DESSERT FACTORY: 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
Net result for the year
-€1.6m
2024 · -€1.0m-€547,586
Equity
€75,221
2024 · €1.7m-€1.7m
Cash
€1.3m
2024 · €811,856+€466,809
Balance sheet total
€19.7m
2024 · €18.8m+€857,817
Largest movements
Assets
- Receivables within one year +€620,553
up €620,553 (+7.2%), from €8.7m to €9.3m
of which Trade receivables: +€872,827
- Cash +€466,809
up €466,809 (+57.5%), from €811,856 to €1.3m
mainly Other debts (+€1.6m) and Depreciation (+€1.4m)
- Tangible fixed assets -€321,506
down €321,506 (-6.6%), from €4.8m to €4.5m
of which Plant, machinery and equipment: -€371,888
Equity and liabilities
- Profit (loss) carried forward -€2.7m
down €2.7m (-394%), from -€696,300 to -€3.4m
- Other debts +€1.6m
up €1.6m (+175%), from €914,297 to €2.5m
- Trade debts +€1.4m
up €1.4m (+19.9%), from €6.8m to €8.2m
- Reserves +€1.2m
up €1.2m (+3,082%), from €38,775 to €1.2m
of which Tax-exempt reserves: +€1.2m
Income statement
- Turnover +€6.3m
up €6.3m (+18.8%), from €33.4m to €39.6m
- Goods and materials +€5.3m
up €5.3m (+28.7%), from €18.6m to €24.0m
of which Purchases: +€4.5m
- Services and other goods +€1.9m
up €1.9m (+19.6%), from €9.6m to €11.4m
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.
Result 2024
-€1.0m
Turnover
+€6.3m
Other operating income
-€133,160
Goods and materials
-€5.3m
Services and other goods
-€1.9m
Staff costs
-€159,458
Depreciation
+€71,668
Write-downs
-€19,866
Provisions
+€41,830
Other operating charges
+€25,532
Other operating items
+€855,604
Financial income
-€207,546
Financial charges
-€81,113
Taxes
+€324
Result 2025
-€1.6m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.7m
Investment
-€984,759
Financing
-€297,598
Cash 2024
€811,856
From operations (derived)
+€1.7m
Net result for the year
-€1.6m
Depreciation
+€1.4m
Stocks and contracts
-€178,237
Receivables within one year
-€620,553
Deferred charges and accrued income
+€10,484
Provisions
-€62,500
Trade debts
+€1.4m
Tax, wage and social debts
-€130,920
Other debts
+€1.6m
Accrued charges and deferred income
-€59,316
Investment (derived)
-€984,759
Investment in fixed assets (net)
-€984,759
Financing
-€297,598
Debts after one year
-€161,790
Current portion of long-term debt
-€86,111
Short-term financial debts
+€70,480
Contributions, distributions and other
-€120,177
Cash 2025
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,834,455 | €19,692,272 | +€857,817 | +4.6% |
| Formation expenses | 20 | €27,060 | €5,821 | -€21,239 | -78.5% |
| Fixed assets | 21/28 | €4,959,951 | €4,583,892 | -€376,059 | -7.6% |
| Intangible fixed assets | 21 | €103,621 | €48,352 | -€55,269 | -53.3% |
| Tangible fixed assets | 22/27 | €4,837,662 | €4,516,156 | -€321,506 | -6.6% |
| Land and buildings | 22 | €2,821,995 | €2,683,632 | -€138,363 | -4.9% |
| Plant, machinery and equipment | 23 | €1,529,877 | €1,157,989 | -€371,888 | -24.3% |
| Furniture and vehicles | 24 | €48,432 | €37,102 | -€11,330 | -23.4% |
| Leasing and similar rights | 25 | €70,392 | €4,234 | -€66,158 | -94.0% |
| Assets under construction and advance payments | 27 | €366,966 | €633,199 | +€266,233 | +72.5% |
| Financial fixed assets | 28 | €18,668 | €19,384 | +€716 | +3.8% |
| Other financial fixed assets | 284/8 | €18,668 | €19,384 | +€716 | +3.8% |
| Amounts receivable and cash guarantees | 285/8 | €18,668 | €19,384 | +€716 | +3.8% |
| Current assets | 29/58 | €13,847,445 | €15,102,559 | +€1.3m | +9.1% |
| Stocks and contracts in progress | 3 | €4,314,186 | €4,492,423 | +€178,237 | +4.1% |
| Stocks | 30/36 | €4,314,186 | €4,492,423 | +€178,237 | +4.1% |
| Raw materials and consumables | 30/31 | €2,508,049 | €2,220,864 | -€287,184 | -11.5% |
| Finished goods | 33 | €1,550,337 | €2,096,696 | +€546,359 | +35.2% |
| Goods purchased for resale | 34 | €255,801 | €174,863 | -€80,938 | -31.6% |
| Amounts receivable within one year | 40/41 | €8,668,659 | €9,289,212 | +€620,553 | +7.2% |
| Trade receivables | 40 | €7,985,159 | €8,857,986 | +€872,827 | +10.9% |
| Other amounts receivable | 41 | €683,500 | €431,226 | -€252,274 | -36.9% |
| Cash at bank and in hand | 54/58 | €811,856 | €1,278,665 | +€466,809 | +57.5% |
| Deferred charges and accrued income | 490/1 | €52,744 | €42,260 | -€10,484 | -19.9% |
| Total equity and liabilities | 10/49 | €18,834,455 | €19,692,272 | +€857,817 | +4.6% |
| Equity | 10/15 | €1,745,802 | €75,221 | -€1.7m | -95.7% |
| Contributions | 10/11 | €1,888,000 | €1,888,000 | = | 0.0% |
| Capital | 10 | €1,888,000 | €1,888,000 | = | 0.0% |
| Issued capital | 100 | €1,888,000 | €1,888,000 | = | 0.0% |
| Reserves | 13 | €38,775 | €1,233,691 | +€1.2m | +3,082% |
| Non-distributable reserves | 130/1 | €38,775 | €38,775 | = | 0.0% |
| Legal reserve | 130 | €38,775 | €38,775 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €1,194,916 | +€1.2m | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€696,300 | -€3,441,620 | -€2.7m | -394% |
| Investment grants | 15 | €515,327 | €395,150 | -€120,177 | -23.3% |
| Provisions and deferred taxes | 16 | €62,500 | €0 | -€62,500 | -100% |
| Provisions for liabilities and charges | 160/5 | €62,500 | €0 | -€62,500 | -100% |
| Other liabilities and charges | 164/5 | €62,500 | €0 | -€62,500 | -100% |
| Amounts payable | 17/49 | €17,026,153 | €19,617,051 | +€2.6m | +15.2% |
| Amounts payable after more than one year | 17 | €4,444,449 | €4,282,658 | -€161,790 | -3.6% |
| Financial debts | 170/4 | €4,222,251 | €4,126,561 | -€95,689 | -2.3% |
| Subordinated loans | 170 | €1,039,325 | €1,080,898 | +€41,573 | +4.0% |
| Leasing and similar obligations | 172 | €0 | €3,208 | +€3,208 | |
| Credit institutions | 173 | €2,694,137 | €2,741,599 | +€47,462 | +1.8% |
| Other loans | 174 | €488,789 | €300,857 | -€187,932 | -38.4% |
| Other amounts payable | 178/9 | €222,198 | €156,097 | -€66,101 | -29.7% |
| Amounts payable within one year | 42/48 | €12,522,388 | €15,334,392 | +€2.8m | +22.5% |
| Current portion of amounts payable after more than one year | 42 | €921,281 | €835,170 | -€86,111 | -9.3% |
| Financial debts | 43 | €3,129,016 | €3,199,496 | +€70,480 | +2.3% |
| Credit institutions | 430/8 | €3,129,016 | €3,199,496 | +€70,480 | +2.3% |
| Trade debts | 44 | €6,810,551 | €8,167,071 | +€1.4m | +19.9% |
| Suppliers | 440/4 | €6,810,551 | €8,167,071 | +€1.4m | +19.9% |
| Taxes, remuneration and social security | 45 | €747,243 | €616,324 | -€130,920 | -17.5% |
| Taxes | 450/3 | €99,755 | €14,551 | -€85,204 | -85.4% |
| Remuneration and social security | 454/9 | €647,489 | €601,773 | -€45,716 | -7.1% |
| Other amounts payable | 47/48 | €914,297 | €2,516,331 | +€1.6m | +175% |
| Accrued charges and deferred income | 492/3 | €59,316 | €0 | -€59,316 | -100.0% |
| Operating income | 70/76A | €33,488,917 | €40,583,735 | +€7.1m | +21.2% |
| Turnover | 70 | €33,357,114 | €39,627,771 | +€6.3m | +18.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€258,689 | €546,359 | +€805,048 | |
| Other operating income | 74 | €358,480 | €225,320 | -€133,160 | -37.1% |
| Non-recurring operating income | 76A | €32,012 | €184,286 | +€152,274 | +476% |
| Operating charges | 60/66A | €34,626,614 | €41,980,683 | +€7.4m | +21.2% |
| Goods for resale, raw materials and consumables | 60 | €18,619,542 | €23,956,893 | +€5.3m | +28.7% |
| Purchases | 600/8 | €19,118,190 | €23,588,771 | +€4.5m | +23.4% |
| Change in stocks: decrease (increase) | 609 | -€498,648 | €368,122 | +€866,770 | |
| Services and other goods | 61 | €9,556,584 | €11,431,290 | +€1.9m | +19.6% |
| Remuneration, social security and pensions | 62 | €4,795,511 | €4,954,968 | +€159,458 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,453,725 | €1,382,057 | -€71,668 | -4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€19,866 | €0 | +€19,866 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€20,670 | -€62,500 | -€41,830 | -202% |
| Other operating charges | 640/8 | €220,540 | €195,008 | -€25,532 | -11.6% |
| Non-recurring operating charges | 66A | €21,248 | €122,966 | +€101,718 | +479% |
| Operating profit (loss) | 9901 | -€1,137,697 | -€1,396,948 | -€259,251 | -22.8% |
| Financial income | 75/76B | €502,119 | €294,573 | -€207,546 | -41.3% |
| Recurring financial income | 75 | €502,119 | €294,573 | -€207,546 | -41.3% |
| Income from current assets | 751 | €21 | €919 | +€898 | +4,335% |
| Other financial income | 752/9 | €502,098 | €293,654 | -€208,444 | -41.5% |
| Financial charges | 65/66B | €365,169 | €446,282 | +€81,113 | +22.2% |
| Recurring financial charges | 65 | €365,169 | €446,282 | +€81,113 | +22.2% |
| Debt charges | 650 | €207,280 | €208,162 | +€882 | +0.4% |
| Other financial charges | 652/9 | €157,889 | €238,120 | +€80,231 | +50.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,000,746 | -€1,548,656 | -€547,910 | -54.8% |
| Income taxes | 67/77 | €2,073 | €1,748 | -€324 | -15.7% |
| Taxes | 670/3 | €2,073 | €1,748 | -€324 | -15.7% |
| Profit (loss) for the period | 9904 | -€1,002,819 | -€1,550,405 | -€547,586 | -54.6% |
| Transfer to tax-exempt reserves | 689 | - | €1,194,916 | +€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,002,819 | -€2,745,320 | -€1.7m | -174% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or advice€21,048
to
€21,048
Midpoint €21,048 · 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
€21,048
Capitalised earnings
-
Your EBITDA multiple
-
Indication
€21,048
Adjusted equity
- Equity (10/15)
- €75,221
- Formation expenses (20)
- -€5,821
- Intangible fixed assets (21)
- -€48,352
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €21,048
Capitalised earnings
- 2025
- -€1,550,405
- excluding non-recurring income and charges
- -€1,611,724
- 2024
- -€1,002,819
- excluding non-recurring income and charges
- -€1,013,583
- 2023
- -€160,125
- excluding non-recurring income and charges
- -€80,400
- 2022
- €69,204
- excluding non-recurring income and charges
- €53,781
- 2021
- €173,398
- excluding non-recurring income and charges
- €614,540
- Average result, excluding non-recurring income and charges
- -€901,902
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2025
- -€14,891
- Net financial debt
- €6,882,563
- 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 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.