DESMAT: 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
- Receivables within one year -€5,195
down €5,195 (-14.9%), from €34,798 to €29,602
of which Trade receivables: -€4,300
- Tangible fixed assets -€4,802
down €4,802 (-62.4%), from €7,700 to €2,898
of which Leasing and similar rights: -€4,658
- Other debts -€6,583
down €6,583 (-99.7%), from €6,604 to €21
- Debts after one year -€2,630
no longer reported in 2025 (was €2,630)
- Current portion of long-term debt -€2,416
down €2,416 (-47.9%), from €5,046 to €2,630
- Reserves +€1,093
up €1,093 (+4.3%), from €25,280 to €26,373
- Purchases and services +€10,874
up €10,874 (+29.0%), from €37,527 to €48,401
- Turnover +€8,316
up €8,316 (+18.0%), from €46,126 to €54,443
- Depreciation -€1,211
down €1,211 (-20.1%), from €6,014 to €4,802
- Gross operating margin -€888
down €888 (-8.4%), from €10,627 to €9,739
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 | €89,858 | €79,641 | -€10,217 | -11.4% |
| Fixed assets | 21/28 | €7,700 | €2,898 | -€4,802 | -62.4% |
| Tangible fixed assets | 22/27 | €7,700 | €2,898 | -€4,802 | -62.4% |
| Plant, machinery and equipment | 23 | €401 | €257 | -€145 | -36.0% |
| Leasing and similar rights | 25 | €7,299 | €2,641 | -€4,658 | -63.8% |
| Current assets | 29/58 | €82,158 | €76,743 | -€5,415 | -6.6% |
| Stocks and contracts in progress | 3 | €46,970 | €46,790 | -€180 | -0.4% |
| Stocks | 30/36 | €46,970 | €46,790 | -€180 | -0.4% |
| Amounts receivable within one year | 40/41 | €34,798 | €29,602 | -€5,195 | -14.9% |
| Trade receivables | 40 | €33,833 | €29,533 | -€4,300 | -12.7% |
| Other amounts receivable | 41 | €965 | €69 | -€896 | -92.8% |
| Deferred charges and accrued income | 490/1 | €390 | €351 | -€40 | -10.2% |
| Total equity and liabilities | 10/49 | €89,858 | €79,641 | -€10,217 | -11.4% |
| Equity | 10/15 | €46,275 | €47,368 | +€1,093 | +2.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €25,280 | €26,373 | +€1,093 | +4.3% |
| Distributable reserves | 133 | €25,280 | €26,373 | +€1,093 | +4.3% |
| Profit (loss) carried forward | 14 | €2,403 | €2,403 | = | 0.0% |
| Amounts payable | 17/49 | €43,584 | €32,273 | -€11,310 | -26.0% |
| Amounts payable after more than one year | 17 | €2,630 | - | -€2,630 | |
| Financial debts | 170/4 | €2,630 | - | -€2,630 | |
| Amounts payable within one year | 42/48 | €40,954 | €32,273 | -€8,680 | -21.2% |
| Current portion of amounts payable after more than one year | 42 | €5,046 | €2,630 | -€2,416 | -47.9% |
| Financial debts | 43 | €19,964 | €19,973 | +€9 | 0.0% |
| Credit institutions | 430/8 | €19,964 | €19,973 | +€9 | 0.0% |
| Trade debts | 44 | €8,246 | €8,233 | -€13 | -0.2% |
| Suppliers | 440/4 | €8,246 | €8,233 | -€13 | -0.2% |
| Taxes, remuneration and social security | 45 | €1,093 | €1,417 | +€324 | +29.6% |
| Taxes | 450/3 | €1,093 | €1,417 | +€324 | +29.6% |
| Other amounts payable | 47/48 | €6,604 | €21 | -€6,583 | -99.7% |
| Turnover | 70 | €46,126 | €54,443 | +€8,316 | +18.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €37,527 | €48,401 | +€10,874 | +29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,014 | €4,802 | -€1,211 | -20.1% |
| Other operating charges | 640/8 | €438 | €471 | +€33 | +7.4% |
| Gross operating margin | 9900 | €10,627 | €9,739 | -€888 | -8.4% |
| Operating profit (loss) | 9901 | €4,175 | €4,466 | +€291 | +7.0% |
| Financial charges | 65/66B | €3,258 | €2,914 | -€344 | -10.6% |
| Recurring financial charges | 65 | €3,258 | €2,914 | -€344 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €917 | €1,552 | +€635 | +69.3% |
| Income taxes | 67/77 | €381 | €459 | +€78 | +20.5% |
| Profit (loss) for the period | 9904 | €536 | €1,093 | +€557 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €536 | €1,093 | +€557 | +104% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €27,005 · 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)
- €47,368
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €47,368
Capitalised earnings
- 2025
- €1,093
- 2024
- €536
- 2023
- €761
- 2022
- €1,509
- 2021
- €3,618
- Average result, excluding non-recurring income and charges
- €797
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €5,693 / €6,642 / €7,970
Your EBITDA multiple
- EBITDA 2025
- €9,268
- Net financial debt
- €22,603
- 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 10 November 2026 via checked.be.