JRL Invest: 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 2024
Largest movements
- Receivables within one year -€196,409
down €196,409 (-92.5%), from €212,409 to €16,000
of which Other amounts receivable: -€193,115
- Financial fixed assets +€170,000
up €170,000 (+17.0%), from €998,253 to €1.2m
- Cash +€56,962
first reported in 2024, at €56,962
mainly Other debts (+€240,915) and Receivables within one year (+€196,409)
- Other debts +€240,915
up €240,915 (+44.2%), from €544,945 to €785,860
- Debts after one year -€108,095
down €108,095 (-31.7%), from €340,539 to €232,444
- Current portion of long-term debt -€60,444
down €60,444 (-33.5%), from €180,361 to €119,918
- Profit (loss) carried forward -€47,917
down €47,917 (-13.4%), from €356,822 to €308,905
- Short-term financial debts -€17,856
down €17,856 (-94.7%), from €18,856 to €1,000
- Financial charges -€875,320
down €875,320 (-98.1%), from €892,309 to €16,989
of which Non-recurring financial charges: -€874,200
- Gross operating margin -€43,308
down €43,308, from €30,514 to -€12,794
- Other operating charges -€935
down €935 (-9.9%), from €9,449 to €8,515
Change in the result, 2023 to 2024
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 2023 and 2024 balance sheets and the 2024 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 | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,537,481 | €1,557,450 | +€19,969 | +1.3% |
| Fixed assets | 21/28 | €1,325,072 | €1,483,203 | +€158,131 | +11.9% |
| Tangible fixed assets | 22/27 | €326,819 | €314,950 | -€11,869 | -3.6% |
| Land and buildings | 22 | €326,819 | €314,950 | -€11,869 | -3.6% |
| Financial fixed assets | 28 | €998,253 | €1,168,253 | +€170,000 | +17.0% |
| Current assets | 29/58 | €212,409 | €74,248 | -€138,162 | -65.0% |
| Amounts receivable within one year | 40/41 | €212,409 | €16,000 | -€196,409 | -92.5% |
| Trade receivables | 40 | €3,294 | - | -€3,294 | |
| Other amounts receivable | 41 | €209,115 | €16,000 | -€193,115 | -92.3% |
| Cash at bank and in hand | 54/58 | - | €56,962 | +€56,962 | |
| Deferred charges and accrued income | 490/1 | - | €1,286 | +€1,286 | |
| Total equity and liabilities | 10/49 | €1,537,481 | €1,557,450 | +€19,969 | +1.3% |
| Equity | 10/15 | €438,216 | €388,611 | -€49,604 | -11.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €62,794 | €61,107 | -€1,687 | -2.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €60,934 | €59,247 | -€1,687 | -2.8% |
| Profit (loss) carried forward | 14 | €356,822 | €308,905 | -€47,917 | -13.4% |
| Provisions and deferred taxes | 16 | €14,061 | €13,499 | -€562 | -4.0% |
| Deferred taxes | 168 | €14,061 | €13,499 | -€562 | -4.0% |
| Amounts payable | 17/49 | €1,085,204 | €1,155,340 | +€70,136 | +6.5% |
| Amounts payable after more than one year | 17 | €340,539 | €232,444 | -€108,095 | -31.7% |
| Financial debts | 170/4 | €340,539 | €232,444 | -€108,095 | -31.7% |
| Amounts payable within one year | 42/48 | €744,665 | €922,896 | +€178,231 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €180,361 | €119,918 | -€60,444 | -33.5% |
| Financial debts | 43 | €18,856 | €1,000 | -€17,856 | -94.7% |
| Credit institutions | 430/8 | €18,856 | €1,000 | -€17,856 | -94.7% |
| Trade debts | 44 | €503 | €5,966 | +€5,463 | +1,086% |
| Suppliers | 440/4 | €503 | €5,966 | +€5,463 | +1,086% |
| Taxes, remuneration and social security | 45 | - | €10,152 | +€10,152 | |
| Taxes | 450/3 | - | €10,152 | +€10,152 | |
| Other amounts payable | 47/48 | €544,945 | €785,860 | +€240,915 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,868 | €11,869 | +€1 | 0.0% |
| Other operating charges | 640/8 | €9,449 | €8,515 | -€935 | -9.9% |
| Gross operating margin | 9900 | €30,514 | -€12,794 | -€43,308 | |
| Operating profit (loss) | 9901 | €9,197 | -€33,178 | -€42,375 | |
| Financial charges | 65/66B | €892,309 | €16,989 | -€875,320 | -98.1% |
| Recurring financial charges | 65 | €18,109 | €16,989 | -€1,120 | -6.2% |
| Non-recurring financial charges | 66B | €874,200 | - | -€874,200 | |
| Profit (loss) for the period before taxes | 9903 | -€883,113 | -€50,167 | +€832,946 | +94.3% |
| Transfer from deferred taxes | 780 | €562 | €562 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€882,550 | -€49,604 | +€832,946 | +94.4% |
| Transfer from tax-exempt reserves | 789 | €1,687 | €1,687 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€880,863 | -€47,917 | +€832,946 | +94.6% |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €422,210 · 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
Worked out with Checked's starting values, not your estimate and not market data. Change the assumptions: the value follows.
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)
- €388,611
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €388,611
Capitalised earnings
- 2024
- -€49,604
- 2023
- -€882,550
- excluding non-recurring income and charges
- -€8,350
- 2022
- €302,240
- excluding non-recurring income and charges
- €222,045
- 2021
- €859,520
- 2020
- €107,869
- Average result, excluding non-recurring income and charges
- €54,697
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €390,693 / €455,808 / €546,970
Your EBITDA multiple
- EBITDA 2024
- -€21,309
- Net financial debt
- €296,400
- 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 result is not corrected for the manager's pay. If the company pays less or more than a market salary, the capitalised earnings are too high or too low.
- 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 2023 and 31 December 2024. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 15 November 2026 via checked.be.