ORGAVERT: 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 2021 and 2024
not consecutiveLargest movements
- Receivables within one year +€58,502
up €58,502 (+384%), from €15,227 to €73,729
of which Trade receivables: +€39,744
- Cash -€24,787
down €24,787 (-68.9%), from €35,956 to €11,169
- Tangible fixed assets +€17,500
new in 2024: €17,500
of which Furniture and vehicles: +€13,000
- Profit (loss) carried forward +€42,323
up €42,323 (+460%), from €9,194 to €51,517
- Tax, wage and social debts +€23,225
up €23,225 (+366%), from €6,348 to €29,573
of which Remuneration and social security: +€21,992
- Current portion of long-term debt -€10,643
down €10,643 (-78.8%), from €13,500 to €2,857
- Trade debts -€3,689
down €3,689 (-24.6%), from €14,983 to €11,294
- Turnover -€272,766
no longer reported in 2024 (was €272,766)
- Purchases and services -€211,697
no longer reported in 2024 (was €211,697)
- Staff costs +€125,000
up €125,000 (+311%), from €40,189 to €165,188
- Gross operating margin +€122,533
up €122,533 (+201%), from €61,069 to €183,602
- Taxes +€2,936
up €2,936 (+5,243%), from €56 to €2,992
Change in the result, 2021 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
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2021 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,783 | €102,999 | +€51,216 | +98.9% |
| Fixed assets | 21/28 | - | €17,500 | +€17,500 | |
| Tangible fixed assets | 22/27 | - | €17,500 | +€17,500 | |
| Furniture and vehicles | 24 | - | €13,000 | +€13,000 | |
| Assets under construction and advance payments | 27 | - | €4,500 | +€4,500 | |
| Current assets | 29/58 | €51,783 | €85,499 | +€33,716 | +65.1% |
| Stocks and contracts in progress | 3 | €600 | €600 | = | 0.0% |
| Stocks | 30/36 | €600 | €600 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,227 | €73,729 | +€58,502 | +384% |
| Trade receivables | 40 | €8,473 | €48,217 | +€39,744 | +469% |
| Other amounts receivable | 41 | €6,754 | €25,513 | +€18,759 | +278% |
| Cash at bank and in hand | 54/58 | €35,956 | €11,169 | -€24,787 | -68.9% |
| Total equity and liabilities | 10/49 | €51,783 | €102,999 | +€51,216 | +98.9% |
| Equity | 10/15 | €15,394 | €57,717 | +€42,323 | +275% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,194 | €51,517 | +€42,323 | +460% |
| Amounts payable | 17/49 | €36,389 | €45,282 | +€8,893 | +24.4% |
| Amounts payable after more than one year | 17 | €1,557 | €1,557 | = | 0.0% |
| Advances received on contracts in progress | 176 | €1,557 | €1,557 | = | 0.0% |
| Amounts payable within one year | 42/48 | €34,832 | €43,724 | +€8,893 | +25.5% |
| Current portion of amounts payable after more than one year | 42 | €13,500 | €2,857 | -€10,643 | -78.8% |
| Trade debts | 44 | €14,983 | €11,294 | -€3,689 | -24.6% |
| Suppliers | 440/4 | €14,983 | €11,294 | -€3,689 | -24.6% |
| Taxes, remuneration and social security | 45 | €6,348 | €29,573 | +€23,225 | +366% |
| Taxes | 450/3 | - | €1,233 | +€1,233 | |
| Remuneration and social security | 454/9 | €6,348 | €28,340 | +€21,992 | +346% |
| Turnover | 70 | €272,766 | - | -€272,766 | |
| Goods, raw materials, services and sundry goods | 60/61 | €211,697 | - | -€211,697 | |
| Remuneration, social security and pensions | 62 | €40,189 | €165,188 | +€125,000 | +311% |
| Other operating charges | 640/8 | €139 | €17 | -€122 | -87.5% |
| Gross operating margin | 9900 | €61,069 | €183,602 | +€122,533 | +201% |
| Operating profit (loss) | 9901 | €20,741 | €18,397 | -€2,344 | -11.3% |
| Financial income | 75/76B | €22 | - | -€22 | |
| Recurring financial income | 75 | €22 | - | -€22 | |
| Financial charges | 65/66B | €131 | €586 | +€455 | +348% |
| Recurring financial charges | 65 | €131 | €586 | +€455 | +348% |
| Profit (loss) for the period before taxes | 9903 | €20,632 | €17,811 | -€2,822 | -13.7% |
| Income taxes | 67/77 | €56 | €2,992 | +€2,936 | +5,243% |
| Profit (loss) for the period | 9904 | €20,576 | €14,819 | -€5,758 | -28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,576 | €14,819 | -€5,758 | -28.0% |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €84,850 · 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)
- €57,717
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €57,717
Capitalised earnings
- 2024
- €14,819
- 2021
- €20,576
- 2020
- €4,920
- 2019
- -
- 2018
- -
- Average result, excluding non-recurring income and charges
- €13,438
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €95,986 / €111,983 / €134,380
Your EBITDA multiple
- EBITDA 2024
- -
- Net financial debt
- -€6,755
- 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 2021 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 14 November 2026 via checked.be.