Joaillerie Massis: 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 2022 and 2023
Largest movements
- Receivables within one year +€130,987
up €130,987 (+350%), from €37,394 to €168,381
of which Trade receivables: +€116,700
- Tangible fixed assets -€4,376
down €4,376 (-57.5%), from €7,614 to €3,238
- Cash -€3,131
no longer reported in 2023 (was €3,131)
mainly Net result for the year (-€134,496) and Receivables within one year (-€130,987)
- Deferred charges and accrued income -€3,081
down €3,081 (-86.7%), from €3,552 to €471
- Other debts +€170,818
up €170,818 (+2,561%), from €6,670 to €177,488
- Profit (loss) carried forward -€134,496
down €134,496 (-3,913%), from -€3,437 to -€137,933
- Trade debts +€113,766
up €113,766 (+2,658%), from €4,280 to €118,046
- Tax, wage and social debts -€33,760
down €33,760 (-92.8%), from €36,386 to €2,626
- Short-term financial debts +€7,023
new in 2023: €7,023
- Gross operating margin -€94,661
down €94,661, from €15,942 to -€78,719
- Other operating charges +€26,050
up €26,050 (+1,281%), from €2,033 to €28,083
- Depreciation -€1,589
down €1,589 (-39.8%), from €3,991 to €2,402
Change in the result, 2022 to 2023
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 2022 and 2023 balance sheets and the 2023 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 | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,771 | €188,170 | +€120,399 | +178% |
| Fixed assets | 21/28 | €10,094 | €5,718 | -€4,376 | -43.4% |
| Tangible fixed assets | 22/27 | €7,614 | €3,238 | -€4,376 | -57.5% |
| Plant, machinery and equipment | 23 | €600 | - | -€600 | |
| Furniture and vehicles | 24 | €3,293 | €1,232 | -€2,061 | -62.6% |
| Leasing and similar rights | 25 | €3,721 | €2,006 | -€1,715 | -46.1% |
| Financial fixed assets | 28 | €2,480 | €2,480 | = | 0.0% |
| Current assets | 29/58 | €57,677 | €182,452 | +€124,775 | +216% |
| Stocks and contracts in progress | 3 | €13,600 | €13,600 | = | 0.0% |
| Stocks | 30/36 | €13,600 | €13,600 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,394 | €168,381 | +€130,987 | +350% |
| Trade receivables | 40 | €31,040 | €147,740 | +€116,700 | +376% |
| Other amounts receivable | 41 | €6,354 | €20,641 | +€14,287 | +225% |
| Cash at bank and in hand | 54/58 | €3,131 | - | -€3,131 | |
| Deferred charges and accrued income | 490/1 | €3,552 | €471 | -€3,081 | -86.7% |
| Total equity and liabilities | 10/49 | €67,771 | €188,170 | +€120,399 | +178% |
| Equity | 10/15 | €15,163 | -€119,333 | -€134,496 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,437 | -€137,933 | -€134,496 | -3,913% |
| Amounts payable | 17/49 | €52,608 | €307,503 | +€254,895 | +485% |
| Amounts payable after more than one year | 17 | €2,066 | - | -€2,066 | |
| Financial debts | 170/4 | €2,066 | - | -€2,066 | |
| Amounts payable within one year | 42/48 | €49,453 | €307,249 | +€257,796 | +521% |
| Current portion of amounts payable after more than one year | 42 | €2,117 | €2,066 | -€51 | -2.4% |
| Financial debts | 43 | - | €7,023 | +€7,023 | |
| Credit institutions | 430/8 | - | €7,023 | +€7,023 | |
| Trade debts | 44 | €4,280 | €118,046 | +€113,766 | +2,658% |
| Suppliers | 440/4 | €4,280 | €118,046 | +€113,766 | +2,658% |
| Taxes, remuneration and social security | 45 | €36,386 | €2,626 | -€33,760 | -92.8% |
| Taxes | 450/3 | €36,386 | €2,626 | -€33,760 | -92.8% |
| Other amounts payable | 47/48 | €6,670 | €177,488 | +€170,818 | +2,561% |
| Accrued charges and deferred income | 492/3 | €1,089 | €254 | -€835 | -76.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,991 | €2,402 | -€1,589 | -39.8% |
| Other operating charges | 640/8 | €2,033 | €28,083 | +€26,050 | +1,281% |
| Non-recurring operating charges | 66A | €14,973 | €16,188 | +€1,215 | +8.1% |
| Gross operating margin | 9900 | €15,942 | -€78,719 | -€94,661 | |
| Operating profit (loss) | 9901 | -€5,055 | -€125,392 | -€120,337 | -2,381% |
| Financial income | 75/76B | €486 | €44 | -€442 | -90.9% |
| Recurring financial income | 75 | €486 | €44 | -€442 | -90.9% |
| Financial charges | 65/66B | €7,724 | €7,658 | -€66 | -0.9% |
| Recurring financial charges | 65 | €7,724 | €7,658 | -€66 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,293 | -€133,006 | -€120,713 | -982% |
| Income taxes | 67/77 | €1,600 | €1,490 | -€110 | -6.9% |
| Profit (loss) for the period | 9904 | -€13,893 | -€134,496 | -€120,603 | -868% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,893 | -€134,496 | -€120,603 | -868% |
Value
latest balance sheet 31-12-2023 · 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)
- -€119,333
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€119,333
Capitalised earnings
- 2023
- -€134,496
- excluding non-recurring income and charges
- -€118,308
- 2022
- -€13,893
- excluding non-recurring income and charges
- €1,080
- 2021
- €112,365
- 2020
- €409,530
- 2019
- -€151,814
- Average result, excluding non-recurring income and charges
- -€1,621
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2023
- -€122,990
- Net financial debt
- €9,089
- 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 2022 and 31 December 2023. 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.