G - BLOCK: 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 -€101,774
down €101,774 (-59.8%), from €170,140 to €68,366
of which Trade receivables: -€102,389
- Cash +€86,747
up €86,747 (+11.4%), from €760,983 to €847,730
mainly Receivables within one year (+€101,774) and Net result for the year (+€61,786)
- Tangible fixed assets -€65,972
down €65,972 (-17.0%), from €387,724 to €321,752
of which Plant, machinery and equipment: -€33,518
- Current investments +€56,439
up €56,439 (+8.9%), from €634,689 to €691,128
- Trade debts -€91,630
down €91,630 (-76.5%), from €119,812 to €28,182
of which Suppliers: -€99,092
- Profit (loss) carried forward +€63,512
up €63,512 (+6.1%), from €1.0m to €1.1m
- Tax, wage and social debts -€30,641
down €30,641 (-35.0%), from €87,555 to €56,914
of which Taxes: -€26,743
- Gross operating margin -€134,690
down €134,690 (-21.6%), from €624,978 to €490,288
- Taxes -€43,304
down €43,304 (-74.1%), from €58,410 to €15,106
- Write-downs +€29,718
new in 2025: €29,718
- Financial income -€11,957
down €11,957 (-47.8%), from €25,032 to €13,075
- Depreciation +€6,418
up €6,418 (+12.8%), from €50,135 to €56,553
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 | €2,542,069 | €2,511,623 | -€30,446 | -1.2% |
| Fixed assets | 21/28 | €388,002 | €329,776 | -€58,226 | -15.0% |
| Intangible fixed assets | 21 | - | €7,746 | +€7,746 | |
| Tangible fixed assets | 22/27 | €387,724 | €321,752 | -€65,972 | -17.0% |
| Land and buildings | 22 | €103,639 | €103,639 | = | 0.0% |
| Plant, machinery and equipment | 23 | €190,535 | €157,017 | -€33,518 | -17.6% |
| Furniture and vehicles | 24 | €93,550 | €61,096 | -€32,454 | -34.7% |
| Financial fixed assets | 28 | €278 | €278 | = | 0.0% |
| Current assets | 29/58 | €2,154,067 | €2,181,847 | +€27,780 | +1.3% |
| Stocks and contracts in progress | 3 | €583,415 | €564,647 | -€18,768 | -3.2% |
| Stocks | 30/36 | €583,415 | €564,647 | -€18,768 | -3.2% |
| Amounts receivable within one year | 40/41 | €170,140 | €68,366 | -€101,774 | -59.8% |
| Trade receivables | 40 | €165,656 | €63,267 | -€102,389 | -61.8% |
| Other amounts receivable | 41 | €4,484 | €5,099 | +€615 | +13.7% |
| Current investments | 50/53 | €634,689 | €691,128 | +€56,439 | +8.9% |
| Cash at bank and in hand | 54/58 | €760,983 | €847,730 | +€86,747 | +11.4% |
| Deferred charges and accrued income | 490/1 | €4,840 | €9,976 | +€5,136 | +106% |
| Total equity and liabilities | 10/49 | €2,542,069 | €2,511,623 | -€30,446 | -1.2% |
| Equity | 10/15 | €2,247,786 | €2,309,572 | +€61,786 | +2.7% |
| Contributions | 10/11 | €1,124,000 | €1,124,000 | = | 0.0% |
| Capital | 10 | €1,124,000 | €1,124,000 | = | 0.0% |
| Issued capital | 100 | €1,124,000 | €1,124,000 | = | 0.0% |
| Reserves | 13 | €64,408 | €62,682 | -€1,726 | -2.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,629 | €6,903 | -€1,726 | -20.0% |
| Distributable reserves | 133 | €49,579 | €49,579 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,049,412 | €1,112,924 | +€63,512 | +6.1% |
| Investment grants | 15 | €9,966 | €9,966 | = | 0.0% |
| Provisions and deferred taxes | 16 | €49,841 | €60,459 | +€10,618 | +21.3% |
| Provisions for liabilities and charges | 160/5 | €46,143 | €57,500 | +€11,357 | +24.6% |
| Major repairs and maintenance | 162 | €22,507 | €35,000 | +€12,493 | +55.5% |
| Other liabilities and charges | 164/5 | €23,636 | €22,500 | -€1,136 | -4.8% |
| Deferred taxes | 168 | €3,698 | €2,959 | -€739 | -20.0% |
| Amounts payable | 17/49 | €244,442 | €141,592 | -€102,850 | -42.1% |
| Amounts payable after more than one year | 17 | €35,489 | €33,831 | -€1,658 | -4.7% |
| Other amounts payable | 178/9 | €35,489 | €33,831 | -€1,658 | -4.7% |
| Amounts payable within one year | 42/48 | €208,953 | €107,731 | -€101,222 | -48.4% |
| Financial debts | 43 | €53 | - | -€53 | |
| Credit institutions | 430/8 | €53 | - | -€53 | |
| Trade debts | 44 | €119,812 | €28,182 | -€91,630 | -76.5% |
| Suppliers | 440/4 | €119,812 | €20,720 | -€99,092 | -82.7% |
| Bills of exchange payable | 441 | - | €7,462 | +€7,462 | |
| Advances received on contracts in progress | 46 | - | €135 | +€135 | |
| Taxes, remuneration and social security | 45 | €87,555 | €56,914 | -€30,641 | -35.0% |
| Taxes | 450/3 | €53,708 | €26,965 | -€26,743 | -49.8% |
| Remuneration and social security | 454/9 | €33,847 | €29,949 | -€3,898 | -11.5% |
| Other amounts payable | 47/48 | €1,533 | €22,500 | +€20,967 | +1,368% |
| Accrued charges and deferred income | 492/3 | - | €30 | +€30 | |
| Remuneration, social security and pensions | 62 | €297,541 | €296,209 | -€1,332 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,135 | €56,553 | +€6,418 | +12.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €29,718 | +€29,718 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €11,227 | €11,357 | +€130 | +1.2% |
| Other operating charges | 640/8 | €21,571 | €23,300 | +€1,729 | +8.0% |
| Non-recurring operating charges | 66A | €3,740 | - | -€3,740 | |
| Gross operating margin | 9900 | €624,978 | €490,288 | -€134,690 | -21.6% |
| Operating profit (loss) | 9901 | €240,764 | €73,151 | -€167,613 | -69.6% |
| Financial income | 75/76B | €25,032 | €13,075 | -€11,957 | -47.8% |
| Recurring financial income | 75 | €25,032 | €13,075 | -€11,957 | -47.8% |
| Financial charges | 65/66B | €3,989 | €10,074 | +€6,085 | +153% |
| Recurring financial charges | 65 | €3,989 | €1,882 | -€2,107 | -52.8% |
| Non-recurring financial charges | 66B | - | €8,192 | +€8,192 | |
| Profit (loss) for the period before taxes | 9903 | €261,807 | €76,152 | -€185,655 | -70.9% |
| Transfer from deferred taxes | 780 | €52 | €740 | +€688 | +1,323% |
| Transfer to deferred taxes | 680 | €750 | - | -€750 | |
| Income taxes | 67/77 | €58,410 | €15,106 | -€43,304 | -74.1% |
| Profit (loss) for the period | 9904 | €202,699 | €61,786 | -€140,913 | -69.5% |
| Transfer from tax-exempt reserves | 789 | €121 | €1,726 | +€1,605 | +1,326% |
| Transfer to tax-exempt reserves | 689 | €1,750 | - | -€1,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €201,070 | €63,512 | -€137,558 | -68.4% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €1.6m · 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)
- €2,309,572
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€7,746
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €2.3m
Capitalised earnings
- 2025
- €61,786
- excluding non-recurring income and charges
- €69,978
- 2024
- €202,699
- excluding non-recurring income and charges
- €206,439
- 2023
- €28,939
- 2022
- -€37,848
- 2021
- €61,979
- Average result, excluding non-recurring income and charges
- €101,785
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €727,036 / €848,208 / €1.0m
Your EBITDA multiple
- EBITDA 2025
- €129,704
- Net financial debt
- -€1,505,027
- 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 2024 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.