FASTFORWARD: 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 2024 and 2025
Largest movements
- Receivables within one year +€8,520
up €8,520 (+4,983%), from €171 to €8,691
of which Trade receivables: +€6,534
- Cash +€2,653
new in 2025: €2,653
mainly Net result for the year (+€17,686) and Tax, wage and social debts (+€1,022)
- Reserves +€17,596
up €17,596 (+946%), from €1,860 to €19,456
of which Distributable reserves: +€17,596
- Other debts -€5,154
down €5,154 (-75.6%), from €6,820 to €1,666
- Short-term financial debts -€2,382
no longer reported in 2025 (was €2,382)
- Tax, wage and social debts +€1,022
new in 2025: €1,022
- Gross operating margin +€24,534
up €24,534, from -€3,119 to €21,415
- Taxes +€3,843
new in 2025: €3,843
- Financial charges -€252
down €252 (-72.7%), from €346 to €94
Change in the result, 2024 to 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 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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,171 | €28,344 | +€11,173 | +65.1% |
| Current assets | 29/58 | €17,171 | €28,344 | +€11,173 | +65.1% |
| Amounts receivable after more than one year | 29 | €17,000 | €17,000 | = | 0.0% |
| Other amounts receivable | 291 | €17,000 | €17,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €171 | €8,691 | +€8,520 | +4,983% |
| Trade receivables | 40 | - | €6,534 | +€6,534 | |
| Other amounts receivable | 41 | €171 | €2,157 | +€1,986 | +1,162% |
| Cash at bank and in hand | 54/58 | - | €2,653 | +€2,653 | |
| Total equity and liabilities | 10/49 | €17,171 | €28,344 | +€11,173 | +65.1% |
| Equity | 10/15 | €7,969 | €25,656 | +€17,686 | +222% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €19,456 | +€17,596 | +946% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €17,596 | +€17,596 | |
| Profit (loss) carried forward | 14 | -€91 | - | +€91 | |
| Amounts payable | 17/49 | €9,202 | €2,688 | -€6,514 | -70.8% |
| Amounts payable within one year | 42/48 | €9,202 | €2,688 | -€6,514 | -70.8% |
| Financial debts | 43 | €2,382 | - | -€2,382 | |
| Credit institutions | 430/8 | €2,382 | - | -€2,382 | |
| Taxes, remuneration and social security | 45 | - | €1,022 | +€1,022 | |
| Taxes | 450/3 | - | €1,022 | +€1,022 | |
| Other amounts payable | 47/48 | €6,820 | €1,666 | -€5,154 | -75.6% |
| Other operating charges | 640/8 | €118 | €150 | +€32 | +27.1% |
| Gross operating margin | 9900 | -€3,119 | €21,415 | +€24,534 | |
| Operating profit (loss) | 9901 | -€3,237 | €21,265 | +€24,502 | |
| Financial income | 75/76B | €359 | €359 | -€0 | 0.0% |
| Recurring financial income | 75 | €359 | €359 | -€0 | 0.0% |
| Financial charges | 65/66B | €346 | €94 | -€252 | -72.7% |
| Recurring financial charges | 65 | €346 | €94 | -€252 | -72.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,225 | €21,529 | +€24,754 | |
| Income taxes | 67/77 | - | €3,843 | +€3,843 | |
| Profit (loss) for the period | 9904 | -€3,225 | €17,686 | +€20,911 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,225 | €17,686 | +€20,911 |
Value
latest balance sheet 30-09-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €28,778 · 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)
- €25,656
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €25,656
Capitalised earnings
- 2025
- €17,686
- 2024
- -€3,225
- 2023
- -€3,077
- excluding non-recurring income and charges
- -€2,977
- 2022
- -€2,781
- 2021
- -€4,213
- Average result, excluding non-recurring income and charges
- €3,828
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €27,343 / €31,900 / €38,280
Your EBITDA multiple
- EBITDA 2025
- -
- Net financial debt
- -€2,653
- 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 9 November 2026 via checked.be.