DLV CONSULTING: 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 2023 and 2025
not consecutiveLargest movements
- Receivables within one year +€34,982
up €34,982 (+31.3%), from €111,722 to €146,704
- Trade debts +€30,814
up €30,814 (+5.8%), from €530,663 to €561,477
- Current portion of long-term debt -€26,247
no longer reported in 2025 (was €26,247)
- Reserves +€24,000
up €24,000 (+1,290%), from €1,860 to €25,860
of which Distributable reserves: +€25,860
- Depreciation -€12,430
no longer reported in 2025 (was €12,430)
- Taxes +€8,248
up €8,248 (+189%), from €4,358 to €12,606
- Gross operating margin +€3,955
up €3,955 (+17.1%), from €23,113 to €27,068
- Financial income +€2,751
up €2,751 (+27.9%), from €9,855 to €12,606
- Financial charges -€2,305
down €2,305 (-69.7%), from €3,307 to €1,002
Change in the result, 2023 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
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 | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,276,553 | €1,311,535 | +€34,982 | +2.7% |
| Fixed assets | 21/28 | €1,014,831 | €1,014,831 | = | 0.0% |
| Financial fixed assets | 28 | €1,014,831 | €1,014,831 | = | 0.0% |
| Current assets | 29/58 | €261,722 | €296,704 | +€34,982 | +13.4% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 291 | €150,000 | €150,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €111,722 | €146,704 | +€34,982 | +31.3% |
| Other amounts receivable | 41 | €111,722 | €146,704 | +€34,982 | +31.3% |
| Total equity and liabilities | 10/49 | €1,276,553 | €1,311,535 | +€34,982 | +2.7% |
| Equity | 10/15 | €453,298 | €477,505 | +€24,207 | +5.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Contributions outside capital | 11 | - | €6,200 | +€6,200 | |
| Other | 1109/19 | - | €6,200 | +€6,200 | |
| Reserves | 13 | €1,860 | €25,860 | +€24,000 | +1,290% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €25,860 | +€25,860 | |
| Profit (loss) carried forward | 14 | €445,238 | €445,445 | +€207 | 0.0% |
| Amounts payable | 17/49 | €823,255 | €834,030 | +€10,775 | +1.3% |
| Amounts payable within one year | 42/48 | €822,761 | €833,536 | +€10,775 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €26,247 | - | -€26,247 | |
| Financial debts | 43 | €872 | €756 | -€117 | -13.4% |
| Credit institutions | 430/8 | €872 | €756 | -€117 | -13.4% |
| Trade debts | 44 | €530,663 | €561,477 | +€30,814 | +5.8% |
| Suppliers | 440/4 | €530,663 | €561,477 | +€30,814 | +5.8% |
| Taxes, remuneration and social security | 45 | €21,565 | €27,889 | +€6,324 | +29.3% |
| Taxes | 450/3 | €21,565 | €27,889 | +€6,324 | +29.3% |
| Other amounts payable | 47/48 | €243,414 | €243,414 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €494 | €494 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,430 | - | -€12,430 | |
| Other operating charges | 640/8 | €1,517 | €1,859 | +€342 | +22.5% |
| Gross operating margin | 9900 | €23,113 | €27,068 | +€3,955 | +17.1% |
| Operating profit (loss) | 9901 | €9,166 | €25,209 | +€16,043 | +175% |
| Financial income | 75/76B | €9,855 | €12,606 | +€2,751 | +27.9% |
| Recurring financial income | 75 | €9,855 | €12,606 | +€2,751 | +27.9% |
| Financial charges | 65/66B | €3,307 | €1,002 | -€2,305 | -69.7% |
| Recurring financial charges | 65 | €3,307 | €1,002 | -€2,305 | -69.7% |
| Profit (loss) for the period before taxes | 9903 | €15,714 | €36,813 | +€21,099 | +134% |
| Income taxes | 67/77 | €4,358 | €12,606 | +€8,248 | +189% |
| Profit (loss) for the period | 9904 | €11,356 | €24,207 | +€12,851 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €11,356 | €24,207 | +€12,851 | +113% |
Value
latest balance sheet 30-06-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €288,852 · 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)
- €477,505
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €477,505
Capitalised earnings
- 2025
- €24,207
- 2023
- €11,356
- 2022
- €508
- 2021
- €14,904
- 2020
- -€4,010
- Average result, excluding non-recurring income and charges
- €12,024
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €85,886 / €100,200 / €120,240
Your EBITDA multiple
- EBITDA 2025
- -
- Net financial debt
- €756
- 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 2023 and 30 June 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 12 November 2026 via checked.be.