DAVID DE BACKER: 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 2019 and 2020
Largest movements
- Tangible fixed assets +€89,968
up €89,968 (+695%), from €12,954 to €102,922
- Current assets +€20,995
up €20,995 (+40.8%), from €51,400 to €72,395
of which Receivables within one year: +€17,779
- Financial fixed assets -€2,750
down €2,750 (-99.1%), from €2,775 to €25
- Debts +€99,819
up €99,819 (+1,293%), from €7,717 to €107,536
of which Debts after one year: +€85,659
- Equity +€6,394
up €6,394 (+10.8%), from €59,412 to €65,806
of which Reserves: +€6,300
- Provisions +€2,000
new in 2020: €2,000
- Gross operating margin +€11,482
up €11,482 (+50.1%), from €22,899 to €34,381
- Depreciation +€3,036
up €3,036 (+80.7%), from €3,763 to €6,799
- Taxes -€989
down €989 (-16.6%), from €5,962 to €4,973
Change in the result, 2019 to 2020
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 | 2019 | 2020 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,129 | €175,342 | +€108,213 | +161% |
| Fixed assets | 21/28 | €15,729 | €102,947 | +€87,218 | +555% |
| Tangible fixed assets | 22/27 | €12,954 | €102,922 | +€89,968 | +695% |
| Financial fixed assets | 28 | €2,775 | €25 | -€2,750 | -99.1% |
| Current assets | 29/58 | €51,400 | €72,395 | +€20,995 | +40.8% |
| Amounts receivable within one year | 40/41 | €34,545 | €52,324 | +€17,779 | +51.5% |
| Cash at bank and in hand | 54/58 | €13,329 | €16,178 | +€2,849 | +21.4% |
| Total equity and liabilities | 10/49 | €67,129 | €175,342 | +€108,213 | +161% |
| Equity | 10/15 | €59,412 | €65,806 | +€6,394 | +10.8% |
| Contributions | 10/11 | €20,000 | - | -€20,000 | |
| Reserves | 13 | €39,100 | €45,400 | +€6,300 | +16.1% |
| Profit (loss) carried forward | 14 | €312 | €406 | +€94 | +30.1% |
| Provisions and deferred taxes | 16 | - | €2,000 | +€2,000 | |
| Amounts payable | 17/49 | €7,717 | €107,536 | +€99,819 | +1,293% |
| Amounts payable after more than one year | 17 | - | €85,659 | +€85,659 | |
| Amounts payable within one year | 42/48 | €6,807 | €20,967 | +€14,160 | +208% |
| Trade debts | 44 | €2,419 | €5,375 | +€2,956 | +122% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,763 | €6,799 | +€3,036 | +80.7% |
| Gross operating margin | 9900 | €22,899 | €34,381 | +€11,482 | +50.1% |
| Operating profit (loss) | 9901 | €17,896 | €13,853 | -€4,043 | -22.6% |
| Recurring financial charges | 65 | €1,339 | €1,686 | +€347 | +25.9% |
| Profit (loss) for the period before taxes | 9903 | €16,557 | €12,167 | -€4,390 | -26.5% |
| Income taxes | 67/77 | €5,962 | €4,973 | -€989 | -16.6% |
| Profit (loss) for the period | 9904 | €10,595 | €7,194 | -€3,401 | -32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,595 | €7,194 | -€3,401 | -32.1% |
Value
latest balance sheet 31-12-2020 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €74,957 · 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)
- €65,806
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €65,806
Capitalised earnings
- 2020
- €7,194
- 2019
- €10,595
- 2018
- €12,489
- Average result, excluding non-recurring income and charges
- €10,093
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €72,093 / €84,108 / €100,930
Your EBITDA multiple
- EBITDA 2020
- €20,652
- Net financial debt
- €69,481
- 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 2019 and 31 December 2020. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 11 November 2026 via checked.be.