DC Insurance: 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 +€64,030
up €64,030 (+37.7%), from €170,065 to €234,095
of which Other amounts receivable: +€61,312
- Intangible fixed assets -€32,500
down €32,500 (-10.1%), from €320,904 to €288,404
- Cash +€30,921
up €30,921 (+761%), from €4,061 to €34,982
mainly Accrued charges and deferred income (+€61,710) and Depreciation (+€46,252)
- Tangible fixed assets -€13,752
down €13,752 (-12.0%), from €114,543 to €100,792
of which Land and buildings: -€9,038
- Deferred charges and accrued income +€8,492
up €8,492 (+238%), from €3,563 to €12,056
- Debts after one year -€68,331
down €68,331 (-18.0%), from €379,649 to €311,319
- Accrued charges and deferred income +€61,710
new in 2024: €61,710
- Other debts +€45,000
new in 2024: €45,000
- Current portion of long-term debt +€11,002
up €11,002 (+13.9%), from €79,039 to €90,041
- Depreciation +€28,929
up €28,929 (+167%), from €17,322 to €46,252
- Taxes -€14,165
down €14,165 (-41.0%), from €34,577 to €20,412
- Financial charges +€12,911
up €12,911 (+164%), from €7,884 to €20,795
- Staff costs -€6,393
down €6,393 (-86.8%), from €7,366 to €973
- Gross operating margin +€5,026
up €5,026 (+3.8%), from €133,772 to €138,797
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 | €669,952 | €727,143 | +€57,192 | +8.5% |
| Fixed assets | 21/28 | €435,448 | €389,196 | -€46,252 | -10.6% |
| Intangible fixed assets | 21 | €320,904 | €288,404 | -€32,500 | -10.1% |
| Tangible fixed assets | 22/27 | €114,543 | €100,792 | -€13,752 | -12.0% |
| Land and buildings | 22 | €98,722 | €89,684 | -€9,038 | -9.2% |
| Furniture and vehicles | 24 | €15,822 | €11,108 | -€4,714 | -29.8% |
| Current assets | 29/58 | €234,504 | €337,947 | +€103,443 | +44.1% |
| Amounts receivable after more than one year | 29 | €56,814 | €56,814 | = | 0.0% |
| Other amounts receivable | 291 | €56,814 | €56,814 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €170,065 | €234,095 | +€64,030 | +37.7% |
| Trade receivables | 40 | €7,949 | €10,667 | +€2,718 | +34.2% |
| Other amounts receivable | 41 | €162,116 | €223,428 | +€61,312 | +37.8% |
| Cash at bank and in hand | 54/58 | €4,061 | €34,982 | +€30,921 | +761% |
| Deferred charges and accrued income | 490/1 | €3,563 | €12,056 | +€8,492 | +238% |
| Total equity and liabilities | 10/49 | €669,952 | €727,143 | +€57,192 | +8.5% |
| Equity | 10/15 | €185,864 | €186,431 | +€567 | +0.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €116,878 | €116,878 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €116,878 | €116,878 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,395 | €50,961 | +€567 | +1.1% |
| Amounts payable | 17/49 | €484,087 | €540,712 | +€56,625 | +11.7% |
| Amounts payable after more than one year | 17 | €379,649 | €311,319 | -€68,331 | -18.0% |
| Financial debts | 170/4 | €379,649 | €311,319 | -€68,331 | -18.0% |
| Amounts payable within one year | 42/48 | €104,438 | €167,684 | +€63,245 | +60.6% |
| Current portion of amounts payable after more than one year | 42 | €79,039 | €90,041 | +€11,002 | +13.9% |
| Financial debts | 43 | €16 | €0 | -€16 | -100% |
| Credit institutions | 430/8 | €16 | €0 | -€16 | -100% |
| Trade debts | 44 | €9,107 | €9,438 | +€331 | +3.6% |
| Suppliers | 440/4 | €9,107 | €9,438 | +€331 | +3.6% |
| Taxes, remuneration and social security | 45 | €16,277 | €23,205 | +€6,928 | +42.6% |
| Taxes | 450/3 | €15,304 | €23,205 | +€7,901 | +51.6% |
| Remuneration and social security | 454/9 | €973 | €0 | -€973 | -100% |
| Other amounts payable | 47/48 | - | €45,000 | +€45,000 | |
| Accrued charges and deferred income | 492/3 | - | €61,710 | +€61,710 | |
| Non-recurring operating income | 76A | €4,990 | €0 | -€4,990 | -100% |
| Remuneration, social security and pensions | 62 | €7,366 | €973 | -€6,393 | -86.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,322 | €46,252 | +€28,929 | +167% |
| Other operating charges | 640/8 | €3,817 | €4,417 | +€600 | +15.7% |
| Non-recurring operating charges | 66A | - | €4,919 | +€4,919 | |
| Gross operating margin | 9900 | €133,772 | €138,797 | +€5,026 | +3.8% |
| Operating profit (loss) | 9901 | €105,265 | €82,237 | -€23,028 | -21.9% |
| Financial income | 75/76B | €3,277 | €4,537 | +€1,260 | +38.4% |
| Recurring financial income | 75 | €3,277 | €4,537 | +€1,260 | +38.4% |
| Financial charges | 65/66B | €7,884 | €20,795 | +€12,911 | +164% |
| Recurring financial charges | 65 | €7,884 | €20,795 | +€12,911 | +164% |
| Profit (loss) for the period before taxes | 9903 | €100,658 | €65,979 | -€34,679 | -34.5% |
| Income taxes | 67/77 | €34,577 | €20,412 | -€14,165 | -41.0% |
| Profit (loss) for the period | 9904 | €66,081 | €45,567 | -€20,515 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,081 | €45,567 | -€20,515 | -31.0% |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €137,643 · 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)
- €186,431
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€288,404
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€101,973
Capitalised earnings
- 2024
- €45,567
- excluding non-recurring income and charges
- €50,485
- 2023
- €66,081
- excluding non-recurring income and charges
- €61,091
- 2022
- €24,235
- 2021
- €50,395
- excluding non-recurring income and charges
- €50,895
- 2020
- €38,245
- Average result, excluding non-recurring income and charges
- €45,271
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €323,364 / €377,258 / €452,710
Your EBITDA multiple
- EBITDA 2024
- €128,489
- Net financial debt
- €366,377
- 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 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 9 November 2026 via checked.be.