OPERATION PANDA: 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 2023 and 2024
Largest movements
- Tangible fixed assets +€49,629
up €49,629 (+156%), from €31,865 to €81,494
of which Furniture and vehicles: +€48,439
- Receivables within one year -€14,346
down €14,346 (-31.7%), from €45,217 to €30,871
of which Trade receivables: -€11,156
- Cash -€8,246
down €8,246 (-99.8%), from €8,265 to €19
mainly Investment in fixed assets (net) (-€74,832) and Trade debts (-€17,254)
- Deferred charges and accrued income +€1,273
up €1,273 (+76.6%), from €1,662 to €2,935
- Debts after one year +€36,934
new in 2024: €36,934
- Trade debts -€17,254
down €17,254 (-41.5%), from €41,573 to €24,319
- Short-term financial debts +€17,060
new in 2024: €17,060
- Profit (loss) carried forward -€12,848
down €12,848 (-139%), from -€9,221 to -€22,069
- Current portion of long-term debt +€4,362
new in 2024: €4,362
- Purchases and services +€154,420
new in 2024: €154,420
- Turnover +€148,578
new in 2024: €148,578
- Gross operating margin -€27,127
down €27,127 (-62.2%), from €43,624 to €16,497
- Depreciation +€14,229
up €14,229 (+130%), from €10,973 to €25,202
- Other operating charges +€1,907
up €1,907 (+128%), from €1,489 to €3,396
Change in the result, 2023 to 2024
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 2023 and 2024 balance sheets and the 2024 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 | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €87,009 | €115,320 | +€28,310 | +32.5% |
| Fixed assets | 21/28 | €31,865 | €81,494 | +€49,629 | +156% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €31,865 | €81,494 | +€49,629 | +156% |
| Plant, machinery and equipment | 23 | €25,602 | €26,792 | +€1,190 | +4.6% |
| Furniture and vehicles | 24 | €6,263 | €54,702 | +€48,439 | +773% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €55,144 | €33,825 | -€21,319 | -38.7% |
| Amounts receivable within one year | 40/41 | €45,217 | €30,871 | -€14,346 | -31.7% |
| Trade receivables | 40 | €22,400 | €11,244 | -€11,156 | -49.8% |
| Other amounts receivable | 41 | €22,817 | €19,627 | -€3,190 | -14.0% |
| Cash at bank and in hand | 54/58 | €8,265 | €19 | -€8,246 | -99.8% |
| Deferred charges and accrued income | 490/1 | €1,662 | €2,935 | +€1,273 | +76.6% |
| Total equity and liabilities | 10/49 | €87,009 | €115,320 | +€28,310 | +32.5% |
| Equity | 10/15 | €40,479 | €27,631 | -€12,848 | -31.7% |
| Contributions | 10/11 | €27,000 | €27,000 | = | 0.0% |
| Reserves | 13 | €22,700 | €22,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,700 | €2,700 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,700 | €2,700 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,221 | -€22,069 | -€12,848 | -139% |
| Amounts payable | 17/49 | €46,530 | €87,689 | +€41,158 | +88.5% |
| Amounts payable after more than one year | 17 | - | €36,934 | +€36,934 | |
| Financial debts | 170/4 | - | €36,934 | +€36,934 | |
| Amounts payable within one year | 42/48 | €45,884 | €50,755 | +€4,871 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | - | €4,362 | +€4,362 | |
| Financial debts | 43 | - | €17,060 | +€17,060 | |
| Credit institutions | 430/8 | - | €17,060 | +€17,060 | |
| Trade debts | 44 | €41,573 | €24,319 | -€17,254 | -41.5% |
| Suppliers | 440/4 | €41,573 | €24,319 | -€17,254 | -41.5% |
| Taxes, remuneration and social security | 45 | €4,310 | €5,014 | +€704 | +16.3% |
| Taxes | 450/3 | €4,310 | €5,014 | +€704 | +16.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €647 | €0 | -€647 | -100% |
| Turnover | 70 | - | €148,578 | +€148,578 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €154,420 | +€154,420 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,973 | €25,202 | +€14,229 | +130% |
| Other operating charges | 640/8 | €1,489 | €3,396 | +€1,907 | +128% |
| Non-recurring operating charges | 66A | €518 | - | -€518 | |
| Gross operating margin | 9900 | €43,624 | €16,497 | -€27,127 | -62.2% |
| Operating profit (loss) | 9901 | €30,644 | -€12,102 | -€42,745 | |
| Financial income | 75/76B | €1,557 | €1,250 | -€307 | -19.7% |
| Recurring financial income | 75 | €1,557 | €1,250 | -€307 | -19.7% |
| Financial charges | 65/66B | €2,905 | €1,996 | -€909 | -31.3% |
| Recurring financial charges | 65 | €2,905 | €1,996 | -€909 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €29,296 | -€12,848 | -€42,143 | |
| Profit (loss) for the period | 9904 | €29,296 | -€12,848 | -€42,143 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,296 | -€12,848 | -€42,143 |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €65,932 · 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
Worked out with Checked's starting values, not your estimate and not market data. Change the assumptions: the value follows.
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)
- €27,631
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €27,631
Capitalised earnings
- 2024
- -€12,848
- 2023
- €29,296
- excluding non-recurring income and charges
- €29,814
- 2022
- €19,219
- excluding non-recurring income and charges
- €20,559
- 2021
- €29,656
- excluding non-recurring income and charges
- €29,478
- 2020
- -€42,653
- Average result, excluding non-recurring income and charges
- €12,508
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €89,343 / €104,233 / €125,080
Your EBITDA multiple
- EBITDA 2024
- €13,100
- Net financial debt
- €58,336
- 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 result is not corrected for the manager's pay. If the company pays less or more than a market salary, the capitalised earnings are too high or too low.
- 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 2023 and 31 December 2024. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 15 November 2026 via checked.be.