FINCONSEILS: 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 2023 and 2025
not consecutiveLargest movements
- Tangible fixed assets +€267,611
up €267,611 (+84.3%), from €317,489 to €585,099
of which Land and buildings: +€165,035
- Receivables within one year +€134,476
up €134,476 (+608%), from €22,117 to €156,593
- Cash +€60,660
up €60,660 (+1,749%), from €3,469 to €64,129
- Debts after one year +€245,583
new in 2025: €245,583
- Profit (loss) carried forward +€91,878
up €91,878 (+3,629%), from €2,532 to €94,410
- Other debts +€69,578
up €69,578 (+97.0%), from €71,762 to €141,340
- Tax, wage and social debts +€54,051
up €54,051 (+1,169%), from €4,625 to €58,676
of which Taxes: +€29,051
- Gross operating margin +€128,911
up €128,911 (+258%), from €50,013 to €178,924
- Taxes +€27,154
up €27,154 (+1,813%), from €1,498 to €28,652
- Depreciation +€9,371
up €9,371 (+91.9%), from €10,197 to €19,567
- Financial charges +€7,558
up €7,558 (+5,798%), from €130 to €7,688
- Other operating charges +€4,482
up €4,482 (+102%), from €4,404 to €8,886
Change in the result, 2023 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
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 | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €345,636 | €807,385 | +€461,749 | +134% |
| Fixed assets | 21/28 | €317,616 | €585,227 | +€267,611 | +84.3% |
| Tangible fixed assets | 22/27 | €317,489 | €585,099 | +€267,611 | +84.3% |
| Land and buildings | 22 | €154,413 | €319,448 | +€165,035 | +107% |
| Furniture and vehicles | 24 | - | €911 | +€911 | |
| Other tangible fixed assets | 26 | €9,134 | €6,600 | -€2,534 | -27.7% |
| Assets under construction and advance payments | 27 | €153,942 | €258,141 | +€104,199 | +67.7% |
| Financial fixed assets | 28 | €128 | €128 | = | 0.0% |
| Current assets | 29/58 | €28,019 | €222,158 | +€194,139 | +693% |
| Amounts receivable within one year | 40/41 | €22,117 | €156,593 | +€134,476 | +608% |
| Trade receivables | 40 | €22,117 | €156,593 | +€134,476 | +608% |
| Cash at bank and in hand | 54/58 | €3,469 | €64,129 | +€60,660 | +1,749% |
| Deferred charges and accrued income | 490/1 | €2,433 | €1,436 | -€997 | -41.0% |
| Total equity and liabilities | 10/49 | €345,636 | €807,385 | +€461,749 | +134% |
| Equity | 10/15 | €198,970 | €290,848 | +€91,878 | +46.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €190,238 | €190,238 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,240 | €9,240 | = | 0.0% |
| Distributable reserves | 133 | €179,139 | €179,139 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,532 | €94,410 | +€91,878 | +3,629% |
| Amounts payable | 17/49 | €146,665 | €516,537 | +€369,871 | +252% |
| Amounts payable after more than one year | 17 | - | €245,583 | +€245,583 | |
| Financial debts | 170/4 | - | €245,583 | +€245,583 | |
| Amounts payable within one year | 42/48 | €146,665 | €270,856 | +€124,191 | +84.7% |
| Trade debts | 44 | €70,278 | €70,840 | +€562 | +0.8% |
| Suppliers | 440/4 | €70,278 | €70,840 | +€562 | +0.8% |
| Taxes, remuneration and social security | 45 | €4,625 | €58,676 | +€54,051 | +1,169% |
| Taxes | 450/3 | €4,625 | €33,676 | +€29,051 | +628% |
| Remuneration and social security | 454/9 | - | €25,000 | +€25,000 | |
| Other amounts payable | 47/48 | €71,762 | €141,340 | +€69,578 | +97.0% |
| Accrued charges and deferred income | 492/3 | - | €97 | +€97 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,197 | €19,567 | +€9,371 | +91.9% |
| Other operating charges | 640/8 | €4,404 | €8,886 | +€4,482 | +102% |
| Non-recurring operating charges | 66A | €252 | €252 | +€0 | +0.1% |
| Gross operating margin | 9900 | €50,013 | €178,924 | +€128,911 | +258% |
| Operating profit (loss) | 9901 | €35,160 | €150,218 | +€115,058 | +327% |
| Financial charges | 65/66B | €130 | €7,688 | +€7,558 | +5,798% |
| Recurring financial charges | 65 | €130 | €7,688 | +€7,558 | +5,798% |
| Profit (loss) for the period before taxes | 9903 | €35,030 | €142,530 | +€107,500 | +307% |
| Income taxes | 67/77 | €1,498 | €28,652 | +€27,154 | +1,813% |
| Profit (loss) for the period | 9904 | €33,532 | €113,878 | +€80,346 | +240% |
| Profit (loss) for the period to be appropriated | 9905 | €33,532 | €113,878 | +€80,346 | +240% |
Value
latest balance sheet 31-03-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €402,553 · 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
Worked out with Checked's starting values, not your estimate and not market data. Change the assumptions: the value follows.
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)
- €290,848
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €290,848
Capitalised earnings
- 2025
- €113,878
- excluding non-recurring income and charges
- €114,130
- 2023
- €33,532
- excluding non-recurring income and charges
- €33,784
- 2022
- €36,921
- excluding non-recurring income and charges
- €37,220
- 2021
- €39,932
- 2020
- €49,706
- Average result, excluding non-recurring income and charges
- €61,711
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €440,793 / €514,258 / €617,110
Your EBITDA multiple
- EBITDA 2025
- €169,786
- Net financial debt
- €181,455
- 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 result is not corrected for the manager's pay. If the company pays less or more than a market salary, the capitalised earnings are too high or too low.
- 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 May 2023 and 31 March 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 15 November 2026 via checked.be.