GOVAN: 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 2026
not consecutiveLargest movements
- Receivables within one year +€39,811
up €39,811 (+86.9%), from €45,807 to €85,618
of which Other amounts receivable: +€23,156
- Tangible fixed assets -€9,513
down €9,513 (-92.6%), from €10,278 to €765
- Deferred charges and accrued income +€1,576
new in 2026: €1,576
- Reserves +€30,500
up €30,500 (+103%), from €29,609 to €60,109
of which Distributable reserves: +€30,500
- Other debts +€15,000
up €15,000, from €0 to €15,000
- Short-term financial debts -€14,932
down €14,932 (-100%), from €14,932 to €0
- Trade debts +€1,940
up €1,940 (+588%), from €330 to €2,271
- Gross operating margin +€23,784
up €23,784 (+149%), from €15,959 to €39,742
- Financial income +€3,389
up €3,389 (+184%), from €1,845 to €5,234
- Taxes +€3,353
up €3,353 (+83.5%), from €4,014 to €7,368
- Depreciation -€999
down €999 (-18.0%), from €5,551 to €4,551
Change in the result, 2024 to 2026
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 | 2024 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €56,085 | €88,060 | +€31,975 | +57.0% |
| Fixed assets | 21/28 | €10,278 | €765 | -€9,513 | -92.6% |
| Tangible fixed assets | 22/27 | €10,278 | €765 | -€9,513 | -92.6% |
| Furniture and vehicles | 24 | €10,278 | €765 | -€9,513 | -92.6% |
| Current assets | 29/58 | €45,807 | €87,295 | +€41,488 | +90.6% |
| Amounts receivable within one year | 40/41 | €45,807 | €85,618 | +€39,811 | +86.9% |
| Trade receivables | 40 | €4,456 | €21,111 | +€16,655 | +374% |
| Other amounts receivable | 41 | €41,351 | €64,507 | +€23,156 | +56.0% |
| Cash at bank and in hand | 54/58 | - | €101 | +€101 | |
| Deferred charges and accrued income | 490/1 | - | €1,576 | +€1,576 | |
| Total equity and liabilities | 10/49 | €56,085 | €88,060 | +€31,975 | +57.0% |
| Equity | 10/15 | €35,893 | €66,464 | +€30,572 | +85.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €29,609 | €60,109 | +€30,500 | +103% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €29,609 | €60,109 | +€30,500 | +103% |
| Profit (loss) carried forward | 14 | €84 | €155 | +€72 | +85.9% |
| Amounts payable | 17/49 | €20,193 | €21,595 | +€1,403 | +6.9% |
| Amounts payable within one year | 42/48 | €20,193 | €21,573 | +€1,380 | +6.8% |
| Financial debts | 43 | €14,932 | €0 | -€14,932 | -100% |
| Credit institutions | 430/8 | €14,932 | €0 | -€14,932 | -100% |
| Trade debts | 44 | €330 | €2,271 | +€1,940 | +588% |
| Suppliers | 440/4 | €330 | €2,271 | +€1,940 | +588% |
| Advances received on contracts in progress | 46 | €3,817 | €3,817 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,114 | €485 | -€629 | -56.4% |
| Taxes | 450/3 | €1,114 | €485 | -€629 | -56.4% |
| Other amounts payable | 47/48 | €0 | €15,000 | +€15,000 | |
| Accrued charges and deferred income | 492/3 | - | €23 | +€23 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,551 | €4,551 | -€999 | -18.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,052 | €782 | -€269 | -25.6% |
| Gross operating margin | 9900 | €15,959 | €39,742 | +€23,784 | +149% |
| Operating profit (loss) | 9901 | €9,356 | €34,409 | +€25,053 | +268% |
| Financial income | 75/76B | €1,845 | €5,234 | +€3,389 | +184% |
| Recurring financial income | 75 | €1,845 | €5,234 | +€3,389 | +184% |
| Financial charges | 65/66B | €1,871 | €1,493 | -€378 | -20.2% |
| Recurring financial charges | 65 | €1,871 | €1,493 | -€378 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €9,330 | €38,150 | +€28,820 | +309% |
| Income taxes | 67/77 | €4,014 | €7,368 | +€3,353 | +83.5% |
| Profit (loss) for the period | 9904 | €5,316 | €30,782 | +€25,466 | +479% |
| Profit (loss) for the period to be appropriated | 9905 | €5,316 | €30,782 | +€25,466 | +479% |
Value
latest balance sheet 31-03-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €102,220 · 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)
- €66,464
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €66,464
Capitalised earnings
- 2026
- €30,782
- 2024
- €5,316
- 2023
- €13,572
- 2022
- €25,538
- excluding non-recurring income and charges
- €25,878
- 2021
- €5,883
- Average result, excluding non-recurring income and charges
- €16,557
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €118,264 / €137,975 / €165,570
Your EBITDA multiple
- EBITDA 2026
- €38,960
- Net financial debt
- -€101
- 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 31 March 2024 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 14 November 2026 via checked.be.