NO COMPLEX: 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
- Intangible fixed assets -€16,800
down €16,800 (-21.2%), from €79,400 to €62,600
- Stocks and contracts +€15,366
up €15,366 (+18.9%), from €81,152 to €96,518
- Current investments +€11,855
up €11,855 (+106%), from €11,197 to €23,052
- Tangible fixed assets -€3,904
down €3,904 (-21.2%), from €18,440 to €14,536
- Debts after one year -€17,308
down €17,308 (-25.9%), from €66,704 to €49,396
- Other debts +€7,749
up €7,749 (+15.8%), from €48,936 to €56,685
- Short-term financial debts +€5,714
new in 2025: €5,714
- Tax, wage and social debts +€5,387
up €5,387 (+58.2%), from €9,250 to €14,637
- Profit (loss) carried forward +€3,404
up €3,404 (+16.5%), from €20,627 to €24,031
- Turnover +€68,645
up €68,645 (+40.5%), from €169,447 to €238,092
- Purchases and services +€47,975
up €47,975 (+35.1%), from €136,614 to €184,589
- Gross operating margin +€34,950
up €34,950 (+95.8%), from €36,497 to €71,447
- Staff costs +€16,552
up €16,552 (+137%), from €12,067 to €28,619
- Taxes +€3,009
new in 2025: €3,009
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
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 | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €192,743 | €197,771 | +€5,028 | +2.6% |
| Fixed assets | 21/28 | €97,840 | €77,136 | -€20,704 | -21.2% |
| Intangible fixed assets | 21 | €79,400 | €62,600 | -€16,800 | -21.2% |
| Tangible fixed assets | 22/27 | €18,440 | €14,536 | -€3,904 | -21.2% |
| Plant, machinery and equipment | 23 | €18,440 | €14,536 | -€3,904 | -21.2% |
| Current assets | 29/58 | €94,903 | €120,635 | +€25,732 | +27.1% |
| Stocks and contracts in progress | 3 | €81,152 | €96,518 | +€15,366 | +18.9% |
| Stocks | 30/36 | €81,152 | €96,518 | +€15,366 | +18.9% |
| Amounts receivable within one year | 40/41 | €2,554 | €1,065 | -€1,489 | -58.3% |
| Trade receivables | 40 | - | €515 | +€515 | |
| Other amounts receivable | 41 | €2,554 | €550 | -€2,004 | -78.5% |
| Current investments | 50/53 | €11,197 | €23,052 | +€11,855 | +106% |
| Total equity and liabilities | 10/49 | €192,743 | €197,771 | +€5,028 | +2.6% |
| Equity | 10/15 | €50,627 | €54,031 | +€3,404 | +6.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,627 | €24,031 | +€3,404 | +16.5% |
| Amounts payable | 17/49 | €142,116 | €143,740 | +€1,624 | +1.1% |
| Amounts payable after more than one year | 17 | €66,704 | €49,396 | -€17,308 | -25.9% |
| Financial debts | 170/4 | €66,704 | €49,396 | -€17,308 | -25.9% |
| Amounts payable within one year | 42/48 | €75,412 | €94,344 | +€18,932 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €16,681 | €17,308 | +€627 | +3.8% |
| Financial debts | 43 | - | €5,714 | +€5,714 | |
| Credit institutions | 430/8 | - | €5,714 | +€5,714 | |
| Advances received on contracts in progress | 46 | €545 | - | -€545 | |
| Taxes, remuneration and social security | 45 | €9,250 | €14,637 | +€5,387 | +58.2% |
| Taxes | 450/3 | €9,250 | €14,637 | +€5,387 | +58.2% |
| Other amounts payable | 47/48 | €48,936 | €56,685 | +€7,749 | +15.8% |
| Turnover | 70 | €169,447 | €238,092 | +€68,645 | +40.5% |
| Non-recurring operating income | 76A | €3,664 | €17,944 | +€14,280 | +390% |
| Goods, raw materials, services and sundry goods | 60/61 | €136,614 | €184,589 | +€47,975 | +35.1% |
| Remuneration, social security and pensions | 62 | €12,067 | €28,619 | +€16,552 | +137% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,026 | €22,204 | +€178 | +0.8% |
| Other operating charges | 640/8 | €387 | €642 | +€255 | +65.9% |
| Gross operating margin | 9900 | €36,497 | €71,447 | +€34,950 | +95.8% |
| Operating profit (loss) | 9901 | €2,017 | €19,982 | +€17,965 | +891% |
| Financial charges | 65/66B | €5,053 | €4,569 | -€484 | -9.6% |
| Recurring financial charges | 65 | €5,053 | €4,569 | -€484 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,036 | €15,413 | +€18,449 | |
| Income taxes | 67/77 | - | €3,009 | +€3,009 | |
| Profit (loss) for the period | 9904 | -€3,036 | €12,404 | +€15,440 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,036 | €12,404 | +€15,440 |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €11,582 · 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)
- €54,031
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€62,600
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€8,569
Capitalised earnings
- 2025
- €12,404
- excluding non-recurring income and charges
- -€5,540
- 2024
- -€3,036
- excluding non-recurring income and charges
- -€6,700
- 2023
- €23,663
- Average result, excluding non-recurring income and charges
- €3,808
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €27,200 / €31,733 / €38,080
Your EBITDA multiple
- EBITDA 2025
- €42,186
- Net financial debt
- €49,366
- 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 13 November 2026 via checked.be.