Ecurie des M: what changed
Position among the sector peers
Sector benchmark: create a free account or sign in to use this tool.
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
- Receivables within one year +€38,350
up €38,350 (+41.0%), from €93,514 to €131,863
- Stocks and contracts +€5,961
up €5,961 (+9.0%), from €66,139 to €72,100
- Tangible fixed assets +€3,641
up €3,641 (+51.8%), from €7,034 to €10,675
of which Furniture and vehicles: +€8,130
- Cash -€3,281
down €3,281 (-99.8%), from €3,287 to €6
mainly Receivables within one year (-€38,350) and Investment in fixed assets (net) (-€9,350)
- Equity +€33,117
up €33,117 (+17.4%), from -€190,622 to -€157,506
of which Profit (loss) carried forward: +€33,117
- Debts +€11,304
up €11,304 (+3.1%), from €360,846 to €372,150
of which Debts within one year: +€11,304
- Gross operating margin -€23,946
down €23,946 (-37.2%), from €64,367 to €40,421
- Depreciation +€1,401
up €1,401 (+30.7%), from €4,558 to €5,959
- Financial charges +€943
new in 2021: €943
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
The bridge is derived from the 2020 and 2021 balance sheets and the 2021 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2020 | 2021 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €170,224 | €214,645 | +€44,421 | +26.1% |
| Fixed assets | 21/28 | €7,284 | €10,675 | +€3,391 | +46.6% |
| Tangible fixed assets | 22/27 | €7,034 | €10,675 | +€3,641 | +51.8% |
| Plant, machinery and equipment | 23 | - | €2,546 | +€2,546 | |
| Furniture and vehicles | 24 | - | €8,130 | +€8,130 | |
| Financial fixed assets | 28 | €250 | - | -€250 | |
| Current assets | 29/58 | €162,939 | €203,970 | +€41,030 | +25.2% |
| Stocks and contracts in progress | 3 | €66,139 | €72,100 | +€5,961 | +9.0% |
| Stocks | 30/36 | - | €72,100 | +€72,100 | |
| Amounts receivable within one year | 40/41 | €93,514 | €131,863 | +€38,350 | +41.0% |
| Trade receivables | 40 | - | €131,863 | +€131,863 | |
| Cash at bank and in hand | 54/58 | €3,287 | €6 | -€3,281 | -99.8% |
| Total equity and liabilities | 10/49 | €170,224 | €214,645 | +€44,421 | +26.1% |
| Equity | 10/15 | -€190,622 | -€157,506 | +€33,117 | +17.4% |
| Contributions | 10/11 | - | €18,600 | +€18,600 | |
| Profit (loss) carried forward | 14 | -€209,222 | -€176,106 | +€33,117 | +15.8% |
| Amounts payable | 17/49 | €360,846 | €372,150 | +€11,304 | +3.1% |
| Amounts payable after more than one year | 17 | €63,552 | €63,552 | = | 0.0% |
| Other amounts payable | 178/9 | - | €63,552 | +€63,552 | |
| Amounts payable within one year | 42/48 | €295,695 | €306,999 | +€11,304 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | - | €97,141 | +€97,141 | |
| Financial debts | 43 | - | €623 | +€623 | |
| Credit institutions | 430/8 | - | €623 | +€623 | |
| Trade debts | 44 | €42,863 | €37,309 | -€5,555 | -13.0% |
| Suppliers | 440/4 | - | €37,309 | +€37,309 | |
| Taxes, remuneration and social security | 45 | - | €144 | +€144 | |
| Taxes | 450/3 | - | €144 | +€144 | |
| Other amounts payable | 47/48 | - | €171,781 | +€171,781 | |
| Accrued charges and deferred income | 492/3 | - | €1,600 | +€1,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,558 | €5,959 | +€1,401 | +30.7% |
| Other operating charges | 640/8 | - | €434 | +€434 | |
| Gross operating margin | 9900 | €64,367 | €40,421 | -€23,946 | -37.2% |
| Operating profit (loss) | 9901 | €59,606 | €34,028 | -€25,577 | -42.9% |
| Financial income | 75/76B | - | €32 | +€32 | |
| Recurring financial income | 75 | €9 | €32 | +€23 | +251% |
| Financial charges | 65/66B | - | €943 | +€943 | |
| Recurring financial charges | 65 | €1,392 | €943 | -€449 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €58,223 | €33,117 | -€25,106 | -43.1% |
| Profit (loss) for the period | 9904 | €58,223 | €33,117 | -€25,106 | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €58,223 | €33,117 | -€25,106 | -43.1% |
Value
latest balance sheet 31-12-2021 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €8,322 · 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)
- -€157,506
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€157,506
Capitalised earnings
- 2021
- €33,117
- 2020
- €58,223
- 2019
- -€28,645
- 2018
- €14,429
- Average result, excluding non-recurring income and charges
- €20,898
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €149,271 / €174,150 / €208,980
Your EBITDA multiple
- EBITDA 2021
- €39,987
- Net financial debt
- €161,310
- 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 9 November 2026 via checked.be.