E&D: 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 2020 and 2021
Largest movements
- Stocks and contracts +€658,502
new in 2021: €658,502
- Receivables within one year -€292,148
no longer reported in 2021 (was €292,148)
- Formation expenses +€47,168
new in 2021: €47,168
- Tangible fixed assets +€22,520
new in 2021: €22,520
of which Furniture and vehicles: +€22,231
- Deferred charges and accrued income +€21,376
new in 2021: €21,376
- Debts within one year +€425,309
up €425,309 (+153%), from €277,089 to €702,398
of which Trade debts: +€410,506
- Profit (loss) carried forward +€32,109
up €32,109 (+213%), from €15,059 to €47,168
- Turnover -€236,301
no longer reported in 2021 (was €236,301)
- Staff costs +€224,822
new in 2021: €224,822
- Gross operating margin +€130,868
up €130,868 (+63.9%), from €204,888 to €335,756
- Other operating charges +€63,767
new in 2021: €63,767
Change in the result, 2020 to 2021
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 | 2020 | 2021 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €292,148 | €749,566 | +€457,418 | +157% |
| Formation expenses | 20 | - | €47,168 | +€47,168 | |
| Fixed assets | 21/28 | - | €22,520 | +€22,520 | |
| Tangible fixed assets | 22/27 | - | €22,520 | +€22,520 | |
| Plant, machinery and equipment | 23 | - | €288 | +€288 | |
| Furniture and vehicles | 24 | - | €22,231 | +€22,231 | |
| Current assets | 29/58 | €292,148 | €679,878 | +€387,730 | +133% |
| Stocks and contracts in progress | 3 | - | €658,502 | +€658,502 | |
| Stocks | 30/36 | - | €658,502 | +€658,502 | |
| Amounts receivable within one year | 40/41 | €292,148 | - | -€292,148 | |
| Deferred charges and accrued income | 490/1 | - | €21,376 | +€21,376 | |
| Total equity and liabilities | 10/49 | €292,148 | €749,566 | +€457,418 | +157% |
| Equity | 10/15 | €15,059 | €47,168 | +€32,109 | +213% |
| Profit (loss) carried forward | 14 | €15,059 | €47,168 | +€32,109 | +213% |
| Amounts payable | 17/49 | €277,089 | €702,398 | +€425,309 | +153% |
| Amounts payable within one year | 42/48 | €277,089 | €702,398 | +€425,309 | +153% |
| Trade debts | 44 | €259,783 | €670,289 | +€410,506 | +158% |
| Suppliers | 440/4 | - | €670,289 | +€670,289 | |
| Taxes, remuneration and social security | 45 | - | €32,109 | +€32,109 | |
| Taxes | 450/3 | - | €32,109 | +€32,109 | |
| Turnover | 70 | €236,301 | - | -€236,301 | |
| Remuneration, social security and pensions | 62 | - | €224,822 | +€224,822 | |
| Other operating charges | 640/8 | - | €63,767 | +€63,767 | |
| Gross operating margin | 9900 | €204,888 | €335,756 | +€130,868 | +63.9% |
| Operating profit (loss) | 9901 | €15,059 | €47,168 | +€32,109 | +213% |
| Profit (loss) for the period before taxes | 9903 | €15,059 | €47,168 | +€32,109 | +213% |
| Profit (loss) for the period | 9904 | €15,059 | €47,168 | +€32,109 | +213% |
| Profit (loss) for the period to be appropriated | 9905 | €15,059 | €47,168 | +€32,109 | +213% |
Value
latest balance sheet 31-12-2021 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €129,638 · 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)
- €47,168
- Formation expenses (20)
- -€47,168
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €0
Capitalised earnings
- 2021
- €47,168
- 2020
- €15,059
- Average result, excluding non-recurring income and charges
- €31,113
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €222,236 / €259,275 / €311,130
Your EBITDA multiple
- EBITDA 2021
- -
- Net financial debt
- -
- 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 2020 and 31 December 2021. 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.