Demanaging: 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
- Financial fixed assets +€50,000
new in 2025: €50,000
- Receivables within one year -€30,481
down €30,481 (-22.7%), from €134,098 to €103,617
of which Other amounts receivable: -€38,755
- Reserves +€18,017
up €18,017 (+19.0%), from €94,633 to €112,650
- Trade debts -€5,193
down €5,193 (-50.4%), from €10,308 to €5,115
- Tax, wage and social debts +€4,805
up €4,805 (+9,161%), from €52 to €4,857
- Short-term financial debts -€4,441
down €4,441 (-11.0%), from €40,265 to €35,824
- Advances received +€4,175
new in 2025: €4,175
- Gross operating margin +€7,754
up €7,754 (+31.2%), from €24,863 to €32,617
- Taxes +€3,839
up €3,839 (+60.1%), from €6,383 to €10,222
- Financial income +€561
up €561 (+57.5%), from €977 to €1,538
- Other operating charges -€369
down €369 (-32.1%), from €1,149 to €780
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
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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €160,624 | €180,436 | +€19,812 | +12.3% |
| Fixed assets | 21/28 | €22,252 | €72,252 | +€50,000 | +225% |
| Tangible fixed assets | 22/27 | €22,252 | €22,252 | = | 0.0% |
| Other tangible fixed assets | 26 | €22,252 | €22,252 | = | 0.0% |
| Financial fixed assets | 28 | - | €50,000 | +€50,000 | |
| Current assets | 29/58 | €138,372 | €108,184 | -€30,188 | -21.8% |
| Amounts receivable after more than one year | 29 | €3,028 | €3,028 | = | 0.0% |
| Other amounts receivable | 291 | €3,028 | €3,028 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €134,098 | €103,617 | -€30,481 | -22.7% |
| Trade receivables | 40 | €4,617 | €12,891 | +€8,274 | +179% |
| Other amounts receivable | 41 | €129,481 | €90,726 | -€38,755 | -29.9% |
| Deferred charges and accrued income | 490/1 | €1,246 | €1,538 | +€293 | +23.5% |
| Total equity and liabilities | 10/49 | €160,624 | €180,436 | +€19,812 | +12.3% |
| Equity | 10/15 | €96,133 | €114,150 | +€18,017 | +18.7% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €94,633 | €112,650 | +€18,017 | +19.0% |
| Distributable reserves | 133 | €94,633 | €112,650 | +€18,017 | +19.0% |
| Amounts payable | 17/49 | €64,491 | €66,285 | +€1,795 | +2.8% |
| Amounts payable within one year | 42/48 | €64,491 | €66,285 | +€1,795 | +2.8% |
| Financial debts | 43 | €40,265 | €35,824 | -€4,441 | -11.0% |
| Credit institutions | 430/8 | €40,265 | €35,824 | -€4,441 | -11.0% |
| Trade debts | 44 | €10,308 | €5,115 | -€5,193 | -50.4% |
| Suppliers | 440/4 | €10,308 | €5,115 | -€5,193 | -50.4% |
| Advances received on contracts in progress | 46 | - | €4,175 | +€4,175 | |
| Taxes, remuneration and social security | 45 | €52 | €4,857 | +€4,805 | +9,161% |
| Taxes | 450/3 | €52 | €4,857 | +€4,805 | +9,161% |
| Other amounts payable | 47/48 | €13,865 | €16,315 | +€2,450 | +17.7% |
| Other operating charges | 640/8 | €1,149 | €780 | -€369 | -32.1% |
| Gross operating margin | 9900 | €24,863 | €32,617 | +€7,754 | +31.2% |
| Operating profit (loss) | 9901 | €23,714 | €31,837 | +€8,123 | +34.3% |
| Financial income | 75/76B | €977 | €1,538 | +€561 | +57.5% |
| Recurring financial income | 75 | €977 | €1,538 | +€561 | +57.5% |
| Financial charges | 65/66B | €5,102 | €5,137 | +€34 | +0.7% |
| Recurring financial charges | 65 | €5,102 | €5,137 | +€34 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €19,589 | €28,239 | +€8,650 | +44.2% |
| Income taxes | 67/77 | €6,383 | €10,222 | +€3,839 | +60.1% |
| Profit (loss) for the period | 9904 | €13,206 | €18,017 | +€4,811 | +36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,206 | €18,017 | +€4,811 | +36.4% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceFor holding and financial companies, the adjusted equity is usually a better measure than the earnings. Give the capitalised earnings a lower weight then.
Indicative value of the equity
Indication, not a valuation or adviceMidpoint €135,971 · 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)
- €114,150
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €114,150
Capitalised earnings
- 2025
- €18,017
- 2024
- €13,206
- 2023
- €25,582
- 2022
- €25,202
- 2021
- €20,523
- Average result, excluding non-recurring income and charges
- €18,935
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €135,250 / €157,792 / €189,350
Your EBITDA multiple
- EBITDA 2025
- -
- Net financial debt
- €35,824
- 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 2024 and 31 December 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 11 November 2026 via checked.be.