JUSTE DD: 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 -€11,659
down €11,659 (-17.2%), from €67,643 to €55,983
of which Other amounts receivable: -€19,076
- Cash +€3,212
up €3,212 (+418%), from €769 to €3,981
mainly Trade debts (+€26,078) and Net result for the year (+€16,644)
- Tangible fixed assets -€1,489
down €1,489 (-22.3%), from €6,685 to €5,196
of which Furniture and vehicles: -€1,211
- Other debts -€50,406
down €50,406 (-60.3%), from €83,538 to €33,132
- Trade debts +€26,078
up €26,078 (+70.2%), from €37,132 to €63,211
- Profit (loss) carried forward +€16,644
up €16,644 (+29.9%), from -€55,643 to -€38,999
- Current portion of long-term debt -€2,151
down €2,151 (-100%), from €2,151 to €0
- Gross operating margin -€10,919
down €10,919 (-31.4%), from €34,738 to €23,819
- Financial charges +€3,508
up €3,508 (+549%), from €639 to €4,146
- Other operating charges -€1,737
down €1,737 (-69.7%), from €2,492 to €756
- Taxes +€665
up €665, from -€631 to €34
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 | €92,195 | €82,369 | -€9,826 | -10.7% |
| Fixed assets | 21/28 | €7,660 | €6,171 | -€1,489 | -19.4% |
| Tangible fixed assets | 22/27 | €6,685 | €5,196 | -€1,489 | -22.3% |
| Plant, machinery and equipment | 23 | €278 | €0 | -€278 | -100% |
| Furniture and vehicles | 24 | €6,407 | €5,196 | -€1,211 | -18.9% |
| Financial fixed assets | 28 | €975 | €975 | = | 0.0% |
| Current assets | 29/58 | €84,535 | €76,198 | -€8,337 | -9.9% |
| Stocks and contracts in progress | 3 | €14,785 | €14,785 | = | 0.0% |
| Stocks | 30/36 | €14,785 | €14,785 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €67,643 | €55,983 | -€11,659 | -17.2% |
| Trade receivables | 40 | €42,036 | €49,453 | +€7,417 | +17.6% |
| Other amounts receivable | 41 | €25,606 | €6,530 | -€19,076 | -74.5% |
| Cash at bank and in hand | 54/58 | €769 | €3,981 | +€3,212 | +418% |
| Deferred charges and accrued income | 490/1 | €1,339 | €1,449 | +€110 | +8.2% |
| Total equity and liabilities | 10/49 | €92,195 | €82,369 | -€9,826 | -10.7% |
| Equity | 10/15 | -€30,789 | -€14,145 | +€16,644 | +54.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,254 | €6,254 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €4,394 | €4,394 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,643 | -€38,999 | +€16,644 | +29.9% |
| Amounts payable | 17/49 | €122,984 | €96,514 | -€26,470 | -21.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €122,984 | €96,514 | -€26,470 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €2,151 | €0 | -€2,151 | -100% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €37,132 | €63,211 | +€26,078 | +70.2% |
| Suppliers | 440/4 | €37,132 | €63,211 | +€26,078 | +70.2% |
| Taxes, remuneration and social security | 45 | €163 | €172 | +€9 | +5.5% |
| Taxes | 450/3 | €163 | €172 | +€9 | +5.5% |
| Other amounts payable | 47/48 | €83,538 | €33,132 | -€50,406 | -60.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,454 | €2,241 | -€213 | -8.7% |
| Other operating charges | 640/8 | €2,492 | €756 | -€1,737 | -69.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €34,738 | €23,819 | -€10,919 | -31.4% |
| Operating profit (loss) | 9901 | €29,792 | €20,823 | -€8,969 | -30.1% |
| Financial income | 75/76B | €129 | €1 | -€128 | -99.1% |
| Recurring financial income | 75 | €129 | €1 | -€128 | -99.1% |
| Financial charges | 65/66B | €639 | €4,146 | +€3,508 | +549% |
| Recurring financial charges | 65 | €639 | €4,146 | +€3,508 | +549% |
| Profit (loss) for the period before taxes | 9903 | €29,282 | €16,678 | -€12,604 | -43.0% |
| Income taxes | 67/77 | -€631 | €34 | +€665 | |
| Profit (loss) for the period | 9904 | €29,913 | €16,644 | -€13,269 | -44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,913 | €16,644 | -€13,269 | -44.4% |
Value
latest balance sheet 31-03-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €153,956 · 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)
- -€14,145
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€14,145
Capitalised earnings
- 2026
- €16,644
- 2025
- €29,913
- 2024
- €69,197
- excluding non-recurring income and charges
- €69,384
- 2023
- -€27,891
- 2022
- -€127,271
- Average result, excluding non-recurring income and charges
- €38,647
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €276,050 / €322,058 / €386,470
Your EBITDA multiple
- EBITDA 2026
- €23,064
- Net financial debt
- -€3,981
- 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 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 11 November 2026 via checked.be.