Mahieu-Onraedt: what changed
Position among the sector peers
Sector benchmark: create a free account or sign in to use this tool.
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 2020 and 2021
Largest movements
- Current assets +€305,875
up €305,875 (+51.7%), from €591,373 to €897,248
of which Cash: +€199,492
- Tangible fixed assets +€205,702
up €205,702 (+216%), from €95,028 to €300,730
of which Assets under construction and advance payments: +€266,179
- Equity +€302,797
up €302,797 (+55.3%), from €547,567 to €850,364
of which Reserves: +€296,647
- Debts after one year +€188,832
new in 2021: €188,832
- Debts within one year +€19,515
up €19,515 (+14.1%), from €138,833 to €158,348
of which Tax, wage and social debts: +€75,394
- Gross operating margin +€35,339
up €35,339 (+10.1%), from €348,613 to €383,952
Change in the result, 2020 to 2021
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
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2020 | 2021 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €686,401 | €1,197,978 | +€511,577 | +74.5% |
| Fixed assets | 21/28 | €95,028 | €300,730 | +€205,702 | +216% |
| Tangible fixed assets | 22/27 | €95,028 | €300,730 | +€205,702 | +216% |
| Furniture and vehicles | 24 | - | €34,551 | +€34,551 | |
| Assets under construction and advance payments | 27 | - | €266,179 | +€266,179 | |
| Current assets | 29/58 | €591,373 | €897,248 | +€305,875 | +51.7% |
| Amounts receivable within one year | 40/41 | €49,574 | €73,690 | +€24,116 | +48.6% |
| Trade receivables | 40 | - | €24,116 | +€24,116 | |
| Other amounts receivable | 41 | - | €49,574 | +€49,574 | |
| Current investments | 50/53 | - | €81,354 | +€81,354 | |
| Cash at bank and in hand | 54/58 | €540,678 | €740,170 | +€199,492 | +36.9% |
| Deferred charges and accrued income | 490/1 | - | €2,034 | +€2,034 | |
| Total equity and liabilities | 10/49 | €686,401 | €1,197,978 | +€511,577 | +74.5% |
| Equity | 10/15 | €547,567 | €850,364 | +€302,797 | +55.3% |
| Contributions | 10/11 | - | €18,550 | +€18,550 | |
| Reserves | 13 | €535,167 | €831,814 | +€296,647 | +55.4% |
| Non-distributable reserves | 130/1 | - | €1,855 | +€1,855 | |
| Reserves not available under the articles | 1311 | - | €1,855 | +€1,855 | |
| Distributable reserves | 133 | - | €829,959 | +€829,959 | |
| Amounts payable | 17/49 | €138,833 | €347,614 | +€208,780 | +150% |
| Amounts payable after more than one year | 17 | - | €188,832 | +€188,832 | |
| Financial debts | 170/4 | - | €188,832 | +€188,832 | |
| Amounts payable within one year | 42/48 | €138,833 | €158,348 | +€19,515 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | - | €36,168 | +€36,168 | |
| Trade debts | 44 | €36,411 | €45,141 | +€8,730 | +24.0% |
| Suppliers | 440/4 | - | €45,141 | +€45,141 | |
| Taxes, remuneration and social security | 45 | - | €75,394 | +€75,394 | |
| Taxes | 450/3 | - | €75,394 | +€75,394 | |
| Other amounts payable | 47/48 | - | €1,645 | +€1,645 | |
| Accrued charges and deferred income | 492/3 | - | €434 | +€434 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,208 | €13,220 | +€2,012 | +17.9% |
| Other operating charges | 640/8 | - | €763 | +€763 | |
| Gross operating margin | 9900 | €348,613 | €383,952 | +€35,339 | +10.1% |
| Operating profit (loss) | 9901 | €337,166 | €369,970 | +€32,803 | +9.7% |
| Financial income | 75/76B | - | €3,248 | +€3,248 | |
| Recurring financial income | 75 | - | €3,248 | +€3,248 | |
| Financial charges | 65/66B | - | €1,989 | +€1,989 | |
| Recurring financial charges | 65 | €657 | €1,989 | +€1,332 | +203% |
| Profit (loss) for the period before taxes | 9903 | €336,509 | €371,229 | +€34,719 | +10.3% |
| Income taxes | 67/77 | €75,426 | €74,582 | -€844 | -1.1% |
| Profit (loss) for the period | 9904 | €261,083 | €296,647 | +€35,563 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €261,083 | €296,647 | +€35,563 | +13.6% |
Value
latest balance sheet 31-12-2021 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €1.6m · 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)
- €850,364
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €850,364
Capitalised earnings
- 2021
- €296,647
- 2020
- €261,083
- 2019
- €274,084
- Average result, excluding non-recurring income and charges
- €277,271
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €2.0m / €2.3m / €2.8m
Your EBITDA multiple
- EBITDA 2021
- €383,190
- Net financial debt
- -€596,524
- 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 2020 and 31 December 2021. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 13 November 2026 via checked.be.