ERIC CONSTRUCT: 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 2022 and 2023
Largest movements
- Tangible fixed assets +€5,633
up €5,633 (+693%), from €813 to €6,446
- Receivables within one year +€5,153
up €5,153 (+16.1%), from €31,940 to €37,092
of which Other amounts receivable: +€3,493
- Profit (loss) carried forward +€16,310
up €16,310 (+428%), from €3,810 to €20,119
- Other debts -€4,420
down €4,420 (-34.7%), from €12,727 to €8,308
- Trade debts -€2,968
down €2,968 (-47.8%), from €6,210 to €3,243
of which Bills of exchange payable: -€5,052
- Tax, wage and social debts +€1,940
up €1,940 (+75.8%), from €2,558 to €4,498
- Gross operating margin +€22,975
up €22,975 (+907%), from €2,534 to €25,510
- Taxes +€4,103
up €4,103 (+1,039%), from €395 to €4,498
- Depreciation +€2,262
up €2,262 (+278%), from €813 to €3,075
- Financial charges +€1,390
up €1,390 (+859%), from €162 to €1,552
Change in the result, 2022 to 2023
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 | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,753 | €43,615 | +€10,862 | +33.2% |
| Fixed assets | 21/28 | €813 | €6,446 | +€5,633 | +693% |
| Tangible fixed assets | 22/27 | €813 | €6,446 | +€5,633 | +693% |
| Furniture and vehicles | 24 | €813 | €6,446 | +€5,633 | +693% |
| Current assets | 29/58 | €31,940 | €37,169 | +€5,229 | +16.4% |
| Amounts receivable within one year | 40/41 | €31,940 | €37,092 | +€5,153 | +16.1% |
| Trade receivables | 40 | €30,077 | €31,736 | +€1,659 | +5.5% |
| Other amounts receivable | 41 | €1,863 | €5,356 | +€3,493 | +188% |
| Current investments | 50/53 | - | €77 | +€77 | |
| Total equity and liabilities | 10/49 | €32,753 | €43,615 | +€10,862 | +33.2% |
| Equity | 10/15 | €11,257 | €27,567 | +€16,310 | +145% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,247 | €1,247 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,247 | €1,247 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,247 | €1,247 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,810 | €20,119 | +€16,310 | +428% |
| Amounts payable | 17/49 | €21,496 | €16,049 | -€5,447 | -25.3% |
| Amounts payable within one year | 42/48 | €21,496 | €16,049 | -€5,447 | -25.3% |
| Trade debts | 44 | €6,210 | €3,243 | -€2,968 | -47.8% |
| Suppliers | 440/4 | €910 | €2,995 | +€2,084 | +229% |
| Bills of exchange payable | 441 | €5,300 | €248 | -€5,052 | -95.3% |
| Taxes, remuneration and social security | 45 | €2,558 | €4,498 | +€1,940 | +75.8% |
| Taxes | 450/3 | €2,558 | €4,498 | +€1,940 | +75.8% |
| Other amounts payable | 47/48 | €12,727 | €8,308 | -€4,420 | -34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €813 | €3,075 | +€2,262 | +278% |
| Other operating charges | 640/8 | €55 | €76 | +€21 | +37.2% |
| Gross operating margin | 9900 | €2,534 | €25,510 | +€22,975 | +907% |
| Operating profit (loss) | 9901 | €1,666 | €22,359 | +€20,693 | +1,242% |
| Financial charges | 65/66B | €162 | €1,552 | +€1,390 | +859% |
| Recurring financial charges | 65 | €162 | €1,552 | +€1,390 | +859% |
| Profit (loss) for the period before taxes | 9903 | €1,504 | €20,808 | +€19,303 | +1,283% |
| Income taxes | 67/77 | €395 | €4,498 | +€4,103 | +1,039% |
| Profit (loss) for the period | 9904 | €1,109 | €16,310 | +€15,200 | +1,371% |
| Profit (loss) for the period to be appropriated | 9905 | €1,109 | €16,310 | +€15,200 | +1,371% |
Value
latest balance sheet 30-09-2023 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €40,279 · 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)
- €27,567
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €27,567
Capitalised earnings
- 2023
- €16,310
- 2022
- €1,109
- 2021
- €1,658
- 2020
- €1,043
- 2019
- €691
- Average result, excluding non-recurring income and charges
- €6,359
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €45,421 / €52,992 / €63,590
Your EBITDA multiple
- EBITDA 2023
- €25,434
- Net financial debt
- -€77
- 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 2022 and 30 September 2023. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 11 November 2026 via checked.be.