INIZIA: 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 2018 and 2019
Largest movements
- Tangible fixed assets +€12,697
up €12,697 (+1,191%), from €1,066 to €13,763
of which Furniture and vehicles: +€13,230
- Receivables within one year +€2,730
up €2,730 (+30.0%), from €9,092 to €11,822
of which Other amounts receivable: +€10,382
- Cash +€1,580
up €1,580 (+74.6%), from €2,118 to €3,698
mainly Debts after one year (+€8,000) and Net result for the year (+€5,559)
- Debts after one year +€8,000
new in 2019: €8,000
- Reserves +€5,672
up €5,672 (+7,770%), from €73 to €5,745
- Provisions +€1,891
new in 2019: €1,891
- Debts within one year +€1,557
up €1,557 (+87.6%), from €1,778 to €3,335
of which Trade debts: +€1,157
- Gross operating margin +€11,540
up €11,540 (+993%), from €1,162 to €12,702
- Purchases and services +€9,992
new in 2019: €9,992
- Depreciation +€2,893
up €2,893 (+344%), from €840 to €3,733
- Other operating charges +€1,327
new in 2019: €1,327
- Turnover -€1,254
down €1,254 (-9.5%), from €13,134 to €11,880
Change in the result, 2018 to 2019
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 2018 and 2019 balance sheets and the 2019 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 | 2018 | 2019 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,276 | €29,283 | +€17,007 | +139% |
| Fixed assets | 21/28 | €1,066 | €13,763 | +€12,697 | +1,191% |
| Tangible fixed assets | 22/27 | €1,066 | €13,763 | +€12,697 | +1,191% |
| Plant, machinery and equipment | 23 | - | €533 | +€533 | |
| Furniture and vehicles | 24 | - | €13,230 | +€13,230 | |
| Current assets | 29/58 | €11,210 | €15,520 | +€4,310 | +38.4% |
| Amounts receivable within one year | 40/41 | €9,092 | €11,822 | +€2,730 | +30.0% |
| Trade receivables | 40 | - | €1,440 | +€1,440 | |
| Other amounts receivable | 41 | - | €10,382 | +€10,382 | |
| Cash at bank and in hand | 54/58 | €2,118 | €3,698 | +€1,580 | +74.6% |
| Total equity and liabilities | 10/49 | €12,276 | €29,283 | +€17,007 | +139% |
| Equity | 10/15 | €10,498 | €16,057 | +€5,559 | +53.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | - | €18,600 | +€18,600 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €73 | €5,745 | +€5,672 | +7,770% |
| Legal reserve | 130 | - | €73 | +€73 | |
| Tax-exempt reserves | 132 | - | €5,672 | +€5,672 | |
| Profit (loss) carried forward | 14 | -€8,175 | -€8,288 | -€113 | -1.4% |
| Provisions and deferred taxes | 16 | - | €1,891 | +€1,891 | |
| Deferred taxes | 168 | - | €1,891 | +€1,891 | |
| Amounts payable | 17/49 | €1,778 | €11,335 | +€9,557 | +538% |
| Amounts payable after more than one year | 17 | - | €8,000 | +€8,000 | |
| Financial debts | 170/4 | - | €8,000 | +€8,000 | |
| Amounts payable within one year | 42/48 | €1,778 | €3,335 | +€1,557 | +87.6% |
| Trade debts | 44 | €1,478 | €2,635 | +€1,157 | +78.3% |
| Suppliers | 440/4 | - | €2,635 | +€2,635 | |
| Taxes, remuneration and social security | 45 | - | €700 | +€700 | |
| Taxes | 450/3 | - | €700 | +€700 | |
| Turnover | 70 | €13,134 | €11,880 | -€1,254 | -9.5% |
| Non-recurring operating income | 76A | - | €10,814 | +€10,814 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €9,992 | +€9,992 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €840 | €3,733 | +€2,893 | +344% |
| Other operating charges | 640/8 | - | €1,327 | +€1,327 | |
| Gross operating margin | 9900 | €1,162 | €12,702 | +€11,540 | +993% |
| Operating profit (loss) | 9901 | -€524 | €7,642 | +€8,166 | |
| Financial charges | 65/66B | - | €193 | +€193 | |
| Recurring financial charges | 65 | €116 | €193 | +€77 | +66.4% |
| Profit (loss) for the period before taxes | 9903 | -€640 | €7,449 | +€8,089 | |
| Transfer from deferred taxes | 780 | - | €473 | +€473 | |
| Transfer to deferred taxes | 680 | - | €2,363 | +€2,363 | |
| Profit (loss) for the period | 9904 | -€640 | €5,559 | +€6,199 | |
| Transfer from tax-exempt reserves | 789 | - | €1,418 | +€1,418 | |
| Transfer to tax-exempt reserves | 689 | - | €7,090 | +€7,090 | |
| Profit (loss) for the period to be appropriated | 9905 | -€640 | -€113 | +€527 | +82.3% |
Value
latest balance sheet 31-12-2019 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €16,057 · 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)
- €16,057
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €16,057
Capitalised earnings
- 2019
- €5,559
- excluding non-recurring income and charges
- -€5,255
- 2018
- -€640
- Average result, excluding non-recurring income and charges
- -€2,948
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2019
- €11,375
- Net financial debt
- €4,302
- 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 31 December 2018 and 31 December 2019. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 12 November 2026 via checked.be.