DEWA: 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 2026
not consecutiveLargest movements
- Stocks and contracts -€195,067
down €195,067 (-68.9%), from €283,294 to €88,226
- Cash +€80,077
up €80,077 (+653%), from €12,254 to €92,331
- Tangible fixed assets +€29,299
up €29,299 (+5.0%), from €590,383 to €619,682
of which Land and buildings: +€39,083
- Receivables within one year -€17,232
down €17,232 (-58.0%), from €29,729 to €12,497
of which Other amounts receivable: -€12,618
- Debts after one year -€117,965
down €117,965 (-25.0%), from €472,412 to €354,448
of which Financial debts: -€117,965
- Other debts -€65,000
no longer reported in 2026 (was €65,000)
- Reserves +€35,597
up €35,597 (+216%), from €16,447 to €52,044
of which Distributable reserves: +€35,597
- Trade debts +€16,694
up €16,694 (+351%), from €4,755 to €21,449
- Advances received +€13,705
new in 2026: €13,705
- Depreciation +€16,279
up €16,279 (+51.4%), from €31,692 to €47,970
- Gross operating margin +€13,308
up €13,308 (+15.5%), from €85,934 to €99,242
- Financial charges +€8,764
up €8,764 (+96.8%), from €9,050 to €17,814
- Taxes -€2,835
down €2,835 (-31.8%), from €8,917 to €6,082
- Staff costs -€2,215
down €2,215 (-100%), from €2,215 to €0
Change in the result, 2024 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
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €919,800 | €819,982 | -€99,818 | -10.9% |
| Fixed assets | 21/28 | €591,153 | €619,682 | +€28,529 | +4.8% |
| Tangible fixed assets | 22/27 | €590,383 | €619,682 | +€29,299 | +5.0% |
| Land and buildings | 22 | €547,240 | €586,323 | +€39,083 | +7.1% |
| Plant, machinery and equipment | 23 | €15,789 | €7,625 | -€8,164 | -51.7% |
| Furniture and vehicles | 24 | €12,763 | €25,734 | +€12,972 | +102% |
| Other tangible fixed assets | 26 | €14,591 | €0 | -€14,591 | -100% |
| Financial fixed assets | 28 | €770 | - | -€770 | |
| Current assets | 29/58 | €328,647 | €200,301 | -€128,347 | -39.1% |
| Stocks and contracts in progress | 3 | €283,294 | €88,226 | -€195,067 | -68.9% |
| Stocks | 30/36 | €283,294 | €88,226 | -€195,067 | -68.9% |
| Amounts receivable within one year | 40/41 | €29,729 | €12,497 | -€17,232 | -58.0% |
| Trade receivables | 40 | €9,926 | €5,312 | -€4,614 | -46.5% |
| Other amounts receivable | 41 | €19,803 | €7,185 | -€12,618 | -63.7% |
| Cash at bank and in hand | 54/58 | €12,254 | €92,331 | +€80,077 | +653% |
| Deferred charges and accrued income | 490/1 | €3,370 | €7,246 | +€3,876 | +115% |
| Total equity and liabilities | 10/49 | €919,800 | €819,982 | -€99,818 | -10.9% |
| Equity | 10/15 | €325,448 | €374,245 | +€48,797 | +15.0% |
| Contributions | 10/11 | €61,973 | €75,173 | +€13,200 | +21.3% |
| Capital | 10 | €61,973 | €75,173 | +€13,200 | +21.3% |
| Issued capital | 100 | €61,973 | €75,173 | +€13,200 | +21.3% |
| Reserves | 13 | €16,447 | €52,044 | +€35,597 | +216% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €10,250 | €45,847 | +€35,597 | +347% |
| Profit (loss) carried forward | 14 | €247,028 | €247,028 | = | 0.0% |
| Amounts payable | 17/49 | €594,352 | €445,737 | -€148,615 | -25.0% |
| Amounts payable after more than one year | 17 | €472,412 | €354,448 | -€117,965 | -25.0% |
| Financial debts | 170/4 | €469,912 | €351,948 | -€117,965 | -25.1% |
| Other amounts payable | 178/9 | €2,500 | €2,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €111,324 | €80,674 | -€30,650 | -27.5% |
| Current portion of amounts payable after more than one year | 42 | €36,316 | €29,316 | -€7,000 | -19.3% |
| Trade debts | 44 | €4,755 | €21,449 | +€16,694 | +351% |
| Suppliers | 440/4 | €4,755 | €21,449 | +€16,694 | +351% |
| Advances received on contracts in progress | 46 | - | €13,705 | +€13,705 | |
| Taxes, remuneration and social security | 45 | €5,254 | €16,205 | +€10,951 | +208% |
| Taxes | 450/3 | €5,203 | €10,123 | +€4,920 | +94.6% |
| Remuneration and social security | 454/9 | €51 | €6,082 | +€6,030 | +11,712% |
| Other amounts payable | 47/48 | €65,000 | - | -€65,000 | |
| Accrued charges and deferred income | 492/3 | €10,615 | €10,615 | = | 0.0% |
| Non-recurring operating income | 76A | €200 | - | -€200 | |
| Remuneration, social security and pensions | 62 | €2,215 | €0 | -€2,215 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,692 | €47,970 | +€16,279 | +51.4% |
| Other operating charges | 640/8 | €5,206 | €5,337 | +€131 | +2.5% |
| Non-recurring operating charges | 66A | €13,000 | - | -€13,000 | |
| Gross operating margin | 9900 | €85,934 | €99,242 | +€13,308 | +15.5% |
| Operating profit (loss) | 9901 | €33,822 | €45,935 | +€12,113 | +35.8% |
| Financial income | 75/76B | €42 | €0 | -€42 | -100.0% |
| Recurring financial income | 75 | €42 | €0 | -€42 | -100.0% |
| Financial charges | 65/66B | €9,050 | €17,814 | +€8,764 | +96.8% |
| Recurring financial charges | 65 | €9,050 | €17,814 | +€8,764 | +96.8% |
| Profit (loss) for the period before taxes | 9903 | €24,815 | €28,121 | +€3,306 | +13.3% |
| Income taxes | 67/77 | €8,917 | €6,082 | -€2,835 | -31.8% |
| Profit (loss) for the period | 9904 | €15,898 | €22,039 | +€6,141 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,898 | €22,039 | +€6,141 | +38.6% |
Value
latest balance sheet 31-03-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €324,427 · 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)
- €374,245
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €374,245
Capitalised earnings
- 2026
- €22,039
- 2024
- €15,898
- excluding non-recurring income and charges
- €28,698
- 2023
- €42,621
- excluding non-recurring income and charges
- €48,121
- 2022
- €22,497
- 2021
- -€11,892
- Average result, excluding non-recurring income and charges
- €32,953
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €235,379 / €274,608 / €329,530
Your EBITDA multiple
- EBITDA 2026
- €93,905
- Net financial debt
- €288,932
- 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 March 2024 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 14 November 2026 via checked.be.