MINI'ON: 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 2022 and 2024
not consecutiveLargest movements
- Stocks and contracts -€26,422
down €26,422 (-14.7%), from €179,311 to €152,890
- Tangible fixed assets -€22,552
down €22,552 (-48.9%), from €46,098 to €23,546
of which Other tangible fixed assets: -€20,566
- Receivables within one year -€5,300
no longer reported in 2024 (was €5,300)
- Cash -€2,842
down €2,842 (-55.0%), from €5,169 to €2,327
- Tax, wage and social debts -€69,481
down €69,481 (-85.4%), from €81,323 to €11,842
of which Taxes: -€66,346
- Profit (loss) carried forward +€25,212
up €25,212 (+34.1%), from €73,973 to €99,185
- Debts after one year -€23,789
down €23,789 (-71.0%), from €33,502 to €9,713
- Other debts +€11,890
new in 2024: €11,890
- Taxes +€3,262
up €3,262 (+989%), from €330 to €3,592
- Financial charges -€2,582
down €2,582 (-59.1%), from €4,365 to €1,784
- Other operating charges -€2,293
down €2,293 (-81.8%), from €2,803 to €510
Change in the result, 2022 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
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €235,878 | €178,763 | -€57,116 | -24.2% |
| Fixed assets | 21/28 | €46,098 | €23,546 | -€22,552 | -48.9% |
| Tangible fixed assets | 22/27 | €46,098 | €23,546 | -€22,552 | -48.9% |
| Furniture and vehicles | 24 | €3,195 | €1,209 | -€1,986 | -62.2% |
| Other tangible fixed assets | 26 | €42,903 | €22,337 | -€20,566 | -47.9% |
| Current assets | 29/58 | €189,780 | €155,217 | -€34,564 | -18.2% |
| Stocks and contracts in progress | 3 | €179,311 | €152,890 | -€26,422 | -14.7% |
| Stocks | 30/36 | €179,311 | €152,890 | -€26,422 | -14.7% |
| Amounts receivable within one year | 40/41 | €5,300 | - | -€5,300 | |
| Other amounts receivable | 41 | €5,300 | - | -€5,300 | |
| Cash at bank and in hand | 54/58 | €5,169 | €2,327 | -€2,842 | -55.0% |
| Total equity and liabilities | 10/49 | €235,878 | €178,763 | -€57,116 | -24.2% |
| Equity | 10/15 | €103,973 | €129,185 | +€25,212 | +24.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,973 | €99,185 | +€25,212 | +34.1% |
| Amounts payable | 17/49 | €131,905 | €49,577 | -€82,328 | -62.4% |
| Amounts payable after more than one year | 17 | €33,502 | €9,713 | -€23,789 | -71.0% |
| Financial debts | 170/4 | €33,502 | €9,713 | -€23,789 | -71.0% |
| Amounts payable within one year | 42/48 | €98,404 | €39,864 | -€58,539 | -59.5% |
| Current portion of amounts payable after more than one year | 42 | €11,885 | €11,891 | +€6 | 0.0% |
| Trade debts | 44 | €5,195 | €4,241 | -€954 | -18.4% |
| Suppliers | 440/4 | €5,195 | €4,241 | -€954 | -18.4% |
| Taxes, remuneration and social security | 45 | €81,323 | €11,842 | -€69,481 | -85.4% |
| Taxes | 450/3 | €75,977 | €9,631 | -€66,346 | -87.3% |
| Remuneration and social security | 454/9 | €5,346 | €2,212 | -€3,134 | -58.6% |
| Other amounts payable | 47/48 | - | €11,890 | +€11,890 | |
| Remuneration, social security and pensions | 62 | €42,307 | €43,010 | +€703 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,383 | €11,276 | -€107 | -0.9% |
| Other operating charges | 640/8 | €2,803 | €510 | -€2,293 | -81.8% |
| Non-recurring operating charges | 66A | €2,402 | - | -€2,402 | |
| Gross operating margin | 9900 | €71,016 | €70,956 | -€60 | -0.1% |
| Operating profit (loss) | 9901 | €12,121 | €16,160 | +€4,040 | +33.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,365 | €1,784 | -€2,582 | -59.1% |
| Recurring financial charges | 65 | €4,365 | €1,784 | -€2,582 | -59.1% |
| Profit (loss) for the period before taxes | 9903 | €7,756 | €14,377 | +€6,621 | +85.4% |
| Income taxes | 67/77 | €330 | €3,592 | +€3,262 | +989% |
| Profit (loss) for the period | 9904 | €7,426 | €10,785 | +€3,359 | +45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,426 | €10,785 | +€3,359 | +45.2% |
Value
latest balance sheet 31-07-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €108,572 · 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)
- €129,185
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €129,185
Capitalised earnings
- 2024
- €10,785
- 2022
- €7,426
- excluding non-recurring income and charges
- €9,828
- 2020
- €11,051
- 2019
- €17,870
- Average result, excluding non-recurring income and charges
- €10,555
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €75,393 / €87,958 / €105,550
Your EBITDA multiple
- EBITDA 2024
- €27,436
- Net financial debt
- €19,277
- 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 July 2022 and 31 July 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 13 November 2026 via checked.be.