L&C Insurance: 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
Largest movements
- Cash +€16,923
up €16,923 (+127%), from €13,294 to €30,217
mainly Net result for the year (+€48,959) and Depreciation (+€22,800)
- Intangible fixed assets -€11,000
down €11,000 (-10.8%), from €102,246 to €91,246
- Receivables within one year +€7,749
up €7,749 (+93.2%), from €8,315 to €16,064
- Tangible fixed assets -€3,324
down €3,324 (-7.1%), from €46,831 to €43,507
of which Leasing and similar rights: -€10,590
- Profit (loss) carried forward +€48,959
up €48,959 (+126%), from €38,842 to €87,802
- Other debts -€32,800
down €32,800 (-41.7%), from €78,726 to €45,926
- Debts after one year -€12,200
down €12,200 (-43.2%), from €28,252 to €16,052
- Tax, wage and social debts +€6,411
up €6,411 (+62.3%), from €10,295 to €16,706
- Gross operating margin +€26,215
up €26,215 (+38.9%), from €67,474 to €93,689
- Depreciation +€6,421
up €6,421 (+39.2%), from €16,379 to €22,800
- Taxes +€5,911
up €5,911 (+57.4%), from €10,295 to €16,206
- Financial charges +€2,002
up €2,002 (+125%), from €1,607 to €3,609
- Other operating charges +€1,763
up €1,763 (+498%), from €354 to €2,118
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €170,686 | €181,034 | +€10,348 | +6.1% |
| Fixed assets | 21/28 | €149,077 | €134,753 | -€14,324 | -9.6% |
| Intangible fixed assets | 21 | €102,246 | €91,246 | -€11,000 | -10.8% |
| Tangible fixed assets | 22/27 | €46,831 | €43,507 | -€3,324 | -7.1% |
| Furniture and vehicles | 24 | €2,157 | €9,422 | +€7,266 | +337% |
| Leasing and similar rights | 25 | €44,675 | €34,085 | -€10,590 | -23.7% |
| Current assets | 29/58 | €21,609 | €46,281 | +€24,672 | +114% |
| Amounts receivable within one year | 40/41 | €8,315 | €16,064 | +€7,749 | +93.2% |
| Other amounts receivable | 41 | €8,315 | €16,064 | +€7,749 | +93.2% |
| Cash at bank and in hand | 54/58 | €13,294 | €30,217 | +€16,923 | +127% |
| Total equity and liabilities | 10/49 | €170,686 | €181,034 | +€10,348 | +6.1% |
| Equity | 10/15 | €41,342 | €90,302 | +€48,959 | +118% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,842 | €87,802 | +€48,959 | +126% |
| Amounts payable | 17/49 | €129,344 | €90,732 | -€38,612 | -29.9% |
| Amounts payable after more than one year | 17 | €28,252 | €16,052 | -€12,200 | -43.2% |
| Financial debts | 170/4 | €28,252 | €16,052 | -€12,200 | -43.2% |
| Amounts payable within one year | 42/48 | €101,092 | €74,680 | -€26,412 | -26.1% |
| Current portion of amounts payable after more than one year | 42 | €11,339 | €12,049 | +€710 | +6.3% |
| Trade debts | 44 | €733 | - | -€733 | |
| Suppliers | 440/4 | €733 | - | -€733 | |
| Taxes, remuneration and social security | 45 | €10,295 | €16,706 | +€6,411 | +62.3% |
| Taxes | 450/3 | €10,295 | €16,706 | +€6,411 | +62.3% |
| Other amounts payable | 47/48 | €78,726 | €45,926 | -€32,800 | -41.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,379 | €22,800 | +€6,421 | +39.2% |
| Other operating charges | 640/8 | €354 | €2,118 | +€1,763 | +498% |
| Gross operating margin | 9900 | €67,474 | €93,689 | +€26,215 | +38.9% |
| Operating profit (loss) | 9901 | €50,741 | €68,771 | +€18,030 | +35.5% |
| Financial income | 75/76B | €3 | €3 | +€0 | +10.2% |
| Recurring financial income | 75 | €3 | €3 | +€0 | +10.2% |
| Financial charges | 65/66B | €1,607 | €3,609 | +€2,002 | +125% |
| Recurring financial charges | 65 | €1,607 | €3,609 | +€2,002 | +125% |
| Profit (loss) for the period before taxes | 9903 | €49,137 | €65,165 | +€16,028 | +32.6% |
| Income taxes | 67/77 | €10,295 | €16,206 | +€5,911 | +57.4% |
| Profit (loss) for the period | 9904 | €38,842 | €48,959 | +€10,117 | +26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,842 | €48,959 | +€10,117 | +26.0% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceFor holding and financial companies, the adjusted equity is usually a better measure than the earnings. Give the capitalised earnings a lower weight then.
Indicative value of the equity
Indication, not a valuation or adviceMidpoint €182,449 · 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)
- €90,302
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€91,246
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€944
Capitalised earnings
- 2025
- €48,959
- 2024
- €38,842
- Average result, excluding non-recurring income and charges
- €43,901
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €313,579 / €365,842 / €439,010
Your EBITDA multiple
- EBITDA 2025
- €91,571
- Net financial debt
- -€2,116
- 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 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 11 November 2026 via checked.be.