DEMASSO: 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 2025 and 2026
Largest movements
- Tangible fixed assets -€7,316
down €7,316 (-6.5%), from €112,886 to €105,570
of which Furniture and vehicles: -€5,196
- Debts after one year -€18,539
down €18,539 (-62.1%), from €29,850 to €11,311
- Trade debts +€10,888
up €10,888 (+88.2%), from €12,341 to €23,229
- Profit (loss) carried forward +€7,293
up €7,293 (+12.4%), from -€58,619 to -€51,326
- Current portion of long-term debt +€6,385
up €6,385 (+113%), from €5,636 to €12,021
- Other debts -€6,295
down €6,295 (-10.1%), from €62,424 to €56,129
- Taxes -€19,375
down €19,375 (-98.1%), from €19,750 to €375
- Gross operating margin +€9,950
up €9,950 (+62.2%), from €15,998 to €25,948
- Depreciation -€1,226
down €1,226 (-10.0%), from €12,220 to €10,994
- Financial income -€500
no longer reported in 2026 (was €500)
- Financial charges +€361
up €361 (+13.7%), from €2,635 to €2,996
Change in the result, 2025 to 2026
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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €128,714 | €121,180 | -€7,534 | -5.9% |
| Fixed assets | 21/28 | €124,246 | €116,930 | -€7,316 | -5.9% |
| Tangible fixed assets | 22/27 | €112,886 | €105,570 | -€7,316 | -6.5% |
| Land and buildings | 22 | €55,449 | €53,680 | -€1,769 | -3.2% |
| Plant, machinery and equipment | 23 | €351 | - | -€351 | |
| Furniture and vehicles | 24 | €57,086 | €51,890 | -€5,196 | -9.1% |
| Financial fixed assets | 28 | €11,360 | €11,360 | = | 0.0% |
| Current assets | 29/58 | €4,468 | €4,250 | -€218 | -4.9% |
| Amounts receivable within one year | 40/41 | €4,468 | €4,250 | -€218 | -4.9% |
| Trade receivables | 40 | €3,250 | €3,250 | = | 0.0% |
| Other amounts receivable | 41 | €1,218 | €1,000 | -€218 | -17.9% |
| Total equity and liabilities | 10/49 | €128,714 | €121,180 | -€7,534 | -5.9% |
| Equity | 10/15 | -€391 | €6,902 | +€7,293 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €39,636 | €39,636 | = | 0.0% |
| Non-distributable reserves | 130/1 | €501 | €501 | = | 0.0% |
| Reserves not available under the articles | 1311 | €501 | €501 | = | 0.0% |
| Distributable reserves | 133 | €39,135 | €39,135 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,619 | -€51,326 | +€7,293 | +12.4% |
| Amounts payable | 17/49 | €129,105 | €114,278 | -€14,827 | -11.5% |
| Amounts payable after more than one year | 17 | €29,850 | €11,311 | -€18,539 | -62.1% |
| Financial debts | 170/4 | €29,850 | €11,311 | -€18,539 | -62.1% |
| Amounts payable within one year | 42/48 | €99,255 | €102,967 | +€3,712 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €5,636 | €12,021 | +€6,385 | +113% |
| Financial debts | 43 | €9,950 | €7,424 | -€2,526 | -25.4% |
| Credit institutions | 430/8 | €9,950 | €7,424 | -€2,526 | -25.4% |
| Trade debts | 44 | €12,341 | €23,229 | +€10,888 | +88.2% |
| Suppliers | 440/4 | €12,341 | €23,229 | +€10,888 | +88.2% |
| Taxes, remuneration and social security | 45 | €8,904 | €4,164 | -€4,740 | -53.2% |
| Taxes | 450/3 | €8,904 | €4,164 | -€4,740 | -53.2% |
| Other amounts payable | 47/48 | €62,424 | €56,129 | -€6,295 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,220 | €10,994 | -€1,226 | -10.0% |
| Other operating charges | 640/8 | €4,185 | €4,290 | +€105 | +2.5% |
| Gross operating margin | 9900 | €15,998 | €25,948 | +€9,950 | +62.2% |
| Operating profit (loss) | 9901 | -€407 | €10,664 | +€11,071 | |
| Financial income | 75/76B | €500 | - | -€500 | |
| Recurring financial income | 75 | €500 | - | -€500 | |
| Financial charges | 65/66B | €2,635 | €2,996 | +€361 | +13.7% |
| Recurring financial charges | 65 | €2,635 | €2,996 | +€361 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,542 | €7,668 | +€10,210 | |
| Income taxes | 67/77 | €19,750 | €375 | -€19,375 | -98.1% |
| Profit (loss) for the period | 9904 | -€22,292 | €7,293 | +€29,585 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,292 | €7,293 | +€29,585 |
Value
latest balance sheet 30-06-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €6,902 · adjusted equity only
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)
- €6,902
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €6,902
Capitalised earnings
- 2026
- €7,293
- 2025
- -€22,292
- 2024
- -€49,736
- excluding non-recurring income and charges
- -€49,630
- 2023
- €2,791
- 2022
- €10,618
- Average result, excluding non-recurring income and charges
- -€21,543
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2026
- €21,658
- Net financial debt
- €30,756
- 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 30 June 2025 and 30 June 2026. 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.