GULO: what changed
Position among the sector peers
Sector benchmark: create a free account or sign in to use this tool.
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 2024
Largest movements
- Tangible fixed assets +€309,589
up €309,589 (+354%), from €87,429 to €397,018
of which Land and buildings: +€219,584
- Stocks and contracts +€111,143
up €111,143 (+11.7%), from €951,269 to €1.1m
- Cash -€70,817
down €70,817 (-87.7%), from €80,772 to €9,956
mainly Investment in fixed assets (net) (-€333,524) and Net result for the year (-€185,193)
- Short-term financial debts +€601,419
up €601,419 (+132%), from €454,000 to €1.1m
of which Credit institutions: +€429,419
- Profit (loss) carried forward -€180,302
down €180,302 (-188%), from -€95,898 to -€276,200
- Debts after one year -€25,000
no longer reported in 2024 (was €25,000)
- Tax, wage and social debts -€24,216
down €24,216 (-76.4%), from €31,681 to €7,465
of which Taxes: -€20,108
- Other debts -€19,551
down €19,551 (-10.8%), from €180,462 to €160,912
- Gross operating margin -€128,137
down €128,137, from €34,318 to -€93,820
- Depreciation +€4,527
up €4,527 (+23.3%), from €19,408 to €23,935
- Financial charges -€1,648
down €1,648 (-13.8%), from €11,941 to €10,293
- Staff costs +€1,522
up €1,522 (+2.9%), from €51,728 to €53,250
Change in the result, 2023 to 2024
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 2023 and 2024 balance sheets and the 2024 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 | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,165,618 | €1,509,623 | +€344,005 | +29.5% |
| Fixed assets | 21/28 | €87,429 | €397,018 | +€309,589 | +354% |
| Tangible fixed assets | 22/27 | €87,429 | €397,018 | +€309,589 | +354% |
| Land and buildings | 22 | €5,971 | €225,555 | +€219,584 | +3,677% |
| Plant, machinery and equipment | 23 | €1,780 | €106,577 | +€104,796 | +5,886% |
| Furniture and vehicles | 24 | €79,677 | €64,887 | -€14,791 | -18.6% |
| Current assets | 29/58 | €1,078,189 | €1,112,605 | +€34,416 | +3.2% |
| Stocks and contracts in progress | 3 | €951,269 | €1,062,412 | +€111,143 | +11.7% |
| Stocks | 30/36 | €951,269 | €1,062,412 | +€111,143 | +11.7% |
| Amounts receivable within one year | 40/41 | €42,115 | €39,805 | -€2,310 | -5.5% |
| Trade receivables | 40 | €32,815 | €27,097 | -€5,718 | -17.4% |
| Other amounts receivable | 41 | €9,300 | €12,708 | +€3,408 | +36.6% |
| Cash at bank and in hand | 54/58 | €80,772 | €9,956 | -€70,817 | -87.7% |
| Deferred charges and accrued income | 490/1 | €4,033 | €433 | -€3,600 | -89.3% |
| Total equity and liabilities | 10/49 | €1,165,618 | €1,509,623 | +€344,005 | +29.5% |
| Equity | 10/15 | €367,358 | €182,164 | -€185,193 | -50.4% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €398,255 | €393,364 | -€4,891 | -1.2% |
| Non-distributable reserves | 130/1 | €8,800 | €8,800 | = | 0.0% |
| Legal reserve | 130 | €8,800 | €8,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €266,810 | €261,919 | -€4,891 | -1.8% |
| Distributable reserves | 133 | €122,645 | €122,645 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,898 | -€276,200 | -€180,302 | -188% |
| Provisions and deferred taxes | 16 | €77,972 | €76,342 | -€1,630 | -2.1% |
| Deferred taxes | 168 | €77,972 | €76,342 | -€1,630 | -2.1% |
| Amounts payable | 17/49 | €720,288 | €1,251,117 | +€530,829 | +73.7% |
| Amounts payable after more than one year | 17 | €25,000 | - | -€25,000 | |
| Other amounts payable | 178/9 | €25,000 | - | -€25,000 | |
| Amounts payable within one year | 42/48 | €687,719 | €1,251,117 | +€563,398 | +81.9% |
| Current portion of amounts payable after more than one year | 42 | €4,335 | €3,032 | -€1,303 | -30.1% |
| Financial debts | 43 | €454,000 | €1,055,419 | +€601,419 | +132% |
| Credit institutions | 430/8 | €454,000 | €883,419 | +€429,419 | +94.6% |
| Other loans | 439 | - | €172,000 | +€172,000 | |
| Trade debts | 44 | €17,241 | €24,289 | +€7,048 | +40.9% |
| Suppliers | 440/4 | €17,241 | €24,289 | +€7,048 | +40.9% |
| Taxes, remuneration and social security | 45 | €31,681 | €7,465 | -€24,216 | -76.4% |
| Taxes | 450/3 | €24,968 | €4,860 | -€20,108 | -80.5% |
| Remuneration and social security | 454/9 | €6,713 | €2,606 | -€4,108 | -61.2% |
| Other amounts payable | 47/48 | €180,462 | €160,912 | -€19,551 | -10.8% |
| Accrued charges and deferred income | 492/3 | €7,569 | - | -€7,569 | |
| Non-recurring operating income | 76A | €50,809 | €500 | -€50,309 | -99.0% |
| Remuneration, social security and pensions | 62 | €51,728 | €53,250 | +€1,522 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,408 | €23,935 | +€4,527 | +23.3% |
| Other operating charges | 640/8 | €3,834 | €4,272 | +€439 | +11.4% |
| Non-recurring operating charges | 66A | €1,130 | - | -€1,130 | |
| Gross operating margin | 9900 | €34,318 | -€93,820 | -€128,137 | |
| Operating profit (loss) | 9901 | -€41,781 | -€175,277 | -€133,495 | -320% |
| Financial charges | 65/66B | €11,941 | €10,293 | -€1,648 | -13.8% |
| Recurring financial charges | 65 | €11,941 | €10,293 | -€1,648 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | -€53,722 | -€185,569 | -€131,847 | -245% |
| Transfer from deferred taxes | 780 | - | €1,630 | +€1,630 | |
| Income taxes | 67/77 | €928 | €1,254 | +€327 | +35.2% |
| Profit (loss) for the period | 9904 | -€54,650 | -€185,193 | -€130,544 | -239% |
| Transfer from tax-exempt reserves | 789 | - | €4,891 | +€4,891 | |
| Profit (loss) for the period to be appropriated | 9905 | -€54,650 | -€180,302 | -€125,653 | -230% |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €182,164 · adjusted equity only
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)
- €182,164
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €182,164
Capitalised earnings
- 2024
- -€185,193
- excluding non-recurring income and charges
- -€185,693
- 2023
- -€54,650
- excluding non-recurring income and charges
- -€104,328
- 2022
- -€160,813
- excluding non-recurring income and charges
- -€163,158
- 2021
- €606,760
- excluding non-recurring income and charges
- -€360,947
- 2020
- -€253,280
- Average result, excluding non-recurring income and charges
- -€151,060
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2024
- -€151,342
- Net financial debt
- €1,048,496
- 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 December 2023 and 31 December 2024. 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.