INDUCOM: 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 2021 and 2022
Largest movements
- Receivables within one year +€114,698
up €114,698 (+52.7%), from €217,523 to €332,221
- Cash -€33,638
down €33,638 (-75.9%), from €44,301 to €10,663
mainly Receivables within one year (-€114,698) and Contributions, distributions and other (-€0)
- Profit (loss) carried forward +€76,541
up €76,541 (+39.4%), from €194,208 to €270,749
- Reserves +€4,256
up €4,256 (+225%), from €1,894 to €6,150
- Other operating income -€135,000
no longer reported in 2022 (was €135,000)
- Services and other goods -€124,702
no longer reported in 2022 (was €124,702)
- Gross operating margin +€105,645
new in 2022: €105,645
- Taxes +€24,488
up €24,488 (+942%), from €2,600 to €27,088
- Financial income +€3,785
new in 2022: €3,785
Change in the result, 2021 to 2022
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 2021 and 2022 balance sheets and the 2022 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 | 2021 | 2022 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €261,824 | €342,885 | +€81,061 | +31.0% |
| Current assets | 29/58 | €261,824 | €342,885 | +€81,061 | +31.0% |
| Amounts receivable within one year | 40/41 | €217,523 | €332,221 | +€114,698 | +52.7% |
| Other amounts receivable | 41 | €217,523 | €332,221 | +€114,698 | +52.7% |
| Cash at bank and in hand | 54/58 | €44,301 | €10,663 | -€33,638 | -75.9% |
| Total equity and liabilities | 10/49 | €261,824 | €342,885 | +€81,061 | +31.0% |
| Equity | 10/15 | €257,602 | €338,399 | +€80,797 | +31.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,894 | €6,150 | +€4,256 | +225% |
| Non-distributable reserves | 130/1 | €1,894 | €6,150 | +€4,256 | +225% |
| Legal reserve | 130 | €1,894 | €6,150 | +€4,256 | +225% |
| Profit (loss) carried forward | 14 | €194,208 | €270,749 | +€76,541 | +39.4% |
| Amounts payable | 17/49 | €4,222 | €4,486 | +€264 | +6.3% |
| Amounts payable within one year | 42/48 | €4,182 | €4,455 | +€273 | +6.5% |
| Trade debts | 44 | €4,182 | €4,455 | +€273 | +6.5% |
| Suppliers | 440/4 | €4,182 | €4,455 | +€273 | +6.5% |
| Accrued charges and deferred income | 492/3 | €40 | €31 | -€9 | -22.6% |
| Operating income | 70/76A | €135,000 | - | -€135,000 | |
| Other operating income | 74 | €135,000 | - | -€135,000 | |
| Operating charges | 60/66A | €126,438 | - | -€126,438 | |
| Services and other goods | 61 | €124,702 | - | -€124,702 | |
| Other operating charges | 640/8 | €1,736 | €868 | -€868 | -50.0% |
| Gross operating margin | 9900 | - | €105,645 | +€105,645 | |
| Operating profit (loss) | 9901 | €8,562 | €104,777 | +€96,215 | +1,124% |
| Financial income | 75/76B | - | €3,785 | +€3,785 | |
| Recurring financial income | 75 | €2,124 | €3,785 | +€1,661 | +78.2% |
| Income from current assets | 751 | €2,124 | - | -€2,124 | |
| Financial charges | 65/66B | €484 | €677 | +€193 | +39.9% |
| Recurring financial charges | 65 | €484 | €677 | +€193 | +39.9% |
| Other financial charges | 652/9 | €484 | - | -€484 | |
| Profit (loss) for the period before taxes | 9903 | €10,202 | €107,885 | +€97,683 | +957% |
| Income taxes | 67/77 | €2,600 | €27,088 | +€24,488 | +942% |
| Taxes | 670/3 | €2,600 | - | -€2,600 | |
| Profit (loss) for the period | 9904 | €7,602 | €80,797 | +€73,195 | +963% |
| Profit (loss) for the period to be appropriated | 9905 | €7,602 | €80,797 | +€73,195 | +963% |
Value
latest balance sheet 31-12-2022 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €2.6m · 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
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)
- €338,399
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €338,399
Capitalised earnings
- 2022
- €80,797
- 2021
- €7,602
- 2020
- €1,631,036
- 2019
- €1,586,059
- Average result, excluding non-recurring income and charges
- €573,145
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €4.1m / €4.8m / €5.7m
Your EBITDA multiple
- EBITDA 2022
- -
- Net financial debt
- -€10,663
- 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 2021 and 31 December 2022. 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.