P.B. WORKS: 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
- Tangible fixed assets -€8,135
down €8,135 (-33.3%), from €24,424 to €16,289
of which Furniture and vehicles: -€4,204
- Receivables within one year +€2,910
up €2,910 (+6.8%), from €42,585 to €45,495
- Deferred charges and accrued income -€1,960
down €1,960 (-22.9%), from €8,540 to €6,581
- Intangible fixed assets -€1,000
down €1,000 (-57.1%), from €1,751 to €751
- Trade debts -€27,140
down €27,140 (-70.2%), from €38,686 to €11,547
- Other debts +€18,619
up €18,619 (+691%), from €2,695 to €21,314
- Profit (loss) carried forward +€3,604
up €3,604 (+38.6%), from -€9,335 to -€5,731
- Tax, wage and social debts -€2,622
down €2,622 (-7.2%), from €36,354 to €33,732
of which Taxes: -€4,622
- Gross operating margin +€19,327
up €19,327 (+508%), from €3,803 to €23,130
- Depreciation +€2,406
up €2,406 (+35.7%), from €6,729 to €9,135
- Other operating charges +€1,741
up €1,741 (+174%), from €1,003 to €2,744
- Financial charges +€1,632
up €1,632 (+28.5%), from €5,731 to €7,363
- Taxes +€266
up €266 (+1,406%), from €19 to €285
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 | €78,900 | €70,716 | -€8,184 | -10.4% |
| Fixed assets | 21/28 | €27,775 | €18,640 | -€9,135 | -32.9% |
| Intangible fixed assets | 21 | €1,751 | €751 | -€1,000 | -57.1% |
| Tangible fixed assets | 22/27 | €24,424 | €16,289 | -€8,135 | -33.3% |
| Plant, machinery and equipment | 23 | €9,668 | €5,737 | -€3,931 | -40.7% |
| Furniture and vehicles | 24 | €14,757 | €10,552 | -€4,204 | -28.5% |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €51,125 | €52,076 | +€951 | +1.9% |
| Amounts receivable within one year | 40/41 | €42,585 | €45,495 | +€2,910 | +6.8% |
| Trade receivables | 40 | €42,585 | €45,495 | +€2,910 | +6.8% |
| Deferred charges and accrued income | 490/1 | €8,540 | €6,581 | -€1,960 | -22.9% |
| Total equity and liabilities | 10/49 | €78,900 | €70,716 | -€8,184 | -10.4% |
| Equity | 10/15 | -€3,835 | -€231 | +€3,604 | +94.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,335 | -€5,731 | +€3,604 | +38.6% |
| Amounts payable | 17/49 | €82,735 | €70,947 | -€11,788 | -14.2% |
| Amounts payable within one year | 42/48 | €82,735 | €70,947 | -€11,788 | -14.2% |
| Financial debts | 43 | €5,000 | €4,355 | -€645 | -12.9% |
| Credit institutions | 430/8 | €5,000 | €4,355 | -€645 | -12.9% |
| Trade debts | 44 | €38,686 | €11,547 | -€27,140 | -70.2% |
| Suppliers | 440/4 | €38,686 | €11,547 | -€27,140 | -70.2% |
| Taxes, remuneration and social security | 45 | €36,354 | €33,732 | -€2,622 | -7.2% |
| Taxes | 450/3 | €36,354 | €31,732 | -€4,622 | -12.7% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €2,695 | €21,314 | +€18,619 | +691% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,729 | €9,135 | +€2,406 | +35.7% |
| Other operating charges | 640/8 | €1,003 | €2,744 | +€1,741 | +174% |
| Gross operating margin | 9900 | €3,803 | €23,130 | +€19,327 | +508% |
| Operating profit (loss) | 9901 | -€3,929 | €11,252 | +€15,181 | |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €5,731 | €7,363 | +€1,632 | +28.5% |
| Recurring financial charges | 65 | €5,731 | €7,363 | +€1,632 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | -€9,651 | €3,889 | +€13,540 | |
| Income taxes | 67/77 | €19 | €285 | +€266 | +1,406% |
| Profit (loss) for the period | 9904 | -€9,670 | €3,604 | +€13,274 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,670 | €3,604 | +€13,274 |
Value
latest balance sheet 30-06-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €0 · adjusted equity only
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)
- -€231
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€751
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€982
Capitalised earnings
- 2025
- €3,604
- 2024
- -€9,670
- 2023
- €698
- 2022
- €2,137
- Average result, excluding non-recurring income and charges
- -€1,789
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2025
- €20,387
- Net financial debt
- €4,355
- 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 30 June 2024 and 30 June 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 12 November 2026 via checked.be.