NEY & PARTNERS - BXL: 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 2025 and 2026
Largest movements
- Receivables within one year -€1.7m
down €1.7m (-43.9%), from €3.9m to €2.2m
of which Trade receivables: -€1.7m
- Current investments +€648,615
up €648,615 (+8,346%), from €7,771 to €656,386
- Deferred charges and accrued income +€319,784
up €319,784 (+164%), from €194,490 to €514,274
- Cash +€176,667
up €176,667 (+41.5%), from €425,885 to €602,552
mainly Receivables within one year (+€1.7m) and Net result for the year (+€1.3m)
- Stocks and contracts +€158,754
up €158,754 (+104%), from €152,849 to €311,603
of which Contracts in progress: +€160,000
- Trade debts -€409,954
down €409,954 (-33.1%), from €1.2m to €830,124
- Short-term financial debts +€241,118
up €241,118 (+111%), from €216,588 to €457,707
- Reserves -€223,690
down €223,690 (-14.9%), from €1.5m to €1.3m
of which Tax-exempt reserves: -€374,690
- Tax, wage and social debts -€190,779
down €190,779 (-24.0%), from €794,221 to €603,443
of which Taxes: -€237,884
- Accrued charges and deferred income +€152,654
up €152,654 (+182%), from €83,952 to €236,605
- Gross operating margin +€586,478
up €586,478 (+11.0%), from €5.3m to €5.9m
- Staff costs +€441,489
up €441,489 (+10.4%), from €4.3m to €4.7m
- Financial income +€416,653
up €416,653 (+235%), from €177,671 to €594,324
of which Non-recurring financial income: +€489,421
- Write-downs +€65,047
up €65,047, from -€19,004 to €46,043
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,176,649 | €4,848,733 | -€327,916 | -6.3% |
| Fixed assets | 21/28 | €519,305 | €588,989 | +€69,684 | +13.4% |
| Intangible fixed assets | 21 | €8,657 | €15,751 | +€7,094 | +82.0% |
| Tangible fixed assets | 22/27 | €378,406 | €488,238 | +€109,832 | +29.0% |
| Plant, machinery and equipment | 23 | €165,529 | €140,589 | -€24,939 | -15.1% |
| Furniture and vehicles | 24 | €191,869 | €336,192 | +€144,324 | +75.2% |
| Leasing and similar rights | 25 | €19,293 | €8,950 | -€10,343 | -53.6% |
| Other tangible fixed assets | 26 | €1,715 | €2,506 | +€790 | +46.1% |
| Financial fixed assets | 28 | €132,242 | €85,000 | -€47,242 | -35.7% |
| Current assets | 29/58 | €4,657,345 | €4,259,744 | -€397,601 | -8.5% |
| Stocks and contracts in progress | 3 | €152,849 | €311,603 | +€158,754 | +104% |
| Stocks | 30/36 | €67,849 | €66,603 | -€1,246 | -1.8% |
| Contracts in progress | 37 | €85,000 | €245,000 | +€160,000 | +188% |
| Amounts receivable within one year | 40/41 | €3,876,350 | €2,174,930 | -€1.7m | -43.9% |
| Trade receivables | 40 | €3,539,047 | €1,869,121 | -€1.7m | -47.2% |
| Other amounts receivable | 41 | €337,303 | €305,809 | -€31,494 | -9.3% |
| Current investments | 50/53 | €7,771 | €656,386 | +€648,615 | +8,346% |
| Cash at bank and in hand | 54/58 | €425,885 | €602,552 | +€176,667 | +41.5% |
| Deferred charges and accrued income | 490/1 | €194,490 | €514,274 | +€319,784 | +164% |
| Total equity and liabilities | 10/49 | €5,176,649 | €4,848,733 | -€327,916 | -6.3% |
| Equity | 10/15 | €1,825,284 | €1,606,949 | -€218,335 | -12.0% |
| Contributions | 10/11 | €325,000 | €325,000 | = | 0.0% |
| Capital | 10 | €325,000 | €325,000 | = | 0.0% |
| Issued capital | 100 | €325,000 | €325,000 | = | 0.0% |
| Reserves | 13 | €1,499,790 | €1,276,100 | -€223,690 | -14.9% |
| Non-distributable reserves | 130/1 | €32,500 | €32,500 | = | 0.0% |
| Legal reserve | 130 | €32,500 | €32,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €627,290 | €252,600 | -€374,690 | -59.7% |
| Distributable reserves | 133 | €840,000 | €991,000 | +€151,000 | +18.0% |
| Profit (loss) carried forward | 14 | €494 | €5,849 | +€5,355 | +1,083% |
| Amounts payable | 17/49 | €3,351,365 | €3,241,784 | -€109,581 | -3.3% |
| Amounts payable after more than one year | 17 | €87,344 | €172,461 | +€85,117 | +97.5% |
| Financial debts | 170/4 | €87,344 | €172,461 | +€85,117 | +97.5% |
| Amounts payable within one year | 42/48 | €3,180,070 | €2,832,718 | -€347,352 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €133,283 | €138,883 | +€5,599 | +4.2% |
| Financial debts | 43 | €216,588 | €457,707 | +€241,118 | +111% |
| Credit institutions | 430/8 | €216,588 | €457,707 | +€241,118 | +111% |
| Trade debts | 44 | €1,240,078 | €830,124 | -€409,954 | -33.1% |
| Suppliers | 440/4 | €1,240,078 | €830,124 | -€409,954 | -33.1% |
| Taxes, remuneration and social security | 45 | €794,221 | €603,443 | -€190,779 | -24.0% |
| Taxes | 450/3 | €293,833 | €55,949 | -€237,884 | -81.0% |
| Remuneration and social security | 454/9 | €500,388 | €547,494 | +€47,106 | +9.4% |
| Other amounts payable | 47/48 | €795,898 | €802,561 | +€6,663 | +0.8% |
| Accrued charges and deferred income | 492/3 | €83,952 | €236,605 | +€152,654 | +182% |
| Remuneration, social security and pensions | 62 | €4,260,477 | €4,701,966 | +€441,489 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,160 | €156,208 | +€13,048 | +9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€19,004 | €46,043 | +€65,047 | |
| Other operating charges | 640/8 | €27,428 | €24,416 | -€3,013 | -11.0% |
| Operating charges capitalised as restructuring costs | 649 | €0 | €0 | = | |
| Gross operating margin | 9900 | €5,339,701 | €5,926,178 | +€586,478 | +11.0% |
| Operating profit (loss) | 9901 | €927,640 | €997,546 | +€69,905 | +7.5% |
| Financial income | 75/76B | €177,671 | €594,324 | +€416,653 | +235% |
| Recurring financial income | 75 | €137,306 | €64,538 | -€72,768 | -53.0% |
| Non-recurring financial income | 76B | €40,365 | €529,786 | +€489,421 | +1,212% |
| Financial charges | 65/66B | €35,688 | €26,421 | -€9,267 | -26.0% |
| Recurring financial charges | 65 | €35,688 | €26,421 | -€9,267 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €1,069,623 | €1,565,449 | +€495,826 | +46.4% |
| Income taxes | 67/77 | €224,852 | €234,006 | +€9,154 | +4.1% |
| Profit (loss) for the period | 9904 | €844,771 | €1,331,443 | +€486,672 | +57.6% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €374,690 | +€311,540 | +493% |
| Profit (loss) for the period to be appropriated | 9905 | €907,921 | €1,706,133 | +€798,212 | +87.9% |
Value
latest balance sheet 31-03-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €4.4m · 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)
- €1,606,949
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€15,751
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €1.6m
Capitalised earnings
- 2026
- €1,331,443
- excluding non-recurring income and charges
- €801,657
- 2025
- €844,771
- excluding non-recurring income and charges
- €804,406
- 2024
- €1,003,975
- 2023
- €1,036,500
- excluding non-recurring income and charges
- €1,037,149
- 2022
- €459,511
- excluding non-recurring income and charges
- €469,696
- Average result, excluding non-recurring income and charges
- €870,013
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €6.2m / €7.3m / €8.7m
Your EBITDA multiple
- EBITDA 2026
- €1,153,753
- Net financial debt
- -€489,887
- 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 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 14 November 2026 via checked.be.