KAASBRIK: 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 2024 and 2025
Net result for the year
€920,056
2024 · €2.0m-€1.1m
Equity
€14.3m
2024 · €13.4m+€918,952
Cash
€351,527
2024 · €165,948+€185,578
Balance sheet total
€20.6m
2024 · €22.9m-€2.3m
Largest movements
Assets
- Stocks and contracts -€2.7m
down €2.7m (-46.3%), from €5.9m to €3.2m
- Receivables within one year +€629,491
up €629,491 (+7.9%), from €8.0m to €8.6m
of which Other amounts receivable: +€822,935
Equity and liabilities
- Trade debts -€2.9m
down €2.9m (-35.0%), from €8.4m to €5.5m
- Profit (loss) carried forward +€920,056
up €920,056 (+15.4%), from €6.0m to €6.9m
- Tax, wage and social debts -€658,648
down €658,648 (-68.3%), from €964,138 to €305,490
of which Taxes: -€680,236
- Other debts +€487,301
up €487,301 (+269,376%), from €181 to €487,482
Income statement
- Turnover -€3.3m
down €3.3m (-4.4%), from €74.4m to €71.1m
- Goods and materials -€1.7m
down €1.7m (-2.7%), from €61.5m to €59.9m
of which Purchases: -€5.0m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€2.0m
Turnover
-€3.3m
Other operating income
+€60,615
Goods and materials
+€1.7m
Services and other goods
+€667,499
Staff costs
+€65,256
Depreciation
-€47,413
Write-downs
-€321
Other operating charges
+€5,476
Other operating items
-€557,551
Financial income
-€78,971
Financial charges
-€26,379
Taxes
+€400,981
Deferred taxes and other
-€70
Result 2025
€920,056
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€696,607
Investment
-€509,924
Financing
-€1,105
Cash 2024
€165,948
From operations (derived)
+€696,607
Net result for the year
+€920,056
Depreciation
+€839,593
Stocks and contracts
+€2.7m
Receivables within one year
-€629,491
Deferred charges and accrued income
-€5,017
Trade debts
-€2.9m
Tax, wage and social debts
-€658,648
Other debts
+€487,301
Accrued charges and deferred income
-€59,360
Investment (derived)
-€509,924
Investment in fixed assets (net)
-€509,924
Financing
-€1,105
Contributions, distributions and other
-€1,105
Cash 2025
€351,527
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,903,037 | €20,649,662 | -€2.3m | -9.8% |
| Fixed assets | 21/28 | €8,814,745 | €8,485,076 | -€329,669 | -3.7% |
| Intangible fixed assets | 21 | €1,191,789 | €1,024,821 | -€166,969 | -14.0% |
| Tangible fixed assets | 22/27 | €5,997,956 | €5,835,256 | -€162,700 | -2.7% |
| Land and buildings | 22 | €4,019,106 | €4,941,796 | +€922,691 | +23.0% |
| Plant, machinery and equipment | 23 | €568,885 | €518,929 | -€49,956 | -8.8% |
| Furniture and vehicles | 24 | €94,776 | €66,069 | -€28,707 | -30.3% |
| Assets under construction and advance payments | 27 | €1,315,189 | €308,462 | -€1.0m | -76.5% |
| Financial fixed assets | 28 | €1,625,000 | €1,625,000 | = | 0.0% |
| Affiliated companies | 280/1 | €1,625,000 | €1,625,000 | = | 0.0% |
| Participating interests | 280 | €1,625,000 | €1,625,000 | = | 0.0% |
| Current assets | 29/58 | €14,088,292 | €12,164,585 | -€1.9m | -13.7% |
| Stocks and contracts in progress | 3 | €5,930,106 | €3,186,313 | -€2.7m | -46.3% |
| Stocks | 30/36 | €5,930,106 | €3,186,313 | -€2.7m | -46.3% |
| Raw materials and consumables | 30/31 | €4,181,600 | €1,547,214 | -€2.6m | -63.0% |
| Finished goods | 33 | €1,710,515 | €1,600,086 | -€110,429 | -6.5% |
| Goods purchased for resale | 34 | €37,991 | €39,013 | +€1,022 | +2.7% |
| Amounts receivable within one year | 40/41 | €7,986,199 | €8,615,690 | +€629,491 | +7.9% |
| Trade receivables | 40 | €6,555,138 | €6,361,694 | -€193,444 | -3.0% |
| Other amounts receivable | 41 | €1,431,061 | €2,253,996 | +€822,935 | +57.5% |
| Cash at bank and in hand | 54/58 | €165,948 | €351,527 | +€185,578 | +112% |
| Deferred charges and accrued income | 490/1 | €6,039 | €11,056 | +€5,017 | +83.1% |
| Total equity and liabilities | 10/49 | €22,903,037 | €20,649,662 | -€2.3m | -9.8% |
| Equity | 10/15 | €13,415,066 | €14,334,018 | +€918,952 | +6.9% |
| Contributions | 10/11 | €2,801,285 | €2,801,285 | = | 0.0% |
| Capital | 10 | €2,801,285 | €2,801,285 | = | 0.0% |
| Issued capital | 100 | €2,801,285 | €2,801,285 | = | 0.0% |
| Reserves | 13 | €4,641,681 | €4,641,681 | = | 0.0% |
| Non-distributable reserves | 130/1 | €280,129 | €280,129 | = | 0.0% |
| Legal reserve | 130 | €280,129 | €280,129 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,120 | €5,120 | = | 0.0% |
| Distributable reserves | 133 | €4,356,433 | €4,356,433 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,963,449 | €6,883,506 | +€920,056 | +15.4% |
| Investment grants | 15 | €8,651 | €7,547 | -€1,105 | -12.8% |
| Amounts payable | 17/49 | €9,487,971 | €6,315,643 | -€3.2m | -33.4% |
| Amounts payable within one year | 42/48 | €9,363,060 | €6,250,093 | -€3.1m | -33.2% |
| Trade debts | 44 | €8,398,741 | €5,457,121 | -€2.9m | -35.0% |
| Suppliers | 440/4 | €8,398,741 | €5,457,121 | -€2.9m | -35.0% |
| Taxes, remuneration and social security | 45 | €964,138 | €305,490 | -€658,648 | -68.3% |
| Taxes | 450/3 | €680,236 | - | -€680,236 | |
| Remuneration and social security | 454/9 | €283,902 | €305,490 | +€21,589 | +7.6% |
| Other amounts payable | 47/48 | €181 | €487,482 | +€487,301 | +269,376% |
| Accrued charges and deferred income | 492/3 | €124,910 | €65,550 | -€59,360 | -47.5% |
| Operating income | 70/76A | €74,984,494 | €71,247,734 | -€3.7m | -5.0% |
| Turnover | 70 | €74,395,134 | €71,129,310 | -€3.3m | -4.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €420,263 | -€110,429 | -€530,691 | |
| Other operating income | 74 | €139,457 | €200,071 | +€60,615 | +43.5% |
| Non-recurring operating income | 76A | €29,641 | €28,782 | -€859 | -2.9% |
| Operating charges | 60/66A | €72,313,841 | €69,973,349 | -€2.3m | -3.2% |
| Goods for resale, raw materials and consumables | 60 | €61,536,524 | €59,860,529 | -€1.7m | -2.7% |
| Purchases | 600/8 | €62,202,414 | €57,227,165 | -€5.0m | -8.0% |
| Change in stocks: decrease (increase) | 609 | -€665,890 | €2,633,364 | +€3.3m | |
| Services and other goods | 61 | €7,053,060 | €6,385,561 | -€667,499 | -9.5% |
| Remuneration, social security and pensions | 62 | €2,897,054 | €2,831,798 | -€65,256 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €792,180 | €839,593 | +€47,413 | +6.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€321 | - | +€321 | |
| Other operating charges | 640/8 | €35,344 | €29,867 | -€5,476 | -15.5% |
| Non-recurring operating charges | 66A | - | €26,000 | +€26,000 | |
| Operating profit (loss) | 9901 | €2,670,653 | €1,274,386 | -€1.4m | -52.3% |
| Financial income | 75/76B | €88,483 | €9,512 | -€78,971 | -89.3% |
| Recurring financial income | 75 | €88,483 | €9,512 | -€78,971 | -89.3% |
| Income from current assets | 751 | €82,775 | €8,075 | -€74,700 | -90.2% |
| Other financial income | 752/9 | €5,708 | €1,437 | -€4,271 | -74.8% |
| Financial charges | 65/66B | €45,193 | €71,572 | +€26,379 | +58.4% |
| Recurring financial charges | 65 | €45,193 | €71,572 | +€26,379 | +58.4% |
| Debt charges | 650 | €729 | €35,684 | +€34,955 | +4,792% |
| Other financial charges | 652/9 | €44,464 | €35,888 | -€8,576 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €2,713,942 | €1,212,325 | -€1.5m | -55.3% |
| Transfer from deferred taxes | 780 | €70 | - | -€70 | |
| Income taxes | 67/77 | €693,250 | €292,269 | -€400,981 | -57.8% |
| Taxes | 670/3 | €750,013 | €350,000 | -€400,013 | -53.3% |
| Tax adjustments and reversals of tax provisions | 77 | €56,764 | €57,731 | +€967 | +1.7% |
| Profit (loss) for the period | 9904 | €2,020,763 | €920,056 | -€1.1m | -54.5% |
| Transfer from tax-exempt reserves | 789 | €136 | - | -€136 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,020,899 | €920,056 | -€1.1m | -54.5% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or advice€14.2m
to
€17.2m
Midpoint €15.5m · 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
€13.3m
Capitalised earnings
€15.1m to €21.2m
Your EBITDA multiple
-
Indication
€14.2m to €17.2m
Adjusted equity
- Equity (10/15)
- €14,334,018
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€1,024,821
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €13.3m
Capitalised earnings
- 2025
- €920,056
- excluding non-recurring income and charges
- €917,275
- 2024
- €2,020,763
- excluding non-recurring income and charges
- €1,991,121
- 2023
- €3,463,144
- excluding non-recurring income and charges
- €3,439,671
- 2022
- €474,094
- excluding non-recurring income and charges
- €506,348
- 2021
- €1,556,982
- excluding non-recurring income and charges
- €1,534,963
- Average result, excluding non-recurring income and charges
- €2,116,023
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €15.1m / €17.6m / €21.2m
Your EBITDA multiple
- EBITDA 2025
- €2,113,978
- Net financial debt
- -€351,527
- 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 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 14 November 2026 via checked.be.