Maastery: 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 +€31,226
up €31,226 (+15.0%), from €208,702 to €239,928
of which Trade receivables: +€35,260
- Cash -€27,655
down €27,655 (-70.1%), from €39,470 to €11,815
mainly Other debts (-€37,001) and Receivables within one year (-€31,226)
- Intangible fixed assets -€3,291
down €3,291 (-41.2%), from €7,990 to €4,699
- Deferred charges and accrued income +€3,086
up €3,086 (+57.8%), from €5,341 to €8,427
- Other debts -€37,001
down €37,001 (-12.7%), from €291,402 to €254,401
- Trade debts +€24,677
up €24,677 (+26.6%), from €92,778 to €117,455
- Profit (loss) carried forward +€18,474
up €18,474 (+9.7%), from -€190,070 to -€171,596
- Tax, wage and social debts +€15,127
up €15,127 (+99.6%), from €15,187 to €30,314
- Accrued charges and deferred income -€9,870
no longer reported in 2024 (was €9,870)
- Staff costs -€80,036
down €80,036 (-96.5%), from €82,964 to €2,928
- Gross operating margin +€30,874
up €30,874 (+490%), from €6,304 to €37,178
- Write-downs +€20,000
new in 2024: €20,000
- Financial income +€18,173
up €18,173 (+8,077%), from €225 to €18,398
of which Non-recurring financial income: +€18,062
- Financial charges -€12,327
down €12,327 (-73.9%), from €16,683 to €4,356
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 | €263,711 | €266,625 | +€2,914 | +1.1% |
| Fixed assets | 21/28 | €10,198 | €6,455 | -€3,743 | -36.7% |
| Intangible fixed assets | 21 | €7,990 | €4,699 | -€3,291 | -41.2% |
| Tangible fixed assets | 22/27 | €1,168 | €716 | -€452 | -38.7% |
| Plant, machinery and equipment | 23 | €1,168 | €716 | -€452 | -38.7% |
| Financial fixed assets | 28 | €1,040 | €1,040 | = | 0.0% |
| Current assets | 29/58 | €253,513 | €260,170 | +€6,657 | +2.6% |
| Amounts receivable within one year | 40/41 | €208,702 | €239,928 | +€31,226 | +15.0% |
| Trade receivables | 40 | €199,183 | €234,443 | +€35,260 | +17.7% |
| Other amounts receivable | 41 | €9,519 | €5,485 | -€4,034 | -42.4% |
| Cash at bank and in hand | 54/58 | €39,470 | €11,815 | -€27,655 | -70.1% |
| Deferred charges and accrued income | 490/1 | €5,341 | €8,427 | +€3,086 | +57.8% |
| Total equity and liabilities | 10/49 | €263,711 | €266,625 | +€2,914 | +1.1% |
| Equity | 10/15 | -€154,000 | -€135,751 | +€18,249 | +11.9% |
| Contributions | 10/11 | €9,312 | €9,312 | = | 0.0% |
| Reserves | 13 | €25,914 | €25,914 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €23,914 | €23,914 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€190,070 | -€171,596 | +€18,474 | +9.7% |
| Investment grants | 15 | €844 | €619 | -€225 | -26.7% |
| Provisions and deferred taxes | 16 | €281 | €206 | -€75 | -26.7% |
| Deferred taxes | 168 | €281 | €206 | -€75 | -26.7% |
| Amounts payable | 17/49 | €417,430 | €402,170 | -€15,260 | -3.7% |
| Amounts payable within one year | 42/48 | €407,560 | €402,170 | -€5,390 | -1.3% |
| Trade debts | 44 | €92,778 | €117,455 | +€24,677 | +26.6% |
| Suppliers | 440/4 | €92,778 | €117,455 | +€24,677 | +26.6% |
| Advances received on contracts in progress | 46 | €8,193 | - | -€8,193 | |
| Taxes, remuneration and social security | 45 | €15,187 | €30,314 | +€15,127 | +99.6% |
| Taxes | 450/3 | €15,187 | €30,314 | +€15,127 | +99.6% |
| Other amounts payable | 47/48 | €291,402 | €254,401 | -€37,001 | -12.7% |
| Accrued charges and deferred income | 492/3 | €9,870 | - | -€9,870 | |
| Non-recurring operating income | 76A | €2,782 | - | -€2,782 | |
| Remuneration, social security and pensions | 62 | €82,964 | €2,928 | -€80,036 | -96.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,910 | €3,743 | -€1,167 | -23.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €20,000 | +€20,000 | |
| Other operating charges | 640/8 | €265 | €3,534 | +€3,269 | +1,234% |
| Non-recurring operating charges | 66A | - | €2,541 | +€2,541 | |
| Gross operating margin | 9900 | €6,304 | €37,178 | +€30,874 | +490% |
| Operating profit (loss) | 9901 | -€81,835 | €4,432 | +€86,267 | |
| Financial income | 75/76B | €225 | €18,398 | +€18,173 | +8,077% |
| Recurring financial income | 75 | €225 | €336 | +€111 | +49.3% |
| Non-recurring financial income | 76B | - | €18,062 | +€18,062 | |
| Financial charges | 65/66B | €16,683 | €4,356 | -€12,327 | -73.9% |
| Recurring financial charges | 65 | €16,683 | €4,356 | -€12,327 | -73.9% |
| Profit (loss) for the period before taxes | 9903 | -€98,293 | €18,474 | +€116,767 | |
| Profit (loss) for the period | 9904 | -€98,293 | €18,474 | +€116,767 | |
| Transfer from tax-exempt reserves | 789 | €75 | - | -€75 | |
| Profit (loss) for the period to be appropriated | 9905 | -€98,218 | €18,474 | +€116,692 |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €0 · adjusted equity only
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)
- -€135,751
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€4,699
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€140,450
Capitalised earnings
- 2024
- €18,474
- excluding non-recurring income and charges
- €2,953
- 2023
- -€98,293
- excluding non-recurring income and charges
- -€101,075
- 2022
- -€1,963
- 2021
- €29,875
- 2020
- -€105,716
- Average result, excluding non-recurring income and charges
- -€33,362
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2024
- €8,175
- Net financial debt
- -€11,815
- 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 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 9 November 2026 via checked.be.