FRANZ: 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
- Receivables within one year +€203,476
up €203,476 (+100%), from €202,715 to €406,191
of which Other amounts receivable: +€207,156
- Tangible fixed assets -€71,973
down €71,973 (-12.4%), from €579,091 to €507,118
of which Plant, machinery and equipment: -€71,524
- Profit (loss) carried forward +€79,081
up €79,081 (+12.9%), from €614,052 to €693,133
- Trade debts +€29,368
up €29,368 (+57.4%), from €51,187 to €80,555
- Tax, wage and social debts +€21,881
up €21,881 (+25.9%), from €84,457 to €106,338
of which Taxes: +€13,845
- Turnover +€177,577
up €177,577 (+31.4%), from €566,409 to €743,986
- Goods and materials +€69,867
up €69,867 (+72.3%), from €96,663 to €166,530
of which Purchases: +€74,255
- Depreciation +€52,772
up €52,772 (+187%), from €28,285 to €81,057
- Services and other goods +€36,807
up €36,807 (+34.6%), from €106,330 to €143,137
- Financial income -€11,485
down €11,485 (-69.5%), from €16,527 to €5,042
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 | €838,254 | €971,799 | +€133,545 | +15.9% |
| Fixed assets | 21/28 | €579,649 | €507,676 | -€71,973 | -12.4% |
| Tangible fixed assets | 22/27 | €579,091 | €507,118 | -€71,973 | -12.4% |
| Land and buildings | 22 | €1,798 | €1,470 | -€328 | -18.2% |
| Plant, machinery and equipment | 23 | €576,847 | €505,323 | -€71,524 | -12.4% |
| Furniture and vehicles | 24 | €447 | €325 | -€122 | -27.3% |
| Financial fixed assets | 28 | €558 | €558 | +€0 | 0.0% |
| Other financial fixed assets | 284/8 | €558 | €558 | +€0 | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €558 | €558 | +€0 | 0.0% |
| Current assets | 29/58 | €258,604 | €464,123 | +€205,519 | +79.5% |
| Stocks and contracts in progress | 3 | €48,451 | €53,879 | +€5,428 | +11.2% |
| Stocks | 30/36 | €48,451 | €53,879 | +€5,428 | +11.2% |
| Raw materials and consumables | 30/31 | €34,456 | €41,566 | +€7,110 | +20.6% |
| Finished goods | 33 | €13,995 | €12,313 | -€1,682 | -12.0% |
| Amounts receivable within one year | 40/41 | €202,715 | €406,191 | +€203,476 | +100% |
| Trade receivables | 40 | €39,935 | €36,255 | -€3,680 | -9.2% |
| Other amounts receivable | 41 | €162,780 | €369,936 | +€207,156 | +127% |
| Cash at bank and in hand | 54/58 | €7,438 | €4,053 | -€3,385 | -45.5% |
| Total equity and liabilities | 10/49 | €838,254 | €971,799 | +€133,545 | +15.9% |
| Equity | 10/15 | €702,610 | €781,691 | +€79,081 | +11.3% |
| Contributions | 10/11 | €62,325 | €62,325 | +€0 | 0.0% |
| Capital | 10 | €62,325 | €62,325 | +€0 | 0.0% |
| Issued capital | 100 | €62,325 | €62,325 | +€0 | 0.0% |
| Reserves | 13 | €26,233 | €26,233 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,233 | €6,233 | = | 0.0% |
| Legal reserve | 130 | €6,233 | €6,233 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €614,052 | €693,133 | +€79,081 | +12.9% |
| Amounts payable | 17/49 | €135,644 | €190,108 | +€54,464 | +40.2% |
| Amounts payable within one year | 42/48 | €135,644 | €186,893 | +€51,249 | +37.8% |
| Trade debts | 44 | €51,187 | €80,555 | +€29,368 | +57.4% |
| Suppliers | 440/4 | €51,187 | €80,555 | +€29,368 | +57.4% |
| Taxes, remuneration and social security | 45 | €84,457 | €106,338 | +€21,881 | +25.9% |
| Taxes | 450/3 | €12,515 | €26,360 | +€13,845 | +111% |
| Remuneration and social security | 454/9 | €71,942 | €79,978 | +€8,036 | +11.2% |
| Accrued charges and deferred income | 492/3 | - | €3,215 | +€3,215 | |
| Operating income | 70/76A | €574,472 | €748,977 | +€174,505 | +30.4% |
| Turnover | 70 | €566,409 | €743,986 | +€177,577 | +31.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €4,587 | €2,226 | -€2,361 | -51.5% |
| Other operating income | 74 | €3,476 | €2,765 | -€711 | -20.5% |
| Operating charges | 60/66A | €529,886 | €698,996 | +€169,110 | +31.9% |
| Goods for resale, raw materials and consumables | 60 | €96,663 | €166,530 | +€69,867 | +72.3% |
| Purchases | 600/8 | €93,808 | €168,063 | +€74,255 | +79.2% |
| Change in stocks: decrease (increase) | 609 | €2,855 | -€1,533 | -€4,388 | |
| Services and other goods | 61 | €106,330 | €143,137 | +€36,807 | +34.6% |
| Remuneration, social security and pensions | 62 | €294,833 | €304,028 | +€9,195 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,285 | €81,057 | +€52,772 | +187% |
| Other operating charges | 640/8 | €3,776 | €4,244 | +€468 | +12.4% |
| Operating profit (loss) | 9901 | €44,586 | €49,981 | +€5,395 | +12.1% |
| Financial income | 75/76B | €16,527 | €5,042 | -€11,485 | -69.5% |
| Recurring financial income | 75 | €16,527 | €5,042 | -€11,485 | -69.5% |
| Income from current assets | 751 | - | €872 | +€872 | |
| Other financial income | 752/9 | €16,527 | €4,170 | -€12,357 | -74.8% |
| Financial charges | 65/66B | €2,165 | €2,174 | +€9 | +0.4% |
| Recurring financial charges | 65 | €2,165 | €2,174 | +€9 | +0.4% |
| Debt charges | 650 | €34 | - | -€34 | |
| Other financial charges | 652/9 | €2,130 | €2,174 | +€44 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €58,948 | €52,849 | -€6,099 | -10.3% |
| Income taxes | 67/77 | €16,550 | €16,309 | -€241 | -1.5% |
| Taxes | 670/3 | €16,700 | €16,309 | -€391 | -2.3% |
| Tax adjustments and reversals of tax provisions | 77 | €150 | - | -€150 | |
| Profit (loss) for the period | 9904 | €42,397 | €36,540 | -€5,857 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,397 | €36,540 | -€5,857 | -13.8% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €647,233 · 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)
- €781,691
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €781,691
Capitalised earnings
- 2025
- €36,540
- 2023
- €42,397
- 2022
- €105,661
- 2021
- €79,765
- 2020
- €26,316
- Average result, excluding non-recurring income and charges
- €61,533
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €439,521 / €512,775 / €615,330
Your EBITDA multiple
- EBITDA 2025
- €131,038
- Net financial debt
- -€4,053
- 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 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 December 2023 and 31 December 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.