HANALEI: 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 2025 and 2026
Largest movements
- Receivables within one year +€1.0m
up €1.0m (+106%), from €989,332 to €2.0m
of which Other amounts receivable: +€1.0m
- Cash -€242,563
down €242,563 (-100%), from €242,563 to €0
mainly Receivables within one year (-€1.0m) and Contributions, distributions and other (-€408,990)
- Tangible fixed assets +€59,278
new in 2026: €59,278
- Intangible fixed assets -€28,884
down €28,884 (-14.3%), from €201,852 to €172,969
- Deferred charges and accrued income -€23,831
down €23,831 (-63.1%), from €37,747 to €13,917
- Trade debts +€853,602
up €853,602 (+132%), from €646,128 to €1.5m
- Other debts +€408,990
new in 2026: €408,990
- Profit (loss) carried forward -€352,714
down €352,714 (-100%), from €352,714 to €0
- Accrued charges and deferred income -€61,212
down €61,212 (-74.9%), from €81,752 to €20,540
- Tax, wage and social debts -€28,113
down €28,113 (-14.6%), from €191,929 to €163,816
of which Taxes: -€18,739
- Goods and materials -€1.9m
down €1.9m (-48.8%), from €3.9m to €2.0m
- Turnover -€1.4m
down €1.4m (-24.9%), from €5.7m to €4.3m
- Services and other goods +€1.1m
up €1.1m (+140%), from €770,426 to €1.8m
- Other operating charges -€602,816
down €602,816 (-96.7%), from €623,292 to €20,476
- Staff costs -€253,138
down €253,138 (-43.1%), from €587,721 to €334,583
Change in the result, 2025 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
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,471,494 | €2,292,046 | +€820,552 | +55.8% |
| Fixed assets | 21/28 | €201,852 | €232,247 | +€30,394 | +15.1% |
| Intangible fixed assets | 21 | €201,852 | €172,969 | -€28,884 | -14.3% |
| Tangible fixed assets | 22/27 | - | €59,278 | +€59,278 | |
| Furniture and vehicles | 24 | - | €59,278 | +€59,278 | |
| Current assets | 29/58 | €1,269,641 | €2,059,799 | +€790,158 | +62.2% |
| Amounts receivable after more than one year | 29 | - | €10,200 | +€10,200 | |
| Other amounts receivable | 291 | - | €10,200 | +€10,200 | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €989,332 | €2,035,683 | +€1.0m | +106% |
| Trade receivables | 40 | €559,367 | €593,954 | +€34,587 | +6.2% |
| Other amounts receivable | 41 | €429,964 | €1,441,729 | +€1.0m | +235% |
| Cash at bank and in hand | 54/58 | €242,563 | €0 | -€242,563 | -100% |
| Deferred charges and accrued income | 490/1 | €37,747 | €13,917 | -€23,831 | -63.1% |
| Total equity and liabilities | 10/49 | €1,471,494 | €2,292,046 | +€820,552 | +55.8% |
| Equity | 10/15 | €551,684 | €198,970 | -€352,714 | -63.9% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €18,970 | €18,970 | = | 0.0% |
| Distributable reserves | 133 | €18,970 | €18,970 | = | 0.0% |
| Profit (loss) carried forward | 14 | €352,714 | €0 | -€352,714 | -100% |
| Amounts payable | 17/49 | €919,810 | €2,093,076 | +€1.2m | +128% |
| Amounts payable within one year | 42/48 | €838,057 | €2,072,536 | +€1.2m | +147% |
| Trade debts | 44 | €646,128 | €1,499,730 | +€853,602 | +132% |
| Suppliers | 440/4 | €646,128 | €1,499,730 | +€853,602 | +132% |
| Taxes, remuneration and social security | 45 | €191,929 | €163,816 | -€28,113 | -14.6% |
| Taxes | 450/3 | €104,502 | €85,763 | -€18,739 | -17.9% |
| Remuneration and social security | 454/9 | €87,427 | €78,053 | -€9,374 | -10.7% |
| Other amounts payable | 47/48 | - | €408,990 | +€408,990 | |
| Accrued charges and deferred income | 492/3 | €81,752 | €20,540 | -€61,212 | -74.9% |
| Operating income | 70/76A | €5,965,389 | €4,303,227 | -€1.7m | -27.9% |
| Turnover | 70 | €5,673,160 | €4,260,875 | -€1.4m | -24.9% |
| Other operating income | 74 | €292,229 | €40,663 | -€251,565 | -86.1% |
| Non-recurring operating income | 76A | - | €1,689 | +€1,689 | |
| Operating charges | 60/66A | €5,858,894 | €4,236,648 | -€1.6m | -27.7% |
| Goods for resale, raw materials and consumables | 60 | €3,931,350 | €2,013,186 | -€1.9m | -48.8% |
| Purchases | 600/8 | €3,931,350 | €2,013,186 | -€1.9m | -48.8% |
| Services and other goods | 61 | €770,426 | €1,848,725 | +€1.1m | +140% |
| Remuneration, social security and pensions | 62 | €587,721 | €334,583 | -€253,138 | -43.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,380 | €39,209 | +€829 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€109,983 | -€19,531 | +€90,452 | +82.2% |
| Other operating charges | 640/8 | €623,292 | €20,476 | -€602,816 | -96.7% |
| Non-recurring operating charges | 66A | €17,708 | €0 | -€17,708 | -100% |
| Operating profit (loss) | 9901 | €106,495 | €66,579 | -€39,916 | -37.5% |
| Financial income | 75/76B | €9,808 | €35,699 | +€25,890 | +264% |
| Recurring financial income | 75 | €9,808 | €35,699 | +€25,890 | +264% |
| Income from current assets | 751 | €9,740 | €35,678 | +€25,938 | +266% |
| Other financial income | 752/9 | €68 | €20 | -€48 | -70.0% |
| Financial charges | 65/66B | €15,277 | €8,990 | -€6,288 | -41.2% |
| Recurring financial charges | 65 | €15,277 | €8,990 | -€6,288 | -41.2% |
| Debt charges | 650 | €2,696 | €0 | -€2,696 | -100% |
| Other financial charges | 652/9 | €12,581 | €8,990 | -€3,591 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €101,026 | €93,288 | -€7,738 | -7.7% |
| Income taxes | 67/77 | €35,335 | €37,012 | +€1,677 | +4.7% |
| Taxes | 670/3 | €35,335 | €37,012 | +€1,677 | +4.7% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €65,692 | €56,276 | -€9,415 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €65,692 | €56,276 | -€9,415 | -14.3% |
Value
latest balance sheet 28-02-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €278,522 · 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)
- €198,970
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€172,969
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €26,002
Capitalised earnings
- 2026
- €56,276
- excluding non-recurring income and charges
- €54,587
- 2025
- €65,692
- excluding non-recurring income and charges
- €83,399
- 2023
- €53,188
- 2022
- €54,349
- excluding non-recurring income and charges
- €45,451
- 2021
- €20,977
- Average result, excluding non-recurring income and charges
- €63,725
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €455,179 / €531,042 / €637,250
Your EBITDA multiple
- EBITDA 2026
- €105,788
- Net financial debt
- €0
- 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 28 February 2025 and 28 February 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 13 November 2026 via checked.be.