InterCargo: 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 +€78,420
up €78,420 (+32.4%), from €241,701 to €320,121
of which Trade receivables: +€160,621
- Tangible fixed assets -€56,238
down €56,238 (-18.5%), from €304,344 to €248,106
of which Leasing and similar rights: -€45,959
- Cash +€24,752
up €24,752 (+239%), from €10,366 to €35,118
mainly Net result for the year (+€180,406) and Trade debts (+€170,823)
- Trade debts +€170,823
up €170,823 (+564%), from €30,305 to €201,128
- Advances received -€130,765
no longer reported in 2026 (was €130,765)
- Tax, wage and social debts +€71,980
up €71,980 (+146%), from €49,341 to €121,322
of which Taxes: +€58,871
- Debts after one year -€70,317
down €70,317 (-39.3%), from €178,994 to €108,678
- Reserves +€35,000
up €35,000 (+100%), from €35,000 to €70,000
- Gross operating margin +€270,453
up €270,453 (+74.3%), from €364,219 to €634,672
- Taxes +€62,316
up €62,316 (+344%), from €18,099 to €80,415
- Staff costs +€37,674
up €37,674 (+17.4%), from €216,786 to €254,460
- Other operating charges -€16,308
down €16,308 (-55.0%), from €29,649 to €13,341
- Depreciation +€11,979
up €11,979 (+16.2%), from €73,841 to €85,820
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 | €556,412 | €603,345 | +€46,934 | +8.4% |
| Fixed assets | 21/28 | €304,344 | €248,106 | -€56,238 | -18.5% |
| Tangible fixed assets | 22/27 | €304,344 | €248,106 | -€56,238 | -18.5% |
| Plant, machinery and equipment | 23 | €1,877 | €952 | -€926 | -49.3% |
| Furniture and vehicles | 24 | €66,556 | €57,203 | -€9,354 | -14.1% |
| Leasing and similar rights | 25 | €235,911 | €189,952 | -€45,959 | -19.5% |
| Current assets | 29/58 | €252,067 | €355,239 | +€103,172 | +40.9% |
| Amounts receivable within one year | 40/41 | €241,701 | €320,121 | +€78,420 | +32.4% |
| Trade receivables | 40 | €9,530 | €170,152 | +€160,621 | +1,685% |
| Other amounts receivable | 41 | €232,171 | €149,969 | -€82,201 | -35.4% |
| Cash at bank and in hand | 54/58 | €10,366 | €35,118 | +€24,752 | +239% |
| Total equity and liabilities | 10/49 | €556,412 | €603,345 | +€46,934 | +8.4% |
| Equity | 10/15 | €37,008 | €72,415 | +€35,406 | +95.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €35,000 | €70,000 | +€35,000 | +100% |
| Distributable reserves | 133 | €35,000 | €70,000 | +€35,000 | +100% |
| Profit (loss) carried forward | 14 | €1,008 | €1,415 | +€406 | +40.3% |
| Amounts payable | 17/49 | €519,403 | €530,931 | +€11,527 | +2.2% |
| Amounts payable after more than one year | 17 | €178,994 | €108,678 | -€70,317 | -39.3% |
| Financial debts | 170/4 | €178,994 | €108,678 | -€70,317 | -39.3% |
| Amounts payable within one year | 42/48 | €340,409 | €422,253 | +€81,844 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €129,566 | €98,764 | -€30,802 | -23.8% |
| Financial debts | 43 | €431 | - | -€431 | |
| Credit institutions | 430/8 | €431 | - | -€431 | |
| Trade debts | 44 | €30,305 | €201,128 | +€170,823 | +564% |
| Suppliers | 440/4 | €30,305 | €201,128 | +€170,823 | +564% |
| Advances received on contracts in progress | 46 | €130,765 | - | -€130,765 | |
| Taxes, remuneration and social security | 45 | €49,341 | €121,322 | +€71,980 | +146% |
| Taxes | 450/3 | €24,512 | €83,383 | +€58,871 | +240% |
| Remuneration and social security | 454/9 | €24,830 | €37,939 | +€13,109 | +52.8% |
| Other amounts payable | 47/48 | - | €1,039 | +€1,039 | |
| Remuneration, social security and pensions | 62 | €216,786 | €254,460 | +€37,674 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,841 | €85,820 | +€11,979 | +16.2% |
| Other operating charges | 640/8 | €29,649 | €13,341 | -€16,308 | -55.0% |
| Gross operating margin | 9900 | €364,219 | €634,672 | +€270,453 | +74.3% |
| Operating profit (loss) | 9901 | €43,943 | €281,051 | +€237,108 | +540% |
| Financial income | 75/76B | €2 | €108 | +€106 | +6,592% |
| Recurring financial income | 75 | €2 | €108 | +€106 | +6,592% |
| Financial charges | 65/66B | €25,079 | €20,338 | -€4,741 | -18.9% |
| Recurring financial charges | 65 | €25,079 | €20,338 | -€4,741 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €18,866 | €260,821 | +€241,955 | +1,283% |
| Income taxes | 67/77 | €18,099 | €80,415 | +€62,316 | +344% |
| Profit (loss) for the period | 9904 | €767 | €180,406 | +€179,639 | +23,434% |
| Profit (loss) for the period to be appropriated | 9905 | €767 | €180,406 | +€179,639 | +23,434% |
Value
latest balance sheet 31-03-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €294,632 · 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)
- €72,415
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €72,415
Capitalised earnings
- 2026
- €180,406
- 2025
- €767
- 2024
- €4,894
- 2023
- €13,689
- excluding non-recurring income and charges
- €12,478
- 2022
- €16,659
- Average result, excluding non-recurring income and charges
- €62,022
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €443,014 / €516,850 / €620,220
Your EBITDA multiple
- EBITDA 2026
- €366,871
- Net financial debt
- €172,324
- 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 March 2025 and 31 March 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 9 November 2026 via checked.be.