 | €416,243 | -€3,784 | -0.9% |
| Plant, machinery and equipment | 23 | €86,559 | €70,818 | -€15,741 | -18.2% |
| Current assets | 29/58 | €69,740 | €64,686 | -€5,054 | -7.2% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Trade receivables | 290 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 291 | €10,000 | - | -€10,000 | |
| Amounts receivable within one year | 40/41 | €41,185 | €15,123 | -€26,062 | -63.3% |
| Trade receivables | 40 | €5,550 | €15,123 | +€9,573 | +172% |
| Other amounts receivable | 41 | €35,635 | - | -€35,635 | |
| Cash at bank and in hand | 54/58 | €18,555 | €39,563 | +€21,008 | +113% |
| Total equity and liabilities | 10/49 | €576,326 | €551,747 | -€24,579 | -4.3% |
| Equity | 10/15 | €220,468 | €226,619 | +€6,151 | +2.8% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €150,319 | €155,889 | +€5,570 | +3.7% |
| Tax-exempt reserves | 132 | €5,384 | €10,954 | +€5,570 | +103% |
| Distributable reserves | 133 | €144,935 | €144,935 | = | 0.0% |
| Profit (loss) carried forward | 14 | €149 | €730 | +€581 | +390% |
| Amounts payable | 17/49 | €355,858 | €325,128 | -€30,730 | -8.6% |
| Amounts payable after more than one year | 17 | €255,000 | €225,000 | -€30,000 | -11.8% |
| Financial debts | 170/4 | €255,000 | €225,000 | -€30,000 | -11.8% |
| Amounts payable within one year | 42/48 | €100,471 | €99,729 | -€742 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | - | €587 | +€587 | |
| Suppliers | 440/4 | - | €587 | +€587 | |
| Taxes, remuneration and social security | 45 | €4,371 | €14,042 | +€9,671 | +221% |
| Taxes | 450/3 | €4,371 | €14,042 | +€9,671 | +221% |
| Other amounts payable | 47/48 | €66,100 | €55,100 | -€11,000 | -16.6% |
| Accrued charges and deferred income | 492/3 | €387 | €399 | +€12 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,708 | €19,525 | -€15,183 | -43.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,670 | - | -€13,670 | |
| Other operating charges | 640/8 | €7,066 | €13,191 | +€6,125 | +86.7% |
| Gross operating margin | 9900 | €104,109 | €116,436 | +€12,327 | +11.8% |
| Operating profit (loss) | 9901 | €48,665 | €83,720 | +€35,055 | +72.0% |
| Financial charges | 65/66B | €13,523 | €10,709 | -€2,814 | -20.8% |
| Recurring financial charges | 65 | €13,523 | €10,709 | -€2,814 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | €35,142 | €73,011 | +€37,869 | +108% |
| Income taxes | 67/77 | -€3,270 | €16,860 | +€20,130 | |
| Profit (loss) for the period | 9904 | €38,412 | €56,151 | +€17,739 | +46.2% |
| Transfer to tax-exempt reserves | 689 | €5,224 | €5,570 | +€346 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,188 | €50,581 | +€17,393 | +52.4% |
Value
latest balance sheet 30-06-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €283,706 · 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)
- €226,619
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €226,619
Capitalised earnings
- 2025
- €56,151
- 2024
- €38,412
- 2023
- €28,121
- 2022
- €48,968
- 2021
- -€39,136
- Average result, excluding non-recurring income and charges
- €40,895
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €292,107 / €340,792 / €408,950
Your EBITDA multiple
- EBITDA 2025
- €103,245
- Net financial debt
- €215,437
- 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 June 2024 and 30 June 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 9 November 2026 via checked.be.