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NAGELSBERG: what changed

BE 0667.515.297NACE 46.110, Wholesale tradeOther company

Position among the sector peers

What moved between 2024 and 2025

Net result for the year
€19,709
2024 · -€21,020+€40,729
Equity
€222,517
2024 · €264,808-€42,291
Cash
€59,170
2024 · €27,514+€31,656
Balance sheet total
€300,918
2024 · €288,225+€12,693

Largest movements

2024 to 2025
Assets
  • Cash +€31,656

    up €31,656 (+115%), from €27,514 to €59,170

    mainly Other debts (+€53,193) and Depreciation (+€39,570)

  • Stocks and contracts -€16,505

    down €16,505 (-15.5%), from €106,222 to €89,717

  • Receivables within one year +€6,235

    up €6,235 (+140%), from €4,464 to €10,699

  • Tangible fixed assets -€5,572

    down €5,572 (-4.0%), from €140,613 to €135,041

    of which Furniture and vehicles: -€19,027

  • Deferred charges and accrued income -€3,121

    down €3,121 (-91.5%), from €3,413 to €292

Equity and liabilities
  • Other debts +€53,193

    up €53,193 (+286%), from €18,624 to €71,817

  • Reserves -€42,291

    down €42,291 (-36.7%), from €115,174 to €72,883

Income statement
  • Gross operating margin +€49,915

    up €49,915 (+333%), from €14,990 to €64,905

  • Depreciation +€6,388

    up €6,388 (+19.3%), from €33,182 to €39,570

  • Taxes +€2,307

    up €2,307 (+330%), from €700 to €3,007

  • Other operating charges +€1,074

    up €1,074 (+70.1%), from €1,531 to €2,605

  • Financial charges -€785

    down €785 (-89.4%), from €878 to €93

    of which Non-recurring financial charges: -€800

Change in the result, 2024 to 2025

effect on the result

For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.

Result 2024 -€21,020
Gross operating margin +€49,915
Depreciation -€6,388
Other operating charges -€1,074
Financial income -€202
Financial charges +€785
Taxes -€2,307
Result 2025 €19,709
raises the resultlowers the result

Derived cash bridge

cash 2024 to 2025

The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.

From operations +€127,655
Investment -€33,998
Financing -€62,000
Cash 2024 €27,514
Net result for the year +€19,709
Depreciation +€39,570
Stocks and contracts +€16,505
Receivables within one year -€6,235
Deferred charges and accrued income +€3,121
Trade debts -€574
Tax, wage and social debts +€2,365
Other debts +€53,193
Investment in fixed assets (net) -€33,998
Contributions, distributions and other -€62,000
Cash 2025 €59,170
brings cash intakes cash out
Every line side by side 40 lines
Line Code 2024 2025 Change %
Total assets 20/58 €288,225 €300,918 +€12,693 +4.4%
Fixed assets 21/28 €146,613 €141,041 -€5,572 -3.8%
Tangible fixed assets 22/27 €140,613 €135,041 -€5,572 -4.0%
Land and buildings 22 €96,339 €111,037 +€14,698 +15.3%
Plant, machinery and equipment 23 €4,553 €3,309 -€1,244 -27.3%
Furniture and vehicles 24 €39,720 €20,694 -€19,027 -47.9%
Financial fixed assets 28 €6,000 €6,000 = 0.0%
Current assets 29/58 €141,612 €159,877 +€18,265 +12.9%
Stocks and contracts in progress 3 €106,222 €89,717 -€16,505 -15.5%
Stocks 30/36 €106,222 €89,717 -€16,505 -15.5%
Amounts receivable within one year 40/41 €4,464 €10,699 +€6,235 +140%
Other amounts receivable 41 €4,464 €10,699 +€6,235 +140%
Cash at bank and in hand 54/58 €27,514 €59,170 +€31,656 +115%
Deferred charges and accrued income 490/1 €3,413 €292 -€3,121 -91.5%
Total equity and liabilities 10/49 €288,225 €300,918 +€12,693 +4.4%
Equity 10/15 €264,808 €222,517 -€42,291 -16.0%
Contributions 10/11 €200,000 €200,000 = 0.0%
Reserves 13 €115,174 €72,883 -€42,291 -36.7%
Distributable reserves 133 €115,174 €72,883 -€42,291 -36.7%
Profit (loss) carried forward 14 -€50,366 -€50,366 = 0.0%
Amounts payable 17/49 €23,417 €78,401 +€54,984 +235%
Amounts payable within one year 42/48 €23,417 €78,401 +€54,984 +235%
Trade debts 44 €4,792 €4,219 -€574 -12.0%
Suppliers 440/4 €4,792 €4,219 -€574 -12.0%
Taxes, remuneration and social security 45 - €2,365 +€2,365
Taxes 450/3 - €2,365 +€2,365
Other amounts payable 47/48 €18,624 €71,817 +€53,193 +286%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €33,182 €39,570 +€6,388 +19.3%
Other operating charges 640/8 €1,531 €2,605 +€1,074 +70.1%
Gross operating margin 9900 €14,990 €64,905 +€49,915 +333%
Operating profit (loss) 9901 -€19,723 €22,729 +€42,453
Financial income 75/76B €281 €80 -€202 -71.7%
Recurring financial income 75 €281 €80 -€202 -71.7%
Financial charges 65/66B €878 €93 -€785 -89.4%
Recurring financial charges 65 €78 €93 +€15 +18.6%
Non-recurring financial charges 66B €800 - -€800
Profit (loss) for the period before taxes 9903 -€20,320 €22,716 +€43,036
Income taxes 67/77 €700 €3,007 +€2,307 +330%
Profit (loss) for the period 9904 -€21,020 €19,709 +€40,729
Profit (loss) for the period to be appropriated 9905 -€21,020 €19,709 +€40,729

Value

latest balance sheet 31-12-2025 · indication, not a valuation or advice

Indicative value of the equity

Indication, not a valuation or advice
€155,155 to €172,714

Midpoint €162,471 · 50% capitalised earnings, 50% adjusted equity

Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50%

Adjusted equity €222,517
Capitalised earnings €87,793 to €122,910
Indication €155,155 to €172,714

Adjusted equity

balance sheet 31-12-2025
Equity (10/15)
€222,517
Revaluation of assets
€0
Deferred tax on the revaluation
€0
Other adjustment
€0
Adjusted equity
€222,517

Capitalised earnings

net result for the year (9904)
2025
€19,709
2024
-€21,020
excluding non-recurring income and charges
-€20,220
2023
€37,385
2022
€15,790
2021
€62,256
Average result, excluding non-recurring income and charges
€12,291
Divided by the capitalisation rate
14% / 12% / 10%
Capitalised earnings
€87,793 / €102,425 / €122,910

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.

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 9 November 2026 via checked.be.