IN-HUIS: 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
- Tangible fixed assets -€53,916
down €53,916 (-37.4%), from €144,162 to €90,245
of which Land and buildings: -€35,451
- Cash +€50,287
new in 2025: €50,287
- Deferred charges and accrued income -€22,353
no longer reported in 2025 (was €22,353)
- Other debts +€84,747
up €84,747 (+104%), from €81,827 to €166,574
- Debts after one year -€70,665
down €70,665 (-43.1%), from €163,977 to €93,312
- Profit (loss) carried forward -€22,144
down €22,144 (-12.2%), from -€181,053 to -€203,197
- Short-term financial debts -€21,252
no longer reported in 2025 (was €21,252)
- Current portion of long-term debt +€4,266
up €4,266 (+16.1%), from €26,522 to €30,788
- Turnover +€57,774
new in 2025: €57,774
- Purchases and services +€34,870
new in 2025: €34,870
- Gross operating margin +€11,624
up €11,624 (+49.8%), from €23,330 to €34,954
- Financial charges -€3,375
down €3,375 (-42.0%), from €8,038 to €4,663
- Other operating charges +€979
up €979 (+102%), from €959 to €1,938
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 | €171,781 | €145,548 | -€26,233 | -15.3% |
| Fixed assets | 21/28 | €144,267 | €90,350 | -€53,916 | -37.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €144,162 | €90,245 | -€53,916 | -37.4% |
| Land and buildings | 22 | €104,295 | €68,844 | -€35,451 | -34.0% |
| Plant, machinery and equipment | 23 | €10,097 | €10,933 | +€837 | +8.3% |
| Furniture and vehicles | 24 | €29,770 | €10,468 | -€19,302 | -64.8% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €27,515 | €55,198 | +€27,683 | +101% |
| Amounts receivable within one year | 40/41 | €5,162 | €4,911 | -€251 | -4.9% |
| Trade receivables | 40 | €5,162 | €4,911 | -€251 | -4.9% |
| Cash at bank and in hand | 54/58 | - | €50,287 | +€50,287 | |
| Deferred charges and accrued income | 490/1 | €22,353 | - | -€22,353 | |
| Total equity and liabilities | 10/49 | €171,781 | €145,548 | -€26,233 | -15.3% |
| Equity | 10/15 | -€161,885 | -€184,029 | -€22,144 | -13.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €568 | €568 | = | 0.0% |
| Non-distributable reserves | 130/1 | €238 | €238 | = | 0.0% |
| Legal reserve | 130 | €238 | - | -€238 | |
| Reserves not available under the articles | 1311 | - | €238 | +€238 | |
| Distributable reserves | 133 | €330 | €330 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€181,053 | -€203,197 | -€22,144 | -12.2% |
| Amounts payable | 17/49 | €333,666 | €329,577 | -€4,089 | -1.2% |
| Amounts payable after more than one year | 17 | €163,977 | €93,312 | -€70,665 | -43.1% |
| Financial debts | 170/4 | €163,977 | €93,312 | -€70,665 | -43.1% |
| Amounts payable within one year | 42/48 | €169,689 | €236,265 | +€66,576 | +39.2% |
| Current portion of amounts payable after more than one year | 42 | €26,522 | €30,788 | +€4,266 | +16.1% |
| Financial debts | 43 | €21,252 | - | -€21,252 | |
| Credit institutions | 430/8 | €21,252 | - | -€21,252 | |
| Trade debts | 44 | €38,581 | €38,803 | +€221 | +0.6% |
| Suppliers | 440/4 | €38,581 | €38,803 | +€221 | +0.6% |
| Taxes, remuneration and social security | 45 | €1,507 | €101 | -€1,407 | -93.3% |
| Taxes | 450/3 | €1,507 | €101 | -€1,407 | -93.3% |
| Other amounts payable | 47/48 | €81,827 | €166,574 | +€84,747 | +104% |
| Turnover | 70 | - | €57,774 | +€57,774 | |
| Non-recurring operating income | 76A | - | €12,050 | +€12,050 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €34,870 | +€34,870 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,762 | €30,590 | +€827 | +2.8% |
| Other operating charges | 640/8 | €959 | €1,938 | +€979 | +102% |
| Gross operating margin | 9900 | €23,330 | €34,954 | +€11,624 | +49.8% |
| Operating profit (loss) | 9901 | -€7,391 | €2,426 | +€9,817 | |
| Financial income | 75/76B | €13 | €9 | -€4 | -29.4% |
| Recurring financial income | 75 | €13 | €9 | -€4 | -29.4% |
| Financial charges | 65/66B | €8,038 | €4,663 | -€3,375 | -42.0% |
| Recurring financial charges | 65 | €8,038 | €4,663 | -€3,375 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | -€15,416 | -€2,228 | +€13,189 | +85.6% |
| Profit (loss) for the period | 9904 | -€15,416 | -€2,228 | +€13,189 | +85.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,416 | -€2,228 | +€13,189 | +85.6% |
Value
latest balance sheet 30-06-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €0 · 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)
- -€184,029
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€184,029
Capitalised earnings
- 2025
- -€2,228
- excluding non-recurring income and charges
- -€14,277
- 2023
- -€15,416
- 2022
- -€57
- excluding non-recurring income and charges
- -€16,676
- 2021
- -€11,526
- 2020
- -€25,833
- Average result, excluding non-recurring income and charges
- -€15,456
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2025
- €33,016
- Net financial debt
- €73,813
- Your multiple
- -
- Value with your multiple
- -
Net financial debt is the sum of financial debts after one year, the part due within the year and short-term financial debts, less cash and current investments.
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 30 June 2023 and 30 June 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 9 November 2026 via checked.be.