Desaeyer Kevin: 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
- Cash -€4,377
down €4,377 (-100%), from €4,377 to €0
mainly Trade debts (-€16,769) and Investment in fixed assets (net) (-€10,198)
- Deferred charges and accrued income +€1,992
up €1,992 (+109%), from €1,833 to €3,824
- Formation expenses -€1,927
down €1,927 (-100%), from €1,927 to €0
- Tangible fixed assets -€1,892
down €1,892 (-8.0%), from €23,649 to €21,757
of which Plant, machinery and equipment: -€1,105
- Receivables within one year -€1,321
down €1,321 (-1.7%), from €77,363 to €76,041
of which Trade receivables: -€29,094
- Trade debts -€16,769
down €16,769 (-49.7%), from €33,758 to €16,989
- Short-term financial debts +€11,542
up €11,542 (+115%), from €10,000 to €21,542
- Current portion of long-term debt +€8,254
new in 2026: €8,254
- Tax, wage and social debts -€6,938
down €6,938 (-56.4%), from €12,310 to €5,371
of which Taxes: -€7,938
- Other debts -€5,000
down €5,000 (-100%), from €5,000 to €0
- Gross operating margin -€60,804
down €60,804 (-76.8%), from €79,166 to €18,362
- Taxes -€11,464
down €11,464 (-85.7%), from €13,375 to €1,911
- Financial income +€4,333
up €4,333 (+10,833,575%), from €0 to €4,333
- Financial charges +€3,213
up €3,213 (+889%), from €362 to €3,575
- Depreciation +€3,063
up €3,063 (+28.0%), from €10,954 to €14,017
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
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €111,476 | €103,337 | -€8,138 | -7.3% |
| Formation expenses | 20 | €1,927 | €0 | -€1,927 | -100% |
| Fixed assets | 21/28 | €23,649 | €21,757 | -€1,892 | -8.0% |
| Tangible fixed assets | 22/27 | €23,649 | €21,757 | -€1,892 | -8.0% |
| Plant, machinery and equipment | 23 | €3,430 | €2,325 | -€1,105 | -32.2% |
| Furniture and vehicles | 24 | €20,219 | €19,432 | -€787 | -3.9% |
| Current assets | 29/58 | €85,900 | €81,581 | -€4,319 | -5.0% |
| Stocks and contracts in progress | 3 | €2,328 | €1,715 | -€613 | -26.3% |
| Stocks | 30/36 | €2,328 | €1,715 | -€613 | -26.3% |
| Amounts receivable within one year | 40/41 | €77,363 | €76,041 | -€1,321 | -1.7% |
| Trade receivables | 40 | €39,209 | €10,116 | -€29,094 | -74.2% |
| Other amounts receivable | 41 | €38,153 | €65,926 | +€27,772 | +72.8% |
| Cash at bank and in hand | 54/58 | €4,377 | €0 | -€4,377 | -100% |
| Deferred charges and accrued income | 490/1 | €1,833 | €3,824 | +€1,992 | +109% |
| Total equity and liabilities | 10/49 | €111,476 | €103,337 | -€8,138 | -7.3% |
| Equity | 10/15 | €50,408 | €51,181 | +€773 | +1.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €47,000 | €48,100 | +€1,100 | +2.3% |
| Distributable reserves | 133 | €47,000 | €48,100 | +€1,100 | +2.3% |
| Profit (loss) carried forward | 14 | €408 | €81 | -€327 | -80.0% |
| Amounts payable | 17/49 | €61,067 | €52,156 | -€8,911 | -14.6% |
| Amounts payable within one year | 42/48 | €61,067 | €52,156 | -€8,911 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | - | €8,254 | +€8,254 | |
| Financial debts | 43 | €10,000 | €21,542 | +€11,542 | +115% |
| Credit institutions | 430/8 | €10,000 | €21,542 | +€11,542 | +115% |
| Trade debts | 44 | €33,758 | €16,989 | -€16,769 | -49.7% |
| Suppliers | 440/4 | €33,758 | €16,989 | -€16,769 | -49.7% |
| Taxes, remuneration and social security | 45 | €12,310 | €5,371 | -€6,938 | -56.4% |
| Taxes | 450/3 | €12,310 | €4,371 | -€7,938 | -64.5% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €5,000 | €0 | -€5,000 | -100% |
| Remuneration, social security and pensions | 62 | - | €569 | +€569 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,954 | €14,017 | +€3,063 | +28.0% |
| Other operating charges | 640/8 | €2,066 | €1,850 | -€216 | -10.5% |
| Gross operating margin | 9900 | €79,166 | €18,362 | -€60,804 | -76.8% |
| Operating profit (loss) | 9901 | €66,145 | €1,925 | -€64,220 | -97.1% |
| Financial income | 75/76B | €0 | €4,333 | +€4,333 | +10,833,575% |
| Recurring financial income | 75 | €0 | €4,333 | +€4,333 | +10,833,575% |
| Financial charges | 65/66B | €362 | €3,575 | +€3,213 | +889% |
| Recurring financial charges | 65 | €362 | €3,575 | +€3,213 | +889% |
| Profit (loss) for the period before taxes | 9903 | €65,784 | €2,684 | -€63,100 | -95.9% |
| Income taxes | 67/77 | €13,375 | €1,911 | -€11,464 | -85.7% |
| Profit (loss) for the period | 9904 | €52,408 | €773 | -€51,635 | -98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €52,408 | €773 | -€51,635 | -98.5% |
Value
latest balance sheet 31-03-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €136,387 · 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)
- €51,181
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €51,181
Capitalised earnings
- 2026
- €773
- 2025
- €52,408
- Average result, excluding non-recurring income and charges
- €26,591
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €189,936 / €221,592 / €265,910
Your EBITDA multiple
- EBITDA 2026
- €15,943
- Net financial debt
- €29,796
- 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 March 2025 and 31 March 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 12 November 2026 via checked.be.