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E-COMMIT: what changed

BE 0648.858.932NACE 64.210, Activities of holding companiesOther company

Position among the sector peers

What moved between 2024 and 2025

Net result for the year
€49,484
2024 · €3,574+€45,911
Equity
€4,220
2024 · -€45,264+€49,484
Cash
€8,879
2024 · €13,684-€4,805
Balance sheet total
€191,534
2024 · €233,814-€42,280

Largest movements

2024 to 2025
Assets
  • Stocks and contracts -€39,857

    down €39,857 (-24.2%), from €164,449 to €124,592

  • Receivables within one year +€9,166

    up €9,166 (+81.4%), from €11,267 to €20,433

    of which Other amounts receivable: +€9,571

  • Tangible fixed assets -€5,715

    down €5,715 (-16.0%), from €35,775 to €30,061

    of which Land and buildings: -€3,050

  • Cash -€4,805

    down €4,805 (-35.1%), from €13,684 to €8,879

    mainly Debts after one year (-€43,593) and Other debts (-€43,077)

Equity and liabilities
  • Profit (loss) carried forward +€49,484

    up €49,484 (+92.8%), from -€53,324 to -€3,840

  • Debts after one year -€43,593

    down €43,593 (-100%), from €43,593 to €0

    of which Other amounts payable: -€42,204

  • Other debts -€43,077

    down €43,077 (-91.4%), from €47,126 to €4,050

  • Tax, wage and social debts +€18,368

    up €18,368 (+26.7%), from €68,819 to €87,186

    of which Taxes: +€16,498

  • Current portion of long-term debt -€15,278

    down €15,278 (-91.7%), from €16,667 to €1,389

Income statement
  • Gross operating margin +€78,430

    up €78,430 (+34.8%), from €225,689 to €304,118

  • Taxes +€15,426

    up €15,426 (+506%), from €3,049 to €18,475

  • Staff costs +€7,902

    up €7,902 (+3.8%), from €209,702 to €217,604

  • Financial charges +€6,577

    up €6,577 (+158%), from €4,168 to €10,745

    of which Financial charges: +€6,577

Change in the result, 2024 to 2025

effect on the result

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 €3,574
Gross operating margin +€78,430
Staff costs -€7,902
Depreciation +€292
Other operating charges -€1,266
Other operating items +€408
Financial income -€2,049
Financial charges -€6,577
Taxes -€15,426
Result 2025 €49,484
raises the resultlowers the resultnot broken down further in the accounts

Derived cash bridge

cash 2024 to 2025

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 +€57,054
Investment -€1,136
Financing -€60,723
Cash 2024 €13,684
Net result for the year +€49,484
Depreciation +€5,715
Stocks and contracts +€39,857
Receivables within one year -€9,166
Deferred charges and accrued income +€2,205
Trade debts -€6,332
Tax, wage and social debts +€18,368
Other debts -€43,077
Current investments -€1,136
Debts after one year -€43,593
Current portion of long-term debt -€15,278
Short-term financial debts -€1,852
Cash 2025 €8,879
brings cash intakes cash out
Every line side by side 52 lines
Line Code 2024 2025 Change %
Total assets 20/58 €233,814 €191,534 -€42,280 -18.1%
Fixed assets 21/28 €35,775 €30,061 -€5,715 -16.0%
Tangible fixed assets 22/27 €35,775 €30,061 -€5,715 -16.0%
Land and buildings 22 €30,616 €27,567 -€3,050 -10.0%
Plant, machinery and equipment 23 €2,019 €285 -€1,735 -85.9%
Furniture and vehicles 24 €3,140 €2,210 -€930 -29.6%
Current assets 29/58 €198,039 €161,473 -€36,566 -18.5%
Stocks and contracts in progress 3 €164,449 €124,592 -€39,857 -24.2%
Stocks 30/36 €164,449 €124,592 -€39,857 -24.2%
Amounts receivable within one year 40/41 €11,267 €20,433 +€9,166 +81.4%
Trade receivables 40 €9,118 €8,713 -€405 -4.4%
Other amounts receivable 41 €2,149 €11,720 +€9,571 +445%
Current investments 50/53 €3,195 €4,331 +€1,136 +35.6%
Cash at bank and in hand 54/58 €13,684 €8,879 -€4,805 -35.1%
Deferred charges and accrued income 490/1 €5,443 €3,238 -€2,205 -40.5%
Total equity and liabilities 10/49 €233,814 €191,534 -€42,280 -18.1%
Equity 10/15 -€45,264 €4,220 +€49,484
Contributions 10/11 €6,200 €6,200 = 0.0%
Reserves 13 €1,860 €1,860 = 0.0%
Distributable reserves 133 €1,860 €1,860 = 0.0%
Profit (loss) carried forward 14 -€53,324 -€3,840 +€49,484 +92.8%
Amounts payable 17/49 €279,078 €187,314 -€91,764 -32.9%
Amounts payable after more than one year 17 €43,593 €0 -€43,593 -100%
Financial debts 170/4 €1,389 €0 -€1,389 -100%
Other amounts payable 178/9 €42,204 €0 -€42,204 -100%
Amounts payable within one year 42/48 €235,485 €187,314 -€48,171 -20.5%
Current portion of amounts payable after more than one year 42 €16,667 €1,389 -€15,278 -91.7%
Financial debts 43 €6,042 €4,190 -€1,852 -30.7%
Credit institutions 430/8 €6,042 €4,190 -€1,852 -30.7%
Trade debts 44 €96,831 €90,499 -€6,332 -6.5%
Suppliers 440/4 €96,831 €90,499 -€6,332 -6.5%
Taxes, remuneration and social security 45 €68,819 €87,186 +€18,368 +26.7%
Taxes 450/3 €41,984 €58,482 +€16,498 +39.3%
Remuneration and social security 454/9 €26,835 €28,704 +€1,869 +7.0%
Other amounts payable 47/48 €47,126 €4,050 -€43,077 -91.4%
Accrued charges and deferred income 492/3 €0 - =
Non-recurring operating income 76A €145,000 €155,000 +€10,000 +6.9%
Remuneration, social security and pensions 62 €209,702 €217,604 +€7,902 +3.8%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €6,007 €5,715 -€292 -4.9%
Other operating charges 640/8 €1,005 €2,271 +€1,266 +126%
Non-recurring operating charges 66A €408 €0 -€408 -100%
Gross operating margin 9900 €225,689 €304,118 +€78,430 +34.8%
Operating profit (loss) 9901 €8,568 €78,529 +€69,962 +817%
Financial income 75/76B €2,223 €175 -€2,049 -92.1%
Recurring financial income 75 €2,223 €175 -€2,049 -92.1%
Financial charges 65/66B €4,168 €10,745 +€6,577 +158%
Recurring financial charges 65 €4,168 €10,745 +€6,577 +158%
Non-recurring financial charges 66B €0 - =
Profit (loss) for the period before taxes 9903 €6,623 €67,959 +€61,336 +926%
Income taxes 67/77 €3,049 €18,475 +€15,426 +506%
Profit (loss) for the period 9904 €3,574 €49,484 +€45,911 +1,285%
Profit (loss) for the period to be appropriated 9905 €3,574 €49,484 +€45,911 +1,285%

Value

latest balance sheet 31-12-2025 · indication, not a valuation or advice

For holding and financial companies, the adjusted equity is usually a better measure than the earnings. Give the capitalised earnings a lower weight then.

Indicative value of the equity

Indication, not a valuation or advice
€4,220 to €4,220

Midpoint €4,220 · adjusted equity only

Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50%

Adjusted equity €4,220
Indication €4,220

Adjusted equity

balance sheet 31-12-2025
Equity (10/15)
€4,220
Revaluation of assets
€0
Deferred tax on the revaluation
€0
Other adjustment
€0
Adjusted equity
€4,220

Capitalised earnings

net result for the year (9904)
2025
€49,484
excluding non-recurring income and charges
-€105,516
2024
€3,574
excluding non-recurring income and charges
-€141,018
2023
€174,848
excluding non-recurring income and charges
-€123,650
2022
-€169,866
excluding non-recurring income and charges
-€173,170
2021
€40,974
excluding non-recurring income and charges
€38,062
Average result, excluding non-recurring income and charges
-€123,395
Divided by the capitalisation rate
14% / 12% / 10%
Capitalised earnings
not meaningful, as the average result is zero or negative

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.

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 9 November 2026 via checked.be.