NAGELSBERG: 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
- 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
- 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
- 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
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 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.
Every line side by side
| 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 adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €162,471 · 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)
- €222,517
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €222,517
Capitalised earnings
- 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
Your EBITDA multiple
- EBITDA 2025
- €62,300
- Net financial debt
- -€59,170
- 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 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.