DAH: 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 2023 and 2024
Largest movements
- Receivables within one year -€750,362
down €750,362 (-97.3%), from €770,889 to €20,527
of which Trade receivables: -€423,000
- Receivables after one year +€466,295
new in 2024: €466,295
- Deferred charges and accrued income -€121,948
down €121,948 (-99.1%), from €123,115 to €1,167
- Cash -€38,988
down €38,988 (-49.5%), from €78,760 to €39,772
mainly Receivables after one year (-€466,295) and Trade debts (-€304,407)
- Financial fixed assets +€30,000
up €30,000 (+19.5%), from €153,845 to €183,845
- Debts after one year +€312,742
new in 2024: €312,742
- Trade debts -€304,407
down €304,407 (-95.7%), from €318,122 to €13,716
- Other debts -€300,782
down €300,782 (-78.9%), from €381,419 to €80,637
- Tax, wage and social debts -€132,310
down €132,310 (-28.7%), from €461,545 to €329,236
of which Taxes: -€74,923
- Profit (loss) carried forward +€38,078
up €38,078 (+12.4%), from €308,275 to €346,353
- Staff costs -€132,089
down €132,089 (-20.6%), from €639,937 to €507,848
- Financial charges +€86,492
up €86,492 (+74.7%), from €115,727 to €202,219
- Gross operating margin -€20,096
down €20,096 (-2.2%), from €907,704 to €887,608
- Other operating charges +€19,734
up €19,734 (+165%), from €11,951 to €31,685
- Depreciation -€11,601
down €11,601 (-10.7%), from €107,952 to €96,350
Change in the result, 2023 to 2024
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 2023 and 2024 balance sheets and the 2024 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 | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,568,882 | €1,143,110 | -€425,772 | -27.1% |
| Fixed assets | 21/28 | €583,002 | €593,996 | +€10,993 | +1.9% |
| Intangible fixed assets | 21 | €18,316 | €9,744 | -€8,571 | -46.8% |
| Tangible fixed assets | 22/27 | €410,842 | €400,406 | -€10,435 | -2.5% |
| Plant, machinery and equipment | 23 | €1,441 | €1,098 | -€343 | -23.8% |
| Furniture and vehicles | 24 | €43,569 | €59,399 | +€15,830 | +36.3% |
| Other tangible fixed assets | 26 | €365,832 | €339,910 | -€25,922 | -7.1% |
| Financial fixed assets | 28 | €153,845 | €183,845 | +€30,000 | +19.5% |
| Current assets | 29/58 | €985,880 | €549,115 | -€436,765 | -44.3% |
| Amounts receivable after more than one year | 29 | - | €466,295 | +€466,295 | |
| Other amounts receivable | 291 | - | €466,295 | +€466,295 | |
| Stocks and contracts in progress | 3 | €13,116 | €21,354 | +€8,238 | +62.8% |
| Stocks | 30/36 | €13,116 | €21,354 | +€8,238 | +62.8% |
| Amounts receivable within one year | 40/41 | €770,889 | €20,527 | -€750,362 | -97.3% |
| Trade receivables | 40 | €423,000 | €0 | -€423,000 | -100% |
| Other amounts receivable | 41 | €347,889 | €20,527 | -€327,362 | -94.1% |
| Cash at bank and in hand | 54/58 | €78,760 | €39,772 | -€38,988 | -49.5% |
| Deferred charges and accrued income | 490/1 | €123,115 | €1,167 | -€121,948 | -99.1% |
| Total equity and liabilities | 10/49 | €1,568,882 | €1,143,110 | -€425,772 | -27.1% |
| Equity | 10/15 | €377,068 | €406,780 | +€29,712 | +7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €308,275 | €346,353 | +€38,078 | +12.4% |
| Investment grants | 15 | €50,193 | €41,828 | -€8,366 | -16.7% |
| Amounts payable | 17/49 | €1,191,814 | €736,330 | -€455,484 | -38.2% |
| Amounts payable after more than one year | 17 | - | €312,742 | +€312,742 | |
| Other amounts payable | 178/9 | - | €312,742 | +€312,742 | |
| Amounts payable within one year | 42/48 | €1,191,814 | €423,589 | -€768,225 | -64.5% |
| Current portion of amounts payable after more than one year | 42 | €22,883 | €0 | -€22,883 | -100% |
| Trade debts | 44 | €318,122 | €13,716 | -€304,407 | -95.7% |
| Suppliers | 440/4 | €318,122 | €13,716 | -€304,407 | -95.7% |
| Advances received on contracts in progress | 46 | €7,845 | €0 | -€7,845 | -100% |
| Taxes, remuneration and social security | 45 | €461,545 | €329,236 | -€132,310 | -28.7% |
| Taxes | 450/3 | €180,939 | €106,016 | -€74,923 | -41.4% |
| Remuneration and social security | 454/9 | €280,606 | €223,220 | -€57,387 | -20.5% |
| Other amounts payable | 47/48 | €381,419 | €80,637 | -€300,782 | -78.9% |
| Non-recurring operating income | 76A | - | €30,000 | +€30,000 | |
| Remuneration, social security and pensions | 62 | €639,937 | €507,848 | -€132,089 | -20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,952 | €96,350 | -€11,601 | -10.7% |
| Other operating charges | 640/8 | €11,951 | €31,685 | +€19,734 | +165% |
| Gross operating margin | 9900 | €907,704 | €887,608 | -€20,096 | -2.2% |
| Operating profit (loss) | 9901 | €147,864 | €251,724 | +€103,861 | +70.2% |
| Financial income | 75/76B | €8,366 | €14,262 | +€5,896 | +70.5% |
| Recurring financial income | 75 | €8,366 | €14,262 | +€5,896 | +70.5% |
| Financial charges | 65/66B | €115,727 | €202,219 | +€86,492 | +74.7% |
| Recurring financial charges | 65 | €115,727 | €202,219 | +€86,492 | +74.7% |
| Profit (loss) for the period before taxes | 9903 | €40,503 | €63,768 | +€23,265 | +57.4% |
| Income taxes | 67/77 | €16,256 | €25,690 | +€9,434 | +58.0% |
| Profit (loss) for the period | 9904 | €24,247 | €38,078 | +€13,831 | +57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,247 | €38,078 | +€13,831 | +57.0% |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €253,210 · 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)
- €406,780
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€9,744
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €397,036
Capitalised earnings
- 2024
- €38,078
- excluding non-recurring income and charges
- €8,078
- 2023
- €24,247
- 2022
- €7,054
- 2021
- €207,608
- 2020
- €69,368
- Average result, excluding non-recurring income and charges
- €13,126
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €93,757 / €109,383 / €131,260
Your EBITDA multiple
- EBITDA 2024
- €348,075
- Net financial debt
- €272,970
- 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 31 December 2023 and 31 December 2024. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 13 November 2026 via checked.be.