M.V.R.V.: 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
- Deferred charges and accrued income -€281,750
down €281,750 (-53.0%), from €531,925 to €250,175
- Cash -€223,114
down €223,114 (-24.6%), from €907,252 to €684,138
mainly Receivables within one year (-€202,263) and Other debts (-€149,521)
- Receivables within one year +€202,263
up €202,263 (+138%), from €146,521 to €348,784
of which Trade receivables: +€209,708
- Other debts -€149,521
down €149,521 (-17.9%), from €835,639 to €686,118
- Trade debts -€104,880
down €104,880 (-60.3%), from €173,860 to €68,980
- Short-term financial debts -€75,112
down €75,112 (-99.9%), from €75,212 to €100
- Tax, wage and social debts +€18,027
up €18,027 (+43.2%), from €41,758 to €59,786
of which Taxes: +€34,014
- Gross operating margin -€123,367
down €123,367 (-34.1%), from €361,736 to €238,370
- Staff costs -€73,560
down €73,560 (-26.2%), from €280,628 to €207,068
- Depreciation -€13,160
down €13,160 (-70.9%), from €18,549 to €5,390
- Other operating charges +€12,237
up €12,237 (+690%), from €1,772 to €14,009
- Financial charges -€9,851
down €9,851 (-73.9%), from €13,332 to €3,482
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 | €1,602,682 | €1,297,912 | -€304,770 | -19.0% |
| Fixed assets | 21/28 | €16,984 | €14,815 | -€2,169 | -12.8% |
| Intangible fixed assets | 21 | €640 | €520 | -€120 | -18.7% |
| Tangible fixed assets | 22/27 | €16,344 | €14,295 | -€2,050 | -12.5% |
| Land and buildings | 22 | €10,927 | €9,096 | -€1,831 | -16.8% |
| Plant, machinery and equipment | 23 | €2,933 | €2,492 | -€440 | -15.0% |
| Furniture and vehicles | 24 | €2,485 | €2,707 | +€222 | +8.9% |
| Current assets | 29/58 | €1,585,698 | €1,283,097 | -€302,601 | -19.1% |
| Amounts receivable within one year | 40/41 | €146,521 | €348,784 | +€202,263 | +138% |
| Trade receivables | 40 | €127,717 | €337,426 | +€209,708 | +164% |
| Other amounts receivable | 41 | €18,804 | €11,358 | -€7,446 | -39.6% |
| Cash at bank and in hand | 54/58 | €907,252 | €684,138 | -€223,114 | -24.6% |
| Deferred charges and accrued income | 490/1 | €531,925 | €250,175 | -€281,750 | -53.0% |
| Total equity and liabilities | 10/49 | €1,602,682 | €1,297,912 | -€304,770 | -19.0% |
| Equity | 10/15 | €276,213 | €282,928 | +€6,715 | +2.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €24,650 | €24,650 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,650 | €6,150 | -€18,500 | -75.1% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Other | 1319 | €18,500 | - | -€18,500 | |
| Distributable reserves | 133 | - | €18,500 | +€18,500 | |
| Profit (loss) carried forward | 14 | €190,063 | €196,778 | +€6,715 | +3.5% |
| Amounts payable | 17/49 | €1,326,469 | €1,014,984 | -€311,485 | -23.5% |
| Amounts payable after more than one year | 17 | €200,000 | €200,000 | = | 0.0% |
| Other amounts payable | 178/9 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,126,469 | €814,984 | -€311,485 | -27.7% |
| Financial debts | 43 | €75,212 | €100 | -€75,112 | -99.9% |
| Credit institutions | 430/8 | €75,212 | €100 | -€75,112 | -99.9% |
| Trade debts | 44 | €173,860 | €68,980 | -€104,880 | -60.3% |
| Suppliers | 440/4 | €173,860 | €68,980 | -€104,880 | -60.3% |
| Taxes, remuneration and social security | 45 | €41,758 | €59,786 | +€18,027 | +43.2% |
| Taxes | 450/3 | €12,505 | €46,519 | +€34,014 | +272% |
| Remuneration and social security | 454/9 | €29,253 | €13,266 | -€15,987 | -54.7% |
| Other amounts payable | 47/48 | €835,639 | €686,118 | -€149,521 | -17.9% |
| Non-recurring operating income | 76A | - | €4,104 | +€4,104 | |
| Remuneration, social security and pensions | 62 | €280,628 | €207,068 | -€73,560 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,549 | €5,390 | -€13,160 | -70.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,956 | €0 | -€5,956 | -100% |
| Other operating charges | 640/8 | €1,772 | €14,009 | +€12,237 | +690% |
| Gross operating margin | 9900 | €361,736 | €238,370 | -€123,367 | -34.1% |
| Operating profit (loss) | 9901 | €54,830 | €11,903 | -€42,928 | -78.3% |
| Financial income | 75/76B | €373 | €1,496 | +€1,123 | +301% |
| Recurring financial income | 75 | €331 | €1,496 | +€1,165 | +352% |
| Non-recurring financial income | 76B | €42 | €0 | -€42 | -100% |
| Financial charges | 65/66B | €13,332 | €3,482 | -€9,851 | -73.9% |
| Recurring financial charges | 65 | €13,332 | €3,482 | -€9,851 | -73.9% |
| Profit (loss) for the period before taxes | 9903 | €41,871 | €9,917 | -€31,954 | -76.3% |
| Income taxes | 67/77 | €12,505 | €3,202 | -€9,304 | -74.4% |
| Profit (loss) for the period | 9904 | €29,365 | €6,715 | -€22,650 | -77.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,365 | €6,715 | -€22,650 | -77.1% |
Value
latest balance sheet 28-02-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €186,691 · 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)
- €282,928
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€520
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €282,407
Capitalised earnings
- 2026
- €6,715
- excluding non-recurring income and charges
- €2,611
- 2025
- €29,365
- excluding non-recurring income and charges
- €29,324
- 2023
- €817
- 2022
- €1,083
- 2021
- €31,181
- Average result, excluding non-recurring income and charges
- €10,917
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €77,979 / €90,975 / €109,170
Your EBITDA multiple
- EBITDA 2026
- €17,292
- Net financial debt
- -€484,038
- 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 28 February 2025 and 28 February 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 9 November 2026 via checked.be.