MIRAS: 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
- Receivables within one year -€924,332
down €924,332 (-53.4%), from €1.7m to €806,780
of which Other amounts receivable: -€613,226
- Current investments +€750,000
up €750,000 (+19.5%), from €3.9m to €4.6m
- Tangible fixed assets +€415,385
up €415,385 (+3.1%), from €13.5m to €13.9m
of which Land and buildings: +€1.1m
- Cash +€194,797
up €194,797 (+19.7%), from €988,163 to €1.2m
- Receivables after one year -€176,811
down €176,811 (-3.0%), from €5.9m to €5.7m
- Debts within one year +€716,185
up €716,185 (+69.5%), from €1.0m to €1.7m
- Investment grants -€380,158
down €380,158 (-4.9%), from €7.7m to €7.3m
- Profit (loss) carried forward +€256,353
up €256,353 (+9.9%), from €2.6m to €2.9m
- Debts after one year -€159,270
down €159,270 (-1.7%), from €9.2m to €9.0m
- Accrued charges and deferred income -€128,914
down €128,914 (-10.0%), from €1.3m to €1.2m
- Services and other goods -€529,412
down €529,412 (-20.5%), from €2.6m to €2.0m
- Turnover +€112,292
up €112,292 (+6.8%), from €1.6m to €1.8m
- Staff costs +€56,371
up €56,371 (+17.3%), from €325,184 to €381,554
- Goods and materials +€37,175
up €37,175 (+4.0%), from €937,545 to €974,720
- Other operating income -€20,411
down €20,411 (-21.8%), from €93,432 to €73,021
Change in the result, 2024 to 2025
The net result is not in both sets of accounts. Without it the difference cannot be explained line by line.
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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Fixed assets | 21/28 | €13,554,998 | €13,983,573 | +€428,575 | +3.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €13,526,940 | €13,942,325 | +€415,385 | +3.1% |
| Land and buildings | 22 | €3,330,950 | €4,389,672 | +€1.1m | +31.8% |
| Plant, machinery and equipment | 23 | €318,664 | €296,355 | -€22,309 | -7.0% |
| Furniture and vehicles | 24 | €308,148 | €250,092 | -€58,057 | -18.8% |
| Leasing and similar rights | 25 | €8,964,770 | €8,506,952 | -€457,817 | -5.1% |
| Other tangible fixed assets | 26 | €576,768 | €499,255 | -€77,513 | -13.4% |
| Assets under construction and advance payments | 27 | €27,640 | €0 | -€27,640 | -100% |
| Financial fixed assets | 28 | €28,058 | €41,248 | +€13,190 | +47.0% |
| Participating interests | 280 | €558 | €558 | = | 0.0% |
| Current assets | 29/58 | €12,638,764 | €12,514,385 | -€124,379 | -1.0% |
| Amounts receivable after more than one year | 29 | €5,907,926 | €5,731,116 | -€176,811 | -3.0% |
| Other amounts receivable | 291 | €5,907,926 | €5,731,116 | -€176,811 | -3.0% |
| Stocks and contracts in progress | 3 | €75,676 | €60,670 | -€15,006 | -19.8% |
| Amounts receivable within one year | 40/41 | €1,731,112 | €806,780 | -€924,332 | -53.4% |
| Trade receivables | 40 | €667,956 | €356,850 | -€311,106 | -46.6% |
| Other amounts receivable | 41 | €1,063,157 | €449,931 | -€613,226 | -57.7% |
| Current investments | 50/53 | €3,850,000 | €4,600,000 | +€750,000 | +19.5% |
| Cash at bank and in hand | 54/58 | €988,163 | €1,182,960 | +€194,797 | +19.7% |
| Deferred charges and accrued income | 490/1 | €85,886 | €132,858 | +€46,972 | +54.7% |
| Total equity and liabilities | 10/49 | €26,193,762 | €26,497,958 | +€304,196 | +1.2% |
| Equity | 10/15 | €14,685,712 | €14,561,907 | -€123,805 | -0.8% |
| Contributions | 10/11 | €4,396,910 | €4,396,910 | = | 0.0% |
| Capital | 10 | €4,396,910 | €4,396,910 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,597,308 | €2,853,660 | +€256,353 | +9.9% |
| Investment grants | 15 | €7,691,494 | €7,311,336 | -€380,158 | -4.9% |
| Amounts payable | 17/49 | €11,508,050 | €11,936,051 | +€428,001 | +3.7% |
| Amounts payable after more than one year | 17 | €9,187,767 | €9,028,497 | -€159,270 | -1.7% |
| Financial debts | 170/4 | €9,187,767 | €9,028,497 | -€159,270 | -1.7% |
| Leasing and similar obligations | 172 | €9,187,767 | €8,902,511 | -€285,256 | -3.1% |
| Other loans | 174 | - | €125,986 | +€125,986 | |
| Amounts payable within one year | 42/48 | €1,030,931 | €1,747,117 | +€716,185 | +69.5% |
| Current portion of amounts payable after more than one year | 42 | €274,786 | €292,096 | +€17,311 | +6.3% |
| Trade debts | 44 | €416,147 | €513,667 | +€97,520 | +23.4% |
| Advances received on contracts in progress | 46 | €319,440 | €346,582 | +€27,142 | +8.5% |
| Taxes, remuneration and social security | 45 | €18,547 | €18,668 | +€121 | +0.7% |
| Taxes | 450/3 | €7,544 | €5,362 | -€2,182 | -28.9% |
| Remuneration and social security | 454/9 | €11,003 | €13,307 | +€2,304 | +20.9% |
| Accrued charges and deferred income | 492/3 | €1,289,351 | €1,160,437 | -€128,914 | -10.0% |
| Turnover | 70 | €1,639,920 | €1,752,212 | +€112,292 | +6.8% |
| Membership fees, donations, legacies and grants | 73 | €3,795,494 | €3,218,610 | -€576,884 | -15.2% |
| Other operating income | 74 | €93,432 | €73,021 | -€20,411 | -21.8% |
| Goods for resale, raw materials and consumables | 60 | €937,545 | €974,720 | +€37,175 | +4.0% |
| Services and other goods | 61 | €2,578,622 | €2,049,211 | -€529,412 | -20.5% |
| Remuneration, social security and pensions | 62 | €325,184 | €381,554 | +€56,371 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €902,598 | €895,896 | -€6,702 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,520 | €3,949 | +€429 | +12.2% |
| Recurring financial income | 75 | €61,615 | €75,201 | +€13,586 | +22.0% |
| Recurring financial charges | 65 | -€397,885 | -€387,752 | +€10,133 | +2.5% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €14.6m · 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)
- €14,561,907
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €14.6m
Capitalised earnings
- 2025
- -
- 2024
- -
- 2023
- -
- 2022
- -
- 2021
- -
- Average result, excluding non-recurring income and charges
- -
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2025
- -
- Net financial debt
- €3,537,634
- 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.