FELTRON: 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 31-03-2025 and 30-06-2025
not consecutiveLargest movements
- Cash +€122,980
up €122,980 (+11.4%), from €1.1m to €1.2m
- Reserves +€485,749
up €485,749 (+10.3%), from €4.7m to €5.2m
of which Distributable reserves: +€485,749
- Contributions -€450,000
down €450,000 (-87.9%), from €512,000 to €62,000
- Other debts +€100,000
up €100,000 (+385%), from €25,955 to €125,955
- Turnover -€458,730
down €458,730 (-72.4%), from €633,350 to €174,620
- Staff costs -€277,832
down €277,832 (-81.5%), from €340,731 to €62,899
- Services and other goods -€151,113
down €151,113 (-81.1%), from €186,230 to €35,117
- Financial income +€94,897
up €94,897 (+1,889%), from €5,023 to €99,920
- Depreciation -€68,283
down €68,283 (-69.9%), from €97,618 to €29,335
Change in the result, 31-03-2025 to 30-06-2025
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
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 31-03-2025 | 30-06-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,572,097 | €5,676,373 | +€104,276 | +1.9% |
| Fixed assets | 21/28 | €3,779,073 | €3,797,682 | +€18,609 | +0.5% |
| Tangible fixed assets | 22/27 | €2,050,251 | €2,068,860 | +€18,609 | +0.9% |
| Land and buildings | 22 | €1,964,727 | €1,987,900 | +€23,173 | +1.2% |
| Plant, machinery and equipment | 23 | €2,399 | €2,149 | -€250 | -10.4% |
| Furniture and vehicles | 24 | €83,126 | €78,811 | -€4,315 | -5.2% |
| Financial fixed assets | 28 | €1,728,821 | €1,728,821 | = | 0.0% |
| Affiliated companies | 280/1 | €1,728,821 | €1,728,821 | = | 0.0% |
| Participating interests | 280 | €1,728,821 | €1,728,821 | = | 0.0% |
| Current assets | 29/58 | €1,793,024 | €1,878,691 | +€85,667 | +4.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €603,564 | €566,469 | -€37,095 | -6.1% |
| Trade receivables | 40 | €260,949 | €136,724 | -€124,225 | -47.6% |
| Other amounts receivable | 41 | €342,615 | €429,745 | +€87,130 | +25.4% |
| Current investments | 50/53 | €112,500 | €112,500 | = | 0.0% |
| Other investments | 51/53 | €112,500 | €112,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,075,155 | €1,198,135 | +€122,980 | +11.4% |
| Deferred charges and accrued income | 490/1 | €1,806 | €1,587 | -€218 | -12.1% |
| Total equity and liabilities | 10/49 | €5,572,097 | €5,676,373 | +€104,276 | +1.9% |
| Equity | 10/15 | €5,245,115 | €5,280,864 | +€35,749 | +0.7% |
| Contributions | 10/11 | €512,000 | €62,000 | -€450,000 | -87.9% |
| Capital | 10 | €512,000 | €62,000 | -€450,000 | -87.9% |
| Issued capital | 100 | €512,000 | €62,000 | -€450,000 | -87.9% |
| Reserves | 13 | €4,733,115 | €5,218,864 | +€485,749 | +10.3% |
| Non-distributable reserves | 130/1 | €51,200 | €51,200 | = | 0.0% |
| Legal reserve | 130 | €51,200 | €51,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €4,663,165 | €5,148,914 | +€485,749 | +10.4% |
| Amounts payable | 17/49 | €326,982 | €395,509 | +€68,527 | +21.0% |
| Amounts payable after more than one year | 17 | €61,610 | €57,967 | -€3,643 | -5.9% |
| Financial debts | 170/4 | €61,610 | €57,967 | -€3,643 | -5.9% |
| Credit institutions | 173 | €60,670 | €57,027 | -€3,643 | -6.0% |
| Other loans | 174 | €940 | €940 | = | 0.0% |
| Amounts payable within one year | 42/48 | €263,393 | €335,094 | +€71,701 | +27.2% |
| Current portion of amounts payable after more than one year | 42 | €14,294 | €14,412 | +€117 | +0.8% |
| Trade debts | 44 | €131,084 | €116,154 | -€14,931 | -11.4% |
| Suppliers | 440/4 | €131,084 | €116,154 | -€14,931 | -11.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €92,060 | €78,574 | -€13,485 | -14.6% |
| Taxes | 450/3 | €32,851 | €37,222 | +€4,371 | +13.3% |
| Remuneration and social security | 454/9 | €59,209 | €41,352 | -€17,857 | -30.2% |
| Other amounts payable | 47/48 | €25,955 | €125,955 | +€100,000 | +385% |
| Accrued charges and deferred income | 492/3 | €1,979 | €2,447 | +€468 | +23.7% |
| Operating income | 70/76A | €643,676 | €177,039 | -€466,636 | -72.5% |
| Turnover | 70 | €633,350 | €174,620 | -€458,730 | -72.4% |
| Other operating income | 74 | €10,326 | €2,419 | -€7,906 | -76.6% |
| Operating charges | 60/66A | €626,622 | €127,350 | -€499,271 | -79.7% |
| Services and other goods | 61 | €186,230 | €35,117 | -€151,113 | -81.1% |
| Remuneration, social security and pensions | 62 | €340,731 | €62,899 | -€277,832 | -81.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,618 | €29,335 | -€68,283 | -69.9% |
| Other operating charges | 640/8 | €2,042 | €0 | -€2,042 | -100% |
| Operating profit (loss) | 9901 | €17,054 | €49,689 | +€32,635 | +191% |
| Financial income | 75/76B | €5,023 | €99,920 | +€94,897 | +1,889% |
| Recurring financial income | 75 | €5,023 | €99,920 | +€94,897 | +1,889% |
| Income from financial fixed assets | 750 | - | €99,920 | +€99,920 | |
| Income from current assets | 751 | €5,023 | €0 | -€5,023 | -100% |
| Financial charges | 65/66B | €2,200 | €1,070 | -€1,129 | -51.3% |
| Recurring financial charges | 65 | €2,200 | €1,070 | -€1,129 | -51.3% |
| Debt charges | 650 | €2,141 | €1,047 | -€1,094 | -51.1% |
| Other financial charges | 652/9 | €59 | €24 | -€35 | -59.5% |
| Profit (loss) for the period before taxes | 9903 | €19,877 | €148,539 | +€128,662 | +647% |
| Income taxes | 67/77 | €6,017 | €12,790 | +€6,772 | +113% |
| Taxes | 670/3 | €6,017 | €12,790 | +€6,772 | +113% |
| Profit (loss) for the period | 9904 | €13,860 | €135,749 | +€121,890 | +879% |
| Profit (loss) for the period to be appropriated | 9905 | €13,860 | €135,749 | +€121,890 | +879% |
Value
latest balance sheet 30-06-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €3.5m · 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)
- €5,280,864
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €5.3m
Capitalised earnings
- 2025
- €135,749
- 2025
- €13,860
- 2024
- €452,996
- 2023
- €677,310
- excluding non-recurring income and charges
- €673,649
- 2022
- €490,955
- Average result, excluding non-recurring income and charges
- €200,868
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €1.4m / €1.7m / €2.0m
Your EBITDA multiple
- EBITDA 2025
- €79,024
- Net financial debt
- -€1,238,256
- Your multiple
- -
- Value with your multiple
- -
Net financial debt is the sum of financial debts after one year, the part due within the year and short-term financial debts, less cash and current investments.
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 March 2025 and 30 June 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 10 November 2026 via checked.be.