Eqwal Brussels: 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 30-09-2024 and 30-09-2025
Largest movements
- Tangible fixed assets -€60,117
down €60,117 (-39.4%), from €152,670 to €92,553
of which Plant, machinery and equipment: -€53,323
- Receivables within one year +€34,436
up €34,436 (+11.7%), from €294,511 to €328,947
of which Trade receivables: +€85,977
- Stocks and contracts -€27,362
down €27,362 (-13.1%), from €209,229 to €181,867
- Cash -€19,534
down €19,534 (-15.7%), from €124,030 to €104,496
mainly Net result for the year (-€80,052) and Tax, wage and social debts (-€54,021)
- Deferred charges and accrued income +€9,781
up €9,781 (+116%), from €8,453 to €18,234
- Profit (loss) carried forward -€80,051
down €80,051 (-34.7%), from €230,703 to €150,652
- Tax, wage and social debts -€54,021
down €54,021 (-26.3%), from €205,701 to €151,680
of which Taxes: -€55,627
- Other debts +€47,967
up €47,967 (+2,225%), from €2,156 to €50,123
- Trade debts +€40,500
up €40,500 (+30.5%), from €132,806 to €173,306
- Debts after one year -€13,456
no longer reported in 2025 (was €13,456)
- Gross operating margin -€102,713
down €102,713 (-15.6%), from €657,419 to €554,706
- Staff costs +€69,380
up €69,380 (+13.5%), from €515,266 to €584,646
- Taxes -€68,852
down €68,852, from €48,411 to -€20,441
- Write-downs +€11,369
no longer reported in 2025 (was -€11,369)
Change in the result, 30-09-2024 to 30-09-2025
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
The bridge is derived from the 30-09-2024 and 30-09-2025 balance sheets and the 30-09-2025 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 | 30-09-2024 | 30-09-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €789,133 | €732,936 | -€56,197 | -7.1% |
| Fixed assets | 21/28 | €152,910 | €99,393 | -€53,517 | -35.0% |
| Intangible fixed assets | 21 | - | €6,599 | +€6,599 | |
| Tangible fixed assets | 22/27 | €152,670 | €92,553 | -€60,117 | -39.4% |
| Plant, machinery and equipment | 23 | €118,264 | €64,941 | -€53,323 | -45.1% |
| Furniture and vehicles | 24 | €34,406 | €27,612 | -€6,794 | -19.7% |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €636,223 | €633,544 | -€2,679 | -0.4% |
| Stocks and contracts in progress | 3 | €209,229 | €181,867 | -€27,362 | -13.1% |
| Stocks | 30/36 | €209,229 | €181,867 | -€27,362 | -13.1% |
| Amounts receivable within one year | 40/41 | €294,511 | €328,947 | +€34,436 | +11.7% |
| Trade receivables | 40 | €242,013 | €327,990 | +€85,977 | +35.5% |
| Other amounts receivable | 41 | €52,498 | €956 | -€51,542 | -98.2% |
| Cash at bank and in hand | 54/58 | €124,030 | €104,496 | -€19,534 | -15.7% |
| Deferred charges and accrued income | 490/1 | €8,453 | €18,234 | +€9,781 | +116% |
| Total equity and liabilities | 10/49 | €789,133 | €732,936 | -€56,197 | -7.1% |
| Equity | 10/15 | €421,532 | €340,673 | -€80,859 | -19.2% |
| Contributions | 10/11 | €68,593 | €68,593 | -€0 | 0.0% |
| Reserves | 13 | €119,404 | €119,404 | +€0 | 0.0% |
| Distributable reserves | 133 | €119,404 | €119,404 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €230,703 | €150,652 | -€80,051 | -34.7% |
| Investment grants | 15 | €2,832 | €2,024 | -€808 | -28.5% |
| Amounts payable | 17/49 | €367,601 | €392,264 | +€24,663 | +6.7% |
| Amounts payable after more than one year | 17 | €13,456 | - | -€13,456 | |
| Financial debts | 170/4 | €13,456 | - | -€13,456 | |
| Amounts payable within one year | 42/48 | €353,951 | €392,264 | +€38,313 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €13,288 | €13,456 | +€168 | +1.3% |
| Trade debts | 44 | €132,806 | €173,306 | +€40,500 | +30.5% |
| Suppliers | 440/4 | €132,806 | €173,306 | +€40,500 | +30.5% |
| Advances received on contracts in progress | 46 | - | €3,699 | +€3,699 | |
| Taxes, remuneration and social security | 45 | €205,701 | €151,680 | -€54,021 | -26.3% |
| Taxes | 450/3 | €67,148 | €11,521 | -€55,627 | -82.8% |
| Remuneration and social security | 454/9 | €138,553 | €140,159 | +€1,606 | +1.2% |
| Other amounts payable | 47/48 | €2,156 | €50,123 | +€47,967 | +2,225% |
| Accrued charges and deferred income | 492/3 | €194 | - | -€194 | |
| Remuneration, social security and pensions | 62 | €515,266 | €584,646 | +€69,380 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,508 | €59,791 | -€717 | -1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,369 | - | +€11,369 | |
| Other operating charges | 640/8 | €3,376 | €4,661 | +€1,285 | +38.1% |
| Non-recurring operating charges | 66A | - | €3 | +€3 | |
| Gross operating margin | 9900 | €657,419 | €554,706 | -€102,713 | -15.6% |
| Operating profit (loss) | 9901 | €89,638 | -€94,396 | -€184,034 | |
| Financial income | 75/76B | €1,917 | €1,329 | -€588 | -30.7% |
| Recurring financial income | 75 | €1,917 | €1,329 | -€588 | -30.7% |
| Financial charges | 65/66B | €7,787 | €7,425 | -€362 | -4.6% |
| Recurring financial charges | 65 | €7,787 | €7,425 | -€362 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €83,768 | -€100,492 | -€184,260 | |
| Income taxes | 67/77 | €48,411 | -€20,441 | -€68,852 | |
| Profit (loss) for the period | 9904 | €35,357 | -€80,052 | -€115,409 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,357 | -€80,052 | -€115,409 |
Value
latest balance sheet 30-09-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €334,073 · adjusted equity only
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)
- €340,673
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€6,599
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €334,073
Capitalised earnings
- 2025
- -€80,052
- excluding non-recurring income and charges
- -€80,049
- 2024
- €35,357
- 2023
- €4,447
- 2023
- €157,673
- 2022
- €58,945
- Average result, excluding non-recurring income and charges
- -€13,415
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2025
- -€34,605
- Net financial debt
- -€91,040
- 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 30 September 2024 and 30 September 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 13 November 2026 via checked.be.