De Pinker: 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 2018 and 2021
not consecutiveLargest movements
- Cash +€336,410
up €336,410 (+129%), from €261,394 to €597,804
- Tangible fixed assets -€27,662
down €27,662 (-2.4%), from €1.1m to €1.1m
of which Land and buildings: -€41,897
- Accrued charges and deferred income +€159,960
new in 2021: €159,960
- Debts after one year +€110,889
up €110,889 (+809%), from €13,700 to €124,589
- Equity +€38,053
up €38,053 (+2.9%), from €1.3m to €1.4m
of which Profit (loss) carried forward: +€132,780
- Gross operating margin +€272,446
new in 2021: €272,446
- Services and other goods -€150,360
no longer reported in 2021 (was €150,360)
- Goods and materials -€33,559
no longer reported in 2021 (was €33,559)
- Staff costs +€25,813
up €25,813 (+26.4%), from €97,643 to €123,456
- Other operating income -€23,324
no longer reported in 2021 (was €23,324)
Change in the result, 2018 to 2021
The net result is not in both sets of accounts. Without it the difference cannot be explained line by line.
Derived cash bridge
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
| Line | Code | 2018 | 2021 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | - | €1,707,331 | +€1.7m | |
| Fixed assets | 21/28 | €1,130,606 | €1,102,945 | -€27,662 | -2.4% |
| Tangible fixed assets | 22/27 | €1,130,606 | €1,102,945 | -€27,662 | -2.4% |
| Land and buildings | 22 | €1,097,276 | €1,055,379 | -€41,897 | -3.8% |
| Plant, machinery and equipment | 23 | €22,139 | €40,165 | +€18,026 | +81.4% |
| Furniture and vehicles | 24 | €11,191 | €7,401 | -€3,791 | -33.9% |
| Current assets | 29/58 | €272,455 | €604,386 | +€331,931 | +122% |
| Amounts receivable within one year | 40/41 | €11,061 | €6,582 | -€4,479 | -40.5% |
| Trade receivables | 40 | €11,061 | €6,582 | -€4,479 | -40.5% |
| Cash at bank and in hand | 54/58 | €261,394 | €597,804 | +€336,410 | +129% |
| Total equity and liabilities | 10/49 | €1,403,061 | €1,707,331 | +€304,269 | +21.7% |
| Equity | 10/15 | €1,327,462 | €1,365,515 | +€38,053 | +2.9% |
| Contributions | 10/11 | €219,937 | - | -€219,937 | |
| Capital | 10 | €219,937 | - | -€219,937 | |
| Profit (loss) carried forward | 14 | €620,977 | €753,756 | +€132,780 | +21.4% |
| Investment grants | 15 | €486,548 | €391,822 | -€94,726 | -19.5% |
| Amounts payable | 17/49 | €75,600 | €341,815 | +€266,216 | +352% |
| Amounts payable after more than one year | 17 | €13,700 | €124,589 | +€110,889 | +809% |
| Financial debts | 170/4 | €13,700 | €124,589 | +€110,889 | +809% |
| Credit institutions | 173 | €13,700 | - | -€13,700 | |
| Amounts payable within one year | 42/48 | €61,900 | €57,266 | -€4,633 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €2,933 | €3,047 | +€114 | +3.9% |
| Financial debts | 43 | - | €15,000 | +€15,000 | |
| Other loans | 439 | - | €15,000 | +€15,000 | |
| Trade debts | 44 | €28,147 | €28,573 | +€427 | +1.5% |
| Suppliers | 440/4 | - | €28,573 | +€28,573 | |
| Taxes, remuneration and social security | 45 | €7,150 | €7,592 | +€441 | +6.2% |
| Taxes | 450/3 | €374 | €764 | +€390 | +104% |
| Remuneration and social security | 454/9 | €6,776 | €6,828 | +€52 | +0.8% |
| Accrued charges and deferred income | 492/3 | - | €159,960 | +€159,960 | |
| Turnover | 70 | €57,703 | €80,287 | +€22,584 | +39.1% |
| Membership fees, donations, legacies and grants | 73 | €334,806 | €377,252 | +€42,446 | +12.7% |
| Other operating income | 74 | €23,324 | - | -€23,324 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €185,093 | +€185,093 | |
| Goods for resale, raw materials and consumables | 60 | €33,559 | - | -€33,559 | |
| Services and other goods | 61 | €150,360 | - | -€150,360 | |
| Remuneration, social security and pensions | 62 | €97,643 | €123,456 | +€25,813 | +26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,957 | €93,487 | +€7,530 | +8.8% |
| Other operating charges | 640/8 | - | €15,789 | +€15,789 | |
| Gross operating margin | 9900 | - | €272,446 | +€272,446 | |
| Operating profit (loss) | 9901 | - | €39,714 | +€39,714 | |
| Financial income | 75/76B | - | €22 | +€22 | |
| Recurring financial income | 75 | €460 | €22 | -€438 | -95.2% |
| Non-recurring financial income | 76B | - | €22 | +€22 | |
| Financial charges | 65/66B | - | €843 | +€843 | |
| Recurring financial charges | 65 | -€958 | €843 | +€1,801 | |
| Profit (loss) for the period before taxes | 9903 | - | €38,893 | +€38,893 | |
| Profit (loss) for the period | 9904 | - | €38,893 | +€38,893 | |
| Profit (loss) for the period to be appropriated | 9905 | - | €38,893 | +€38,893 |
Value
latest balance sheet 31-12-2021 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €844,720 · 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)
- €1,365,515
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €1.4m
Capitalised earnings
- 2021
- €38,893
- excluding non-recurring income and charges
- €38,871
- 2018
- -
- Average result, excluding non-recurring income and charges
- €38,871
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €277,650 / €323,925 / €388,710
Your EBITDA multiple
- EBITDA 2021
- €133,201
- Net financial debt
- -€455,168
- 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 2018 and 31 December 2021. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 14 November 2026 via checked.be.